<SEC-DOCUMENT>0001062993-13-003998.txt : 20130813
<SEC-HEADER>0001062993-13-003998.hdr.sgml : 20130813
<ACCEPTANCE-DATETIME>20130813072322
ACCESSION NUMBER:		0001062993-13-003998
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20130630
FILED AS OF DATE:		20130813
DATE AS OF CHANGE:		20130813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST MAJESTIC SILVER CORP
		CENTRAL INDEX KEY:			0001308648
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		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:		131031263

	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>FORM 6-K
<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 <u><b>August 13, 2013</b></u></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.</p>
<p align="center">[<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): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</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): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<p align="center"><img src="fmlogo.jpg" width="194" height="116"></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 width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td><td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td>
<td bgcolor="#EEEEEE"><a href="exhibit99-1.htm">Condensed Interim Consolidated Financial Statements for the Three and Six Months Ended June 30, 2013</a></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr>
  <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
  <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-2.htm">99.2</a></td>
  <td bgcolor="#EEEEEE"><a href="exhibit99-2.htm">Management&rsquo;s Discussion and Analysis for the Quarter Ended June 30, 2013</a></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr>
  <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
  <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-3.htm">99.3</a></td>
  <td bgcolor="#EEEEEE"><a href="exhibit99-3.htm">Form 52-109F2 Certification of Interim Filings Full Certificate - CEO</a></td>
</tr>
<tr>
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr>
  <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
  <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-4.htm">99.4</a></td>
  <td bgcolor="#EEEEEE"><a href="exhibit99-4.htm">Form 52-109F2 Certification of Interim Filings Full Certificate - CFO</a></td>
</tr>
<tr bgcolor="#FFFFFF">
  <td valign="top">&nbsp;</td>
  <td valign="top">&nbsp;</td>
  <td>&nbsp;</td>
</tr>
<tr>
  <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
  <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-5.htm">99.5</a></td>
  <td bgcolor="#EEEEEE"><a href="exhibit99-5.htm">Material Change Report dated August 13, 2013</a></td>
</tr>
</table>

<br>
<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  13, 2013</TD>
    <TD align=left width="60%"
>&nbsp;</TD>
  </TR>
</TABLE>
<br>
<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>EXHIBIT 99.1
<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>
<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>
    <TD style="BORDER-TOP: #000000 2px solid"  align=center><IMG
      border=0
      src="exhibit99-1x1x1.jpg">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>CONDENSED INTERIM CONSOLIDATED FINANCIAL
      STATEMENTS</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>FOR THE THREE AND SIX MONTHS ENDED </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>JUNE 30, 2013 </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><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_2></A>
<P align=center><IMG border=0 src="exhibit99-1x2x1.jpg"> </P>
<P align=center><B>MANAGEMENT&#146;S RESPONSIBILITY FOR FINANCIAL REPORTING</B></P>
<P align=justify>The condensed interim consolidated financial statements of
First Majestic Silver Corp. (the &#147;Company&#148;) are the responsibility of the
Company&#146;s management. The condensed interim consolidated financial statements
are prepared in accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board and reflect management&#146;s
best estimates and judgment based on information currently available. </P>
<P align=justify>Management has developed and maintains a system of internal
controls to ensure that the Company&#146;s assets are safeguarded, transactions are
authorized and properly recorded, and financial information is reliable.</P>
<P align=justify>The Board of Directors is responsible for ensuring management
fulfills its responsibilities. The Audit Committee reviews the results of the
condensed interim consolidated financial statements prior to their submission to
the Board of Directors for approval.</P>
<P align=justify>The condensed interim consolidated financial statements have
not been audited.</P>
<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><I>&#147;Keith Neumeyer&#148;</I></B> </TD>
    <TD width="50%" align=left><B><I>&#147;Raymond Polman&#148;</I></B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Keith Neumeyer </TD>
    <TD width="50%" align=left>Raymond Polman, CA </TD></TR>
  <TR vAlign=top>
    <TD align=left>President &amp; CEO </TD>
    <TD width="50%" align=left>Chief Financial Officer </TD></TR>
  <TR vAlign=top>
    <TD align=left>August 12, 2013 </TD>
    <TD width="50%" align=left>August 12, 2013 </TD></TR></TABLE><BR>
<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><font size="3">First Majestic Silver Corp.</font></B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME</B>
    </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2013 and
      2012</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: 8pt; "
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 width="19%" colSpan=4
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Three Months Ended June 30,</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>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 style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=center><B>Note</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="8%"
      align=center><B>2013</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="8%"
      align=center><B>2012</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="8%"
      align=center><B>2013</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="8%"
      align=center><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&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>
    <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>Revenues</B> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center><a href="#note6">6</a> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;48,372</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;54,774</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;115,442</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;112,589</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cost of sales </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>23,891    </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>18,456    </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>48,161    </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="8%" align=right>35,149    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Gross margin</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>24,481</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>36,318</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>67,281</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>77,440</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD
    align=left>&nbsp;</TD>
    <TD
      align=center>&nbsp;</TD>
    <TD
    align=left>&nbsp;</TD>
    <TD
    align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD
    align=left>&nbsp;</TD>
    <TD
    align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD
    align=left>&nbsp;</TD>
    <TD
    align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD
    align=left>&nbsp;</TD>
    <TD
    align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Depletion,
      depreciation and amortization </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>10,198    </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>5,259    </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>18,394    </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>10,712    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Mine operating earnings</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>14,283</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>31,059</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>48,887</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>66,728</B> </TD>
    <TD 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>General and administrative expenses </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center><a href="#note7">7 </a></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>5,798 </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>5,095 </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>13,259 </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>9,512 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share-based payments </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>4,067 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2,405 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>8,472 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>5,230 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Accretion of decommissioning liabilities</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>147 </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>99 </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>274 </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>202 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Acquisition costs </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>781 </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>781 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>Foreign exchange loss (gain) </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="8%"
    align=center>&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="8%"
    align=right>88 </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="8%"
    align=right>(492</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="2%"
    align=left>) </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="8%"
    align=right>734 </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="8%"
    align=right>(217</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Operating earnings</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=right><B>4,183</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right><B>23,171</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right><B>26,148</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right><B>51,220</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Investment and other (loss) income </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center><a href="#note8">8</a></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>(2,681</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>(3,627</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>9,277 </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>1,954 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Finance costs </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>(480</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>(468</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>(1,004</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>(867</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>)</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Earnings before income taxes</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>1,022</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>19,076</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>34,421</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>52,307</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>

    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Income taxes</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>Current income tax expense (recovery) </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>303 </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>(3,072</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>1,463 </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>1,777 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred income
      tax expense </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>559</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>6,827    </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>6,281    </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>8,851    </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>&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=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>862 </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>3,755 </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>7,744 </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>10,628 </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>Net earnings
      for the period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;160</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;15,321</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;26,677</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;41,679</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 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>Earnings per common share</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>&nbsp; &nbsp; &nbsp;<B>Basic</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><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;0.00</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;0.14</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;0.23</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;0.39</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;<B>Diluted</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><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;0.00</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;0.14</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;0.23</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;0.39</B> </TD>
    <TD 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 align=left><B>Weighted average shares outstanding</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>&nbsp; &nbsp; &nbsp;<B>Basic</B> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center><a href="#note9">9</a></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>116,921,685</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>105,798,950</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>116,908,525</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>105,619,499</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;<B>Diluted</B> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center><a href="#note9">9</a></TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right><B>117,323,403</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right><B>107,651,504</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right><B>117,543,792</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right><B>107,786,650</B> </TD>
    <TD width="2%" 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=center><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=center><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 condensed
interim consolidated 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><font size="3"><B>First Majestic Silver Corp.</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF
      COMPREHENSIVE INCOME</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND
      2012</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 - 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="23%" colSpan=4
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Three Months Ended June 30,</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>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 2px solid" 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="10%"
      align=center><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=center><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=center><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=center><B>2012</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid" 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>
    <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>Net earnings for the period</B> </TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;160</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;15,321</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;26,677</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="10%" align=right><B>&nbsp;41,679</B> </TD>
    <TD 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>
    <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>Other comprehensive income (loss)</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>
    <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>Items that may be subsequently reclassified to profit or
      loss: </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>
    <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>&nbsp;&nbsp; Unrealized loss on fair value
      of available for sale investments </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(588</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>(741</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>(1,655</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>(3,478</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Reclassification of impairment on available
      for sale investments </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,000 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Currency translation (loss) gain </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>- </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>(216</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>- </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>170 </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>Other
      comprehensive loss</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=right>(588</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>(957</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>(655</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>(3,308</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>)
</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>Total comprehensive (loss) income</B> <B>for the
      period</B> </TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="10%"
      align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;(428</B></TD>
    <TD width="2%"
      align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>)</B> </TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="10%"
      align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;14,364</B> </TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="10%"
      align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;26,022</B> </TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="1%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="10%"
      align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;38,371</B> </TD>
    <TD width="2%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
<P align=center>The accompanying notes are an integral part of the condensed
interim consolidated 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><font size="3"><B>First Majestic Silver Corp.</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH
      FLOWS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2013 AND
      2012</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 - unaudited)  </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 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="10%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD  width="19%"
    colSpan=4 align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><STRONG>Three Months Ended June 30,</STRONG> </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>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 style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center><B>Note</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><B>2013</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="8%"
      align=center><B>2012</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="8%"
      align=center><B>2013</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="8%"
      align=center><B>2012</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&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="10%" align=center>&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="10%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;160 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;15,321 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;26,677 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;41,679 </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="10%" align=center>&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="10%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>4,067 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2,405 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>8,472 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>5,230 </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="10%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>10,410 </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>5,259 </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>18,794 </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>10,712 </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="10%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>147 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>99 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>274 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>202 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Loss (gain) from silver futures and
      FVTPL marketable securities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center><a href="#note8">8 </a></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>5,864 </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>3,682 </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>7,010 </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>(1,793</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Write-down of AFS marketable securities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center><a href="#note8">8</a></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>1,000 </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>&nbsp;Gain from fair value adjustment of
      prepayment facility </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center><a href="#note17a">17 (a)</a></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(1,478</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>- </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>(6,328</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>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Litigation proceeds </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center><a href="#note22">22</a></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>14,127 </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>14,127 </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>&nbsp;Income tax expense </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>862 </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>3,755 </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>7,744 </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>10,628 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Finance costs </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>480 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>468 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,004 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>867 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Unrealized foreign exchange loss (gain) and other </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="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>165 </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>(373</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="8%"
    align=right>894 </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>210 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>Operating cash flows before movements in working capital and income taxes </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>34,804 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>30,616 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>79,668 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>67,735 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Net change in non-cash working capital items </TD>
    <TD  width="1%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="10%" align=center bgcolor="#E6EFFF"><a href="#note21">21</a></TD>
    <TD  width="1%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">(5,199</TD>
    <TD  width="2%" align=left bgcolor="#E6EFFF">) </TD>
    <TD  width="1%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">(3,996</TD>
    <TD  width="2%" align=left bgcolor="#E6EFFF">) </TD>
    <TD  width="1%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">(3,972</TD>
    <TD  width="2%" align=left bgcolor="#E6EFFF">) </TD>
    <TD  width="1%" align=left bgcolor="#E6EFFF">&nbsp;</TD>
    <TD width="8%" align=right bgcolor="#E6EFFF">4,554 </TD>
    <TD  width="2%" align=left bgcolor="#E6EFFF">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
      align=left>Income taxes paid </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="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(3,731</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>(3,442</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>(4,941</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>(10,585</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><B>Cash generated
      by operating activities</B> </TD>
    <TD  width="1%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=center bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><B>25,874</B> </TD>
    <TD  width="2%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><B>23,178</B> </TD>
    <TD  width="2%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><B>70,755</B> </TD>
    <TD  width="2%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"><B>61,704</B> </TD>
    <TD  width="2%"
    align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&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="10%" align=center>&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 mining interests </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(24,873</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(18,536</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(48,563</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(40,744</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Acquisition of property, plant and
      equipment </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(25,086</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>(14,592</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>(44,652</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>(25,472</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Increase) decrease in deposits on long-term assets </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(299</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>244 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(5,370</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(5,652</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Realized loss on silver futures </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(5,412</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>(3,607</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>(5,769</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>(2,044</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="10%" align=center>&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>315 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>23 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2,803 </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="10%"
    align=center>&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>(350</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="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>(10,349</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="10%"
    align=center>&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>(55,670</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>(36,526</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>(104,331</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>(81,458</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>FINANCING ACTIVITIES</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&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>Proceeds from lease financing </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>4,321 </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>8,958 </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>Proceeds from exercise of stock options and
      share warrants </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>180 </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>1,181 </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>1,089 </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>3,705 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Payment of lease obligations </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(2,218</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(1,405</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(4,309</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(2,714</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Shares repurchased and cancelled </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center><a href="#note18d">18 (d)</a></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(2,403</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>- </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>(2,403</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>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Finance costs paid </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(480</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(468</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(1,004</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(867</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Repayment of debt and prepayment facilities </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="#note17b">17 (b)</a></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>(125</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="8%"
    align=right>(500</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="8%"
    align=right>(773</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)
      generated by financing activities</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="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>(600</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>(817</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>1,831</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="8%"
      align=right><B>(649</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Effect of exchange rate on cash held in
      foreign currencies </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(730</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>(278</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>(922</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>109 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Decrease in cash and cash equivalents</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right><B>(30,396</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right><B>(14,165</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right><B>(31,745</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right><B>(20,403</B></TD>
    <TD  width="2%" align=left><B>)</B> </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="10%"
    align=center>&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>110,050 </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>85,333 </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>111,591 </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>91,184 </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="10%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>&nbsp;<STRONG>78,924</STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;70,890</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;78,924</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;70,890</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="10%" align=center>&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>Cash </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;69,356 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;70,890 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;69,356 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;70,890 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Short-term investments </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="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>9,568 </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>9,568 </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></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Cash and cash
      equivalents, end of period</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="1%"
    align=left><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right>&nbsp;<STRONG>78,924</STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;70,890</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;78,924</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;70,890</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 bgColor=#e6efff width="10%" align=center>&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="10%" align=center><a href="#note21">21</a></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 condensed
interim consolidated 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><font size="3"><B>First Majestic Silver Corp.</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL
      POSITION</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>AS AT JUNE 30, 2013 AND DECEMBER 31, 2012</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 - 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="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Note</B> </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, 2013</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, 2012</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Assets</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=center>&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>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Current assets</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=center>&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>Cash and cash equivalents </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;78,924 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;111,591 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Trade and other receivables </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=center><a href="#note10">10 </a></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>20,620 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>19,598 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Income taxes receivable </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>6,792 </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>8,664 </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="12%" align=center><a href="#note11">11</a></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>31,884 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>23,641 </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="12%" align=center><a href="#note12">12 </a></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>5,371 </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>7,237 </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="12%"
    align=center>&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>2,321    </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>2,186    </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="12%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>145,912</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>172,917</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Non-current assets</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=center>&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>Mining interests </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=center><a href="#note13">13 </a></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>417,291 </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>372,941 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Property, plant and equipment </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=center><a href="#note14">14 </a></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>255,400 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>220,212 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Goodwill </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>24,591 </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>24,591 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Deferred tax assets </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>16,169 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>12,619 </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="12%"
    align=center>&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>10,970 </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>9,751 </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="12%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;870,333</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;813,031</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Liabilities and Equity</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=center>&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>Current liabilities</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=center>&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>Trade and other payables </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=center><a href="#note15">15 </a></TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;37,506 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;37,398 </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="12%" align=center><a href="#note16">16 </a></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>11,231 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>8,793 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Current portion of debt and prepayment
      facility </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=center><a href="#note17">17 </a></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>12,324 </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>6,662 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Income taxes
      payable </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right>4,485    </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="10%" align=right>4,377    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Total current liabilities</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>65,546</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>57,230</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Non-current liabilities</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=center>&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="12%" align=center><a href="#note16">16 </a></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>16,960 </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>14,185 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Prepayment facility </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=center><a href="#note17">17 </a></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>33,364 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>44,241 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Deferred gain on litigation </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=center><a href="#note22">22 </a></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>14,127 </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>Decommissioning liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=center>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>9,640 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>9,691 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Deferred tax 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="12%"
    align=center>&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>104,310 </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>94,159 </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
      liabilities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>243,947</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>219,506</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&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="12%" align=center>&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>Share capital </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=center><a href="#note18a">18 (a) </a></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>424,728 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>423,958 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Equity reserves </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=center><a href="#note19">19 </a></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>38,254 </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>31,219 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Retained earnings    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
    align=center>&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>163,404 </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>138,348 </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 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="12%"
    align=center>&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>626,386</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>593,525</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Total
      liabilities and equity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;870,333</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;813,031</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 bgColor=#e6efff width="12%" align=center>&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>Contingent liabilities (<a href="#note23">Note 23</a>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=center>&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 style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Subsequent events (<a href="#note24">Note 24</a>) </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=center>&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=left>&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=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of the condensed
interim consolidated 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><font size="3"><B>First Majestic Silver Corp.</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN
      EQUITY</B> </TD></TR>
  <TR vAlign=top>
  <TD align=left><B>FOR THE SIX MONTHS ENDED JUNE 30, 2013 AND 2012</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 amounts
      - unaudited) </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 align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="15%" colSpan=4
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Share Capital</B> </TD>
    <TD  width="2%"
    align=center nowrap>&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="33%" colSpan=10
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Equity Reserves</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap><B>Available for</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap><B>Foreign</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap><B>Share-based</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap><B>sale</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap><B>currency</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap><B>Total equity</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" align=center nowrap><B>Retained</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" 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; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="6%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Shares</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="6%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Amount</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="6%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>payment</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="6%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>revaluation</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="6%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>translation</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="6%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>reserves</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="6%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>earnings</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="6%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Total equity</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left ><B>Balance at December 31,
      2011</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>105,135,372 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;273,304 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;27,394 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;1,127 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;(677</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;27,844 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;49,450 </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;350,598 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Net earnings </TD>
    <TD  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>41,679 </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>41,679 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >Other comprehensive (loss) income </TD>
    <TD bgColor=#e6efff  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>(3,478</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>170 </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>(3,308</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</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>(3,308</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >Share-based payment, net of related tax
      benefits (<a href="#note19">Note 19</a>) </TD>
    <TD  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>4,534 </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>4,534 </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>4,534 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >Shares issued for: </TD>
    <TD bgColor=#e6efff  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=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></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Exercise of options </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>753,575 </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>3,705 </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>3,705 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >&nbsp;Conversion of shares to
      be issued </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>250 </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>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Transfer of equity reserve upon exercise of options </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  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>1,417 </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>(1,417</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>(1,417</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 style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff align=left
    ><B>Balance at June 30, 2012</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 vAlign=bottom
    width="6%" align=right><B>105,889,197</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;278,426</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;30,511</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;(2,351</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;(507</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;27,653</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;91,129</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;397,208</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="6%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left ><B>Balance at December 31,
      2012</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>116,756,840 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;423,958 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;33,612 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;(2,085</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;(308</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;31,219 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;138,348 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>&nbsp;593,525 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Net earnings </TD>
    <TD  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>26,677 </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>26,677 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >Other comprehensive loss </TD>
    <TD bgColor=#e6efff  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>(655</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</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>(655</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</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>(655</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >Share-based payment, net of related tax
      benefits (<a href="#note19">Note 19</a>) </TD>
    <TD  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>8,153 </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>8,153 </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>8,153 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >Shares issued for: </TD>
    <TD bgColor=#e6efff  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=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></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Exercise of options </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>280,000 </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>1,089 </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>1,089 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >Shares repurchased and
      cancelled (<a href="#note18d">Note 18(d)</a>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(215,000</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(782</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</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>(1,621</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(2,403</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Transfer of equity reserve upon exercise of options </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  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>463 </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>(463</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>(463</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 style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff align=left
    ><B>Balance at June 30, 2013</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 vAlign=bottom
    width="6%" align=right><B>116,821,840</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;424,728</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;41,302</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;(2,740</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;(308</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;38,254</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;163,404</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right><B>&nbsp;626,386</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=center>The accompanying notes are an integral part of the condensed
interim consolidated financial statements</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_8></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><font size="3"><B>First Majestic Silver Corp.</B> </font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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="note1"></a>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;, on the Toronto Stock
      Exchange under the symbol &#147;FR&#148;, and on the Frankfurt Stock Exchange under
      the symbol &#147;FMV&#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 and principal address is
      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><a name="note2"></a>2.</B> </TD>
    <TD>
      <P align=justify><B>BASIS OF PREPARATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Statement of Compliance</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These condensed interim consolidated financial statements
      have been prepared in accordance with International Accounting Standard
      (&#147;IAS&#148;) 34, <I>&#147;Interim Financial Reporting&#148; </I>using accounting policies
      consistent with International Financial Reporting Standards as issued by
      the International Accounting Standards Board (&#147;IFRS&#148;) and using the
      accounting policies consistent with those in the audited consolidated
      financial statements as at and for the year ended December 31, 2012 and
      note 3 below. As these condensed interim consolidated financial statements
      do not include all disclosures for annual consolidated financial
      statements, they should be read in conjunction with the Company&#146;s audited
      consolidated financial statements as at and for the year ended December
      31, 2012.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Statement of Consolidation and
      Presentation</I></B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These condensed interim consolidated financial statements
      have been prepared on an historical cost basis except for certain items
      that are measured at fair value including derivative financial
      instruments, marketable securities and the prepayment facility. All dollar
      amounts presented are in United States dollars unless otherwise specified.
      The accounting policies in Note 3 of the Company&#146;s audited consolidated
      financial statements as at and for the year ended December 31, 2012 have
      been applied in preparing these condensed interim 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>These condensed interim 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 wholly-owned
      subsidiaries as listed in Note 25 of the Company&#146;s audited consolidated
      financial statements as at and for the year ended December 31, 2012.
      Intercompany balances, transactions, income and expenses are eliminated on
      consolidation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B><a name="note3"></a>3.</B> </TD>
    <TD>
      <P align=justify><B>CHANGES IN ACCOUNTING POLICIES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Accounting Policies Adopted Effective January 1,
      2013</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Consolidated Financial Statements</I></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. 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 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 adoption of this
      standard did not have a significant impact on the Company&#146;s condensed
      interim consolidated financial statements.</P></TD></TR></TABLE>
<P align=center>Notes Page 1</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_9></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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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>CHANGES IN ACCOUNTING POLICIES
  (continued)</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><B>Accounting Policies Adopted
Effective January 1, 2013 (continued)</B></P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Joint Arrangements</I></B></P>
<P style="MARGIN-LEFT: 5%" 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. IFRS 11 classifies joint arrangements as either joint
operations or joint ventures, depending on the rights and obligations of the
parties involved. An entity accounts for a joint operation by recognizing its
portion of the assets, liabilities, revenues and expenses. A joint venture is
accounted for using the equity method and proportionate consolidation is no
longer permitted. This standard is effective for annual periods beginning on or
after January 1, 2013, with early adoption permitted. The adoption of this
standard did not have a significant impact on the Company&#146;s condensed interim
consolidated financial statements.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Fair Value
Measurement</I></B></P>
<P style="MARGIN-LEFT: 5%" 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 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 adoption of this standard did not have a significant
impact on the Company&#146;s condensed interim consolidated financial statements.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Items of Other Comprehensive
Income</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>In June 2011, the IASB issued an
amendment to IAS 1 (&#147;amendments to IAS1&#148;) &#150; <I>Presentation of Items of Other
Comprehensive Income</I>. The amendments to IAS1 require items of other
comprehensive income (&#147;OCI&#148;), 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 adoption of this
standard did not have a significant impact on the Company&#146;s condensed interim
consolidated financial statements.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Foreign currency
translation</I></B></P>
<P style="MARGIN-LEFT: 5%" align=justify>The functional currency of the
Company&#146;s Canadian head office was changed from the Canadian dollar to the U.S.
dollar effective January 1, 2013, consistent with the functional currency for
all of the Company&#146;s other entities.</P>
<P style="MARGIN-LEFT: 5%" align=justify>Transactions in foreign currencies are
translated into the entities&#146; functional currencies at the exchange rates at the
date of the transactions. Monetary assets and liabilities of the Company&#146;s
operations denominated in a currency other than the U.S. dollar are translated
using exchange rates prevailing at the date of the statement of financial
position. Non-monetary items that are measured in terms of historical cost in a
foreign currency are translated using the exchange rates on the dates of the
initial transactions. Revenue and expense items are translated at the exchange
rates in effect at the date of the underlying transaction, except for depletion
and depreciation related to non-monetary assets, which are translated at
historical exchange rates. Exchange differences are recognized in the statement
of income in the period in which they arise.</P>
<P align=center>Notes Page 2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_10></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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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>CHANGES IN ACCOUNTING POLICIES (continued) Future
      Changes in Accounting Policies</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B><I>Financial instruments</I></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,
      2015, with earlier adoption permitted. The Company will evaluate the
      impact the final standard will have on its consolidated financial
      statements when issued.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><a name="note4"></a><B>4.</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 condensed interim consolidated
      financial statements in conformity with IAS 34 requires management to make
      judgments, estimates and assumptions about future events 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. Although these estimates are based on management&#146;s best
      knowledge of the amounts, events or actions, 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>Information about assumptions and estimation
      uncertainties that have a significant risk of resulting in material
      adjustments include: impairment of property, plant and equipment and
      mining interests; depreciation and amortization rates for property, plant
      and equipment and depletion rates for mining interests; estimated
      reclamation and closure costs; mineral reserve estimates; inventory
      valuation; valuation of share-based payments; and income taxes.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Critical judgments exercised in applying accounting
      policies that have the most significant effect on the amounts recognized
      in the condensed interim consolidated financial statements include:
      economic recoverability and probability of future economic benefits of
      exploration; evaluation and development costs; and commencement of
      commercial production and production levels intended by
  management.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><a name="note5"></a><B>5.</B> </TD>
    <TD>
      <P align=justify><B>SEGMENTED INFORMATION</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 eight reporting segments, including five
      operating segments located in Mexico, one development project in Mexico,
      one retail market segment in Canada and one silver trading segment in
      Europe. All of the Company&#146;s operations are within the mining industry and
      its major products are refined silver, gold, lead and zinc produced from
      dor&#233; and concentrates. Transfer prices between reporting segments are set
      on an arms-length basis in a manner similar to transactions with third
      parties. Coins and bullion cost of sales are based on transfer prices and
      inventory is costed on a first-in first-out basis.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>A reporting segment is defined as a component of the
      Company that:</P>
      <UL style="TEXT-ALIGN: justify; margin-left: 16px">
  <LI>engages in business activities from which it may
  earn revenues and incur expenses;
    <br>
  <LI>whose operating results are reviewed regularly by
  the entity&#146;s chief operating decision maker; and   <br>
  <LI>for which discrete financial information is
    available.
</UL></TD></TR></TABLE>
<br>
<P align=center>Notes Page 3</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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Management evaluates segment performance based on mine
      operating earnings as other expenses are not generally allocated to the
      segments. Significant information relating to the Company&#146;s reporting
      operating segments is summarized in the table
below:</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 >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="37%" colSpan=13
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Three Months Ended June 30, 2013</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="37%" colSpan=13
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Three Months Ended June 30, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD  width="1%">&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>&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>&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>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD  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><B>Depletion,</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>Mine</B> </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>&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>Depletion,</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>Mine</B> </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=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD  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><B>depreciation </B></TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD  width="5%"
    align=center nowrap><STRONG>operating</STRONG>&nbsp;&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>&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>depreciation&nbsp;</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD  width="5%"
    align=center nowrap><STRONG>operating</STRONG>&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=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD  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><B>and</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>earnings</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>Capital</B> </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>and</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>earnings</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>Capital</B> </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-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Revenue</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>Cost of sales&nbsp;</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"><STRONG>amortization</STRONG>&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="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(loss)</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>expenditures</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>Revenue</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>Cost of sales&nbsp;</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"><STRONG>amortization</STRONG>&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="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(loss)</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>expenditures</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" bgColor=#e6efff align=left
    ><B>Mexico</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="5%"
    align=left>&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="5%"
    align=left>&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="5%"
    align=left>&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="5%"
    align=left>&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="5%"
    align=left>&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="5%"
    align=left>&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="5%"
    align=left>&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="5%"
    align=left>&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="5%"
    align=left>&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="5%"
    align=left>&nbsp; </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
      >&nbsp;La Encantada </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;22,042 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;9,852 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;2,717 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;9,473 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;6,390 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;22,682 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;9,118 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;2,272 $ </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="5%"
    align=right>11,292 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;11,116 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >&nbsp;La Parrilla </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="5%" align=right>16,415 </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="5%" align=right>10,110 </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="5%" align=right>3,494 </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="5%" align=right>2,811 </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="5%" align=right>10,468 </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="5%" align=right>16,974 </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="5%" align=right>6,299 </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="5%" align=right>2,343 </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="5%" align=right>8,332 </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="5%" align=right>14,199 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Del Toro </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="5%"
    align=right>7,595 </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="5%"
    align=right>3,835 </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="5%"
    align=right>1,226 </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="5%"
    align=right>2,534 </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="5%"
    align=right>23,480 </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="5%"
    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="5%"
    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="5%"
    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="5%"
    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="5%"
    align=right>14,495 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >&nbsp;San Martin </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="5%" align=right>8,035 </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="5%" align=right>4,105 </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="5%" align=right>832 </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="5%" align=right>3,098 </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="5%" align=right>7,362 </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="5%" align=right>4,885 </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="5%" align=right>2,841 </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="5%" align=right>644 </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="5%" align=right>1,400 </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="5%" align=right>7,449 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;La Guitarra </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="5%"
    align=right>3,199 </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="5%"
    align=right>1,973 </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="5%"
    align=right>1,530 </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="5%"
    align=right>(304</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="5%"
    align=right>4,781 </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="5%"
    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="5%"
    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="5%"
    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="5%"
    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="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >&nbsp;La Luz </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="5%" 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="5%" 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="5%" 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="5%" 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="5%" align=right>1,014 </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="5%" 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="5%" 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="5%" 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="5%" 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="5%" align=right>524 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Canada</B> </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >&nbsp;Coins and Bullion Sales </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="5%" align=right>849 </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="5%" align=right>791 </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="5%" 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="5%" align=right>58 </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="5%" 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="5%" align=right>608 </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="5%" align=right>664 </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="5%" 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="5%" align=right>(56</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="5%" 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 style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Europe</B> </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >&nbsp;Silver Sales </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="5%" align=right>28,882 </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="5%" align=right>27,219 </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="5%" 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="5%" align=right>1,663 </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="5%" 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="5%" align=right>42,734 </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="5%" align=right>32,916 </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="5%" 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="5%" align=right>9,818 </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="5%" 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 style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Corporate and Eliminations</B> </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="5%"
    align=right>(38,645</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="5%"
    align=right>(33,994</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="5%"
    align=right>399 </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="5%"
    align=right>(5,050</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="5%"
    align=right>818 </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="5%"
    align=right>(33,109</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="5%"
    align=right>(33,382</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="5%"
    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="5%"
    align=right>273 </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="5%"
    align=right>880 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff align=left
    ><B>Consolidated</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;48,372 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;23,891 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;10,198 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;14,283 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;54,313 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;54,774 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;18,456 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;5,259 $ </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>31,059 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;48,663 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
  </TR></TABLE></DIV><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 >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="37%" colSpan=13
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Six Months Ended June 30, 2013</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="37%" colSpan=13
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Six Months Ended June 30, 2012</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="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>&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>&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>&nbsp; </TD>
    <TD  width="2%" nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD  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><B>Depletion,</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>Mine</B> </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>&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>Depletion,</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>Mine</B> </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=left nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD  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><B>depreciation&nbsp;</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD  width="5%"
    align=center nowrap><STRONG>operating</STRONG>&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>&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>depreciation</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>operating</B> </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=left nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD  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><B>and</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>earnings</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>Capital</B> </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>and</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>earnings</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>Capital</B> </TD>
    <TD  width="2%" align=left nowrap>&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="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Revenue</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>Cost of sales&nbsp;</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"><STRONG>amortization</STRONG>&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="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(loss)</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>expenditures</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>Revenue</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>Cost of sales&nbsp;</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"><STRONG>amortization</STRONG>&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="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(loss)</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>expenditures</B> </TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    ><B>Mexico</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD width="5%"
    align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=center nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=left nowrap bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;La Encantada </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;45,841 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;19,863 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;5,329 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;20,649 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;11,699 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;41,535 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;16,572 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;4,429 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;20,534 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right>&nbsp;18,845 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >&nbsp;La Parrilla </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="5%" align=right>39,520 </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="5%" align=right>19,491 </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="5%" align=right>6,860 </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="5%" align=right>13,169 </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="5%" align=right>23,972 </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="5%" align=right>37,688 </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="5%" align=right>12,617 </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="5%" align=right>4,679 </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="5%" align=right>20,392 </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="5%" align=right>28,928 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Del Toro </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="5%"
    align=right>7,595 </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="5%"
    align=right>3,835 </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="5%"
    align=right>1,226 </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="5%"
    align=right>2,534 </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="5%"
    align=right>36,342 </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="5%"
    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="5%"
    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="5%"
    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="5%"
    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="5%"
    align=right>23,477 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >&nbsp;San Martin </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="5%" align=right>14,470 </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="5%" align=right>8,763 </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="5%" align=right>1,769 </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="5%" align=right>3,938 </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="5%" align=right>10,705 </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="5%" align=right>10,949 </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="5%" align=right>5,661 </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="5%" align=right>1,604 </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="5%" align=right>3,684 </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="5%" align=right>11,299 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;La Guitarra </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="5%"
    align=right>7,150 </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="5%"
    align=right>4,715 </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="5%"
    align=right>2,748 </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="5%"
    align=right>(313</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="5%"
    align=right>8,962 </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="5%"
    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="5%"
    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="5%"
    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="5%"
    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="5%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >&nbsp;La Luz </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="5%" 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="5%" 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="5%" 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="5%" 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="5%" align=right>1,678 </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="5%" 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="5%" 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="5%" 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="5%" 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="5%" align=right>921 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Canada</B> </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >&nbsp;Coins and Bullion Sales </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="5%" align=right>1,668 </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="5%" align=right>1,490 </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="5%" 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="5%" align=right>178 </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="5%" align=right>3 </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="5%" align=right>1,798 </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="5%" align=right>1,994 </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="5%" 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="5%" align=right>(196</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="5%" 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 style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Europe</B> </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </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="5%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >&nbsp;Silver Sales </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="5%" align=right>79,827 </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="5%" align=right>65,143 </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="5%" 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="5%" align=right>14,684 </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="5%" 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="5%" align=right>82,874 </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="5%" align=right>60,917 </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="5%" 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="5%" align=right>21,957 </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="5%" 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 style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Corporate and Eliminations</B> </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="5%"
    align=right>(80,629</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="5%"
    align=right>(75,139</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="5%"
    align=right>462 </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="5%"
    align=right>(5,952</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="5%"
    align=right>3,378 </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="5%"
    align=right>(62,255</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="5%"
    align=right>(62,612</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="5%"
    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="5%"
    align=right>357 </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="5%"
    align=right>1,554 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff align=left
    ><B>Consolidated</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;115,442 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;48,161 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;18,394 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;48,887 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;96,739 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;112,589 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;35,149 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;10,712 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;66,728 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="5%" align=right>&nbsp;85,024 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
     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%">

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD 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>At June 30, 2013</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>At December 31, 2012</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 align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Total</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>Total</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>Total</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>Total</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>assets</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>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="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>assets</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>liabilities</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><B>Mexico</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>
    <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;La Encantada </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;142,255 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;27,630 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;136,510 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;27,736 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp;La Parrilla </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>197,987 </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>43,429 </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>175,410 </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>42,546 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;Del Toro </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>156,221 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>35,700 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>122,152 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>22,764 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp;San Martin </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>91,781 </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>18,370 </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>83,652 </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>19,214 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;La Guitarra </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>156,130 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,732 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>172,472 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>35,940 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp;La Luz </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>28,713 </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>846 </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>27,031 </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>338 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>Canada</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>
    <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 width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp;Coins and Bullion Sales </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>514 </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>54 </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>535 </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>122 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>Europe</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>
    <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 width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp;Silver Sales </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>43,235 </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>4,806 </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>53,225 </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>4,608 </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><B>Corporate and
      Eliminations</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=right>53,497 </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>111,380 </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>42,044 </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>66,238 </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><B>Consolidated</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;870,333 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;243,947 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;813,031 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;219,506 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<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_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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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%"><a name="note6"></a><B>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=right nowrap><B>Three Months Ended</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Three Months Ended</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Six Months Ended</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right 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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
    <TD width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2012</B> </TD>
    <TD width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
    <TD width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2012</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>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;55,077 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;58,233 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;127,153 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;119,920 </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
      &amp; smelting costs </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>(6,705</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>(3,459</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>(11,711</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>(7,331</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 2px solid" bgColor=#e6efff
      align=left><B>Revenues</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;48,372</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;54,774</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;115,442</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;112,589</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%"><a name="note7"></a><B>7.</B> </TD>
    <TD>
      <P align=justify><B>GENERAL AND ADMINISTRATIVE EXPENSES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The general and administrative expenses of the Company
      are comprised of 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=right nowrap><B>Three Months Ended</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Three Months Ended</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Six Months Ended</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right 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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
    <TD width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2012</B> </TD>
    <TD width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
    <TD width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2012</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>Corporate administration </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;1,983 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;1,507 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;3,853 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;2,630 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Salaries and benefits </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2,428 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,639 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>5,966 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,709 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Audit, legal and professional fees </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>779 </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>1,501 </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>2,221 </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>2,263 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Filing and listing fees </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>167 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>149 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>353 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>346 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Directors fees and expenses </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>229 </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>158 </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>466 </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>325 </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>Depreciation </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>212
    </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>141
    </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>400
    </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>239
    </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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;5,798</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;5,095</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;13,259</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;9,512</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%"><a name="note8"></a><B>8.</B> </TD>
    <TD>
      <P align=justify><B>INVESTMENT AND OTHER (LOSS) INCOME</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 investment and other (loss) income is
      comprised of 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=right nowrap><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right 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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
    <TD  width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2012</B> </TD>
    <TD  width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
    <TD  width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2012</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>Termination fee from Orko acquisition, net
      of costs </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;(18</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="10%" 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>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;9,113 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;- </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Gain from fair value adjustment of prepayment facility
      (<a href="#note17a">Note 17(a)</a>) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">1,478 </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"><B>-</B> </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">6,328 </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>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>(Loss) gain from investment in silver
      futures (<a href="#note12c">Note 12(c)</a>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>(4,467</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>(2,514</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>(5,287</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>2,342 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Loss from investment in fair value through profit or loss
      marketable securities (<a href="#note12b">Note 12(b)</a>) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(1,397</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">(1,168</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">(1,723</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">(549</TD>
  <TD  width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Interest income and other </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>453 </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>55 </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>576 </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>161 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Gain from value added tax settlement (<a href="#note23">Note 23</a>) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">711 </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">711 </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>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Gain from litigation (<a href="#note22">Note 22</a>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>559 </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>559 </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 style="BORDER-BOTTOM: #000000 1px solid" align=left>Write-down of
      available for sale marketable securities (<a href="#note12a">Note 12(a)</a>) </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">- </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">(1,000</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="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>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;(2,681</B></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>)</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;(3,627</B></TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>)</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;9,277</B> </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;1,954</B> </TD>
  <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>In December 2012, First Majestic
entered into an arrangement agreement with Orko Silver Corp. (&#147;Orko&#148;) to acquire
all of the issued and outstanding shares of Orko. In February 2013, Orko
declared that another company made a superior offer and First Majestic elected
not to match the superior offer. Upon termination of the arrangement agreement,
the Company received an $11.4 million termination fee from Orko in February
2013. Net of professional fees, legal and underwriter costs, the Company
recognized a gain of $9.1 million in other income.</P>
<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_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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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%"><a name="note9"></a><B>9.</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, 2013 and 2012 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=right nowrap><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right 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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
    <TD  width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2012</B> </TD>
    <TD  width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
    <TD  width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2012</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 earnings for the period </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;15,321 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;26,677 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>&nbsp;41,679 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&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 bgColor=#e6efff align=left>Weighted average number of shares on issue
      - basic </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>116,921,685 </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>105,798,950 </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>116,908,525 </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>105,619,499 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Adjustment for
      stock options </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">401,718 </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">1,852,554 </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">635,267 </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">2,167,151 </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 style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>Weighted average number of shares on issue - diluted
      <SUP>(1)</SUP> </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">117,323,403 </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">107,651,504 </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">117,543,792 </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">107,786,650 </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>&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 style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>Earnings per share - basic </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;0.00 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;0.14 </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">$</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;0.23 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;0.39 </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 style="BORDER-BOTTOM: #000000 2px solid" align=left>Earnings per share
      - diluted </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;0.00 </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;0.14 </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">$</TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;0.23 </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;0.39 </TD>
  <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify><font size="1">(1) Weighted average number of shares
for the six months ended June 30, 2013 excludes 4,057,945 (2012 &#150; 1,894,500)
options and 329,377 (2012 &#150; nil) warrants that were anti-dilutive.</font></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%"><a name="note10"></a><B>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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
    <TD  width="2%"
    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="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2012</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>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;7,045 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;6,637 </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 and other taxes recoverable, net of
      allowance </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>12,907 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>12,285 </TD>
    <TD  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>Loan receivable from supplier and other </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="12%"
    align=right>668 </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="12%"
    align=right>676 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;20,620</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;19,598</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  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, 2013 and December
31, 2012. Trade and other receivables include $0.6 million (December 31, 2012 -
$0.6 million) in value added taxes (&#147;VAT&#148;) recoverable that have been
outstanding for more than one year. The Company expects full recovery of the
amounts outstanding and therefore no impairment has been recorded against these
receivables.</P>
<P style="MARGIN-LEFT: 5%" align=justify>As at December 31, 2012, trade and
other receivables included an allowance of $5.3 million related to VAT
receivables acquired as part of the acquisition of Silvermex Resources Inc. (see
Note 30 of consolidated financial statements as at December 31, 2012). Since the
acquisition of La Guitarra in July 2012, First Majestic has been pursuing a plan
to recover some of the pre-acquisition VAT receivables. In the six months ended
June 30, 2013, La Guitarra had received pre-acquisition VAT refunds of $0.2
million. As at June 30, 2013, upon review of documentations available, the
Company estimates that approximately $1.2 million of the pre-acquisition VAT
claims is likely to be recoverable.</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%"><a name="note11"></a><B>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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
    <TD  width="2%"
    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="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2012</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>Finished product - dor&#233; and concentrates
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;8,278 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;1,982 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Work in process </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>3,813 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4,135 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Stockpile </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>3,888 </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>2,558 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Materials and supplies </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>15,588 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>14,791 </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>Silver coins and bullion including in-process shipments </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>317 </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>175 </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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;31,884</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;23,641</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" 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>
<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_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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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%"><a name="note12"></a><B>12.</B> </TD>
    <TD>
      <P align=justify><B>OTHER FINANCIAL ASSETS</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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
    <TD  width="2%"
    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="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2012</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 - available for sale
      (a) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;744 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;2,421 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Marketable securities - fair value through profit or loss
      (b) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>3,088 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4,816 </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>Derivatives (c) </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>1,539 </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>- </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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;5,371</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;7,237</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%"  ><a name="note12a"></a></TD>
    <TD vAlign=top width="3%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Marketable Securities &#150; Available For
  Sale</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="3%"></TD>
    <TD>
      <P align=justify>As at June 30, 2013, the Company holds various
      investments designated as available for sale (&#147;AFS&#148;) marketable securities
      with total fair value of $0.7 million (December 31, 2012 - $2.4 million)
      and cost of $3.4 million (December 31, 2012 - $4.5 million). Changes in
      fair value on AFS marketable securities are recognized in other
      comprehensive income or loss, unless there is objective evidence of
      impairment. During the six months ended June 30, 2013, management assessed
      an impairment of $1.0 million on the Company&#146;s AFS marketable securities,
      which was recognized in investment and other income during the
    period.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="3%"><B><a name="note12b"></a>(b)</B> </TD>
    <TD>
      <P align=justify><B>Marketable Securities &#150; Fair Value Through Profit or
      Loss</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="3%"></TD>
    <TD>
      <P align=justify>As at June 30, 2013, the Company held 400,000 units of
      Sprott Physical Silver Trust (PSLV) with fair value of $3.1 million, which
      were acquired at a cost of $13.20 per unit. These trust units are
      classified as fair value through profit or loss (&#147;FVTPL&#148;) marketable
      securities, with changes in fair value recorded through profit or loss.
      During the three and six months ended June 30, 2013, the Company
      recognized a loss of $1.4 million (2012 &#150;$1.2 million) and $1.7 million
      (2012 &#150;$0.5 million), respectively, related to its FVTPL marketable
      securities.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="3%"><B><a name="note12c"></a>(c)</B> </TD>
    <TD>
      <P align=justify><B>Derivatives</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="3%"></TD>
    <TD>
      <P align=justify>The Company carries a long position on silver futures,
      expiring in September 2013, equivalent to 500,000 ounces of silver at an
      average price of $18.51 at June 30, 2013. The derivatives amount of $1.5
      million (December 31, 2012 - $nil) reflects an unrealized gain of $0.5
      million at June 30, 2013 plus a deposit of $1.0 million for the margin
      requirement to hold the silver futures. For the three and six months ended
      June 30, 2013, the Company recorded a loss of $4.5 million (2012 &#150; $2.5
      million) and $5.3 million (2012 &#150; gain of $2.3 million), respectively,
      related to investment in silver futures, recognized in investment and
      other income during the period.</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%"><a name="note13"></a><B>13.</B> </TD>
    <TD>
      <P align=justify><B>MINING INTERESTS</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 mining interest is comprised of 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 style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>June 30, 2013</B> </TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>December 31, 2012</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px 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>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;242,649 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;196,057 </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>174,642 </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>176,884 </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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;417,291</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;372,941</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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_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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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>13.</B> </TD>
    <TD>
      <P align=justify><B>MINING INTERESTS (continued)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Producing properties are allocated as
  follows:</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>&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>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>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>La Guitarra</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 style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Producing
      properties</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Cost</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>
    <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><B>At December 31, 2011</B> </TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;27,264</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;47,190</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;-</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;42,077</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;-</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;116,531</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Acquired from Silvermex </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>- </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>47,188 </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>47,188 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Additions </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>13,523 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>35,476 </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>5,171 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>4,191 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>58,361 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Change in decommissioning liabilities </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>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>253 </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>(583</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>(728</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>(492</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Transfer from
      exploration properties </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>3,884
    </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>858
</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>1,913
    </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>6,655
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>At December 31, 2012</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;45,237</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;83,777</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;-</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;48,578</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;50,651</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;228,243</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Additions </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>7,612 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>17,560 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>4,266 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>3,538 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>3,426 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>36,402 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Change in decommissioning liabilities </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>(332</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>- </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>(332</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Transfer from
      exploration properties </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>16,919
    </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>1,373
    </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>18,292
    </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>At June 30, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;52,849</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;101,337</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;21,185</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;53,157</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;54,077</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;282,605</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="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>
    <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>Accumulated depletion and
      amortization</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>
    <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><B>At December 31, 2011</B> </TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(6,040</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(5,402</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;-</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(13,973</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;-</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(25,415</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Depletion and amortization </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>(1,586</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="8%"
    align=right>(2,654</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="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>(2,066</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="8%"
    align=right>(465</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="8%"
    align=right>(6,771</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>At December 31, 2012</B> </TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(7,626</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(8,056</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;-</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(16,039</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(465</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(32,186</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Depletion and amortization </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>(1,166</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="8%"
    align=right>(3,243</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="8%"
    align=right>(335</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="8%"
    align=right>(678</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="8%"
    align=right>(2,348</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="8%"
    align=right>(7,770</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>At June 30,
      2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;(8,792</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;(11,299</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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;(335</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;(16,717</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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;(2,813</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;(39,956</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%">&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>
    <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>Carrying values</B> </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>
    <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><B>At December 31, 2012</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;37,611</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;75,721</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;-</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;32,539</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;50,186</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;196,057</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>At June 30,
      2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;44,057</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;90,038</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;20,850</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;36,440</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;51,264</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;242,649</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>Exploration properties are allocated 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 >&nbsp; </TD>
    <TD  width="1%" align=left>&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>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>Del Toro</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>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 Guitarra</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 Luz</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>&nbsp;</TD>
    <TD width="5%" align=center nowrap>&nbsp; </TD>
  <TD  width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>Exploration properties</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Silver Mine</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Silver Project</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><STRONG>Properties<SUP>(1)</SUP></STRONG> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"></TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="5%"
      align=center nowrap style="BORDER-BOTTOM: #000000 2px solid"><B>Total</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    ><B>Cost</B> </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=left 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="5%"
    align=left 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="5%"
    align=left 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="5%"
    align=left 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="5%"
    align=left 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="5%"
    align=left 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="5%"
    align=left 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="5%"
    align=left 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>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>At December 31, 2011</B> </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;3,520</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;5,670</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>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;22,112</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;15,035</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>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;-</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;20,412</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>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;-</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;66,749</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 style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >Acquired from Silvermex </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    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="5%"
    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="5%"
    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="5%"
    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="5%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">53,000 </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="5%"
    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="5%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">18,100 </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="5%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">71,100 </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 1px solid" align=left
      >Exploration and evaluation expenditures </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">3,429    </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="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">4,143    </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="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">26,171    </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="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">6,435    </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="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,054    </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="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,434    </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="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">417</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="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">45,083    </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 style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >Proceeds from option payment (h) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    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="5%"
    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="5%"
    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="5%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(440</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="5%"
    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="5%"
    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="5%"
    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="5%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(440</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 style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Change in decommissioning liabilities </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%" 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="5%" 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="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">938</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="5%" 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="5%" 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="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">109</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="5%" 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="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,047    </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 style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >Transfer to producing properties </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(3,884</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="5%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(858</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="5%"
    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="5%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(1,913</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="5%"
    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="5%"
    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="5%"
    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="5%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(6,655</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 style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>At December 31, 2012</B> </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;3,065</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;8,955</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>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;49,221</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;19,117</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>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;55,054</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;22,955</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>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;18,517</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;176,884</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 bgColor=#e6efff align=left >Exploration and evaluation
      expenditures </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="5%" align=right valign="bottom" bgColor=#e6efff>590 </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="5%" align=right valign="bottom" bgColor=#e6efff>2,742 </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="5%" align=right valign="bottom" bgColor=#e6efff>8,418 </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="5%" align=right valign="bottom" bgColor=#e6efff>884 </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="5%" align=right valign="bottom" bgColor=#e6efff>993 </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="5%" align=right valign="bottom" bgColor=#e6efff>434 </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="5%" align=right valign="bottom" bgColor=#e6efff>377 </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="5%" align=right valign="bottom" bgColor=#e6efff>14,438 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Capitalization of borrowing costs (<a href="#note17a">Note 17(a)</a>) </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%" 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="5%" 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="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,612    </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="5%" 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="5%" 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="5%" 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="5%" 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="5%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">1,612    </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 style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >Transfer to producing properties </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="5%"
    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="5%"
    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="5%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(16,919</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="5%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(1,373</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="5%"
    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="5%"
    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="5%"
    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="5%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(18,292</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 style="BORDER-BOTTOM: #000000 2px solid" align=left
      ><B>At June 30, 2013</B> </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;3,655</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;11,697</B> </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"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;42,332</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;18,628</B> </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"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;56,047</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;23,389</B> </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"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;18,894</B> </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="5%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;174,642</B> </TD>
  <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="3%">(1) </TD>
    <TD>
      <P align=justify>Other exploration properties consist of Plomosas Silver
      Project, Pe&#241;asco Quemado Silver Project, La Frazada Silver Project and Los
      Lobos Silver Project acquired from Silvermex Resources
  Inc.</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_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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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>13.</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>(a)</B> </TD>
    <TD>
      <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>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The La Encantada Silver Mine is a producing underground
      mine located in northern State of Coahuila, Mexico, 708 kilometres north
      east of Torreon, Coahuila and is accessible via a 1.5 hour flight from
      Torreon. The La Encantada Silver Mine consists of a 4,000 tonnes per day
      (&#147;tpd&#148;) cyanidation plant, a 1,000 tpd 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 the 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.</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>La Parrilla Silver Mine, Durango 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 Parrilla Silver Mine, located approximately 65
      kilometres southeast of the city of Durango, Durango State, 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 a 2,000 tpd
      processing plant consisting of the 1,000 tpd cyanidation and 1,000 tpd
      flotation circuits, buildings, offices and associated infrastructure. The
      Company owns 100% of the La Parrilla Silver Mine.</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>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. During the three and six months
      ended June 30, 2013, the Company paid royalties of $0.2 million (2012 -
      $0.2 million) and $0.3 million (2012 - $0.4 million), respectively. As at
      June 30, 2013, total royalties paid to date for the Quebradillas NSR is
      $1.7 million.</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>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 405
      contiguous hectares of mining claims, including the Dolores area, 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. The Del Toro mine currently consists of
      a 1,000 tpd flotation plant, which management plans to ramp up to 4,000
      tpd, including a 2,000 tpd flotation circuit and a 2,000 tpd cyanidation
      circuit, before the end of 2014. First Majestic owns 100% of the Del Toro
      Silver Mine.</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>San Martin Silver Mine, Jalisco 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 San Martin Silver Mine is a producing underground
      mine located adjacent to the town of San Martin de Bola&#241;os, in the State
      of Jalisco, Mexico, 290 km north east of Guadalajara, Mexico, and is owned
      100% by the Company. The mine comprises approximately 7,841 hectares of
      mineral rights, 1,300 hectares of surface rights surrounding the mine, and
      another 104 hectares of surface rights where the 900 tpd cyanidation
      plant, mine buildings, offices and related infrastructure. Management
      plans to ramp up the cyanidation plant to 1,300 tpd in the third quarter
      of 2013.</P></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_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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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>13.</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>(e)</B> </TD>
    <TD>
      <P align=justify><B>La Guitarra Silver Mine, State of Mexico</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 Guitarra Silver Mine was acquired through the
      acquisition of Silvermex Resources Inc. in July 2012. The La Guitarra mine
      is the Company&#146;s fourth producing asset in Mexico and is 100% owned by the
      Company.</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 Guitarra Silver Mine is located in the
      Temascaltepec Mining District in the State of Mexico, near Toluca, Mexico
      and approximately 130 kilometres south west from Mexico City. The 100%
      owned mine covers 39,714 hectares of mining claims within the
      Temascaltepec Mining District. The La Guitarra mine consists of two
      underground operation centers and a flotation mill with a capacity of 350
      tpd, which was ramped up to 500 tpd in the second quarter of
  2013.</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>La Luz Silver Project, 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, near the village of
      Real de Catorce and was acquired in November 2009, through the acquisition
      of Normabec Mining Resources Ltd. The Company owns 100% of the La Luz
      Silver Project and all of the associated mining claims of what was
      historically known as the Santa Ana mine and consists of 36 mining
      concessions covering 4,977 hectares. In July 2013, subsequent to the end
      of the quarter, the Company completed the acquisition of an additional 21
      hectares of surface rights on adjacent properties for $1.0
  million.</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>(g)</B> </TD>
    <TD>
      <P align=justify><B>Plomosas Silver Project, State of
Sinaloa</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 Plomosas Silver Project (formerly known as Rosario)
      was acquired through the acquisition of Silvermex Resources Inc. in July
      2012. Plomosas has a total of 16,279 hectares of mining concessions in
      southeast State of Sinaloa, Mexico. The mining concession consolidates two
      past producing mines: Plomosas and San Juan. Extensive infrastructure is
      in place at Plomosas, including a fully functional mining camp facility at
      the Plomosas mine. Facilities and infrastructure at Plomosas include a 20
      year surface rights agreement in good standing, a 30 year water use
      permit, tailings dam, 60 km of 33 kilowatt power line, 120 person camp,
      infirmary, offices, shops and warehouses, and assay lab.</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>(h)</B> </TD>
    <TD>
      <P align=justify><B>Jalisco Group of Properties, Jalisco
  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 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 Jalisco State, Mexico. The Optionee issued 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 in other financial assets with a
      corresponding reduction in the carrying value of the San Martin mining
      interests.</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>In May 2012, the Company received an additional two
      million common shares of the Optionee, valued at $0.4 million as a result
      of their failure to file a registration statement qualifying the original
      10 million shares of common stock issued for free trading. The fair value
      of the common shares received from the Optionee was recorded as a
      reduction in the carrying value of mining interest in the second quarter
      of 2012.</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>Other Exploration Properties</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>With the acquisition of Silvermex Resources Inc. in 2012,
      the Company also acquired a number of exploration stage properties in
      Mexico, including the Pe&#241;asco Quemado Silver Project in the State of
      Sonora, the La Frazada Silver Project in the State of Nayarit and the Los
      Lobos Silver Project in the State of Sonora.</P></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_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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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%"><a name="note14"></a><B>14.</B> </TD>
    <TD>
      <P align=justify><B>PROPERTY, PLANT AND EQUIPMENT</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Property, plant and equipment are 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>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Land 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>Machinery 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>Assets under</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>&nbsp; </TD>
  <TD width="2%" align=left nowrap>&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="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Buildings</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>Equipment</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>Construction</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</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=#e6efff align=left><B>Cost</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 width="5%">&nbsp;</TD>
    <TD align=left><B>At December 31, 2011</B> </TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;20,675</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;92,098</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;37,402</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;3,753</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;153,928</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Acquired from Silvermex </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>2,126 </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>6,724 </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>1,710 </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>267 </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>10,827 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Additions </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>17,151 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>19,243 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>59,318 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>3,615 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>99,327 </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>Transfers </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>6,876 </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>28,336 </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>(35,212</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="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></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>At December 31, 2012</B> </TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;46,828</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;146,401</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;63,218</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;7,635</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;264,082</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Additions </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>6,600 </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>10,796 </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>24,768 </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>3,735 </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>45,899 </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>Transfers </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>23,034
    </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>28,440
    </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>(49,668</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>(1,806</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>- </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><B>At June 30, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;76,462</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;185,637</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;38,318</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;9,564</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;309,981</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>Accumulated depreciation and
      amortization</B> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>At December 31, 2011</B> </TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(5,331</B></TD>
    <TD width="2%" align=left><B>)</B> </TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(17,302</B></TD>
    <TD width="2%" align=left><B>)</B> </TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;-</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(2,255</B></TD>
    <TD width="2%" align=left><B>)</B> </TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(24,888</B></TD>
    <TD width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Depreciation and amortization </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>(4,446</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="8%"
    align=right>(13,246</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="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>(1,290</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="8%"
    align=right>(18,982</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left><B>At December 31, 2012</B> </TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(9,777</B></TD>
    <TD width="2%" align=left><B>)</B> </TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(30,548</B></TD>
    <TD width="2%" align=left><B>)</B> </TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;-</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(3,545</B></TD>
    <TD width="2%" align=left><B>)</B> </TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="8%" align=right><B>&nbsp;(43,870</B></TD>
    <TD width="2%" align=left><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Depreciation and amortization </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>(2,496</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="8%"
    align=right>(7,543</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="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>(672</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="8%"
    align=right>(10,711</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>At June 30,
      2013</B> </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;(12,273</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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;(38,091</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
      align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;-</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;(4,217</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
      align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right><B>&nbsp;(54,581</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
      align=left><B>)</B> </TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff>&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>
    <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 width="5%">&nbsp;</TD>
    <TD align=left><B>Carrying values</B> </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>
    <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 width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>At December 31, 2012</B> </TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;37,051</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;115,853</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;63,218</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;4,090</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="8%" align=right><B>&nbsp;220,212</B> </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>At June 30,
      2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;64,189</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;147,546</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;38,318</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;5,347</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;255,400</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: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="3%">(1) </TD>
    <TD>
      <P align=justify>Included in land and buildings is $4.9 million (December
      31, 2012 - $5.4 million) of land properties which are not subject to
      depreciation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD vAlign=top width="3%">(2) </TD>
    <TD>
      <P align=justify>Included in property, plant and equipment is $39.9
      million (December 31, 2012 - $26.8 million) of equipment under finance
      lease.</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Mining assets, including land and
buildings, machinery and equipment, assets under construction and other assets
above are allocated as follow:</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>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" 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="6%" 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="6%" 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="6%" 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="6%" align=center nowrap><B>La Guitarra</B> </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" 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="6%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="6%" 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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="6%"
      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="6%"
      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="6%"
      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="6%"
      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="6%"
      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="6%"
      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="6%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Corporate</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="6%"
      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=#e6efff align=left><B>Cost</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" 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="6%" 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="6%" 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="6%" 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="6%" 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="6%" 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="6%" 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="6%" 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><B>At December 31, 2011</B> </TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;65,737</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;57,354</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;7,005</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;19,283</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;-</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;2,673</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;1,876</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;153,928</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Acquired from Silvermex </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" 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="6%" 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="6%" 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="6%" 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="6%" align=right>9,352 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" 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="6%" align=right>1,475 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" align=right>10,827 </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>Additions </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>16,330
    </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="6%" align=right>21,018
    </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="6%" align=right>48,058
    </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="6%" align=right>7,404
    </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="6%" align=right>1,446
    </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="6%" align=right>853
</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="6%" align=right>4,218
    </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="6%" align=right>99,327
    </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><B>At December 31, 2012</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;82,067</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;78,372</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;55,063</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;26,687</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;10,798</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;3,526</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;7,569</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;264,082</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Additions </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>3,497 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>3,670 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>23,658 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>6,283 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>4,543 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>1,244 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>3,004 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>45,899 </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>Transfers </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="6%"
    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="6%"
    align=right>6,315 </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="6%"
    align=right>(6,315</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="6%"
    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="6%"
    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="6%"
    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="6%"
    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="6%"
    align=right>- </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 1px solid" align=left><B>At June 30,
      2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=right><B>&nbsp;85,564</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=right><B>&nbsp;88,357</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=right><B>&nbsp;72,406</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=right><B>&nbsp;32,970</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=right><B>&nbsp;15,341</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=right><B>&nbsp;4,770</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=right><B>&nbsp;10,573</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=right><B>&nbsp;309,981</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="6%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>Accumulated depreciation and amortization</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>At December 31, 2011</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;(10,609</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;(8,385</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;-</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;(4,923</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;-</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;(73</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;(898</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;(24,888</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" align=left>Depreciation and
      amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
    align=right>(7,944</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="6%"
    align=right>(7,538</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="6%" 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="6%"
    align=right>(1,933</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="6%"
align=right>(997</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="6%" align=right>(23</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="6%"
align=right>(547</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="6%"
    align=right>(18,982</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>At December 31, 2012</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;(18,553</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;(15,923</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;-</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;(6,856</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;(997</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;(96</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;(1,445</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#e6efff width="6%" align=right><B>&nbsp;(43,870</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" align=left>Depreciation and
      amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
    align=right>(4,163</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="6%"
    align=right>(3,617</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="6%"
align=right>(926</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="6%"
    align=right>(1,091</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="6%"
align=right>(400</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="6%" align=right>(14</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="6%"
align=right>(500</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="6%"
    align=right>(10,711</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 2px solid" bgColor=#e6efff
      align=left><B>At June 30, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;(22,716</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;(19,540</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;(926</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;(7,947</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;(1,397</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;(110</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;(1,945</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;(54,581</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>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>Carrying values</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" 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="6%" 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="6%" 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="6%" 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="6%" 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="6%" 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="6%" 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="6%" 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><B>At December 31, 2012</B> </TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;63,514</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;62,449</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;55,063</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;19,831</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;9,801</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;3,430</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;6,124</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="6%" align=right><B>&nbsp;220,212</B> </TD>
    <TD  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><B>At June 30, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;62,848</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;68,817</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;71,480</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;25,023</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;13,944</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;4,660</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;8,628</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="6%"
    align=right><B>&nbsp;255,400</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    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_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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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%"><a name="note15"></a><B>15.</B> </TD>
    <TD>
      <P align=justify><B>TRADE AND OTHER PAYABLES</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 and other payables are primarily
      comprised of amounts outstanding for purchases relating to mining
      operations, exploration and evaluation activities and corporate office
      expenses. The normal credit period for these 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 and other payables 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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
    <TD  width="2%"
    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="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2012</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>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;23,783 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;20,827 </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>13,718 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>16,512 </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>5 </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>59 </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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;37,506</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;37,398</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 vAlign=top width="5%"><a name="note16"></a><B>16.</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 from 6.5% to 9.1%. Assets under finance leases are
      pledged as security against the lease obligation.</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 finance 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 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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
    <TD  width="2%"
    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="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2012</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>Less than one year </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;12,875 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;10,233 </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>More than one year
      but not more than five years </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>18,280 </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="12%"
      align=right>15,232 </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>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>31,155 </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>25,465 </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: future
      finance charges </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>(2,964</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="12%"
    align=right>(2,487</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>Present value of minimum lease payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;28,191</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;22,978</B> </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>Included in the financial statements as: </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Current portion
      of lease obligations </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>11,231 </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>8,793 </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>&nbsp; &nbsp;
      &nbsp; &nbsp;Lease obligations </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>16,960 </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>14,185 </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><B>Present value of minimum lease payments</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;28,191</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;22,978</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%"><a name="note17"></a><B>17.</B> </TD>
    <TD colSpan=3>
      <P align=justify><B>DEBT FACILITIES</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%"><a name="note17a"></a></TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Bank of America Merrill Lynch Prepayment
      Facility</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>In December 2012, the Company entered into a $50.0
      million prepayment facility agreement with Bank of America Merrill Lynch
      (&#147;BAML&#148;). Under the terms of the agreement, the Company received $50.0
      million from BAML as an advance against a portion of the Company&#146;s lead
      and zinc concentrate production for a period of 36 months commencing in
      July 2013. The prepayment facility bears an annual interest rate of LIBOR
      plus 3.5%. Principal and interest is payable monthly based on
      pre-determined amounts of lead and zinc production at market prices. A
      total of 12,158 metric tonnes of lead and 13,176 metric tonnes of zinc
      will be delivered over the 36 months period. Under the prepayment facility
      agreement, the Company is required to limit the aggregate amount of debt
      below $75.0 million, excluding finance leases, which should also not
      exceed $75.0 million.</P></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_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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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>17.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>DEBT FACILITIES (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>(a)</B> </TD>
    <TD>
      <P align=justify><B>Bank of America Merrill Lynch Prepayment Facility
      (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 width="5%"></TD>
    <TD>
      <P align=justify>The prepayment facility is classified as a FVTPL
      financial liability and is recorded at fair market value, based on the
      forward market price of lead and zinc and discounted at an effective
      interest rate of 6.7%. As at June 30, 2013, the fair value of the
      prepayment facility was $45.7 million (December 31, 2012 - $50.4 million),
      of which $12.3 million (December 31, 2012 - $6.2 million) was classified
      as short-term and $33.4 million (December 31, 2012 - $44.2 million) was
      classified as long-term.</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>During the three and six months ended June 30, 2013, the
      Company recognized interest and accretion totalling $0.8 million and $1.6
      million, respectively, in relation to the prepayment facility, which were
      capitalized as construction costs of the Del Toro mine. In addition,
      during the three and six months ended June 30, 2013, the Company recorded
      a fair value adjustment gain of $1.5 million (2012 - $nil) and $6.3
      million (2012 - $nil), respectively, as other income.</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>In July 2013, subsequent to the end of the second
      quarter, the Company purchased call options on lead and zinc futures
      equivalent to remaining production to be delivered under the terms of the
      prepayment facility. The call options were purchased to mitigate potential
      exposure to future price increases in lead and zinc. The total cost of
      these call options was $3.1 million, settled monthly over the remaining
      term of the prepayment facility.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"><a name="note17b"></a></TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Aurcana Debt</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 at December 31, 2012, the Company had a $0.5 million
      non-interest bearing debt payable to Aurcana Corporation. The balance was
      fully paid by the Company on January 9, 2013.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%"><a name="note18"></a><B>18.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>SHARE CAPITAL</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"><a name="note18a"></a></TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Authorized and issued capital</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 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></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="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="12%"
      align=center><B>Shares</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="12%"
      align=center><B>Amount</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><B>Balance at December 31, 2011</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>105,135,372 </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;273,304 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Shares issued for: </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; Exercise of options </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>753,575 </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>3,705 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp;&nbsp;Conversion of shares to be issued </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>250 </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 style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Transfer of equity reserve upon exercise of options and
      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="12%"
    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="12%"
    align=right>1,417 </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 2px solid" align=left><B>Balance at June
      30, 2012</B> </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><B>105,889,197</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;278,426</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left><B>Balance at December 31, 2012</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>116,756,840 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;423,958 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Shares issued for: </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" 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="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp; Exercise of options </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>280,000 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,089 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Shares repurchased and cancelled (<a href="#note18d">Note 18(d)</a>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(215,000</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(782</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Transfer of equity
      reserve upon exercise of options </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>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>463
    </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><B>Balance at June 30, 2013</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="12%"
    align=right><B>116,821,840</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;424,728</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<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_21></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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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>18.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>SHARE CAPITAL (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>(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%"></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%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The following table summarizes the information about
      stock options outstanding and exercisable at June 30,
  2013:</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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="30%" colSpan=7
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Options Outstanding</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="30%" colSpan=7
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Options Exercisable</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="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>Weighted</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>Weighted</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>Weighted</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>Weighted</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="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>Average</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>Average</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>Average</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>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="8%" 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="8%" 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="8%" align=center nowrap><B>Remaining Life</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>Number of</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>Exercise Price</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>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
      (CAD$)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Options</B> </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(CAD$/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="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>(Years)</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>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="8%"
      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="8%"
      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>2.01 - 3.00 </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>180,000 </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>2.03 </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>0.85 </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>180,000 </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>2.03 </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>0.85 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>3.01 - 4.00 </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>242,500 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>3.68 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1.19 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>242,500 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>3.68 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1.19 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>4.01 - 5.00 </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>100,000 </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>4.04 </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>0.11 </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>100,000 </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>4.04 </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>0.11 </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>10.01 - 22.45 </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>5,121,020 </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>17.99
    </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>3.49
    </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>1,676,000 </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>14.18
    </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>2.15
    </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="8%"
    align=right>5,643,520 </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="8%"
    align=right>16.62 </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="8%"
    align=right>3.25 </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="8%"
    align=right>2,198,500 </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="8%"
    align=right>11.57 </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="8%"
    align=right>1.85 </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>As of June 30, 2013, incentive stock
options represent 5% (December 31, 2012 - 4%) of issued and outstanding share
capital. The aggregate intrinsic values of vested share options (the market
value less the exercise value) at June 30, 2013 and December 31, 2012 were $4.0
million and $22.6 million, respectively.</P>
<P style="MARGIN-LEFT: 10%" align=justify>The changes in stock options issued
during the six months ended June 30, 2013 and the year ended December 31, 2012
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, 2013</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, 2012</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>&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>&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>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 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>4,603,520 </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>14.59 </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>4,934,375 </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>8.31 </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>1,415,000 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>20.91 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2,039,645 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>19.59 </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>(280,000</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>3.92 </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>(2,174,250</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>4.83 </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>Cancelled or
      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>(95,000</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>19.49
    </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>(196,250</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>16.88
    </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>Balance, end of the period </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>5,643,520 </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>16.62 </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>4,603,520 </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>14.59 </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 weighted average closing share
price at date of exercise for the six months ended June 30, 2013 was CAD$17.02
(June 30, 2012 - CAD$18.38) .</P>
<P style="MARGIN-LEFT: 10%" align=justify>During the six months ended June 30,
2013, 1,415,000 (June 30, 2012 &#150; 1,045,000) stock options were granted for an
aggregate fair value of CAD$10.9 million (June 30, 2012 &#150; CAD$8.2 million).</P>
<P align=center>Notes Page 14</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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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>18.</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>
  <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 weighted average fair value of employee stock options
      granted during the six months ended June 30, 2013 and the year ended
      December 31, 2012 were $8.21 and $8.82, respectively, which were estimated
      using the Black-Scholes Option Pricing Model with the following
      assumptions:</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="10%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" 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="12%" 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="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</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, 2012</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>Average risk-free interest rate (%) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1.27 </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>1.24 </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>3.35 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>3.38 </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>58.54 </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>62.75 </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 style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>Forfeiture rate (%) </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="12%"
    align=right>5.00 </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="12%"
    align=right>5.00 </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 width="5%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P 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></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>(c)</B> </TD>
    <TD>
      <P align=justify><B>Share purchase warrants</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 following table summarizes the information about
      share purchase warrants outstanding and exercisable at June 30,
    2013:</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="10%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" 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="36%" colSpan=7 noWrap
    align=center><B>Warrants Outstanding and Exercisable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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%" noWrap align=center>&nbsp; </TD>
    <TD  width="2%" noWrap align=center>&nbsp;</TD>
    <TD  width="1%" noWrap align=center>&nbsp;</TD>
    <TD width="10%" noWrap align=center><B>Weighted Average</B> </TD>
    <TD  width="2%" noWrap align=center>&nbsp;</TD>
    <TD  width="1%" noWrap align=center>&nbsp;</TD>
    <TD width="10%" noWrap align=center><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%" noWrap align=center><B>Number of</B> </TD>
    <TD  width="2%" noWrap align=center>&nbsp;</TD>
    <TD  width="1%" noWrap align=center>&nbsp;</TD>
    <TD width="10%" noWrap align=center><B>Exercise Price</B> </TD>
    <TD  width="2%" noWrap align=center>&nbsp;</TD>
    <TD  width="1%" noWrap align=center>&nbsp;</TD>
    <TD width="10%" noWrap align=center><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
      (CAD$)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap
      align=center><B>Warrants</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap
      align=center><B>(CAD$/Share)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap
      align=center><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 style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>25.36 </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>329,377 </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>25.36 </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>0.46 </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 width="5%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>There were no changes in share purchase warrants during
      the six months ended June 30, 2013.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" ><a name="note18d"></a></TD>
    <TD vAlign=top width="5%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Share repurchase program</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>In March 2013, the Company received approval from the
      Toronto Stock Exchange to repurchase up to 5,848,847 common shares of the
      Company over the next 12 months through a normal course issuer bid in the
      open market. During the six months ended June 30, 2013, the Company
      repurchased and cancelled 215,000 shares for a total consideration of $2.4
      million (CAD$2.5 million).</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_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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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%"><a name="note19"></a><B>19.</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>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" 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="12%" 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="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</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>June 30, 2012</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><B>Available for sale revaluation reserve
      (a)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Balance at beginning of period </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;(2,085</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;1,127 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Loss on available for sale marketable
      securities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(1,655</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(3,478</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Reclassification
      of impairment on available for sale 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>1,000
    </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 1px solid" bgColor=#e6efff
      align=left>Balance at end 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="12%"
    align=right>(2,740</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="12%"
    align=right>(2,351</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>Share-based payments reserve (b)</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Balance at beginning of period </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>33,612 </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>27,394 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Share-based payments recognized in profit and loss and
      related tax benefit </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>8,153 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4,534 </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>Reclassed to share capital for exercise of stock options </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>(463</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="12%"
    align=right>(1,417</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Balance at end of
      period </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>41,302 </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>30,511 </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><B>Foreign currency translation reserve
      (c)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" 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="12%" 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>Balance at beginning of period </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(308</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(677</TD>
    <TD  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>Currency translation gain </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>- </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>170 </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 1px solid" align=left>Balance at end of
      period </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>(308</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="12%"
    align=right>(507</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>Total equity reserves per statements of financial
      position</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;38,254</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>&nbsp;27,653</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="3%">(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="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="3%">(b) </TD>
    <TD>
      <P align=justify>The share-based payments reserve records the cumulative
      amount recognized under IFRS 2 in respect of options granted and shares
      purchase warrants issued but not exercised to acquire shares of the
      Company and related tax benefits of $0.3 million (2012 - $0.7
    million).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="3%">(c) </TD>
    <TD>
      <P align=justify>The foreign currency translation reserve represents
      exchange differences arising on the translation of non-U.S. dollar
      functional currency operations within the Company into the U.S. dollar
      presentation currency. Effective January 1, 2013, all of the Company&#146;s
      entities have the U.S. dollar as their functional
  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%"><a name="note20"></a><B>20.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>FINANCIAL INSTRUMENTS</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>(a)</B> </TD>
    <TD>
      <P align=justify><B>Capital 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 width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s objective when managing capital is to
      maintain its ability to continue as a going concern while at the same time
      maximizing growth of its business and providing returns on its
      shareholders&#146; investments. The Company&#146;s overall strategy with respect to
      capital risk management remains unchanged from the prior year ended
      December 31, 2012.</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 capital of the Company consists of equity, comprising
      issued capital, equity reserves and retained earnings, debt facilities,
      net of cash and cash equivalents 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="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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
    <TD  width="2%"
    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="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2012</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>Equity </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;626,386 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;593,525 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>Debt and prepayment facilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>45,688 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>50,903 </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>Less: cash and cash equivalents </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>(78,924</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="12%"
    align=right>(111,591</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;593,150</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right><B>&nbsp;532,837</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>In order to facilitate the management
of its capital requirements, the Company prepares annual and semi-annual capital
expenditure budgets that are updated as necessary depending on various factors,
including successful capital deployment and general industry conditions. The
annual and updated budgets are approved by the Company&#146;s Board of Directors.</P>
<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_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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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 colSpan=2>
      <P align=justify><B>FINANCIAL INSTRUMENTS (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>(a)</B> </TD>
    <TD>
      <P align=justify><B>Capital risk management (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 width="5%"></TD>
    <TD>
      <P align=justify>The Company&#146;s investment policy is to invest its cash in
      highly liquid short term interest bearing investments with maturities of
      90 days or less, selected with regards to the expected timing of
      expenditures from continuing operations. The Company expects that its
      available capital resources will be sufficient to carry out its
      development plans and operations for at least the next 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 is not subject to any externally imposed
      capital requirements with the exception of complying with covenant under
  the BAML prepayment facility agreement (see <a href="#note17a">Note 17(a)</a>).</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>Categories of financial
  instruments</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="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="23%" colSpan=4
    align=center><B>June 30, 2013</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="23%" colSpan=4
    align=center><B>December 31, 2012</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=right><B>Carrying</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>Fair</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>Carrying</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>Fair</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 style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>value</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>value</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>value</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>value</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><B><U>Financial assets</U></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>
    <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="10%" >&nbsp;</TD>
    <TD align=left><B>Loans and receivables</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>
    <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 width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp;Cash and cash equivalents </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;78,924 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;78,924 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;111,591 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;111,591 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&nbsp;Trade and other receivables </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>20,620 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>20,620 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>19,598 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>19,598 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>Fair value through profit or loss</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>
    <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="10%" >&nbsp;</TD>
    <TD align=left>&nbsp;Marketable securities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,088 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,088 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4,816 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4,816 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp;Derivatives </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1,539 </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>1,539 </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>
    <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 width="10%" >&nbsp;</TD>
    <TD align=left><B>Available for sale</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>
    <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 width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;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="10%"
    align=right>744 </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>744 </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>2,421 </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>2,421 </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 2px solid" align=left><B>Total financial
      assets</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;104,915</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;104,915</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;138,426</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;138,426</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&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>
    <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 width="10%" >&nbsp;</TD>
    <TD align=left><B><U>Financial liabilities</U></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>
    <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 width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>Fair value through profit or loss</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>
    <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="10%" >&nbsp;</TD>
    <TD align=left>&nbsp;Prepayment facility </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;45,688 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;45,688 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;50,403 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;50,403 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B>Other financial liabilities</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>
    <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="10%" >&nbsp;</TD>
    <TD align=left>&nbsp;Trade and other payables </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>37,506 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>37,506 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>37,398 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>37,398 </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>&nbsp;Debt </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>- </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>- </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>500 </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>500 </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 2px solid" align=left><B>Total financial
      liabilities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;83,194</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;83,194</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;88,301</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;88,301</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%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Fair value of financial instruments</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 uses various valuation techniques in
      determining the fair value of financial assets and liabilities based on
      the extent to which the fair value is observable. The following fair value
      hierarchy is used to categorize and disclose the Company&#146;s financial
      assets and liabilities held at fair value for which a valuation technique
      is used:</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="10%"  ></TD>
    <TD align=left nowrap >Level 1:&nbsp;&nbsp;</TD>
    <TD width="85%" align=left>Unadjusted quoted prices in active markets that
      are accessible at the measurement date for identical assets or liabilities    </TD>
  </TR>
  <TR>
    <TD  width="10%">&nbsp;</TD>
    <TD  align=left nowrap>&nbsp;</TD>
    <TD  width="85%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" ></TD>
    <TD align=left nowrap >Level 2: </TD>
    <TD width="85%" align=left>All inputs which have a significant effect on
      the fair value are observable, either directly or indirectly, for
      substantially the full contractual term. </TD>
  </TR>
  <TR>
    <TD  width="10%">&nbsp;</TD>
    <TD  align=left nowrap>&nbsp;</TD>
    <TD  width="85%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left nowrap >Level 3: </TD>
    <TD width="85%" align=left>Inputs which have a significant effect on the
      fair value are not based on observable market data. </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_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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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 colSpan=2>
      <P align=justify><B>FINANCIAL INSTRUMENTS (continued)</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" ></TD>
    <TD width="5%" >
      <P align=justify><B>(c) </B></P></TD>
    <TD ><STRONG>Fair value of financial instruments
      (continued)</STRONG></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="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="49%" colSpan=10
    align=center><B>June 30, 2013</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 style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center><B>Level 1</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="10%"
      align=center><B>Level 2</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="10%"
      align=center><B>Level 3</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="10%"
      align=center><B>Total</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><B><U>Financial assets</U></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>
    <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="10%" >&nbsp;</TD>
    <TD align=left>&nbsp;Marketable securities <SUP>(1)</SUP> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,832 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,832 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp;Derivatives <SUP>(1)</SUP> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1,539 </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>
    <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>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1,539 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <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>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B><U>Financial liabilities</U></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>
    <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="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Prepayment
      facility <SUP>(2)</SUP> </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>- </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>45,688 </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>- </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>45,688 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&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="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      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="49%"
    colSpan=10 align=center><B>December 31, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      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="10%"
    align=center><B>Level 1</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=center><B>Level 2</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=center><B>Level 3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="10%"
    align=center><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left><B><U>Financial assets</U></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>
    <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 width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp;Marketable securities <SUP>(1)</SUP>
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>7,237 </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>
    <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>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>7,237 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <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>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left><B><U>Financial liabilities</U></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>
    <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="10%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;Prepayment
      facility <SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%" align=right>- </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="10%"
      align=right>50,403 </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="10%" align=right>- </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="10%"
      align=right>50,403 </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: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="3%">(1) </TD>
    <TD>
      <P align=justify>Derivative financial instruments and marketable
      securities are valued based on unadjusted quoted prices for identical
      assets in an active market obtained from securities exchanges.</P></TD></TR>

  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="3%">(2) </TD>
    <TD>
      <P align=justify>The prepayment facility is valued based on the market
      value of lead and zinc to be delivered, determined using forward price
      curve of the respective metals, discounted at market discount
  rate.</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>(d)</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 width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <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 consolidated financial statements for
      the year ended December 31, 2012, except for the following:</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>i)</B> </TD>
    <TD>
      <P align=justify><B>Credit Risk</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Credit risk is the risk of financial loss if a customer
      or counterparty fails to meet its contractual obligations. The Company&#146;s
      credit risk relates primarily to trade receivables in the ordinary course
      of business and VAT and other receivables. The Company sells and receives
      payment upon delivery of its silver dor&#233; and by-products primarily through
      three international organizations. Additionally, silver-lead concentrates
      and related base metal by-products are sold primarily through three
      international organizations with good credit ratings. Payments of
      receivables are scheduled, routine and received within 60 days of
      submission; therefore, the balance of overdue trade receivables owed to
      the Company in the ordinary course of business is not significant. The
      Company has a Mexican VAT receivable of $12.1 million as at June 30, 2013
      (December 31, 2012 - $13.9 million), of which $0.6 million (2012 - $0.6
      million) have been outstanding for more than one year. The Company is
      proceeding through a review process with Mexican tax authorities, but the
      Company expects to fully recover these amounts. In addition, as part of
      the acquisition of Silvermex Resources Inc. in 2012, the Company acquired
      $5.1 million in VAT receivables that were fully offset by a provision. The
      recoverability of these VAT receivables is pending outcome of various
      court trials with Mexican tax authorities.</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%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The carrying amount of financial assets recorded in the
      condensed interim consolidated financial statements represents the
      Company&#146;s maximum exposure to credit risk. The Company believes it is not
      exposed to significant credit risk and overall, the Company&#146;s credit risk
      has not changed significantly from the prior year.</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_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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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 colSpan=3>
      <P align=justify><B>FINANCIAL INSTRUMENTS (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>(d)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Financial risk management (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 width="5%"></TD>
    <TD vAlign=top width="5%"><B>ii)</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 width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <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, 2013, the
      Company has outstanding trade payables of $23.8 million (December 31, 2012
      - $20.8 million) which are generally payable in 90 days or less and
      accrued liabilities of $13.7 million (December 31, 2012 - $16.5 million)
      which are generally payable within 12 months. The Company believes it has
      sufficient cash on hand, combined with cash flows from operations, to meet
      operating requirements as they arise for at least the next 12
    months.</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 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="15%"  >&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="30%" colSpan=7
    align=center><B>Payments Due By Period</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="8%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center><B>Total</B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center><B>Less than</B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center><B>1 to 3</B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center><B>4 to 5</B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center><B>After 5</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&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><B>1
      year</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="8%"
      align=center><B>years</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="8%"
      align=center><B>years</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="8%"
      align=center><B>years</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Trade and other payables </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;37,506 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;37,506 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <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="15%" >&nbsp;</TD>
    <TD align=left>Prepayment facility </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>48,794 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>13,021 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>35,773 </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="15%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Finance lease obligations </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>31,155 </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>12,875 </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>16,829 </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>1,451 </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></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Decommissioning
      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>12,158
    </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>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>12,158
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left><B>Total Obligations</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="8%"
    align=right><B>&nbsp;129,613</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;63,402</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;52,602</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;1,451</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;12,158</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 width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>iii)</B> </TD>
    <TD>
      <P align=justify><B>Currency Risk</B></P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&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: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="85%">

  <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%" noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>June 30, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" colSpan=4 noWrap
    align=right><B>December 31, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=left>&nbsp; </TD>
    <TD  width="2%" noWrap align=left>&nbsp;</TD>
    <TD  width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=left>&nbsp; </TD>
    <TD  width="2%" noWrap align=left>&nbsp;</TD>
    <TD  width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=left>&nbsp; </TD>
    <TD  width="2%" noWrap align=left>&nbsp;</TD>
    <TD  width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>Net assets</B> </TD>
    <TD  width="2%" noWrap align=left>&nbsp;</TD>
    <TD  width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>Effect of +/- 10%</B> </TD>
    <TD  width="2%" noWrap align=left>&nbsp;</TD>
    <TD  width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>Net assets</B> </TD>
    <TD  width="2%" noWrap align=left>&nbsp;</TD>
    <TD  width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>Effect of +/- 10%</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>Cash and cash</B> </TD>
    <TD  width="2%" noWrap align=left>&nbsp;</TD>
    <TD  width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>Trade and other</B> </TD>
    <TD  width="2%" noWrap align=left>&nbsp;</TD>
    <TD  width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>Trade and other</B> </TD>
    <TD  width="2%" noWrap align=left>&nbsp;</TD>
    <TD  width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>(liabilities)</B> </TD>
    <TD  width="2%" noWrap align=left>&nbsp;</TD>
    <TD  width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>change in</B> </TD>
    <TD  width="2%" noWrap align=left>&nbsp;</TD>
    <TD  width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>(liabilities)</B> </TD>
    <TD  width="2%" noWrap align=left>&nbsp;</TD>
    <TD  width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>change in</B> </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-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>equivalents</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>receivables</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>payables</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>exposure</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>currency</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>exposure</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>currency</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" bgColor=#e6efff
      align=left>Canadian dollar </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>&nbsp;24,870 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>&nbsp;966 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>&nbsp;(925</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>&nbsp;24,911 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>&nbsp;2,491 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>&nbsp;5,001 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>&nbsp;500 </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>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>323
</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>12,142
    </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>(21,633</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>(9,168</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>(917</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>(7,237</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>(724</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <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="8%"
    align=right><B>&nbsp;25,193</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;13,108</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;(22,558</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;15,743</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;1,574</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;(2,236</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;(224</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px 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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>iv)</B> </TD>
    <TD>
      <P align=justify><B>Commodity Price 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>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, lead and iron
      ore, which accounts for approximately 15% 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 has a
      forward sales agreement to sell a portion of the Company&#146;s zinc and lead
      production at a fixed price over a 36 months period commencing July 2013.
      The Company does not use derivative instruments to hedge its commodity
      price risk to silver. In July 2013, subsequent to the end of the second
      quarter, the Company purchased call options on lead and zinc futures
      equivalent to remaining production to be delivered under the terms of the
      prepayment facility. The call options were purchased to mitigate potential
      exposure to future price increases in lead and
zinc.</P></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_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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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 colSpan=3>
      <P align=justify><B>FINANCIAL INSTRUMENTS (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>(d)</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Financial risk management (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 width="5%"></TD>
    <TD vAlign=top width="5%"><B>iv)</B> </TD>
    <TD>
      <P align=justify><B>Commodity Price Risk (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 width="5%"></TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As at June 30, 2013, a 10% increase or decrease of metal
      prices at June 30, 2013 would have the following impact on net
      earnings:</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="15%" >&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=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 colspan="4" align=left style="BORDER-BOTTOM: #000000 1px solid">    <div align="right"><B>June 30, 2013</B> </div></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=right nowrap><B>Effect of +/-</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=right nowrap><B>10% change in</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%">&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="8%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Silver</B> </TD>
    <TD width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Gold</B> </TD>
    <TD width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Lead</B> </TD>
    <TD width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Zinc</B> </TD>
    <TD width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>metal prices</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Metals subject to provisional price adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>&nbsp;887 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>&nbsp;35 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>&nbsp;395 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>&nbsp;159 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>&nbsp;1,476 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Metals in dor&#233; and
      concentrates inventory </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>1,397    </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>36 </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>11 </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>18 </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>1,462    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Prepayment facility </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>(2,502</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="8%"
    align=right>(2,402</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="8%"
    align=right>(4,904</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD width="15%">&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="8%"
      align=right><B>&nbsp;2,284</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;71</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;(2,096</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
      align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;(2,225</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
      align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;(1,966</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
      align=left><B>)</B> </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%"><a name="note21"></a><B>21.</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>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=right><B>Three Months Ended</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=right><B>Three Months Ended</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=right><B>Six Months Ended</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="10%" noWrap align=right><B>Six Months Ended</B> </TD>
    <TD width="2%" noWrap 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 style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap
      align=right><B>June 30, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap
      align=right><B>June 30, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap
      align=right><B>June 30, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap
      align=right><B>June 30, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left><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>&nbsp; &nbsp; &nbsp;Increase in trade and other receivables
    </TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;(111</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;(1,999</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;(1,022</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">&nbsp;(837</TD>
  <TD width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &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>(7,913</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>(1,113</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>(8,243</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>(4,765</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Decrease (increase) in prepaid expenses
      and other </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">432 </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">(1,178</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">(1,192</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">1,688 </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp;Decrease (increase) in
      net taxes receivable </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>7,264 </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>(10,961</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>5,457 </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>(3,544</TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;(Decrease) increase in trade and other payables </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">(4,871</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="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">11,255 </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">1,028    </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">12,012 </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 style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;(5,199</B></TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>)</B> </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;(3,996</B></TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>)</B> </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;(3,972</B></TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>)</B> </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>$</B></TD>
    <TD width="10%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid"><B>&nbsp;4,554</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><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 bgColor=#e6efff align=left>&nbsp;&nbsp;&nbsp;&nbsp; Transfer of
      share-based payments reserve upon exercise of options </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%" align=right valign="bottom" bgColor=#e6efff>84 </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>451 </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>463 </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>1,413 </TD>
  <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Capitalization of borrowing costs </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(813</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>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">(1,612</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="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp; &nbsp; &nbsp;Assets acquired by finance lease </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">(565</TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </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">(6,405</TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </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">(565</TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </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">(9,497</TD>
  <TD width="2%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">) </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%"><a name="note22"></a><B>22.</B> </TD>
    <TD>
      <P align=justify><B>VENDOR LIABILITY AND INTEREST</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 2006, the Company acquired a controlling interest
      in First Silver for $50.8 million (&#147;the Agreement&#148;). The purchase price
      was payable to the Vendor (&#147;Davila Santos&#148;) in three instalments. The
      first instalment and second instalments totaling $38.1 million were paid
      in accordance with the Agreement. The final 25% instalment of $12.7
      million was not paid to Davila Santos pending a legal action by the
      Company against Davila Santos and his private company involving a mine in
      Mexico (&#147;the Bola&#241;os Mine&#148;) as set out further below.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In November 2007, the Company and First Silver commenced
      an action against Davila Santos, who was a director and the President and
      Chief Executive Officer of First Silver at the time of the Agreement (&#147;the
      Action&#148;). The Company and First Silver alleged, among other things, that
      Davila Santos through his private company, acquired control of the Bola&#241;os
      Mine in breach of his fiduciary duties to First Silver. In their Statement
      of Defence, the defendants denied that Davila Santos violated his
      fiduciary duties to First Silver.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Davila Santos also filed a counterclaim (&#147;the
      Counterclaim&#148;) against the Company in which he claimed for unpaid amounts
      and interest under the Agreement. As of July 16, 2009, the unpaid amount,
      together with interest calculated at the contractual interest rate of 6%,
      amounted to $14.2 million. As a result of a consent order in the Action on
      July 16, 2009, the sum of $13.6 million was paid into the trust account of
      Davila Santos&#146; lawyers pending the outcome of the Action (&#147;the Trust
      Funds&#148;), leaving an unpaid balance under the Agreement of CDN$0.6 million
      (&#147;the Unpaid Balance&#148;).</P></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_28></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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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>22.</B> </TD>
    <TD>
      <P align=justify><B>VENDOR LIABILITY AND INTEREST
(continued)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In the Counterclaim Davila Santos also claimed, among
      other things, interest at 6% compounded annually and calculated daily on
      the Trust Funds and the Unpaid Balance and reimbursements of all costs and
      expenses, including his legal fees, incurred by Davila Santos in pursuing
      his claims against the Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The trial of the Action and Counterclaim commenced in the
      Supreme Court of British Columbia in Vancouver, British Columbia in April
      2012. In April 2013, the Company received a positive judgment from the
      Court, which awarded the sum of $93.8 million in favour of First Majestic
      against the defendants. As for the Counterclaim, on June 25, 2013, the
      Court held that Davila Santos was only entitled to simple post-judgment
      interest on the Unpaid Balance commencing July 16, 2009, and that both the
      Unpaid Balance and this interest were to be set-off against the amount
      awarded to the Company. Davila Santos&#146; claim for costs and expenses was
      dismissed. As well, the Court ordered that the Trust Funds and all earned
      interest thereon since July 16, 2009 be paid to the Company&#146;s lawyers.
      These funds, totalling $14.1 million, were received by the Company on June
      27, 2013 in partial payment of the April 24, 2013 judgment, leaving an
      unpaid amount of approximately $79.0 million.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The judgments by the Supreme Court of British Columbia in
      favour of the Company are being appealed by the defendants, and thus a
      final resolution will depend on the outcome of all of the defendants&#146;
      appeals. Until such time as all rights to appeal are determined, the
      British Columbia Supreme Court judgments cannot be regarded as
    final.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On June 27, 2013, the British Columbia Court of Appeal
      ordered that the defendants post security in the amount of $79.0 million
      or, in the alternative, post a letter of credit in that amount within 90
      days. In the event the defendants fail to comply with this order, the
      Company may apply for an order dismissing the defendants&#146; appeal as
      abandoned.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During the three months ended June 30, 2013, the Company
      recognized a gain of $0.6 million related to reversal of interest and
      costs previously accrued for the Action. The $14.1 million payment
      received on June 27, 2013 was recorded as a deferred gain and will only be
      recognized as income in the event the defendants&#146; appeals are eventually
      dismissed. There can be no guarantee of collection on the remainder of the
      judgment amount and accordingly, as at June 30, 2013, the Company has not
      accrued any additional income or receivable related to the remaining $79.0
      million unpaid judgment in favour of the Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><a name="note23"></a><B>23.</B> </TD>
    <TD>
      <P align=justify><B>CONTINGENT LIABILITIES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <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 would accrue 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 condensed
      interim consolidated financial statements of the Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>During 2011, Minera El Pil&#243;n, S.A. de C.V., a subsidiary
      of the Company, received tax assessments from the Mexican tax authority
      Servicio de Administracion Tributaria for fiscal years 2004 to 2007
      relating to various tax treatments with a maximum potential remittance of
      approximately $5.8 million (75.7 million Mexican pesos). The tax
      reassessments for 2004 to 2006, totalling $2.5 million (32.3 million
      Mexican pesos) were pursued through tax court, pledged with certain
      properties of the San Martin mine as guarantees. The Company has
      successfully won 100% of its appeals for the 2004 to 2006 tax
      reassessments totalling $2.5 million (32.3 million Mexican pesos). The
      Company is also currently defending via the administrative appeal process
      the tax treatments amounting to $3.3 million (43.4 million Mexican pesos)
      related to the 2007 tax year, pertaining to intercompany loan treatments.
      The Company received a favourable resolution in February 2013 for a
      portion of the exposure, and the Mexican tax authorities have cancelled
      $1.7 million (22.3 million Mexican pesos) of the 2007 reassessment claim.
      The remaining balance of $1.6 million (21.1 million Mexican pesos)
      regarding the intercompany loan treatment is currently still in appeal and
      pending resolution through the Mexican tax courts. The Company believes it
      is probable that it will defend itself successfully in all claims and has
      not recorded a provision for any potential tax exposure relating to these
      reassessments.</P></TD></TR></TABLE>
<P align=center>Notes Page 21</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_29></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><font size=3><B>First Majestic Silver Corp.</B></font></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NOTES TO CONDENSED INTERIM CONSOLIDATED 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 - 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 colSpan=2>
      <P align=justify><B>CONTINGENT LIABILITIES (continued)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>During 2010, La Guitarra Compa&#241;&#237;a Minera, S.A. de C.V.
      (&#147;La Guitarra&#148;), a subsidiary acquired by the Company in 2012, had a tax
      reassessment from the Mexican tax authorities for the fiscal year 2003
      relating to ineligible VAT refunds and tax treatment of intercompany loans
      with a maximum potential exposure of $3.1 million (40.8 million Mexican
      pesos). During 2012, La Guitarra received an initial judgment in favour of
      the Mexican tax authorities. This judgment is not considered a final legal
      ruling until the conclusion of the appeals mechanism. As at December 31,
      2012, La Guitarra had posted cash as collateral (&#147;Restricted Cash&#148;) for a
      bond held with the Mexican tax authorities for $3.1 million (40.8 million
      Mexican pesos) and also accrued a VAT payable of $3.1 million related to
      the tax reassessment.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>In May 2013, the Company submitted a voluntary tax
      amnesty, and in June 2013 the Company remitted $2.4 million (31.5 million
      Mexican pesos) related to the 2003 tax reassessment and, in exchange,
      received a credit for the remaining balance of $0.7 million (9.3 million
      Mexican pesos). As at June 30, 2013, the 2003 tax reassessment had been
      fully settled with the Mexican tax authorities and the Restricted Cash was
      returned. The gain on settlement of $0.7 million was recorded in other
      income during the period.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><a name="note24"></a><B>24.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>SUBSEQUENT EVENTS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Subsequent to June 30, 2013:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="3%">a) </TD>
    <TD>
      <P align=justify>100,000 options were exercised for gross proceeds of
      CAD$404,000;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="3%">b) </TD>
    <TD>
      <P align=justify>15,000 options were granted with a weighted average
      exercise price of CAD$11.16 and expire in five years from the grant date;
      and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="3%">c) </TD>
    <TD>
      <P align=justify>15,000 options were cancelled.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>Pursuant to the above subsequent events, the Company has
      116,921,840 common shares outstanding as at the date on which these
      consolidated financial statements were approved and authorized for issue
      by the Board of Directors.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%"><a name="note25"></a><B>25.</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="3%">&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>The condensed interim consolidated financial statements
      of First Majestic Silver Corp. for the three and six months ended June 30,
      2013 were approved and authorized for issue by the Board of Directors on
      August 12, 2013.</P></TD></TR></TABLE>
<P align=center>Notes Page 22</P>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<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">
<!--$$/page=--><A name=page_1></A>
<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>
    <TD style="BORDER-TOP: #000000 1px solid"  align=center><IMG
      border=0
      src="exhibit99-2x1x1.jpg">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>FOR THE QUARTER ENDED JUNE 30,</B> <B>2013</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    align=center>&nbsp;</TD></TR></TABLE>
<P align=justify>This Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) should
be read in conjunction with the unaudited condensed interim consolidated
financial statements of First Majestic Silver Corp. (&#147;First Majestic&#148; or &#147;the
Company&#148;) for the three and six months ended June 30, 2013 and audited
consolidated financial statements for the year ended December 31, 2012, which
are prepared in accordance with International Financial Reporting Standards as
issued by the International Accounting Standards Board (&#147;IFRS&#148;). This MD&amp;A
contains &#147;forward-looking statements&#148; that are subject to risk factors set out
in a cautionary note contained herein. All dollar amounts are expressed in
United States (&#147;US&#148;) dollars and tabular amounts are expressed in thousands of
dollars unless otherwise indicated. All information contained in this MD&amp;A
is current as of August 12, 2013 unless otherwise stated.</P>
<P align=justify><B><I>Forward-Looking Statements</I></B></P>
<P align=justify><I>Certain information contained herein constitutes
forward-looking statements. Forward-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-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-looking statements. These
factors include, without limitation: 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 operating
costs and expenses, uncertainties related to the necessity of financing, 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-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-looking statements.</I></P>
<P align=justify><B><I>Qualified Persons</I></B></P>
<P align=justify><I>Leonel Lopez, C.P.G., P.G. of Runge Pincock Minarco
(formerly Pincock Allen &amp; Holt) is the independent Qualified Person for the
Company. Ramon Davila, Ing., the Company&#146;s Chief Operating Officer and Carlos
Wong, M.Sc., Ore Reserves Compliance Manager, are also certified Qualified
Persons. 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.</I></P>
<P align=justify>Additional information on the Company, including the Company&#146;s
Annual Information Form, is also available on SEDAR at www.sedar.com and on the
Company&#146;s website at www.firstmajestic.com.</P>
<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 1px solid"
    align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD 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>
<P align=justify><B>2013 SECOND QUARTER HIGHLIGHTS</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>Second Quarter </B></TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD  width="8%" align=center nowrap><STRONG>Second Quarter</STRONG>    </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>First Quarter</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 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><B>2013</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="8%"
      align=center><B>2012</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="8%"
      align=center><B>Change</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="8%"
      align=center><B>2013</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="8%"
      align=center><B>Change</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" bgColor=#eeeeee
      align=left><B>Operating</B> </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="8%"
    align=left>&nbsp; </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="8%"
    align=left>&nbsp; </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="8%"
    align=left>&nbsp; </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="8%"
    align=left>&nbsp; </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="8%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Silver Equivalent Ounces Produced </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>3,268,117 </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>2,102,222 </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>55% </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>2,731,792 </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>20% </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Silver Ounces Produced (excluding
      equivalent ounces from by-products) </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>2,767,966 </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>1,917,248 </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>44% </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>2,437,664 </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>14% </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Payable Silver Ounces
      Produced<SUP>(1)</SUP> </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>2,689,222 </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>1,888,132 </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>42% </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>2,224,819 </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>21% </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Total Cash Costs per Ounce<SUP>(2)</SUP>
</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>9.43 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>8.83 </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>7% </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>9.49 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>(1%</TD>
    <TD bgColor=#ffffff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Total Production Cost per
      Tonne<SUP>(2)</SUP> </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>39.57 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>26.97 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>47% </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>31.79 </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>24% </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      align=left>Average Realized Silver Price Per Ounce ($/eq.
      oz.)<SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="8%"
    align=right>22.19 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="8%"
    align=right>28.69 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="8%"
    align=right>(23%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="8%"
    align=right>29.63 </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>(25%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left><B>Financial</B> </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="8%"
    align=left>&nbsp; </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="8%"
    align=left>&nbsp; </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="8%"
    align=left>&nbsp; </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="8%"
    align=left>&nbsp; </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="8%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Revenues ($ millions) </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>48.4 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>54.8 </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>(12%</TD>
    <TD bgColor=#ffffff  width="2%" align=left>) </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>67.1 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>(28%</TD>
    <TD bgColor=#ffffff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Mine Operating Earnings ($ millions) </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>14.3 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>31.1 </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>(54%</TD>
    <TD bgColor=#ffffff  width="2%" align=left>) </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>34.6 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>(59%</TD>
    <TD bgColor=#ffffff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Net Earnings ($ millions) </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>0.2 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>15.3 </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>(99%</TD>
    <TD bgColor=#ffffff  width="2%" align=left>) </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>26.5 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>(99%</TD>
    <TD bgColor=#ffffff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Operating Cash Flows Before Movements in
      Working Capital and Income Taxes ($ millions) </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>34.8 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>30.6 </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>14% </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>44.9 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>(22%</TD>
    <TD bgColor=#ffffff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Cash and Cash Equivalents ($ millions) </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>78.9 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>70.9 </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>11% </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>110.1 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>(28%</TD>
    <TD bgColor=#ffffff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      align=left>Working Capital ($ millions) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="8%"
    align=right>80.4 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="8%"
    align=right>94.6 </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>(15%</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="8%"
    align=right>108.3 </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>(26%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left><B>Shareholders</B> </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="8%"
    align=left>&nbsp; </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="8%"
    align=left>&nbsp; </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="8%"
    align=left>&nbsp; </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="8%"
    align=left>&nbsp; </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="8%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Earnings Per Share ("EPS") - Basic </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>0.00 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>0.14 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>(99%</TD>
    <TD bgColor=#ffffff  width="2%" align=left>) </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>0.23 </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>(99%</TD>
    <TD bgColor=#ffffff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Cash Flow Per Share<SUP>(2)</SUP> </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>0.30 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>0.29 </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>3% </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="8%" align=right>0.38 </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>(22%</TD>
    <TD bgColor=#ffffff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Weighted Average Shares Outstanding for the
      Periods </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="8%" align=right>116,921,685 </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>105,798,950 </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>11% </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>116,895,218 </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>0% </TD>
    <TD bgColor=#ffffff  width="2%"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="3%">(1) </TD>
    <TD>
      <P align=justify>Payable Silver Ounces Produced is equivalent to Silver
      Ounces Produced less metal deductions from smelters and
  refineries.</P></TD></TR>
  <TR>
    <TD vAlign=top width="3%">(2) </TD>
    <TD>
      <P align=justify>The Company reports non-GAAP measures which include Total
      Cash Costs per Ounce, Total Production Cost per Tonne, Average Realized
      Silver Price per Ounce and Cash Flow Per Share. These measures are widely
      used in the mining industry as a benchmark for performance, but do not
      have a standardized meaning and may differ from methods used by other
      companies with similar descriptions. See Reconciliation to IFRS on pages
      18 and 19.</P></TD></TR></TABLE>
<P align=justify><B>OPERATIONAL HIGHLIGHTS</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Silver equivalent production in the second quarter increased to a record
  3,268,117 ounces, an increase of 20% compared to 2,731,792 ounces in the first
  quarter of 2013. The new Del Toro Silver Mine, which achieved Phase 1
  commercial production on April 1, 2013, contributed 499,357 ounces of
  production in the second quarter compared to 176,495 ounces in the previous
  quarter. Compared to the same quarter of the prior year, silver equivalent
  production increased by 55% primarily attributed to additional production from
  the new Del Toro mine, acquisition of the La Guitarra mine in July 2012 and
  its subsequent expansion from 350 tpd to the current 500 tpd. </P>
  <LI>
  <P>Silver ounces produced increased to a record 2,767,966 ounces, an increase
  of 14% compared to 2,437,664 ounces of pure silver in the first quarter of
  2013, and an increase of 44% compared to the ounces produced in the second
  quarter of 2012. </P>
  <LI>
  <P>Cash costs remained relatively unchanged from $9.49 in the prior quarter to
  $9.43 in the second quarter of 2013, and increased by 7% compared to $8.83 in
  the second quarter of 2012. The increase in cash cost compared to the same
  quarter of the prior year was primarily attributed to 9% appreciation of the
  Mexican peso against the US dollar. </P>
  <LI>
  <P>Production cost per tonne was $39.57 in the second quarter, an increase of
  24% from $31.79 in the first quarter of 2013. Compared to the second quarter
  of 2012, production cost per tonne increased from $26.97, or 47%, primarily
  due to addition of the Del Toro and La Guitarra mines, which had higher
  production cost per tonne of $40.38 and $49.90, respectively. In addition,
  production cost per tonne at La Encantada increased by 63% compared to the
  second quarter of 2012 due to the change in mix of fresh ore to old tailings.
  </P>
  <LI>
  <P>Phase 2 construction of the Del Toro Silver Mine, which will include the
  addition of a 1,000 tpd cyanidation circuit, is in progress and is scheduled
  to begin production late in the third quarter of 2013. This second circuit,
  bringing the total throughput to 2,000 tpd, will introduce the production of
  silver dor&#233; bars. The third and final phase of expansion doubling production
  to 2,000 tpd flotation and 2,000 tpd cyanidation will continue until the third
  quarter of 2014, at which time Del Toro is expected to become the Company&#146;s
  largest producing operation, projected to produce at an annualized rate of
  approximately six million ounces of silver per year, with significant amounts
  of lead and zinc. </P></LI></UL>
<P align=center>Page 2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_3></A>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The expansion of the La Guitarra processing plant from 350 tpd to 500 tpd
  was completed in the second quarter as commercial production reached 500 tpd
  in the month of May 2013. The expansion is expected to increase La Guitarra&#146;s
  output to approximately 1.2 million ounces of silver equivalent annually,
  representing over one million ounces of pure silver plus a modest amount of
  gold. </P>
  <LI>
  <P>The Company&#146;s expansion project at the San Martin Silver Mine is
  progressing according to plan and is expected to be completed in the third
  quarter of 2013 with production stepping up from 900 tpd to 1,300 tpd for the
  fourth quarter of 2013. </P>
  <LI>
  <P>During the second quarter, the Company received a positive judgment from
  the Supreme Court of British Columbia on the Bola&#241;os trial (see note 22 of
  condensed interim consolidated financial statements), which awarded a net
  opportunity loss of $93.8 million in favour of First Majestic. The amount does
  not include pre-judgment interest or legal costs, of which a portion is
  recoverable. In June 2013, the Company received  $14.1
  million as partial payment of the judgment. </P>
  <LI>
  <P>From May to June, 2013, the Company responded to the recent decline in
  silver prices by reviewing its discretionary investment plans for 2013 and
  committed to reduce investments in exploration, development, plant and
  equipment by $50.0 million dollars from its original 2013 budget, focusing on
  reducing exploration and development and postponing investments in
  non-critical areas that will not impact production guidance. Budget changes
  included: </P></LI></UL>
<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>&gt; </TD>
    <TD width="87%" align=left>Reduction of cash costs; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&gt; </TD>
    <TD width="87%" align=left>Increase of operating parameters and
      efficiencies; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&gt; </TD>
    <TD width="87%" align=left>Reduction of exploration and development
      programs; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&gt; </TD>
    <TD width="87%" align=left>Reduction of sustaining capital;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&gt; </TD>
    <TD width="87%" align=left>Reduction of general and administrative costs;    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&gt; </TD>
    <TD width="87%" align=left>Reduction of warehouse inventories and
      operating supplies; and </TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" >&nbsp;</TD>
    <TD align=left>&gt; </TD>
    <TD width="87%" align=left>10% reduction in personnel costs.</TD>
  </TR></TABLE>
<P align=justify><B>FINANCIAL HIGHLIGHTS</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Net earnings for the second quarter of 2013 was $0.2 million (EPS of $nil),
  compared to net earnings of $26.5 million (EPS of $0.23) in the first quarter
  of 2013 and net earnings of $15.3 million (EPS of $0.14) in the second quarter
  of 2012. While the Company achieved production growth of 55% compared to the
  same quarter of the prior year, earnings were affected by the suspension of
  silver sales in early June and market conditions as the price of silver
  declined by over 30% during the quarter. As a result of the dramatic fall in
  silver prices in a very short timeframe, the Company held approximately
  700,000 ounces of silver in inventory at quarter end in an attempt to maximize
  future profits. This suspension of sales resulted in lower revenues by
  approximately $14.8 million and profits by $7.6 million for the second
  quarter, or an impact of reducing EPS by $0.06 in the quarter. </P>
  <LI>
  <P>Adjusted EPS (a non-GAAP measure) for the second quarter of 2013 was $0.07,
  after excluding non-cash and non-recurring items, such as share-based
  payments, loss on investment in silver futures and marketable
  securities, and a gain on fair value adjustment of the prepayment facility.  </P>
  <LI>
  <P>Generated revenues of $48.4 million for the second quarter of 2013, a
  decrease of 28% compared to the first quarter of 2013, primarily due to 25%
  decrease in average realized silver price per ounce and management&#146;s decision
  to suspend approximately 700,000 ounces of silver sales near quarter end in an
  attempt to maximize future profits. Revenues decreased 12% despite a 55%
  increase in production over the same period compared to the second quarter of
  2012, primarily due to a 23% decline in average realized silver price per
  ounce. </P>
  <LI>
  <P>Recognized mine operating earnings of $14.3 million compared to $34.6
  million in the first quarter of 2013 and $31.1 million in the second quarter
  of 2012. The decrease in mine operating earnings was attributed to lower
  revenues and higher depreciation, depletion and amortization expense related
  to the increased production rates and the addition of plant, equipment and
  mineral properties related to the addition of two new mines, the La Guitarra
  and Del Toro mines. </P>
  <LI>
  <P>Cash flows from operations before movements in working capital and income
  taxes (an additional GAAP measure) in the second quarter of 2013 decreased by
  22% to $34.8 million ($0.30 per share) compared to $44.9 million ($0.38 per
  share) in the first quarter of 2013, and increased by 14% compared to $30.6
  million ($0.29 per share) in the second quarter of 2012. The decrease in cash
  flows from operations compared to the first quarter of 2013 was attributed to
  lower gross margin as a result of the 25% decrease in silver prices and management's decision to suspend approximately 700,000 ounces of silver sales near the end of the second quarter.


</P></LI></UL>
<P align=center>Page 3</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_4></A>
<UL style="TEXT-ALIGN: justify"><LI>
  <P>During the second quarter, the Company invested approximately $2.4 million
  (CAD$2.5 million) to repurchase and cancel 215,000 common shares of the
  Company under the previously disclosed Normal Course Issuer Bid. </P>
  <LI>
  <P>The Company performs impairment testing annually and when impairment
  indicators are present. The decline in silver prices towards the end of the
  second quarter of 2013 was an indicator of potential impairment. Consequently,
  impairment testing was performed for each of the Company&#146;s projects based on
  life of mine cash flow projections, considering reasonable assumptions for
  factors such as future metal prices, production based on current estimates of
  recoverable mineral reserves and mineral resources, future operating costs,
  capital expenditures, inflation and long-term foreign exchange rates. Based on
  these assessments, the Company has concluded that there are no impairment
  charges in respect to its mining interests as at June 30, 2013. </P></LI></UL>
<P align=justify><B>REVIEW OF OPERATING RESULTS</B></P>
<P align=justify><B>Selected Production Results on a Mine-by-Mine Basis for the
Past Eight Quarters</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD bgColor=#eeeeee 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="17%"
    colSpan=4 align=center><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="37%"
    colSpan=10 align=center><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left><B>Production Highlights</B> </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="7%"
    align=center><B>Q2</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><B>Q1</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><B>Q4</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><B>Q3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><B>Q2</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><B>Q1</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><B>Q4</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><B>Q3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#c0c0c0 align=left>Ore processed/tonnes milled </TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>La Encantada </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>269,517 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>368,679 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>407,221 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>388,462 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>382,172 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>337,940 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>369,310 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>366,308 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>La Parrilla </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>193,470 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>204,660 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>186,434 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>175,630 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>169,786 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>147,938 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>121,109 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>89,972 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Del Toro <SUP>(1)</SUP> </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>74,193 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>45,391 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>San Martin </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>85,483 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>80,046 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>77,803 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>72,257 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>63,841 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>72,305 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>74,584 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>73,879 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff align=left>La
      Guitarra<SUP>(2)</SUP> </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="7%"
    align=right>45,735 </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="7%"
    align=right>31,581 </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="7%"
    align=right>30,160 </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="7%"
    align=right>30,339 </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="7%"
    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="7%"
    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="7%"
    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="7%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      align=left><B>Consolidated</B> </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="7%"
    align=right><B>668,398</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>730,357</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>701,618</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>666,688</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>615,799</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>558,183</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>565,003</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>530,159</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#c0c0c0 align=left>Silver ounces produced </TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>La Encantada </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>1,104,973 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>1,116,732 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>1,099,154 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>1,068,863 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>1,022,094 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>846,391 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>1,076,096 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>1,020,467 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>La Parrilla </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>710,979 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>725,218 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>758,692 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>708,021 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>690,954 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>719,143 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>628,836 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>449,771 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Del Toro <SUP>(1)</SUP> </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>369,772 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>148,084 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>San Martin </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>371,301 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>259,884 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>253,212 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>238,514 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>204,200 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>261,269 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>252,725 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>238,627 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff align=left>La
      Guitarra<SUP>(2)</SUP> </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="7%"
    align=right>210,941 </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="7%"
    align=right>187,746 </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="7%"
    align=right>200,088 </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="7%"
    align=right>189,839 </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="7%"
    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="7%"
    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="7%"
    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="7%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      align=left><B>Consolidated</B> </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="7%"
    align=right><B>2,767,966</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>2,437,664</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>2,311,146</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>2,205,237</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>1,917,248</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>1,826,803</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>1,957,657</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>1,708,865</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#c0c0c0 align=left>Silver equivalent ounces produced </TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>La Encantada </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>1,132,399 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>1,136,603 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>1,117,254 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>1,090,966 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>1,041,292 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>861,506 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>1,092,189 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>1,029,336 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>La Parrilla </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>952,819 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>906,192 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>931,718 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>851,628 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>843,307 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>860,739 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>738,919 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>511,301 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Del Toro <SUP>(1)</SUP> </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>499,357 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>176,495 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>San Martin </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>402,798 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>276,442 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>267,635 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>257,688 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>217,623 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>284,974 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>270,420 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="7%" align=right>251,133 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff align=left>La
      Guitarra<SUP>(2)</SUP> </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="7%"
    align=right>280,744 </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="7%"
    align=right>236,060 </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="7%"
    align=right>246,319 </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="7%"
    align=right>237,803 </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="7%"
    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="7%"
    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="7%"
    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="7%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      align=left><B>Consolidated</B> </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="7%"
    align=right><B>3,268,117</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>2,731,792</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>2,562,926</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>2,438,085</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>2,102,222</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>2,007,219</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>2,101,528</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>1,791,770</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#C0C0C0 align=left>Cash cost per ounce </TD>
    <TD bgColor=#C0C0C0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#C0C0C0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#C0C0C0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#C0C0C0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#C0C0C0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#C0C0C0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#C0C0C0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0 width="7%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#C0C0C0 width="7%" align=left>&nbsp; </TD>
  <TD bgColor=#C0C0C0  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>La Encantada </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;8.85 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;8.79 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;7.87 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;8.19 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;8.35 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;9.69 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;7.49 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;8.04 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>La Parrilla </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;9.20 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;7.36 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;8.48 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;8.58 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;8.35 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;8.14 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;8.22 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;7.90 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Del Toro <SUP>(1)</SUP> </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;8.20 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>San Martin </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;10.91 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;13.87 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;12.88 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;12.96 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;12.75 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;8.67 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;9.70 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;10.74 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff align=left>La
      Guitarra<SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;13.21 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;16.85 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;18.45 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;13.62 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;- </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      align=left><B>Consolidated</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>&nbsp;9.43</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>&nbsp;9.49</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>&nbsp;9.26</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>&nbsp;9.19</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>&nbsp;8.83</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>&nbsp;8.96</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;<B>8.01</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>&nbsp;8.39</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#c0c0c0 align=left>Production cost per tonne </TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#c0c0c0 width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#c0c0c0  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>La Encantada </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;34.70 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;25.65 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;20.06 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;21.52 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;21.30 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;23.27 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;20.78 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;21.46 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>La Parrilla </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;37.79 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;31.78 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;32.39 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;36.32 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;33.46 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;38.87 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;42.46 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;41.32 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Del Toro <SUP>(1)</SUP> </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;40.38 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;- </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>San Martin </TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;52.62 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;48.18 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;45.46 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;45.94 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;43.66 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;38.64 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;38.64 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff width="7%" align=right>&nbsp;37.20 </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff align=left>La
      Guitarra<SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;49.90 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;62.01 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;68.59 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;65.09 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;- </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      align=left><B>Consolidated</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>&nbsp;39.57</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>&nbsp;31.79</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>&nbsp;28.24</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>&nbsp;30.05</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>&nbsp;26.97</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>&nbsp;29.24</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right>&nbsp;<B>27.47</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff width="7%"
    align=right><B>&nbsp;26.86</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="3%">(1) </TD>
    <TD>
      <P align=justify>The Del Toro Silver Mine was inaugurated on January 23,
      2013 and achieved commercial production on April 1, 2013.</P></TD></TR>

  <TR>
    <TD vAlign=top width="3%">(2) </TD>
    <TD>
      <P align=justify>The above table only includes La Guitarra&#146;s operating
      results since the mine was acquired by the Company on July 3,
  2012.</P></TD></TR></TABLE>
<P align=center>Page 4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_5></A>
<P align=justify><B>Consolidated Production Results for the Three and Six Months
Ended June 30, 2013 and 2012</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 colSpan=2
    align=center>&nbsp; &nbsp;<B>Quarter Ended June 30</B> </TD>
    <TD width="20%" align=center nowrap bgColor=#c0c0c0 ><B>CONSOLIDATED
      FIRST MAJESTIC</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="32%"
    colSpan=2 align=center>&nbsp; &nbsp;<B>Year to Date Ended June 30,</B>
  </TD></TR>
  <TR vAlign=top>
    <TD width="20%"
      align=center bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2012</B> </TD>
    <TD width="20%"
    align=center nowrap bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid" ><B>RESULTS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2013</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2012</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>668,398 </TD>
    <TD bgColor=#ffffff width="20%" align=center>615,799 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff >Ore
      processed/tonnes milled <SUP>(3)(4)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>1,398,755 </TD>
  <TD bgColor=#ffffff width="20%" align=center>1,173,982 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>201 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>164 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee >Average silver
      grade (g/t) </TD>
    <TD bgColor=#eeeeee width="20%" align=center>190 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>171 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>64% </TD>
    <TD bgColor=#ffffff width="20%" align=center>59% </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff >Recovery (%) </TD>
    <TD bgColor=#ffffff width="20%" align=center>61% </TD>
  <TD bgColor=#ffffff width="20%" align=center>58% </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>2,767,966 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>1,917,248 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee >Total silver
      ounces produced </TD>
    <TD bgColor=#eeeeee width="20%" align=center>5,205,630 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>3,744,051 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>- </TD>
    <TD bgColor=#ffffff width="20%" align=center>- </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff >Pre-commercial
      silver ounces produced <SUP>(3)(4)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>148,084 </TD>
  <TD bgColor=#ffffff width="20%" align=center>28,639 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>2,767,966 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>1,917,248 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee >Commercial silver
      ounces produced </TD>
    <TD bgColor=#eeeeee width="20%" align=center>5,057,546 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>3,715,412 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>2,689,222 </TD>
    <TD bgColor=#ffffff width="20%" align=center>1,888,132 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff >Payable silver
      ounces produced <SUP>(1)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>4,914,041 </TD>
  <TD bgColor=#ffffff width="20%" align=center>3,654,292 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>1,995 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>533 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee >Gold ounces
      produced </TD>
    <TD bgColor=#eeeeee width="20%" align=center>3,579 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>1,144 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>5,946,539 </TD>
    <TD bgColor=#ffffff width="20%" align=center>3,005,209 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff >Pounds of lead
      produced </TD>
    <TD bgColor=#ffffff width="20%" align=center>10,004,653 </TD>
  <TD bgColor=#ffffff width="20%" align=center>6,181,871 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>2,898,093 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>1,423,890 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee >Pounds of zinc
      produced </TD>
    <TD bgColor=#eeeeee width="20%" align=center>4,577,471 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>2,744,616 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>5,076 </TD>
    <TD bgColor=#ffffff width="20%" align=center>4,628 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff >Tonnes of iron
      ore produced </TD>
    <TD bgColor=#ffffff width="20%" align=center>9,430 </TD>
  <TD bgColor=#ffffff width="20%" align=center>9,224 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>3,268,117 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>2,102,222 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee >Total production
      - ounces silver equivalent </TD>
    <TD bgColor=#eeeeee width="20%" align=center>5,999,909 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>4,109,441 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>$9.43 </TD>
    <TD bgColor=#ffffff width="20%" align=center>$8.83 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff >Total cash cost
      per ounce <SUP>(1)(3)(4)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>$9.45 </TD>
  <TD bgColor=#ffffff width="20%" align=center>$8.90 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>$9.83 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$8.80 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee >Total production
      cost per ounce <SUP>(1)(2)(3)(4)</SUP> </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$9.82 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>$8.94 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>$39.57 </TD>
    <TD bgColor=#ffffff width="20%" align=center>$26.97 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff >Total production
      cost per tonne <SUP>(1)(2)(3)(4)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>$35.73 </TD>
  <TD bgColor=#ffffff width="20%" align=center>$28.05 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>13,479 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>13,627 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee >Underground
      development (m) </TD>
    <TD bgColor=#eeeeee width="20%" align=center>29,054 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>27,870 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>25,469 </TD>
    <TD bgColor=#ffffff width="20%" align=center>35,965 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff >Diamond drilling
      (m) </TD>
    <TD bgColor=#ffffff width="20%" align=center>42,431 </TD>
    <TD bgColor=#ffffff width="20%" align=center>65,159</TD>
  </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="3%">(1) </TD>
    <TD>
      <P align=justify>The Company reports non-GAAP measures which include
      production costs per tonne, production costs per ounce and 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. See Reconciliation to IFRS on page 18.</P></TD></TR>
  <TR>
    <TD vAlign=top width="3%">(2) </TD>
    <TD>
      <P align=justify>Total production cost per ounce and 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.</P></TD></TR>
  <TR>
    <TD vAlign=top width="3%">(3) </TD>
    <TD>
      <P align=justify>The cyanidation circuit for the La Parrilla mill
      expansion project was commissioned effective March 1, 2012. During the
      quarter ended March 31, 2012, the net margin of $0.6 million (Revenue of
      $1.0 million less costs of sales of $0.4 million) in connection with the
      sale of 30,456 ounces of silver equivalent during the pre-operating period
      was recorded as a reduction of assets under construction. The tables above
      include the production from the cyanidation circuit expansion, however,
      average silver grade, recovery, total cash costs per ounce, production
      cost per ounce and total production cost per tonne are based on production
      excluding pre-commercial stage production of 9,118 tonnes of ore processed
      and 30,456 ounces of silver equivalent during the quarter ended March 31,
      2012.</P></TD></TR>
  <TR>
    <TD vAlign=top width="3%">(4) </TD>
    <TD>
      <P align=justify>During the quarter ended March 31, 2013, the Del Toro
      mine had not achieved commercial stage of production. Therefore,
      pre-operating revenue of $3.5 million and cost of sales of $4.8 million
      were capitalized as assets under construction during the quarter ended
      March 31, 2013. As at April 1, 2013, management concluded the plant was
      commissioned and all revenues and expenses ceased to be capitalized and
      began to be treated as operating in nature. The table above includes the
      production from the Del Toro mine, however, total cash costs per ounce,
      total production cost per ounce and total production cost per tonne
      exclude pre-commercial stage production of 45,391 tonnes of ore processed
      and 148,084 ounces of silver ounces produced.</P></TD></TR></TABLE>
<P align=justify><B><I>Production</I></B></P>
<P align=justify>Total production for the second quarter of 2013 increased by
55% to 3,268,117 ounces of silver equivalent compared to the 2,102,222 ounces of
silver equivalent produced in the second quarter of 2012. Production in the
second quarter consisted of 2,767,966 ounces of silver, 1,995 ounces of gold,
5,946,539 pounds of lead, 2,898,093 pounds of zinc and 5,076 tonnes of iron ore,
compared to 1,917,248 ounces of silver, 533 ounces of gold, 3,005,209 pounds of
lead, 1,423,890 pounds of zinc and 4,628 tonnes of iron ore produced in the
second quarter of 2012.</P>
<P align=justify>Compared to the first quarter of 2013, production increased by
20% from 2,731,792 ounces of silver equivalents, which consisted of 2,437,664
ounces of silver, 4,058,114 pounds of lead, 1,584 ounces of gold, 1,679,378
pounds of zinc and 4,354 tonnes of iron ore. The increase in production in the
second quarter was primarily due to production of 499,357 silver equivalent
ounces from the Del Toro mine, and improved performance compared to the previous
quarter at La Parrilla, San Martin and La Guitarra mines.</P>
<P align=justify>The total ore processed during the quarter at the Company&#146;s
five operating silver mines amounted to 668,398 tonnes milled, representing a
decrease of 8% over the previous quarter, due to an optimization at the La
Encantada mine to increase the proportion of higher grade fresh ore, which
resulted in lower combined throughput at the plant.</P>
<P align=center>Page 5</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_6></A>
<P align=justify><B><I>Cash Cost per Ounce</I></B></P>
<P align=justify>Total cash cost per ounce, a non-GAAP measure, for the second
quarter of 2013 was $9.43 per ounce of payable silver compared to $9.49 in the
first quarter of 2013 and $8.83 in the second quarter of 2012.</P>
<P align=justify>Cash cost per ounce for the second quarter consists of
production costs of $9.83 per ounce, transportation, smelting and refining costs
of $3.18 per ounce, royalty cost (La Parrilla&#146;s Quebradillas mine) of $0.06 per
ounce, offset with by-product credits of $3.64. Compared to the second quarter of
2012, the increase in cash cost per ounce of $0.60 was primarily attributed to
$1.03 increase in production costs per ounce, offset by $1.29 increase in
by-product credits per ounce. Consolidated production cost per ounce was 12%
higher primarily due to a 9% appreciation of the Mexican peso against the US
dollar, and the addition of the La Guitarra mine, which had a higher production
cost of $12.84 per ounce. By-product credits increased 55% due to higher gold
production from the La Guitarra mine and increased lead and zinc production from
the new Del Toro flotation plant as well as the expanded La Parrilla flotation
plant.</P>
<P align=justify><B><I>Head Grades and Recoveries</I></B></P>
<P align=justify>The overall average head grade for the second quarter of 2013
was 201 grams per tonne (&#147;g/t&#148;), a 22% increase compared to 164 g/t in the
second quarter of 2012 and 11% increase compared to 181 g/t in the first quarter
of 2013. The increase from the same quarter of the prior year was primarily
attributed to 46% increase in head grades from La Encantada, due to a greater
proportion of fresh ore being processed, 25% higher grades from San Martin as
the mine began extracting ore from the Rosario mine during the quarter, offset
by an 8% lower head grade from the La Parrilla mine.</P>
<P align=justify>Combined recoveries of silver for all mines in the second
quarter were 64%, a notable increase compared to 57% in the first quarter of
2013 due to improved recoveries at La Encantada and a recovery rate of 72% at
Del Toro for its first quarter of commercial production. Comparatively, average
recoveries were 59% in the second quarter of 2012.</P>
<P align=justify><B><I>Development and Exploration</I></B></P>
<P align=justify>The Company has focused on rationalizing development and
exploration costs in light of the current commodity price environment. A total
of 13,479 metres of underground development were completed in the second quarter
of 2013, a decrease of 13% compared to 15,575 metres completed in the previous
quarter. This decrease is part of a planned reduction of capital expenditures
that began in the second quarter and is planned to further reduce investments in
the second half of 2013. However, as some of the Company&#146;s development programs
are expansionary and focused on preparing underground accesses and stopes for
increased production rates over the next two years, a careful review is being
conducted in order that development cutbacks do not impact future production
guidance.</P>
<P align=justify>During the second quarter of 2013, a total of 25,469 metres
were drilled over 132 holes consisting primarily of definition drilling and
surface exploration drilling, representing a 50% increase from the 16,962 metres
drilled in the first quarter of 2013 and 29% decrease from the 35,965 metres
drilled in the second quarter of 2012. However, as a result of cost cutting,
most of these drilling contracts have now been cancelled. Budgeted exploration
metres for the remainder of the year, subsequent to the most recent budget
reductions, is forecasted to be 15,538 metres with the majority of these metres
planned to be drilled by the Company&#146;s own personnel and equipment and only for
the support of mining production. During the quarter, the Company had a total of
13 diamond drill rigs operating throughout its properties. There are currently
eight active drill rigs at the Company&#146;s five operating mines, which will be
reduced to seven rigs in the fourth quarter.</P>
<P align=justify>This reduction of definition and exploratory drilling is
estimated to delay the release of the planned NI 43-101 Technical Report updates
to mid-2014. </P>
<P align=justify>During the second quarter of 2013, the Company spent $24.9
million on its mineral properties and a further $25.1 million on plant and
equipment. This compares to $18.5 million invested in mineral properties and
$14.6 million in plant and equipment in the second quarter of 2012. The increase
in capital expenditures was primarily attributed to the underground development
at Del Toro and equipment purchased and installed to prepare for the startup of
the second stage 1,000 tpd cyanidation circuit at the Del Toro mine, plus the
investment in the ore shaft at the La Parrilla mine.</P>
<P align=center>Page 6</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_7></A>
<P align=justify><B>La Encantada Silver Mine, Coahuila,
Mexico<BR></B><B>Production Results for the Three and Six Months Ended June 30,
2013 and 2012</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 colSpan=2
    align=center><B>Quarter Ended June 30</B> </TD>
    <TD width="20%" align=center nowrap bgColor=#c0c0c0><B>LA ENCANTADA</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="32%"
    colSpan=2 align=center>&nbsp;<B>Year to Date Ended June 30,</B> </TD></TR>
  <TR vAlign=top>
    <TD width="20%"
      align=center bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2012</B> </TD>
    <TD width="20%"
    align=center nowrap bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>4,000 tpd Cyanidation Plant</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2013</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2012</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>269,517 </TD>
    <TD bgColor=#ffffff width="20%" align=center>382,172 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Ore processed/tonnes milled </TD>
    <TD bgColor=#ffffff width="20%" align=center>638,196 </TD>
  <TD bgColor=#ffffff width="20%" align=center>720,112 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>247 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>169 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Average silver grade (g/t) </TD>
    <TD bgColor=#eeeeee width="20%" align=center>226 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>175 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>52% </TD>
    <TD bgColor=#ffffff width="20%" align=center>49% </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Recovery (%) </TD>
    <TD bgColor=#ffffff width="20%" align=center>48% </TD>
  <TD bgColor=#ffffff width="20%" align=center>46% </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>1,104,973 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>1,022,094 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total silver ounces produced</TD>
    <TD bgColor=#eeeeee width="20%" align=center>2,221,705 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>1,868,485 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>1,099,858 </TD>
    <TD bgColor=#ffffff width="20%" align=center>1,016,983 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Payable silver ounces produced
      <SUP>(1)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>2,211,006 </TD>
  <TD bgColor=#ffffff width="20%" align=center>1,859,009 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>51 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>63 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Gold ounces produced </TD>
    <TD bgColor=#eeeeee width="20%" align=center>123 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>82 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>5,076 </TD>
    <TD bgColor=#ffffff width="20%" align=center>4,628 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Tonnes of iron ore produced </TD>
    <TD bgColor=#ffffff width="20%" align=center>9,430 </TD>
  <TD bgColor=#ffffff width="20%" align=center>9,224 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>1,132,399 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>1,041,292 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total production - ounces
      silver equivalent </TD>
    <TD bgColor=#eeeeee width="20%" align=center>2,269,002 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>1,902,798 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>$8.85 </TD>
    <TD bgColor=#ffffff width="20%" align=center>$8.35 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Total cash cost per ounce
      <SUP>(1)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>$8.82 </TD>
  <TD bgColor=#ffffff width="20%" align=center>$8.97 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>$8.50 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$8.01 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total production cost per ounce
      <SUP>(1)(2)</SUP> </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$8.51 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>$8.62 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>$34.70 </TD>
    <TD bgColor=#ffffff width="20%" align=center>$21.30 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Total production cost per tonne
      <SUP>(1)(2)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>$29.48 </TD>
  <TD bgColor=#ffffff width="20%" align=center>$22.23 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>3,597 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>3,535 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Underground development (m) </TD>
    <TD bgColor=#eeeeee width="20%" align=center>7,727 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>7,456 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>2,140 </TD>
    <TD bgColor=#ffffff width="20%" align=center>5,451 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Diamond drilling (m) </TD>
    <TD bgColor=#ffffff width="20%" align=center>6,296 </TD>
    <TD bgColor=#ffffff width="20%" align=center>11,489</TD>
  </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="3%">(1) </TD>
    <TD>
      <P align=justify>The Company reports non-GAAP measures which include
      production costs per tonne, production costs per ounce 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. See Reconciliation to IFRS on page 18.</P></TD></TR>

  <TR>
    <TD vAlign=top width="3%">(2) </TD>
    <TD>
      <P align=justify>Total production cost per ounce and 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.</P></TD></TR></TABLE>
<P align=justify>The La Encantada Silver Mine is a producing underground mine
located in the northern Mexico State of Coahuila, 708 kilometres north east of
Torreon, accessible via a 1.5 hour flight from Torreon, Coahuila. The La
Encantada mine consists of a 4,000 tpd cyanidation plant, a 1,000 tpd flotation
plant (currently in care-and-maintenance except for the crushing, grinding and
thickener areas), a village with 180 houses as well as administrative offices,
laboratory, general store, hospital, schools, church, airstrip and all the
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 kilometres away via mostly-paved road. The Company
owns 100% of the La Encantada Silver Mine.</P>
<P align=justify>A total of 1,132,399 equivalent ounces of silver were produced
by the La Encantada plant during the second quarter of 2013. Production in the
second quarter of 2013 was consistent compared with the 1,136,603 equivalent
ounces of silver produced in the first quarter of 2013, but was an increase of
9% compared to the 1,041,292 equivalent ounces of silver produced in the second
quarter of 2012, primarily due to a 46% increase in ore grade and an increase in
the proportion of fresh ore to old tailings.</P>
<P align=justify>Tonnage milled in the second quarter decreased 27% to 269,517
tonnes compared to 368,679 tonnes processed in the first quarter of 2013, and
decreased 29% compared to the 382,172 tonnes processed in the second quarter of
2012. The average head grade increased 17% to 247 g/t compared to 211 g/t in the
first quarter of 2013 and increased 46% compared to 169 g/t in the second
quarter of 2012, primarily due to a higher percentage of fresh ore production
versus old tailings.</P>
<P align=justify>During the second quarter, the mix of fresh ore to old tailings
processed through the plant was altered by reducing the tailings feed by almost
50% while slightly increasing the feed of fresh ore. The result was a 29%
reduction in total throughput in the quarter with an average of 3,171 tpd
consisting of 1,741 tpd of fresh mine ore and 1,430 tpd of tailings material.
The reduction of tonnage milled resulted in various cost savings, such as
reduction in cyanide consumption and equipment operating costs at the mill.
However, with the increase of fresh ore from the mine and reduction of old
tailings, the cost per tonne of production has increased. Total production cost
per tonne for La Encantada was $34.70 during the second quarter compared to
$25.65 in the previous quarter, but cash cost per ounce was relatively
consistent at $8.85 compared to $8.79 in the previous quarter.</P>
<P align=center>Page 7</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_8></A>
<P align=justify>The increase of fresh ore from 38% to 55% of
the throughput, had a resulting 17% positive impact on head grades which
averaged 247 g/t during the quarter, compared to 211 g/t in the previous
quarter, and also caused a 16% increase in recoveries which increased from 45%
to 52% compared to the prior quarter.</P>
<P align=justify>A new portable crushing unit was acquired and installed in the
quarter to enable the increase of fresh ore that was achieved in the quarter.
Further improvements are currently underway in the crusher circuit to expand it
again to 2,000 tpd by the third quarter of 2014.</P>
<P align=justify>A total of 3,597 metres were developed underground in the
second quarter of 2013 compared to 4,130 metres in the first quarter of 2013,
representing a decrease of 13%, and consistent with 3,535 metres of development
completed in the second quarter of 2012. Currently, the primary areas of focus
are the surrounding ore bodies of the Milagros and San Javier breccia pipes.
Additionally, development and production continues at the San Francisco vein and
the &#147;990&#148; and &#147;990-2&#148; chimneys. At the newly discovered Regalo vein, a new high
volume area of breccia was prepared for long-hole drilling aimed at increasing
the production of fresh ore to a rate of 2,000 tpd in the next year.</P>
<P align=justify>Although the Company had just recently planned to reduce the
number of rigs to only one for the last half of 2013, temporarily, at least
until the beginning of the fourth quarter, the Company has retained two
additional rigs defining the new areas to generate the data required to prepare
the updated NI 43-101 Technical Report. The Company anticipates that during the
fourth quarter of 2013, two rigs will be removed and only one underground rig
will remain active to support mining activities. The Company&#146;s original plan of
having an updated NI 43-101 Technical Report released prior to year end will be
delayed until the first half of 2014 due to budget cuts.</P>
<P align=justify>A total of 2,140 metres of diamond drilling were completed in
the second quarter of 2013 compared to 4,156 metres in the first quarter of
2013, representing a decrease of 49%, and a decrease of 61% from the 5,451
metres in the second quarter of 2012.</P>
<P align=center>Page 8</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_9></A>
<P align=justify><B>La Parrilla Silver Mine, Durango, Mexico</B></P>
<P align=justify><B>Production Results for the Three and Six Months Ended June
30, 2013 and 2012</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD colSpan=2
    align=center nowrap bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>Quarter Ended June 30</B> </TD>
    <TD width="20%" align=center nowrap bgColor=#c0c0c0><B>LA PARRILLA</B> </TD>
  <TD width="32%"
    colSpan=2 align=center nowrap bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>Year to Date Ended June 30,</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%"
      align=center nowrap bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD width="20%"
    align=center nowrap bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD width="20%"
    align=center nowrap bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>2,000 tpd (1,000 tpd Cyanidation &amp; 1,000 tpd
      Flotation)</B> </TD>
    <TD width="20%"
    align=center nowrap bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2012</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>193,470 </TD>
    <TD bgColor=#ffffff width="20%" align=center>169,786 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Ore processed/tonnes milled
      <SUP>(3)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>398,130 </TD>
  <TD bgColor=#ffffff width="20%" align=center>317,724 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>153 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>166 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Average silver grade (g/t) </TD>
    <TD bgColor=#eeeeee width="20%" align=center>150 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>175 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>75% </TD>
    <TD bgColor=#ffffff width="20%" align=center>76% </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Recovery (%) </TD>
    <TD bgColor=#ffffff width="20%" align=center>75% </TD>
  <TD bgColor=#ffffff width="20%" align=center>79% </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>710,979 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>690,954 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total silver ounces produced</TD>
    <TD bgColor=#eeeeee width="20%" align=center>1,436,197 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>1,410,097 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>- </TD>
    <TD bgColor=#ffffff width="20%" align=center>- </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Pre-commercial silver ounces
      produced <SUP>(3)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>- </TD>
  <TD bgColor=#ffffff width="20%" align=center>28,639 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>710,979 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>690,954 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Commercial silver ounces
      produced </TD>
    <TD bgColor=#eeeeee width="20%" align=center>1,436,197 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>1,381,458 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>689,379 </TD>
    <TD bgColor=#ffffff width="20%" align=center>667,969 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Payable silver ounces produced
      <SUP>(1)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>1,390,637 </TD>
  <TD bgColor=#ffffff width="20%" align=center>1,331,281 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>211 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>226 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Gold ounces produced </TD>
    <TD bgColor=#eeeeee width="20%" align=center>500 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>360 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>3,978,798 </TD>
    <TD bgColor=#ffffff width="20%" align=center>3,005,209 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Pounds of lead produced </TD>
    <TD bgColor=#ffffff width="20%" align=center>7,307,033 </TD>
  <TD bgColor=#ffffff width="20%" align=center>6,181,871 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>1,758,510 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>1,423,890 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Pounds of zinc produced </TD>
    <TD bgColor=#eeeeee width="20%" align=center>3,385,575 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>2,744,616 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>952,819 </TD>
    <TD bgColor=#ffffff width="20%" align=center>843,307 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Total production - ounces
      silver equivalent </TD>
    <TD bgColor=#ffffff width="20%" align=center>1,859,011 </TD>
  <TD bgColor=#ffffff width="20%" align=center>1,704,046 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>$9.20 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$8.35 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total cash cost per ounce
      <SUP>(1)(3)</SUP> </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$8.26 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>$8.23 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>$10.60 </TD>
    <TD bgColor=#ffffff width="20%" align=center>$8.50 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Total production cost per ounce
      <SUP>(1)(2)(3)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>$9.93 </TD>
  <TD bgColor=#ffffff width="20%" align=center>$8.31 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>$37.79 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$33.46 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total production cost per tonne
      <SUP>(1)(2)(3)</SUP> </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$34.70 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>$35.89 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>3,088 </TD>
    <TD bgColor=#ffffff width="20%" align=center>5,247 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Underground development (m) </TD>
    <TD bgColor=#ffffff width="20%" align=center>6,802 </TD>
  <TD bgColor=#ffffff width="20%" align=center>10,286 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>4,065 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>6,816 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Diamond drilling (m) </TD>
    <TD bgColor=#eeeeee width="20%" align=center>10,548 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>12,385</TD>
  </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="3%">(1) </TD>
    <TD>
      <P align=justify>The Company reports non-GAAP measures which include
      production costs per tonne, production costs per ounce 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. See Reconciliation to IFRS on page 18.</P></TD></TR>

  <TR>
    <TD vAlign=top width="3%">(2) </TD>
    <TD>
      <P align=justify>Total production cost per ounce and 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.</P></TD></TR>

  <TR>
    <TD vAlign=top width="3%">(3) </TD>
    <TD>
      <P align=justify>The cyanidation circuit for the La Parrilla mill
      expansion project was commissioned effective March 1, 2012. During the
      quarter ended March 31, 2012, the net margin of $0.6 million (Net Revenue
      of $1.0 million less Costs of Sales of $0.4 million) in connection with
      the sale of 30,456 ounces of silver equivalent during the pre-operating
      period was recorded as a reduction of construction in progress. The tables
      above include the production from the cyanidation circuit expansion,
      however, average silver grade, recovery, total cash costs per ounce,
      production cost per ounce and total production cost per tonne are based on
      production excluding pre-commercial stage production of 9,118 tonnes of
      ore processed and 30,456 ounces of silver equivalent during the quarter
      ended March 31, 2012.</P></TD></TR></TABLE>
<P align=justify>The La Parrilla Silver Mine, located approximately 65
kilometres southeast of the city of Durango, Durango State, Mexico, is a complex
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, Vacas and Quebradillas mines which are connected via above-ground gravel
road-ways. The total mining concessions consist of 69,460 hectares and the
Company owns 45 hectares and leases an additional 69 hectares of surface rights,
for a total of 114 hectares of surface rights. The Company owns 100% of the La
Parrilla Silver Mine. La Parrilla includes a 2,000 tpd dual-circuit processing
plant consisting of a 1,000 tpd cyanidation circuit and a 1,000 tpd flotation
circuit, buildings, offices and associated infrastructure.</P>
<P align=justify>The plant, including flotation and cyanidation circuits, was
operating at a combined average throughput of 2,359 tpd in the second quarter of
2013. In the cyanidation circuit, the construction of three new leaching tanks,
which commenced in February 2013, is now completed and is expected to allow for
longer leaching time with the objective of further increasing recoveries in
cyanidation.</P>
<P align=justify>Total production at the La Parrilla mine was 952,819 equivalent
ounces of silver in the second quarter of 2013, which was an increase of 5%
compared to the first quarter of 2013 due to an increase in grade and recoveries
of lead and zinc, and an increase of 13% compared to the second quarter of 2012,
due to 14% increase in tonnage processed. The composition of the silver
equivalent production in the second quarter of 2013 consisted of 710,979 ounces
of silver, 211 ounces of gold, 3,978,798 pounds of lead and 1,758,510 pounds of
zinc. This compares with a composition of 725,218 ounces of silver, 289 ounces
of gold, 3,328,235 pounds of lead and 1,627,065 pounds of zinc produced in the
first quarter of 2013, and 690,954 ounces of silver, 226 ounces of gold,
3,005,209 pounds of lead and 1,423,890 pounds of zinc in the second quarter of
2012. </P>
<P align=center>Page 9</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_10></A>
<P align=justify>In the second quarter of 2013, a total of 193,470 tonnes of ore
were processed at La Parrilla, representing a decrease of 5% when compared with
the 204,660 tonnes processed in the first quarter of 2013, and an increase of
14% when compared with the 169,786 tonnes processed in the second quarter of
2012. During the quarter, 81,949 tonnes of oxide ore with an average grade of
110 g/t were extracted from the open pit area at the Quebradillas mine compared
to 80,672 tonnes of oxide ore with an average grade of 114 g/t in the first
quarter of 2013. Combined recovery levels of silver for both circuits in the
second quarter were 75% compared to 74% in the first quarter of 2013 and 76% in
the second quarter of 2012.</P>
<P align=justify>A total of 3,088 metres of underground development were
completed in the second quarter of 2013, compared to 3,714 metres in the first
quarter of 2013 and 5,247 metres in the second quarter of 2012. As part of the
current improvements underway at La Parrilla, the Company commenced construction
of an extensive underground ore haulage system at Level 11 to a new San Jos&#233;
production shaft in the Rosa-Rosarios area also under construction. This new
ramp system and an underground electric rail system, projected to cost $20
million will eventually allow for the replacement of the current above ground
trucking system of ore to the mill. Once completed, this investment is expected
to improve logistics and the transportation of ore to the mill, ultimately
reducing overall operating costs and thereby delivering operational
efficiencies. However, with the recent reduction of capital expenditure budget,
the pace of this project has been slowed down and is now expected to be
completed in early 2015 versus mid-2014.</P>
<P align=justify>A total of 4,065 metres of diamond drilling were completed in
the second quarter of 2013 compared to 6,483 metres of diamond drilling in the
first quarter of 2013 and 6,816 metres in the second quarter of 2012. Three
drill rigs were operating during the quarter and one rig will remain active for
the remainder of the year following the recent budget cuts. The focus of the
current exploration program has been the Rosarios, Quebradillas, Vacas, San
Marcos, La Intermedia and La Blanca mines, as well as the Viboras, San Nicolas
and the newly discovered La Estrella vein areas. The results from this
exploration program are expected to be included in an updated NI 43-101
Technical Report which will now be delayed until the first half of 2014, due to
budget cuts.</P>
<P align=center>Page 10</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_11></A>
<P align=justify><B>Del Toro Silver Mine, Zacatecas, Mexico</B></P>
<P align=justify><B>Production Results for the Three and Six Months Ended June
30, 2013 and 2012</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 colSpan=2
    align=center>&nbsp; &nbsp;<B>Quarter Ended June 30</B> </TD>
    <TD width="20%" align=center nowrap bgColor=#c0c0c0><B>DEL TORO</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="32%"
    colSpan=2 align=center>&nbsp;<B>Year to Date Ended June 30,</B> </TD></TR>
  <TR vAlign=top>
    <TD width="20%"
      align=center bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2012</B> </TD>
    <TD width="20%"
    align=center nowrap bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>1,000 tpd Flotation Plant</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2013</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2012</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>74,193 </TD>
    <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Ore processed/tonnes milled </TD>
    <TD bgColor=#ffffff width="20%" align=center>119,584 </TD>
  <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>216 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Average silver grade (g/t) </TD>
    <TD bgColor=#eeeeee width="20%" align=center>197 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>72% </TD>
    <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Recovery (%) </TD>
    <TD bgColor=#ffffff width="20%" align=center>68% </TD>
  <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>369,772 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total silver ounces produced</TD>
    <TD bgColor=#eeeeee width="20%" align=center>517,856 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>- </TD>
    <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Pre-commercial silver ounces
      produced </TD>
    <TD bgColor=#ffffff width="20%" align=center>148,084 </TD>
  <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>369,772 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Commercial silver ounces
      produced </TD>
    <TD bgColor=#eeeeee width="20%" align=center>369,772 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>352,685 </TD>
    <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Payable silver ounces produced
      <SUP>(1)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>352,685 </TD>
  <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>83 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Gold ounces produced </TD>
    <TD bgColor=#eeeeee width="20%" align=center>109 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>1,967,741 </TD>
    <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Pounds of lead produced </TD>
    <TD bgColor=#ffffff width="20%" align=center>2,697,620 </TD>
  <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>1,139,583 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Pounds of zinc produced </TD>
    <TD bgColor=#eeeeee width="20%" align=center>1,191,896 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>499,357 </TD>
    <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Total production - ounces
      silver equivalent </TD>
    <TD bgColor=#ffffff width="20%" align=center>675,852 </TD>
  <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>$8.20 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total cash cost per ounce
      <SUP>(1)(2)</SUP> </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$8.20 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>$8.50 </TD>
    <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Total production cost per ounce
      <SUP>(1)(2)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>$8.50 </TD>
  <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>$40.38 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total production cost per tonne
      <SUP>(1)(2)</SUP> </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$40.38 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>3,194 </TD>
    <TD bgColor=#ffffff width="20%" align=center>2,673 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Underground development (m) </TD>
    <TD bgColor=#ffffff width="20%" align=center>7,166 </TD>
  <TD bgColor=#ffffff width="20%" align=center>5,430 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>6,579 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>11,632 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Diamond drilling (m) </TD>
    <TD bgColor=#eeeeee width="20%" align=center>7,774 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>20,014</TD>
  </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="3%">(1) </TD>
    <TD>
      <P align=justify>The Company reports non-GAAP measures which include
      production costs per tonne, production costs per ounce 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. See Reconciliation to IFRS on page 18.</P></TD></TR>

  <TR>
    <TD vAlign=top width="3%">(2) </TD>
    <TD>
      <P align=justify>During the three months ended March 31, 2013, the Del
      Toro mine had not achieved commercial stage of production. Therefore, pre-
      operating revenue of $3.5 million and cost of sales of $4.8 million were
      capitalized as assets under construction during the quarter ended March
      31, 2013. As at April 1, 2013, management concluded the plant was
      commissioned and all revenues and expenses ceased to be capitalized and
      began to be treated as operating in nature. The table above includes the
      production from the Del Toro mine, however, total cash costs per ounce,
      total production cost per ounce and total production cost per tonne
      exclude pre-commercial stage production of 45,391 tonnes of ore processed
      and 148,084 ounces of silver ounces produced.</P></TD></TR></TABLE>
<P align=justify>The Del Toro Silver Mine is located 60 kilometres to the
southeast of the Company&#146;s La Parrilla Silver Mine and consists of 405
contiguous hectares of mining claims plus an additional 129 hectares of surface
rights covering the area surrounding the San Juan mine where construction of a
4,000 tpd dual-circuit flotation / cyanidation plant is currently underway. The
Del Toro operation represents the consolidation of three historical silver
mines, the Perseverancia, San Juan and Dolores mines, which are approximately
one and three kilometres apart, respectively. First Majestic owns 100% of the
Del Toro Silver Mine.</P>
<P align=justify>The current mine construction plan involves scaling up the
plant capacity over a three year period commencing at 1,000 tpd in early 2013,
expanding to 2,000 tpd by the fourth quarter of 2013 and reaching 4,000 tpd by
late 2014. The newly commissioned 1,000 tpd flotation plant achieved commercial
production on April 1, 2013. Beginning in the second quarter, all revenues and
associated operating costs are treated as commercial production rather than
being capitalized as in the first quarter of 2013.</P>
<P align=justify>Mill throughput during the second quarter has averaged 905 tpd
in the second quarter with head grades of 216 g/t silver, 3.4% lead and 3.3%
zinc compared to 166 g/t silver, 2.5% lead and 2.9% zinc in the pre-commercial
stage in the first quarter. Further ongoing daily improvements are underway with
a focus toward increasing daily tonnage, recoveries, quality of concentrate
production and other plant optimizations.</P>
<P align=justify>The tailings filter area is progressing well with all four
filters now on site. Filters #1 and #2 for the flotation circuit are fully
functional. Filter #3 for the 1,000 tpd cyanidation circuit is currently being
installed. Filter #4 will be installed later for Phase 3 implementation. These
filters will allow the mill to operate with approximately 80% of its water
consumption coming from recycled water. Recycling mill waste water is not only
cost efficient and environmentally friendly, it also reduces the operational
risk in the event that local water supplies are threatened by natural
disruptions such as severe droughts. Del Toro is now the third operation under
control of First Majestic that utilizes this new environmentally friendly
tailings filtration technology.</P>
<P align=center>Page 11</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_12></A>
<P align=justify>Phase 2 of production, which will include the addition of a
1,000 tpd cyanidation circuit for the production of silver dor&#233; bars, is
scheduled to begin in the fourth quarter of 2013. This represents approximately
a three month delay from the original schedule due to delays created by the late
delivery of some critical equipment such as the precipitates filter presses that
are now scheduled to arrive on-site in September. The installation of the 12&#146; by
14&#146; ball mill for oxides and the cyanidation circuit commenced in early June and
is expected to be completed in August 2013. The new leaching tanks have been
constructed and the installation of the pumps, motors and other mechanisms is
underway and are expected to be completed by late August. The construction of
the 45 km, 115,000 KW power line from the State of Durango is scheduled to be
completed by the end of September. In the meantime, the operation will continue
with the existing power line and auxiliary generators. Following construction of
the cyanidation circuit, the Company will be producing its own silver dor&#233; bars
which will further reduce third party smelting and refining charges.</P>
<P align=justify>The third and final phase of construction consisting of 2,000
tpd flotation and 2,000 tpd cyanidation circuits remain close to schedule, for
initial production by late 2014. At the combined rate of 4,000 tpd, Del Toro is
estimated to produce approximately six million ounces of pure silver, plus
significant amounts of lead and zinc annually, becoming the Company's largest
producing silver mine.</P>
<P align=justify>During the quarter, four drill rigs were active at Del Toro,
two underground and two on surface. For the remainder of the year and due to the
reduction of the exploration program, the number of rigs will be reduced to two
rigs, one underground and one on surface. During the second quarter of 2013, 34
holes were diamond drilled for a total of 6,579 metres compared to 1,195 metres
in the first quarter of 2013 and 11,632 metres in the second quarter of
2012.</P>
<P align=justify>Total underground development at Del Toro in the second quarter
of 2013 was 3,194 metres compared to the 3,972 metres in the first quarter of
2013. Current development programs are focused on the San Juan,
Perseverancia/San Nicolas and Dolores mines for preparation of the upcoming
increase in production. Oxide ores continue to be extracted to surface from the
San Juan mine in preparation of the cyanidation circuit coming online. A total
of 112,037 tonnes from oxides have been mined and stockpiled on surface which
will become the initial feed for the mill for Phase 2.</P>
<P align=justify>As at June 30, 2013, the Company had invested approximately
$59.7 million in construction of the Del Toro mine. In addition, the Company has
been making prepayment deposits for long lead time equipment to prevent any
delays related to the Phase 3 expansion. As at June 30, 2013, $6.6 million had
been advanced toward completing Phase 2 and an additional $5.5 million had been
spent towards completion of Phase 3 of the Del Toro expansion plans.</P>
<P align=center>Page 12</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_13></A>
<P align=justify><B>San Martin Silver Mine, Jalisco, Mexico</B></P>
<P align=justify><B>Production Results for the Three and Six Months Ended June
30, 2013 and 2012</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 colSpan=2
    align=center><B>Quarter Ended June 30</B> </TD>
    <TD width="20%" align=center nowrap bgColor=#c0c0c0><B>SAN MARTIN</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="32%"
    colSpan=2 align=center><B>Year to Date Ended June 30,</B> </TD></TR>
  <TR vAlign=top>
    <TD width="20%"
      align=center bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2012</B> </TD>
    <TD width="20%"
    align=center nowrap bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>950 tpd Cyanidation Plant</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2013</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2012</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>85,483 </TD>
    <TD bgColor=#ffffff width="20%" align=center>63,841 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Ore processed/tonnes milled </TD>
    <TD bgColor=#ffffff width="20%" align=center>165,529 </TD>
  <TD bgColor=#ffffff width="20%" align=center>136,146 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>166 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>133 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Average silver grade (g/t) </TD>
    <TD bgColor=#eeeeee width="20%" align=center>147 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>138 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>81% </TD>
    <TD bgColor=#ffffff width="20%" align=center>75% </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Recovery (%) </TD>
    <TD bgColor=#ffffff width="20%" align=center>81% </TD>
  <TD bgColor=#ffffff width="20%" align=center>77% </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>371,301 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>204,200 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total silver ounces produced</TD>
    <TD bgColor=#eeeeee width="20%" align=center>631,185 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>465,469 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>369,573 </TD>
    <TD bgColor=#ffffff width="20%" align=center>203,180 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Payable silver ounces produced
      <SUP>(1)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>628,157 </TD>
  <TD bgColor=#ffffff width="20%" align=center>464,002 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>512 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>244 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Gold ounces produced </TD>
    <TD bgColor=#eeeeee width="20%" align=center>817 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>702 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>402,798 </TD>
    <TD bgColor=#ffffff width="20%" align=center>217,623 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Total production - ounces
      silver equivalent </TD>
    <TD bgColor=#ffffff width="20%" align=center>679,240 </TD>
  <TD bgColor=#ffffff width="20%" align=center>502,597 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>$10.91 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$12.75 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total cash cost per ounce
      <SUP>(1)</SUP> </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$12.13 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>$10.46 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>$12.18 </TD>
    <TD bgColor=#ffffff width="20%" align=center>$13.71 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Total production cost per ounce
      <SUP>(1)(2)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>$13.30 </TD>
  <TD bgColor=#ffffff width="20%" align=center>$12.03 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>$52.62 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$43.66 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total production cost per tonne
      <SUP>(1)(2)</SUP> </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$50.48 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>$41.00 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>2,276 </TD>
    <TD bgColor=#ffffff width="20%" align=center>2,172 </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Underground development (m) </TD>
    <TD bgColor=#ffffff width="20%" align=center>4,993 </TD>
  <TD bgColor=#ffffff width="20%" align=center>4,698 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>6,133 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>12,066 </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Diamond drilling (m) </TD>
    <TD bgColor=#eeeeee width="20%" align=center>7,904 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>21,271</TD>
  </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="3%">(1) </TD>
    <TD>
      <P align=justify>The Company reports non-GAAP measures which include
      production costs per tonne, production cost per ounce 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. See Reconciliation to IFRS on page 18.</P></TD></TR>

  <TR>
    <TD vAlign=top width="3%">(2) </TD>
    <TD>
      <P align=justify>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.</P></TD></TR></TABLE>
<P align=justify>The San Martin Silver Mine is a producing underground mine
located near the town of San Martin de Bola&#241;os on the Bola&#241;os River valley, in
the northern portion of the State of Jalisco, M&#233;xico, 150 kilometres by air or
250 kilometres by paved road north of Guadalajara City. The San Martin mine is
100% owned by the Company. The mine comprises of 33 contiguous mining
concessions in the San Martin de Bola&#241;os mining district that cover mineral
rights for 37,518 hectares, including the application to acquire two new mining
concessions covering 29,676 hectares which are in the process of registration.
In addition, the mine owns 160 hectares of surface land where the processing
plant, camp, office facilities, maintenance shops, and tailings dams are
located, and an additional 1,296 hectares of surface rights. The current 950 tpd
mill and processing plant consists of crushing, grinding and conventional
cyanidation by agitation in tanks and Merrill-Crowe dor&#233; production system.</P>
<P align=justify>The mill expansion to 1,300 tpd is now 75% complete with
planned ramp-up scheduled in September 2013. The remaining items scheduled for
delivery over the next few weeks are the mechanical equipment for two of the new
leaching tanks and the electrical equipment for the new control room.</P>
<P align=justify>Total production of 402,798 ounces of silver equivalent in the
second quarter of 2013 was 46% higher than the 276,442 ounces of silver
equivalent produced in the first quarter of 2013 and 85% higher than the 217,623
equivalent ounces of silver produced in the second quarter of 2012. The ounces
of silver equivalent produced in the second quarter of 2013 consisted of 371,301
ounces of silver and 512 ounces of gold. This compares with 259,884 ounces of
silver and 305 ounces of gold produced in the first quarter of 2013 and 204,200
ounces of silver and 244 ounces of gold in the second quarter of 2012.</P>
<P align=justify>In the second quarter of 2013, a total of 85,483 tonnes were
processed at the San Martin mine, representing an increase of 7% when compared
to the 80,046 tonnes milled in the first quarter of 2013 and an increase of 34%
compared to the 63,841 tonnes milled in the second quarter of 2012. The average
head grade was 166 g/t in the second quarter of 2013, compared to the 126 g/t in
the first quarter of 2013 and 133 g/t in the second quarter of 2012. The
increase in ore grade was attributed to commencement of production in the
Rosarios/Huichola and La Lima vein areas which are returning positive
results.</P>
<P align=justify>Silver recovery in the second quarter of 2013 was 81%, compared
to 80% in the first quarter of 2013 and 75% in the second quarter of 2012. The
increase in silver recoveries compared to the same quarter of prior year was due
to the upgrading of two leaching tanks which were constructed in the fourth
quarter of 2012, providing extra leaching time to improve recoveries.</P>
<P align=center>Page 13</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_14></A>
<P align=justify>During the second quarter, a total of 6,133 metres of diamond
drilling were completed compared with 1,771 metres of drilling in the first
quarter of 2013 and 12,066 metres drilled in the second quarter of 2012. Three
drill rigs were active during the second quarter within the San Martin property
with two drills underground and one on surface, focusing on the La Huichola,
Rosarios and Condesa veins. The exploration program has been reduced to one
underground rig for the remainder of 2013 due to the budget cuts.</P>
<P align=justify>A total of 2,276 metres of development were completed in the
second quarter of 2013 compared to 2,717 metres of development in the first
quarter of 2013. This mine development was primarily focused at the new
Rosarios/Huichola area where four production areas are now active.</P>
<P align=justify>On May 28, 2013, an updated NI 43-101 Technical Report was
released indicating an increase to the life of mine to 9.5 years at the higher
throughput of 1,300 tpd.</P>
<P align=center>Page 14</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_15></A>
<P align=justify><B>La Guitarra Silver Mine, Mexico State, Mexico</B></P>
<P align=justify><B>Production Results for the Three and Six Months Ended June
30, 2013 and 2012</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 colSpan=2
    align=center>&nbsp;<B>Quarter Ended June 30</B> </TD>
    <TD width="20%" align=center nowrap bgColor=#c0c0c0><B>LA GUITARRA</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="32%"
    colSpan=2 align=center><B>Year to Date Ended June 30,</B> </TD></TR>
  <TR vAlign=top>
    <TD width="20%"
      align=center bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2012</B><B><SUP>(3)</SUP></B> </TD>
    <TD width="20%"
    align=center nowrap bgColor=#c0c0c0 style="BORDER-BOTTOM: #000000 1px solid"><B>500 tpd Flotation Plant</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2013</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#c0c0c0 width="20%"
    align=center><B>2012</B><B><SUP>(3)</SUP></B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>45,735 </TD>
    <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Ore processed/tonnes milled </TD>
    <TD bgColor=#ffffff width="20%" align=center>77,316 </TD>
  <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>167 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Average silver grade (g/t) </TD>
    <TD bgColor=#eeeeee width="20%" align=center>184 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>86% </TD>
    <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Recovery (%) </TD>
    <TD bgColor=#ffffff width="20%" align=center>87% </TD>
  <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>210,941 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total silver ounces produced</TD>
    <TD bgColor=#eeeeee width="20%" align=center>398,687 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>177,727 </TD>
    <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Payable silver ounces produced
      <SUP>(1)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>331,556 </TD>
  <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>1,138 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Gold ounces produced </TD>
    <TD bgColor=#eeeeee width="20%" align=center>2,030 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>280,744 </TD>
    <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Total production - ounces
      silver equivalent </TD>
    <TD bgColor=#ffffff width="20%" align=center>516,804 </TD>
  <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>$13.21 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total cash cost per ounce
      <SUP>(1)</SUP> </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$14.90 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>$12.84 </TD>
    <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Total production cost per ounce
      <SUP>(1)(2)</SUP> </TD>
    <TD bgColor=#ffffff width="20%" align=center>$12.79 </TD>
  <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>$49.90 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Total production cost per tonne
      <SUP>(1)(2)</SUP> </TD>
    <TD bgColor=#eeeeee width="20%" align=center>$54.86 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#ffffff>1,324 </TD>
    <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#ffffff>Underground development (m) </TD>
    <TD bgColor=#ffffff width="20%" align=center>2,366 </TD>
  <TD bgColor=#ffffff width="20%" align=center>n/a </TD>
  </TR>
  <TR vAlign=top>
    <TD width="20%" align=center bgColor=#eeeeee>6,552 </TD>
    <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
    <TD width="20%" align=left nowrap bgColor=#eeeeee>Diamond drilling (m) </TD>
    <TD bgColor=#eeeeee width="20%" align=center>9,909 </TD>
  <TD bgColor=#eeeeee width="20%" align=center>n/a </TD>
  </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="3%">(1) </TD>
    <TD>
      <P align=justify>The Company reports non-GAAP measures which include
      production costs per tonne, production cost per ounce 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. See Reconciliation to IFRS on page 18.</P></TD></TR>

  <TR>
    <TD vAlign=top width="3%">(2) </TD>
    <TD>
      <P align=justify>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.</P></TD></TR>

  <TR>
    <TD vAlign=top width="3%">(3) </TD>
    <TD>
      <P align=justify>The above table only includes La Guitarra&#146;s operating
      results since the mine was acquired by the Company on July 3,
  2012.</P></TD></TR></TABLE>
<P align=justify>Last year, on July 3, 2012, the Company successfully completed
the acquisition of Silvermex Resources Inc., which resulted in the 100% owned La
Guitarra Silver Mine becoming the Company&#146;s fourth producing silver mine. The La
Guitarra mine is located in the Temascaltepec Mining District in the State of
Mexico, near Toluca, Mexico, and approximately 130 kilometres southwest from
Mexico City.</P>
<P align=justify>At the time of the acquisition, the La Guitarra mine consisted
of two underground operating areas and a flotation mill with a capacity of 350
tpd, producing approximately 0.8 million ounces of silver equivalent per year. Since
then, the Company has completed an expansion of the milling and flotation areas
from 350 tpd to 500 tpd without disrupting operations. The upgraded La Guitarra
mill has been operating at the higher throughput since April 24, 2013. The new
500 tpd circuit, resulting from the installation of a new ball mill and new
flotation cells, is anticipated to produce approximately 1.2 million ounces of
silver equivalent annually, representing over one million ounces of pure silver
plus a modest amount of gold. This newly expanded mill averaged 520 tpd of
production for the second quarter of 2013.</P>
<P align=justify>During the second quarter of 2013, total production at La
Guitarra was 280,744 equivalent ounces of silver, an increase of 19% compared to
the 236,060 ounces produced in the first quarter of 2013. In addition, average
production cost per tonne for the second quarter was $49.90 per tonne, an
improvement of 20% compared to $62.01 in the first quarter of 2013. Reduction of
costs has been a priority since First Majestic took control of the La Guitarra
mine in the third quarter of 2012. Since taking control of La Guitarra, First
Majestic has reduced production cost per tonne by more than 60%, from over
$128.00 per tonne in the second quarter of 2012 to $49.90 per tonne in the
current quarter.</P>
<P align=justify>In the first three quarters of operations since First Majestic
took control of La Guitarra, the silver/gold concentrates being produced at the
mine were primarily being shipped to La Parrilla for further leaching in the
cyanidation process, converting the concentrates into dor&#233; bars. During the
quarter, a new smelter agreement was signed for the sale of the silver/gold
concentrates allowing the Company to ship directly to a concentrate broker and
discontinue shipments to the La Parrilla mine for further refining into dor&#233;.
The Company expects to see a reduction in treatment charges and transportation
costs going forward as a result of this new agreement.</P>
<P align=center>Page 15</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_16></A>
<P align=justify>The cash cost in the second quarter was $13.21, which reduced
by 22% compared with $16.85 in the previous quarter.</P>
<P align=justify>The composition of the silver equivalent production in the
second quarter consisted of 210,941 ounces of silver and 1,138 ounces of gold. A
total of 45,735 tonnes of ore were processed during the second quarter
consisting of an average head grade of 167 g/t with recoveries of 86% compared
to 31,581 tonnes of ore processed in the first quarter of 2013 with an average
head grade of 209 g/t and recoveries of 88%.</P>
<P align=justify>The permitting of a 1,000 tpd cyanidation processing facility
is currently in the planning stage. It is anticipated that permit applications
will be submitted to the Mexican authorities in late 2013 or early 2014. Once
this new processing facility is constructed, production is anticipated to reach
over two million ounces of silver dor&#233; per year.</P>
<P align=justify>A total of 1,324 metres of underground development was
completed during the second quarter compared to 1,042 metres in the first
quarter of 2013. Underground development at the El Coloso area has now reached
the Joya Larga structure which is known to contain higher grades of silver and
gold and is planned to be in production by the end of the third quarter of
2013.</P>
<P align=justify>Three underground drill rigs were active in the second quarter
within the La Guitarra property. A total of 6,552 metres of diamond drilling
were completed during the second quarter compared to 3,357 metres during the
first quarter of 2013. For the remainder of 2013, the exploration program at La
Guitarra has been reduced to include two drill rigs that will continue to assist
underground mining activities and further define Reserves and Resources to
support an updated NI 43-101 Technical Report scheduled to be released in the
mid-2014, which is a delay of approximately six months due to the budget
cuts.</P>
<P align=justify>Silvermex and its predecessors published NI 43-101 Technical
Reports relating to the La Guitarra mine on September 22, 2006, May 15, 2007,
June 25, 2008 and most recently on January 29, 2010. These Technical Reports
have not been approved by the Company and the Company did not rely on these
reports in making its decision to acquire Silvermex and (indirectly) the La
Guitarra Silver Mine. The reports are currently under review by management of
the Company and its Qualified Persons, particularly with respect to the
assumptions and the risks regarding those assumptions used in the previous
mining studies. Specifically, management is of the opinion that there are risks
when relying on the ability to permit the La Guitarra mine as an open pit mine
in light of its proximity to a popular recreation area in Mexico. Management is
having its own Qualified Persons review all the technical data, the preferred
mining options and the opportunities for mitigating risks to developing a
successful mining operation. The results of this review may result in a revised
mine plan which may necessitate the filing of a new Technical Report. Until the
completion of an updated NI 43-101 Technical Report, the Company recommends
caution when relying on any of the previously filed technical reports relating
to the La Guitarra Silver Mine.</P>
<P align=justify><B>DEVELOPMENT AND EXPLORATION PROJECTS</B></P>
<P align=justify><B>La Luz Silver Project, San Luis Potosi, Mexico</B></P>
<P align=justify>The La Luz Silver Project is located 25 kilometres west of the
town of Matehuala in San Luis Potosi State, Mexico, near the village of Real de
Catorce. The Company owns 100% of the La Luz Silver Project and all of the
associated mining claims of what was historically known as the Santa Ana Mine
and consists of 36 mining concessions covering 4,977 hectares, with estimated
historical production of 230 million ounces between 1773 and 1990. In July 2013,
subsequent to the end of the second quarter, the Company completed the
acquisition of an additional 21 hectares of surface rights covering 29 adjacent
properties for $1.0 million. As at the date of this MD&amp;A, the total surface
rights on different properties at La Luz amounted to 26 hectares.</P>
<P align=justify>To date, the Baseline Study and the Geo-hydrologic Study have
been completed. The Environmental Impact Statement, the Risk Study and the
Change of Use of Land Studies are expected to be presented to government
authorities in late 2013 or early 2014 subject to the legal activities presently
in progress. The Company has submitted three different legal orders to obtain
the approvals to present its final permit applications. The Company has obtained
one positive resolution and expects the remaining orders to be authorized by
early 2014. </P>
<P align=center>Page 16</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_17></A>
<P align=justify>A metallurgical test to define the final flow sheet diagram for
a flotation plant, which is required for final permitting, was completed and the
final studies for the tailings pond are now in progress.</P>
<P align=justify>There has been opposition from certain groups of indigenous
people and non-government organizations, which are being addressed by the
Company. Contrary to independent reports regarding the La Luz project, the
Company has no plans to do any mining above ground, no plans for open pit
mining, and has no plans for the use of cyanide in any of its processing
activities on or around the La Luz project. </P>
<P align=justify>The Company is continuing with the project of restoring the old
historic buildings at the Santa Ana Hacienda and the construction of the
previously announced Thematic and Cultural Park which will include a mining
museum. A new information centre was also inaugurated in the town of Real de
Catorce during the first quarter. To date, an amount of $2.5 million has been
invested in the project, which is expected to be completed in 2014. Public
access will be granted to certain areas by the end of 2013. This new cultural
facility and mining museum is part of a &#147;Sustainable Development Project&#148; which
will provide permanent long term jobs to the local communities. The Sustainable
Development Project includes a jewelry school which completed its second term
with a total of 40 students having graduated to date. Also, music and crafts
(trade) schools began their first courses with more than 60 students, paying
special attention to individuals between the ages of 10 to 20 years of age. In
addition, public baseball and football fields were built within the El Potrero
community.</P>
<P align=justify>As a result of recent droughts in the area, a sustainable
agricultural program has been initiated to cultivate various types of cactus to
improve the ecology of the region and sustainability of the local community.</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 granted an option to acquire up to
90% in the Jalisco Group of Properties (the &#147;Properties&#148;) to 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. The Optionee 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.</P>
<P align=justify><B>Plomosas Silver Project and other Exploration
Properties</B></P>
<P align=justify>The Company owns an extensive portfolio of exploration stage
properties, some of which were acquired during the Silvermex acquisition. The
highest priority project, the Plomosas Silver Project, which consists of the
adjacent Rosario and San Juan historic mines in the Sinaloa, Mexico was
scheduled for drilling in 2013. However, due to budget cuts, this exploration
program has been delayed. The Company is also assessing its portfolio of other
exploration properties to determine if these additional properties fit within
the Company's production focused portfolio.</P>
<P align=center>Page 17</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_18></A>
<P align=justify><B>NON-GAAP MEASURES</B></P>
<P align=justify><B><U>TOTAL CASH COST PER OUNCE AND TOTAL PRODUCTION COST PER
TONNE</U></B></P>
<P align=justify>&#147;Total cash costs per ounce&#148; and &#147;total production cost per
tonne&#148; are non-GAAP measures 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. The following tables provide a detailed reconciliation of these
measures to our cost of sales, as reported in our condensed interim consolidated
financial statements.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left nowrap>(expressed in thousands of U.S. dollars, </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="45%" colSpan=16
    align=center><B>Three Months Ended June 30, 2013</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="29%" colSpan=10
    align=center><B>Three Months Ended June 30, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>except ounce and
      per ounce amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B>La
      Encantada</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="5%" align=center><B>La
      Parrilla</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="5%"
      align=center><B>Del Toro</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="5%"
      align=center><B>San Martin</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="5%" align=center><B>La
      Guitarra</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="5%"
      align=center><B>Total</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="5%" align=center><B>La
      Encantada</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="5%" align=center><B>La
      Parrilla</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="5%"
      align=center><B>San Martin</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="5%"
      align=center><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Cost of sales (as reported)</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=left>&nbsp; </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=left>&nbsp; </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=left>&nbsp; </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=left>&nbsp; </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=left>&nbsp; </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;23,891</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;18,456</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Add (Deduct): Cost
      of sales for Vancouver, Europe and intercompany elimination </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="5%"
    align=left></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="5%"
    align=left></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="5%"
    align=left></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="5%"
    align=left></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="5%"
    align=left></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="5%"
    align=right>4,335 </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="5%"
    align=left></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="5%"
    align=left></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="5%"
    align=left></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="5%"
    align=right>(198</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Cost of sales (mine)</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;9,816</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;8,653</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;3,697</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;4,103</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;1,957</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;28,226</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;9,118</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;6,299</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;2,841</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;18,258</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Add: Third party smelting and refining </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>515 </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>3,014 </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>2,163 </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>141 </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>1,265 </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>7,098 </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>462 </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>2,907 </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>91 </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>3,460 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Deduct: By-product credits </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(637</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(4,535</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(2,571</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(690</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(1,366</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(9,799</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(457</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(3,594</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(382</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(4,433</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Deduct: Employee benefits </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>- </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>- </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>(27</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(27</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(703</TD>
    <TD vAlign=bottom  width="2%" align=left>) </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>- </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>(703</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Inventory changes </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>50 </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>(782</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(500</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>476 </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>510 </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>(246</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>248 </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>15 </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>91 </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>354 </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other non-cash
      costs </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="5%"
    align=right>(7</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="5%"
    align=right>(10</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="5%"
    align=right>101 </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="5%"
    align=right>3 </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="5%"
    align=right>9 </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="5%"
    align=right>96 </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="5%"
    align=right>(172</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="5%"
    align=right>(53</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="5%"
    align=right>(47</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="5%"
    align=right>(272</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left><B>Total cash cost (A)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;9,737</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;6,340</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;2,890</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;4,033</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;2,348</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;25,348</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;8,496</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;5,574</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;2,594</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;16,664</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Tonnes processed</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right><B>269,517</B>
</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><B>193,470</B>
</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><B>74,193</B> </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><B>85,483</B> </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><B>45,735</B> </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><B>668,398</B>
</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><B>382,172</B>
</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><B>169,786</B>
</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><B>63,841</B> </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><B>615,799</B>
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total ounces of silver produced </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>1,104,973 </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>710,979 </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>369,772 </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>371,301 </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>210,941 </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>2,767,966 </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>1,022,094 </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>690,954 </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>204,200 </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>1,917,248 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left>Deduct: Metal deduction ounces </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>(5,115</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(21,600</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(17,087</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(1,728</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(33,214</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(78,744</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(5,111</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(22,985</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(1,020</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(29,116</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Payable ounces
      of silver produced (B)</B> </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="5%"
    align=right><B>1,099,858</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>689,379</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>352,685</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>369,573</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>177,727</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>2,689,222</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>1,016,983</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>667,969</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>203,180</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>1,888,132</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&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 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 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 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></TR>
  <TR vAlign=top>
    <TD align=left><B>Total cash cost per ounce (A/B)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;8.85</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;9.20</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;8.20</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;10.91</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;13.21</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;9.43</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;8.35</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;8.35</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;12.75</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;8.83</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&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 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 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 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></TR>
  <TR vAlign=top>
    <TD align=left>Mining cost per ounce </TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;2.35 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;4.26 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;2.88 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;3.94 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;5.34 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;3.33 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;1.80 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;2.94 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;4.09 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;2.45 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Milling cost per ounce </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>5.08 </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>4.90 </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>3.88 </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>5.99 </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>3.70 </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>4.91 </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>5.35 </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>4.37 </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>7.34 </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>5.22 </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Indirect cost per
      ounce </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="5%"
    align=right>1.07 </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="5%"
    align=right>1.44 </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="5%"
    align=right>1.74 </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="5%"
    align=right>2.25 </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="5%"
    align=right>3.80 </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="5%"
    align=right>1.59 </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="5%"
    align=right>0.86 </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="5%"
    align=right>1.19 </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="5%"
    align=right>2.28 </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="5%"
    align=right>1.13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left><B>Total production cost per ounce</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;8.50</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;10.60</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;8.50</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;12.18</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;12.84</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;9.83</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;8.01</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;8.50</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;13.71</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;8.80</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Transport and other selling costs per ounce </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>0.46 </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>0.58 </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>0.86 </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>0.22 </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>0.94 </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>0.54 </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>0.34 </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>0.60 </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>0.48 </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>0.45 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Smelting and refining costs per ounce </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>0.47 </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>4.37 </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>6.13 </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>0.38 </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>7.12 </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>2.64 </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>0.45 </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>4.35 </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>0.45 </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>1.83 </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Royalties per ounce </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>0.22 </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>- </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>0.06 </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>0.27 </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>0.10 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left>By-product credits cost per ounce </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>(0.58</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(6.57</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(7.29</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(1.87</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(7.69</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(3.64</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(0.45</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(5.37</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(1.89</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(2.35</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total cash cost
      per ounce (A/B)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;8.85</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;9.20</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;8.20</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;10.91</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;13.21</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;9.43</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;8.35</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;8.35</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;12.75</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;8.83</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&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 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 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 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></TR>
  <TR vAlign=top>
    <TD align=left>Mining cost per tonne </TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;9.59 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;15.19 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;13.70 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;17.04 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;20.75 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;13.39 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;4.79 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;11.56 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;13.03 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;7.51 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Milling cost per tonne </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>20.72 </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>17.47 </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>18.43 </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>25.89 </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>14.36 </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>19.75 </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>14.23 </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>17.20 </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>23.36 </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>15.99 </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Indirect cost per
      tonne </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="5%"
    align=right>4.39 </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="5%"
    align=right>5.13 </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="5%"
    align=right>8.25 </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="5%"
    align=right>9.69 </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="5%"
    align=right>14.79 </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="5%"
    align=right>6.43 </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="5%"
    align=right>2.28 </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="5%"
    align=right>4.70 </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="5%"
    align=right>7.27 </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="5%"
    align=right>3.47 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left><B>Total production cost per tonne</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;34.70</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;37.79</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;40.38</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;52.62</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;49.90</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;39.57</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;21.30</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;33.46</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;43.66</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;26.97</B> </TD>
<TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</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 align=left nowrap>(expressed in thousands of U.S. dollars, </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="45%" colSpan=16
    align=center><B>Six Months Ended June 30, 2013</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="29%" colSpan=10
    align=center><B>Six Months Ended June 30, 2012</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>except ounce and
      per ounce amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B>La
      Encantada</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="5%" align=center><B>La
      Parrilla</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="5%"
      align=center><B>Del Toro</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="5%"
      align=center><B>San Martin</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="5%" align=center><B>La
      Guitarra</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="5%"
      align=center><B>Total</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="5%" align=center><B>La
      Encantada</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="5%" align=center><B>La
      Parrilla</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="5%"
      align=center><B>San Martin</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="5%"
      align=center><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Cost of sales (as reported)</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=left>&nbsp; </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=left>&nbsp; </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=left>&nbsp; </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=left>&nbsp; </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=left>&nbsp; </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;48,161</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=left>&nbsp; </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;35,149</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Add (Deduct): Cost
      of sales for Vancouver, Europe and intercompany elimination </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="5%"
    align=left></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="5%"
    align=left></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="5%"
    align=left></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="5%"
    align=left></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="5%"
    align=left></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="5%"
    align=right>3,681 </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="5%"
    align=left></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="5%"
    align=left></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="5%"
    align=left></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="5%"
    align=right>(299</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Cost of sales (mine)</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;19,828</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;14,720</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;3,834</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;8,761</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;4,699</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;51,842</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;16,572</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;12,617</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;5,661</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
      align=left><B>$</B></TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%"
      align=right><B>&nbsp;34,850</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Add: Third party smelting and refining </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>989 </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>5,512 </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>2,163 </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>241 </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>3,206 </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>12,111 </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>815 </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>6,370 </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>145 </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>7,330 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Deduct: By-product credits </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(1,143</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(8,965</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(2,571</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(1,170</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(2,850</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(16,699</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(871</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(7,678</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(1,095</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(9,644</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Deduct: Employee benefits </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(260</TD>
    <TD vAlign=bottom  width="2%" align=left>) </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>- </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>(27</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(287</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>(928</TD>
    <TD vAlign=bottom  width="2%" align=left>) </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>- </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>(928</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Inventory changes </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>143 </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>255 </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>(500</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(199</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(30</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>(331</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>1,279 </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>(227</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>199 </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>1,251 </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other non-cash
      costs </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="5%"
    align=right>(48</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="5%"
    align=right>(22</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="5%"
    align=right>(35</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="5%"
    align=right>(13</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="5%"
    align=right>(59</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="5%"
    align=right>(177</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="5%"
    align=right>(215</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="5%"
    align=right>(107</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="5%"
    align=right>(57</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="5%"
    align=right>(379</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left><B>Total cash cost (A)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;19,509</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;11,500</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;2,891</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;7,620</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;4,939</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;46,459</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;16,652</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;10,975</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;4,853</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;32,480</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD>
    <TD vAlign=bottom  width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Tonnes produced</B> </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right><B>638,196</B>
</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><B>398,130</B>
</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><B>74,193</B> </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><B>165,529</B>
</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><B>77,316</B> </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><B>1,353,364</B>
    </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><B>720,112</B>
</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><B>308,606</B>
</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><B>136,146</B>
</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><B>1,164,864</B>
    </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total ounces of silver produced </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>2,221,705 </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>1,436,197 </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>369,772 </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>631,185 </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>398,687 </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>5,057,546 </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>1,868,485 </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>1,381,458 </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>465,469 </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>3,715,412 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left>Deduct: Metal deduction ounces </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>(10,699</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(45,560</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(17,087</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(3,028</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(67,131</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(143,505</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(9,476</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(50,177</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(1,467</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(61,120</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Payable ounces
      of silver produced (B)</B> </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="5%"
    align=right><B>2,211,006</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>1,390,637</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>352,685</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>628,157</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>331,556</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>4,914,041</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>1,859,009</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>1,331,281</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>464,002</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>3,654,292</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&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 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 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 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></TR>
  <TR vAlign=top>
    <TD align=left><B>Total cash cost per ounce (A/B)</B> </TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;8.82</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;8.26</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;8.20</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;12.13</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;14.90</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;9.45</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;8.97</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;8.23</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;10.46</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left><B>$</B></TD>
    <TD vAlign=bottom width="5%" align=right><B>&nbsp;8.90</B> </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&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 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 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 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></TR>
  <TR vAlign=top>
    <TD align=left>Mining cost per ounce </TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;2.21 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;4.02 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;2.88 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;4.19 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;5.50 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;3.25 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;1.77 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;2.82 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;3.72 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;2.40 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Milling cost per ounce </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>5.30 </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>4.51 </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>3.88 </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>6.49 </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>3.54 </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>5.01 </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>5.96 </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>4.31 </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>6.30 </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>5.40 </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Indirect cost per
      ounce </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="5%"
    align=right>1.00 </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="5%"
    align=right>1.40 </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="5%"
    align=right>1.74 </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="5%"
    align=right>2.62 </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="5%"
    align=right>3.75 </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="5%"
    align=right>1.56 </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="5%"
    align=right>0.89 </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="5%"
    align=right>1.18 </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="5%"
    align=right>2.01 </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="5%"
    align=right>1.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left><B>Total production cost per ounce</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;8.51</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;9.93</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;8.50</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;13.30</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;12.79</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;9.82</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;8.62</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;8.31</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;12.03</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;8.94</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Transport and other selling costs per ounce </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="5%" align=right>0.38 </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>0.62 </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>0.86 </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>0.31 </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>1.03 </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>0.52 </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>0.38 </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>0.62 </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>0.48 </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>0.48 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Smelting and refining costs per ounce </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>0.45 </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>3.96 </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>6.13 </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>0.38 </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>9.67 </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>2.46 </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>0.44 </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>4.79 </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>0.31 </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>2.01 </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Royalties per ounce </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>0.20 </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>- </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>0.06 </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>0.28 </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>0.10 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left>By-product credits cost per ounce </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>(0.52</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(6.45</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(7.29</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(1.86</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(8.59</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(3.41</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(0.47</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(5.77</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(2.36</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </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>(2.63</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total cash cost
      per ounce (A/B)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;8.82</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;8.26</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;8.20</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;12.13</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;14.90</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;9.45</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;8.97</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;8.23</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;10.46</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="5%"
    align=right><B>&nbsp;8.90</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&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 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 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 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></TR>
  <TR vAlign=top>
    <TD align=left>Mining cost per tonne </TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;7.65 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;14.05 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;13.70 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;15.90 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;23.62 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;11.81 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;4.56 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;12.17 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;12.69 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="5%" align=right>&nbsp;7.53 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Milling cost per tonne </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee vAlign=bottom width="5%" align=right>18.37 </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>15.75 </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>18.43 </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>24.63 </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>15.18 </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>18.24 </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>15.39 </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>18.59 </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>21.47 </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>16.95 </TD>
    <TD bgColor=#eeeeee vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Indirect cost per
      tonne </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="5%"
    align=right>3.46 </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="5%"
    align=right>4.90 </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="5%"
    align=right>8.25 </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="5%"
    align=right>9.95 </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="5%"
    align=right>16.06 </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="5%"
    align=right>5.68 </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="5%"
    align=right>2.28 </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="5%"
    align=right>5.13 </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="5%"
    align=right>6.84 </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="5%"
    align=right>3.57 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left><B>Total production cost per tonne</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;29.48</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;34.70</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;40.38</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;50.48</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;54.86</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;35.73</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;22.23</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;35.89</B> </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><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;41.00</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
    width="5%" align=right><B>&nbsp;28.05</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=center>Page 18</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_19></A>
<P align=justify><B><U>AVERAGE REALIZED SILVER PRICE PER OUNCE</U></B><B>
</B></P>
<P align=justify>Revenues are presented as the net sum of invoiced revenues
related to delivered shipments of silver dor&#233; bars and concentrates, including
associated metal by-products of gold, lead, zinc and iron ore after having
deducted refining and smelting charges, and after elimination of intercompany
shipments of silver, 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 into payable equivalent silver ounces sold to calculate the average
realized price per ounce of silver equivalents sold. </P>
<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>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD 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="23%" colSpan=4
    align=center><B>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="23%" colSpan=4
    align=center><B>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 style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center><B>2013</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="10%"
      align=center><B>2012</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="10%"
      align=center><B>2013</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="10%"
      align=center><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Net Revenues as reported</B> </TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;48,372</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;54,774</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;115,442</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;112,589</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Add back: smelting
      and refining charges </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>6,705
    </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>3,459
    </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>11,711 </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>7,331
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Gross Revenues</B> </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>55,077</B> </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=right><B>58,233</B> </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=right><B>127,153</B> </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=right><B>119,920</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Payable equivalent
      silver ounces sold </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>2,481,654 </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>2,030,050 </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>4,914,437 </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>3,911,548 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Average realized price per ounce of
      silver sold</B><B><SUP>(1)</SUP></B> </TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;22.19</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;28.69</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;25.87</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;30.66</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Average market
      price per ounce of silver per COMEX </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;23.10 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;29.45 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;26.56 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;31.03 </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: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="3%">(1) </TD>
    <TD>
      <P align=justify>Average realized price per ounce of silver sold in each
      reporting period is affected by mark-to-market adjustments and final
      settlements on concentrate shipments in prior periods. Concentrates sold
      to third-party smelters are provisionally priced and the price is not
      settled until a predetermined future date, typically one to four months
      after delivery to the customer, based on the market price at that time.
      The mark-to-market adjustments do not apply to dor&#233; sales which constitute
      the majority of the Company&#146;s silver sales.</P></TD></TR></TABLE>
<P align=justify><B><U>ADJUSTED EARNINGS PER SHARE (&#147;Adjusted EPS&#148;)</U></B></P>
<P align=justify>The Company uses the financial measure &#147;Adjusted EPS&#148; to
supplement information in its condensed interim consolidated financial
statements. The Company believes that, in addition to conventional measures
prepared in accordance with IFRS, the Company and certain investors and analysts
use this information to evaluate the Company&#146;s performance. The presentation of
Adjusted EPS is not meant to be a substitute for EPS presented in accordance
with IFRS, but rather should be evaluated in conjunction with such IFRS
measure.</P>
<P align=justify>The following table provides a detailed reconciliation of
Adjusted EPS to net earnings as reported in the Company&#146;s condensed interim
consolidated financial statements.</P>
<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>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center><B>Three Months Ended</B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center><B>Six Months Ended</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD 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="23%" colSpan=4
    align=center><B>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="23%" colSpan=4
    align=center><B>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 style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center><B>2013<SUP>(1)</SUP></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="10%"
      align=center><B>2012</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="10%"
      align=center><B>2013<SUP>(1)</SUP></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="10%"
      align=center><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Net earnings as reported</B> </TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;160</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;15,321</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;26,677</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;41,679</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjustments for non-cash or non-recurring items: </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>
    <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=#eeeeee align=left>&nbsp; &nbsp;Share-based payments </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right>4,067 </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=right>2,405 </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=right>8,472 </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=right>5,230 </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Deferred income tax expense </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>559 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>6,827 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>6,281 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>8,851 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp;Loss (gain) from investment in
      silver futures and marketable securities </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right>5,864 </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=right>1,432 </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=right>7,010 </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=right>(1,793</TD>
    <TD bgColor=#eeeeee  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Gain from termination fee on Orko acquisition
    </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>18 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(9,113</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp;Gain from fair value
      adjustment of prepayment facility </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right>(1,478</TD>
    <TD bgColor=#eeeeee  width="2%" align=left>) </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right>- </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=right>(6,328</TD>
    <TD bgColor=#eeeeee  width="2%" align=left>) </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right>- </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Write-down of AFS marketable securities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,000 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>&nbsp; &nbsp;Gross margin on pre-commercial
      shipments </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right>- </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=right>- </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=right>- </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=right>1,137 </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Gain from value added tax settlement </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(711</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(711</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left>&nbsp; &nbsp;Legal fees for the First Silver trial </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="10%"
    align=right>156 </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="10%"
    align=right>933 </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="10%"
    align=right>156 </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="10%"
    align=right>1,180 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Adjusted net earnings</B> </TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="10%" align=right><B>&nbsp;8,635</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="10%" align=right><B>&nbsp;26,918</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="10%" align=right><B>&nbsp;33,444</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="10%" align=right><B>&nbsp;56,284</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left>Weighted average number of shares on issue - basic </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="10%"
    align=right>116,921,685 </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="10%"
    align=right>105,798,950 </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="10%"
    align=right>116,908,525 </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="10%"
    align=right>105,619,499 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Adjusted
      EPS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;0.07</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;0.25</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;0.29</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;0.53</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: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="3%">(1) </TD>
    <TD>
      <P align=justify>Adjusted EPS for the three and six months ended June 30,
      2013 does not include adjustment for suspended sales of approximately
      700,000 ounces of silver. As a result of the dramatic fall in silver
      prices in a very short timeframe, the Company held approximately 700,000
      ounces of silver in inventory at quarter end in an attempt to maximize
      future profits. This suspension of sales resulted in lower revenues by
      approximately $14.8 million and profits by $7.6 million, or an impact of
      reducing EPS by $0.06 for the three and six months ended June 30,
    2013.</P></TD></TR></TABLE>
<P align=justify><B><U>CASH FLOW PER SHARE</U></B></P>
<P align=justify>Cash Flow per Share is determined based on operating cash flows
before movements in working capital and income taxes, as illustrated in the
Consolidated Interim Consolidated Statements of Cash Flow, divided by the
weighted average shares outstanding during the period. </P>
<P align=center>Page 19</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_20></A>
<P align=justify><B>ADDITIONAL GAAP MEASURES</B></P>
<P align=justify>The Company uses additional financial measures which should be
evaluated in conjunction with IFRS. It is intended to provide additional
information and should not be considered in isolation or as a substitute for
measures prepared in accordance with IFRS. The following additional GAAP
measures are used: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P><I>Gross margin </I>represents the difference between revenues and cost of
  sales, excluding depletion, depreciation and amortization. Management believes
  that this presentation provides useful information to investors to evaluate
  the Company&#146;s operating performance on a cash basis in order to assess the
  Company&#146;s ability to generate operating cash flow. </P>
  <LI>
  <P><I>Mine operating earnings </I>represents the difference between gross
  margin and depletion, depreciation and amortization. Management believes that
  mine operating earnings provides useful information to investors because mine
  operating earnings excludes expenses not directly associated with commercial
  production. </P>
  <LI>
  <P><I>Operating cash flows before movements in working capital and income
  taxes </I>represents cash flows generated from operations before changes in
  non-cash working capital and income taxes paid. Management believes that this
  measure allows investors to evaluate the Company&#146;s pre-tax cash flows
  generated from operations adjusted for fluctuations in non-cash working
  capital items due to timing issues and the Company&#146;s ability to service its
  debt. </P></LI></UL>
<P align=justify>The terms described above do not have a standardized meaning
prescribed by IFRS, therefore the Company&#146;s definitions may not be comparable to
similar measures presented by other companies.</P>
<P align=center>Page 20</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_21></A>
<P align=justify><B>REVIEW OF FINANCIAL RESULTS</B></P>
<P align=justify><B>For the quarter ended June 30, 2013 compared to the quarter
ended June 30, 2012 (in thousands of dollars, except for per share
amounts):</B></P>
<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>&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=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" 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="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</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, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" 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 bgColor=#ffffff width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Revenues</B> </TD>
    <TD bgColor=#eeeeee width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;48,372</B> </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;54,774</B> </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(1) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cost of sales </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>23,891 </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>18,456 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(2) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Gross margin</B> </TD>
    <TD bgColor=#eeeeee width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>24,481</B> </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=right><B>36,318</B> </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Depletion,
      depreciation and amortization </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>10,198 </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>5,259
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(3) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Mine operating earnings</B> </TD>
    <TD bgColor=#eeeeee width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>14,283</B> </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=right><B>31,059</B> </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(4) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>General and administrative expenses </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>5,798 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>5,095 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(5) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Share-based payments </TD>
    <TD bgColor=#eeeeee width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right>4,067 </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=right>2,405 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(6) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Acquisition costs </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>781 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Accretion of decommissioning liabilities
</TD>
    <TD bgColor=#eeeeee width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right>147 </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=right>99 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Foreign exchange
      loss (gain) </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>88
</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>(492</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Operating earnings</B> </TD>
    <TD bgColor=#eeeeee width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>4,183</B> </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=right><B>23,171</B> </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(7) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Investment and other loss </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(2,681</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(3,627</TD>
    <TD width="2%" align=left>) </TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(8) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left>Finance costs </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="10%"
    align=right>(480</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="2%"
    align=left>) </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="10%"
    align=right>(468</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="2%"
    align=left>) </TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Earnings before income taxes</B> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>1,022</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>19,076</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Current income tax expense (recovery) </TD>
    <TD bgColor=#eeeeee width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right>303 </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=right>(3,072</TD>
    <TD bgColor=#eeeeee width="2%" align=left>) </TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred income
      tax expense </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>559
    </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>6,827
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left>Income tax expense </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="10%"
    align=right>862 </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="10%"
    align=right>3,755 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(9) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Net earnings
      for the period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>&nbsp;160</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>&nbsp;15,321</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(10) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Earnings per share (basic)</B> </TD>
    <TD bgColor=#eeeeee width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;0.00</B> </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;0.14</B> </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(10) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Earnings per share (diluted)</B> </TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="10%" align=right><B>&nbsp;0.00</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left><B>$</B></TD>
    <TD width="10%" align=right><B>&nbsp;0.14</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" 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%">1. </TD>
    <TD>
      <P align=justify>Revenues for the quarter ended June 30, 2013 decreased by
      12% to $48,372,000 from $54,774,000 in the second quarter of 2012. As a
      result of the dramatic fall in silver prices in a very short timeframe,
      the Company decided to suspend approximately 700,000 ounces of silver
      sales near quarter end in an attempt to maximize future profits. This
      suspension of sales resulted in lower revenues by approximately $14.8
      million. Revenues in the quarter were also affected by a 23% decrease in
      average realized silver price to $22.19 per ounce in the second quarter of
      2013, which was essentially offset by 22% increase in payable equivalent
      ounces sold. Furthermore, higher smelting and refining costs related to
      increased concentrate output from the La Guitarra mine and the new Del
      Toro mine also reduced net revenues.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Cost of sales in the second quarter of 2013 was
      $23,891,000, an increase of $5,435,000 or 29% compared to $18,456,000 in
      the second quarter of 2012. The increase in cost of sales was primarily
      attributed to 22% increase in payable equivalent ounces sold and a 9%
      appreciation of the Mexican peso against the US dollar.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Depletion, depreciation and amortization increased from
      $5,259,000 in the second quarter of 2012 to $10,198,000 in the second
      quarter of 2013, an increase of $4,939,000 or 94%. The increase was due to
      incremental depreciation expense from the addition of the Del Toro and La
      Guitarra mines as well as higher depletion expense from a 9% increase in
      tonnage of ore milled.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Despite a 55% production growth, mine operating earnings
      decreased by 54% in the second quarter of 2013 to $14,283,000, a decrease
      of $16,776,000 when compared to $31,059,000 for the same quarter in the
      prior year. Mine operating earnings decreased primarily as a result of
      management&#146;s decision to suspend approximately 700,000 ounces of silver
      sales near quarter end, which resulted in lower revenues by approximately
      $14.8 million and mine operating earnings by $7.6 million. In addition,
      mine operating earnings were also affected by a 23% decrease in silver
      price, a 7% higher cash cost per ounce and a 94% increase in depletion,
      depreciation and amortization compared to the second quarter of
    2012.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>General and administrative expenses for the quarter
      increased by $703,000 or 14% compared to the same quarter in the prior
      year, primarily due to recruitment of additional senior management and
      administrative personnel in Mexico to support the Company&#146;s expanded
      operations. In addition, professional fees and travel expenses were higher
      compared to the same quarter of the prior year due to increased court and
legal activities.</P></TD></TR></TABLE>
<P align=center>Page 21</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%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Share-based payments expense for the quarter increased by
      $1,662,000 or 69% compared to the same quarter in the prior year. The
      increase was primarily due to stock options granted in 2013 and 2012 for
      the additional senior management recently recruited in Mexico in
      preparation for expanded operations. The Company&#146;s higher share price at
      time of the grant compared to the prior year also contributed to the
      increase in the Company&#146;s share-based payments expense.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>Operating earnings decreased by $18,988,000 or 82% to
      $4,183,000 for the quarter ended June 30, 2013, compared to operating
      earnings of $23,171,000 for the quarter ended June 30, 2012, due to the
      decrease in mine operating earnings, the increase in share-based payments
      and the higher general and administrative expenses.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>During the quarter ended June 30, 2013, the Company
      recognized investment loss of $2,681,000 compared to $3,627,000 in the
      same quarter in the prior year. The investment loss in the second quarter
      of 2013 was primarily attributed to a loss of $5,864,000 from investment
      in silver futures and Sprott Physical Silver Trust, net of a $1,478,000
      gain from fair value adjustment of the prepayment facility, a $711,000
      gain from value added tax settlements and a $559,000 gain from the Bola&#241;os
      litigation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>During the quarter ended June 30, 2013, the Company
      recorded an income tax expense of $862,000 compared to an income tax
      expense of $3,755,000 in the quarter ended June 30, 2012, primarily
      reflecting the decrease in earnings before taxes.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify>As a result of the foregoing, net earnings for the
      quarter ended June 30, 2013 was $160,000 (EPS of $nil) compared to net
      earnings of $15,321,000 (EPS of $0.14) in the quarter ended June 30,
      2012.</P></TD></TR></TABLE>
<P align=center>Page 22</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_23></A>
<P align=justify><B>For the year to date ended June 30, 2013 compared to the
year to date ended June 30, 2012 (in thousands of dollars, except for share
amounts):</B></P>
<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>&nbsp; </TD>
    <TD  width="1%" align=left>&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=center>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" 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="10%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</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, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" 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 bgColor=#ffffff  width="1%">&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Revenues</B> </TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;115,442</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;112,589</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(1) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cost of sales </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>48,161 </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="10%"
      align=right>35,149 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(2) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Gross margin</B> </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>67,281</B> </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=right><B>77,440</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Depletion,
      depreciation and amortization </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>18,394 </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>10,712 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(3) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Mine operating earnings</B> </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>48,887</B> </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=right><B>66,728</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(4) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>General and administrative </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>13,259 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>9,512 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(5) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Share-based payments </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right>8,472 </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=right>5,230 </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(6) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Acquisition costs </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>781 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(7) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Accretion of decommissioning liabilities
</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right>274 </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=right>202 </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Foreign exchange
      loss (gain) </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>734
    </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>(217</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Operating earnings</B> </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>26,148</B> </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=right><B>51,220</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(8) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Investment and other income </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>9,277 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,954 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(9) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left>Finance costs </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="10%"
    align=right>(1,004</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=left>) </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="10%"
    align=right>(867</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=left>) </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Earnings before income taxes</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>34,421</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>52,307</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Current income tax expense </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="10%" align=right>1,463 </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=right>1,777 </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred income
      tax expense </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>6,281
    </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>8,851
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left>Income tax expense </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="10%"
    align=right>7,744 </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="10%"
    align=right>10,628 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(10) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Net earnings
      for the period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>&nbsp;26,677</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>&nbsp;41,679</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(11) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left><B>Earnings per share (basic)</B> </TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;0.23</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left><B>$</B></TD>
    <TD bgColor=#eeeeee width="10%" align=right><B>&nbsp;0.39</B> </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" align=left>(11) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Earnings per share (diluted)</B> </TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="10%" align=right><B>&nbsp;0.23</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left><B>$</B></TD>
    <TD width="10%" align=right><B>&nbsp;0.39</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="12%" 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%">1. </TD>
    <TD>
      <P align=justify>Revenues for the year to date ended June 30, 2013
      increased by 3% or $2,853,000 to $115,442,000 from $112,589,000 during the
      same period of the prior year. As a result of the dramatic fall in silver
      prices in a very short timeframe, the Company decided to suspend
      approximately 700,000 ounces of silver sales near quarter end in an
      attempt to maximize future profits. This suspension of sales resulted in
      lower revenues by approximately $14.8 million. Revenues were also affected
      by a 14% decrease in average realized silver price and higher smelting and
      refining costs related to increased concentrate output from the La
      Guitarra mine and the new Del Toro mine. Despite the above, revenues were
      higher than the same period of the prior year due to a 26% increase in
      payable equivalent ounces sold.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>Cost of sales for the year to date ended June 30, 2013
      was $48,161,000, an increase of 37% or $13,012,000 compared to $35,149,000
      in the same period of 2012. The increase in cost of sales was attributed
      to a 26% increase in payable equivalent ounces sold and a 6% appreciation
      of the Mexican peso against the U.S. dollar, resulting in higher cost of
      sales.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>Depletion, depreciation and amortization increased by 72%
      to $18,394,000 for the year to date ended June 30, 2013, primarily due to
      incremental depreciation expense from the addition of the Del Toro and La
      Guitarra mines as well as higher depletion expense from 19% increase in
      tonnage of ore processed.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>Mine operating earnings decreased by 27% to $48,887,000
      for the year to date ended June 30, 2013, compared to $66,728,000 for the
      same period in the prior year. This decrease in mine operating earnings is
      primarily due to management&#146;s decision to suspend approximately 700,000
      ounces of silver sales near quarter end, which resulted in lower revenues
      by approximately $14.8 million and mine operating earnings by $7.6
      million. In addition, mine operating earnings were also affected by the
      increase in cost of sales and higher depletion, depreciation and
      amortization expenses.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>General and administrative expenses for the year to date
      ended June 30, 2013 increased 39% compared to the same period of the prior
      year due to $1.1 million in legal litigation fees related to the Bola&#241;os
      trial, higher professional fees, additional administrative expenses for
      the newly recruited senior management and a resulting increase in salaries
      and employee benefits.</P></TD></TR></TABLE>
<P align=center>Page 23</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%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>Share-based payments expense for the year to date ended
      June 30, 2013 increased by $3,242,000 or 62% compared to the same period
      of the prior year. The increase was primarily due to stock options granted
      in 2013 and 2012 for the additional senior management recently recruited
      in Mexico in preparation for expanded operations. The Company&#146;s higher
      share price at time of the grant compared to the prior year also
      contributed to the increase in the Company&#146;s share-based payments
      expense.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>During the six months ended June 30, 2012, the Company
      incurred acquisition costs of $781,000 related to the acquisition of
      Silvermex. The transaction, completed subsequent to the quarter, was
      valued at $137.0 million and total transaction costs for the acquisition
      which completed in July 2012 were approximately $2.0 million.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>Operating earnings decreased by 49% to $26,148,000 for
      the year to date ended June 30, 2013, compared to operating earnings of
      $51,220,000 for the year to date ended June 30, 2012, due to the temporary
      suspension of silver sales in early June, the decrease in mine operating
      earnings, higher general and administrative and share-based payments
      expenses.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">9. </TD>
    <TD>
      <P align=justify>During the year to date ended June 30, 2013, investment
      income was $9,277,000 compared to investment and other income of
      $1,954,000 in the same period of the prior year. The income is primarily
      attributed to a net gain of $9,113,000 from termination fee related to the
      Orko acquisition, a $6,328,000 gain from fair value adjustment of the
      prepayment facility, offset by a $5,287,000 loss on silver futures
      contracts and a $1,723,000 loss on mark-to-market adjustments of
      marketable securities.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">10. </TD>
    <TD>
      <P align=justify>During the year to date ended June 30, 2013, the Company
      recorded an income tax expense of $7,744,000 compared to $10,628,000 in
      the same period of 2012. The decrease in income tax expense was primarily
      attributed to lower earnings before tax. The effective tax rate during the six months ended June 30, 2013 was 23%, comparable to 20% in the same period of
2012.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">11. </TD>
    <TD>
      <P align=justify>As a result of the foregoing, net earnings for the year
      to date ended June 30, 2013 was $26,677,000, or basic earnings per share
      of $0.23 compared to net earnings of $41,679,000 or $0.39 per common share
      for the same period of 2012.</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>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      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="17%"
    colSpan=4 align=center><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="37%"
    colSpan=10 align=center><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="17%"
    colSpan=4 align=center><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left><B>Financial Highlights</B> </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="7%"
    align=center><STRONG>Q2<SUP>(1)</SUP></STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><STRONG>Q1<SUP>(2)</SUP></STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><STRONG>Q4<SUP>(3)</SUP></STRONG> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><B>Q3<SUP>(4)</SUP></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><B>Q2<SUP>(5)</SUP></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><B>Q1<SUP>(6)</SUP></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><B>Q4<SUP>(7)</SUP></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="7%"
    align=center><B>Q3<SUP>(8)</SUP></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Revenue </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;48,372 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;67,070 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;71,007 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;63,581 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;54,774 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;57,815 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;60,801 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;61,407 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Cost of sales </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;23,891 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;24,270 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;23,686 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;20,912 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;18,456 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;16,693 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;16,383 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;15,473 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Depletion, depreciation and amortization
</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;10,198 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;8,196 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;7,861 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;6,832 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;5,259 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;5,453 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;6,035 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;3,467 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Mine operating earnings </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;14,283 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;34,604 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;39,460 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;35,837 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;31,059 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;35,669 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;38,383 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;42,467 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Net earnings after tax </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;160 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;26,517 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;22,350 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;24,869 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;15,321 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;26,358 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;21,339 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;27,772 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Basic earnings per share </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.00 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.23 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.19 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.22 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.14 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.25 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.20 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.27 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Diluted earnings per share </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.00 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.23 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.19 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.21 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.14 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.24 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.20 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#ffffff vAlign=bottom width="7%" align=right>&nbsp;0.26 </TD>
    <TD bgColor=#ffffff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>Notes:</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%">1. </TD>
    <TD>
      <P align=justify>In the quarter ended June 30, 2013, mine operating
      earnings decreased $20,321,000 or 59% compared to the quarter ended March
      31, 2013, primarily attributed to a 25% decline in silver prices and
      management&#146;s decision to suspend approximately 700,000 ounces of silver
      sales near quarter end in order to maximize future profits. Net earnings
      after tax was $160,000, a decrease of $26,357,000 compared to the previous
      quarter due to decrease in mine operating earnings and $5,864,000 loss on
      investment in silver futures and marketable securities, compared to a
      one-time gain of $9,131,000 from termination fee of the Orko acquisition
      in the previous quarter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>In the quarter ended March 31, 2013, mine operating
      earnings decreased $4,856,000 or 12% compared to the quarter ended
      December 31, 2012, primarily attributed to 9% decline in silver prices and
      higher cost of sales due to appreciation of the Mexican peso against the
      US dollar. Net earnings after tax increased by $4,167,000 or 19% compared
      to the previous quarter, due to gain from termination fee of the Orko
      acquisition and gain on fair value adjustment of the prepayment
      facility.</P></TD></TR></TABLE>
<P align=center>Page 24</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%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>In the quarter ended December 31, 2012, mine operating
      earnings increased $3,623,000 or 10% compared to the quarter ended
      September 30, 2012, primarily attributed to 5% increase in production,
      partially offset by higher depletion, depreciation and amortization
      expense. Net earnings after tax decreased by $2,519,000 or 10% compared to
      the third quarter of 2012 due to a $6,017,000 decrease in investment
      income compared to the previous quarter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>In the quarter ended September 30, 2012, mine operating
      earnings increased $4,778,000 or 15% compared to the quarter ended June
      30, 2012 primarily attributed to 16% increase in production, partially
      offset by higher depletion, depreciation and amortization expense. Net
      earnings after tax increased by $9,548,000 or 62% compared to the second
      quarter of 2012. The increase was due to increase in mine operating
      earnings and $9,016,000 increase in investment income compared to the
      second quarter of 2012.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>In the quarter ended June 30, 2012, mine operating
      earnings decreased $4,610,000 or 13% compared to the quarter ended March
      31, 2012. The decrease was primarily attributed to $3,041,000 or 5%
      decrease in revenue due to a 13% decrease in average revenue per ounce of
      silver sold, partially offset by 5% increase in production. Net earnings
      after tax decreased $11,037,000 compared to the prior quarter, primarily
      due to an investment loss of $3,627,000 during the quarter compared to an
      investment gain of $5,581,000 in the previous quarter. The investment loss
      was related to loss on silver futures and marketable securities during the
      current quarter.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>In the quarter ended March 31, 2012, mine operating
      earnings decreased $2,714,000 or 7% compared to the quarter ended December
      31, 2011. The decrease was primarily attributed to $2,986,000 or 5%
      decrease in revenue due to 2% less ounces of silver equivalents sold
      compared to the previous quarter. Net earnings after tax increased
      $5,019,000 compared to the prior quarter, primarily due to an investment
      income of $5,581,000 from a gain on silver futures and marketable
      securities during the quarter and a lower effective tax rate due to the
      new global tax structure that the Company established in late
  2011.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>In the quarter ended December 31, 2011, mine operating
      earnings decreased by $4,084,000 or 10% compared to the quarter ended
      September 30, 2011. The decrease was primarily attributed to 18% decrease
      in average realized silver price per ounce and increase in depletion,
      depreciation and amortization expense related to higher mill throughput
      and commencement of depreciation for La Parrilla&#146;s flotation circuit after
      it was successfully commissioned on October 1, 2011. Net earnings after
      tax decreased from the prior quarter by $6,433,000 or 23% compared to the
      prior quarter, primarily due to an unrealized loss of $4,083,000 on silver
      futures.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">8. </TD>
    <TD>
      <P align=justify>In the quarter ended September 30, 2011, sales revenues
      decreased by $6,633,000 compared to the quarter ended June 30, 2011. The
      decrease was primarily attributed to 1% decrease in average realized
      silver price per ounce and 9% decrease in ounces of silver equivalents
      sold. Net earnings after taxes decreased by $2,821,000 or 9% in the
      quarter ended September 30, 2011 compared to the quarter ended June 30,
      2011, primarily due to a loss of $1,504,000 on derivative instrument and a
      one-time cost of $0.7 million related to restructuring of the union labour
      agreement at the San Martin Silver Mine.</P></TD></TR></TABLE>
<P align=center>Page 25</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_26></A>
<P align=justify><B>2013 PRODUCTION OUTLOOK</B></P>
<P align=justify>This section of the MD&amp;A provides management&#146;s production
forecasts for the remainder of 2013. 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 is maintaining its 2013 production guidance of 11.1
to 11.7 million ounces of pure silver and production guidance of 12.3 to 13.0
million equivalent ounces. Full year cash cost is also expected to be in line
with the previous 2013 annual guidance of $8.56 to $9.15.</P>
<P align=justify>Grades, recoveries and costs in the first half of 2013 were
reviewed and analyzed in detail to reassure the previous guidance for the second
half and full year of 2013 remains appropriate. Actual results may vary based on
production throughputs, grades, recoveries and changes in economic
circumstances.</P>
<P align=justify><B>LIQUIDITY</B></P>
<P align=justify>At June 30, 2013, the Company held cash and cash equivalents of
$78.9 million and had working capital of $80.4 million, compared to cash and
cash equivalents of $110.1 million and working capital of $108.3 million at
March 31, 2013. Cash and cash equivalents decreased by $31.1 million during the
quarter as a result of $50.0 million of investments in property, plant and
equipment and mineral property interests, a $5.4 million realized loss on silver
futures, a $2.4 million repurchase of treasury shares and $2.2 million of
payments on lease obligations, offset by $25.9 million generated from operating
activities and proceeds of $4.3 million from new lease financing.</P>
<P align=justify>During the quarter, the Company expended $24.9 million on
mineral properties and $25.1 million on property, plant and equipment compared
to $18.5 million expended on mineral properties and $14.6 million expended on
property, plant and equipment in the second quarter of 2012. The significant
increase in capital expenditures is primarily related to investments in the
construction of the Del Toro mine, development of the La Parrilla underground
ore haulage system and mill expansions at La Guitarra and San Martin mines.</P>
<P align=justify>In order to manage in a lower silver price environment,
additional budget changes were made during the second quarter of 2013, focusing
on: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Reduction of cash costs;
  <LI>Increase of operating parameters and efficiencies;
  <LI>Reduction of exploration and development programs;
  <LI>Reduction of sustaining capital;
  <LI>Reduction of general &amp; administrative costs;
  <LI>Reduction of warehouse inventories and operating supplies; and
  <LI>10% reduction of personnel costs. </LI></UL>
<P align=justify>A full review of all expenditures companywide is ongoing and it
is felt that further cuts may be made without impacting future growth. The
Company is also reviewing all of its third party vendor contracts in order to
reduce the number of contractors and bringing more of the necessary and
essential services in-house.</P>
<P align=justify>As announced on May 15, 2013, the Company had cut over $30.0 million from its 2013 capital budget primarily in the areas of exploration and development. Since then, management has cut an additional $20.0 million, also focusing on reducing exploration and development and postponing investments in non&#8208;critical areas that will not impact guidance. The budget for expansionary expenditures in the second half of 2013 has been reduced to $71.4 million, which consists of $28.0 million for the plant expansion at Del Toro, $8.8 million for the expansion at San Martin, $3.2 million for the shaft and underground rail system at La Parrilla, $2.8 million of pre&#8208;development costs at La Luz, $0.5 million for modifications at La Encantada, and $0.7 million for the expansion at La Guitarra. Also included in the total expansionary capital, the Company has planned $25.5 million in mine development costs and $1.9 million in exploration for all of the Company&rsquo;s properties.</P>
<P align=center>Page 26</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_27></A>
<P align=justify>Funds surplus to the Company&#146;s short-term operating needs are
held with reputable institutions and 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>With $78.9 million in cash and cash equivalents at June 30,
2013, the Company believes it has sufficient funds to meet current operating and
its reduced capital requirements.</P>
<P align=justify><B>MANAGEMENT OF RISKS AND UNCERTAINTIES</B></P>
<P align=justify>The Company thoroughly examines the various financial
instruments and risks to which it is exposed and assesses the impact and
likelihood of those risks. These risks may include credit risk, liquidity risk,
currency risk, commodity price risk and interest rate risk. Where material,
these risks are reviewed and monitored by the Board of Directors.</P>
<P align=justify><B>Credit Risk</B></P>
<P align=justify>Credit risk is the risk of financial loss if a customer or
counterparty fails to meet its contractual obligations. The Company&#146;s credit
risk relates primarily to trade receivables in the ordinary course of business
and VAT and other receivables. The Company sells and receives payment upon
delivery of its silver dor&#233; and by-products primarily through three
international organizations. Additionally, silver-lead concentrates and related
base metal byproducts are sold primarily through three international
organizations with good credit ratings. Payments of receivables are scheduled,
routine and received within 60 days of submission; therefore, the balance of
overdue trade receivables owed to the Company in the ordinary course of business
is not significant. The Company has a Mexican VAT receivable of $12.1 million as
at June 30, 2013 (December 31, 2012 - $13.9 million), of which $0.6 million
(2012 - $0.6 million) have been outstanding for more than one year. The Company
is proceeding through a review process with Mexican tax authorities, but the
Company expects to fully recover these amounts. In addition, as part of the
acquisition of Silvermex Resources Inc. in 2012, the Company acquired $5.1
million in VAT receivables that were fully offset by a provision. The
recoverability of these VAT receivables is pending outcome of various court
trials with Mexican tax authorities.</P>
<P align=justify>The carrying amount of financial assets recorded in the
condensed interim consolidated financial statements represents the Company&#146;s
maximum exposure to credit risk. The Company believes it is not exposed to
significant credit risk and overall, the Company&#146;s credit risk has not changed
significantly from the prior year.</P>
<P align=justify><B>Liquidity Risk</B></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, 2013, the Company has outstanding trade
payables of $23.8 million (December 31, 2012 - $20.8 million) which are
generally payable in 90 days or less and accrued liabilities of $13.7 million
(December 31, 2012 - $16.5 million) which are generally payable within 12
months. The Company believes it has sufficient cash on hand, combined with cash
flows from operations, to meet operating requirements as they arise for at least
the next 12 months.</P>
<P align=justify>The Company&#146;s liabilities and commitments have maturities which
are summarized below:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
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="30%" colSpan=7
    align=center><B>Payments Due By Period</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="8%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center><B>Total</B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center><B>Less than</B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center><B>1 to 3</B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center><B>4 to 5</B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center><B>After 5</B> </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-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><B>1
      year</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="8%"
      align=center><B>years</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="8%"
      align=center><B>years</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="8%"
      align=center><B>years</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Trade and other payables </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;37,506 </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;37,506 </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;- </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee  width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" 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="8%" align=right>&nbsp;- </TD>
    <TD bgColor=#eeeeee  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Prepayment facility </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>48,794 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>13,021 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>35,773 </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 bgColor=#eeeeee align=left>Finance lease obligations </TD>
    <TD bgColor=#eeeeee  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="8%" align=right>31,155 </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=right>12,875 </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=right>16,829 </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=right>1,451 </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=right>- </TD>
    <TD bgColor=#eeeeee  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="8%" align=right>12,158 </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>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>12,158 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left>Purchase obligations and commitments <SUP>(1)</SUP> </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="8%"
    align=right>38,103 </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="8%"
    align=right>38,103 </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="8%"
    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="8%"
    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="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Total
      Obligations</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;167,716</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;101,505</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;52,602</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;1,451</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;12,158</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: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="3%">(1) </TD>
    <TD>
      <P align=justify>Purchase obligations and commitments primarily consist of
      committed purchase orders and contracts related to construction of the Del
      Toro Silver Mine and the San Martin mill
expansions.</P></TD></TR></TABLE>
<P align=center>Page 27</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_28></A>
<P align=justify><B>Currency Risk</B></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; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
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%" noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" colSpan=5 noWrap
    align=right><B>June 30, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="19%" colSpan=4 noWrap
    align=right><B>December 31, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=left>&nbsp; </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=left>&nbsp; </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=left>&nbsp; </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>Net assets</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>Effect of +/- 10%</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>Net assets</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>Effect of +/- 10%</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>Cash and cash</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>Trade and other</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>Trade and other</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>(liabilities)</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>change in</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>(liabilities)</B> </TD>
    <TD width="2%" noWrap align=left>&nbsp;</TD>
    <TD width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="8%" noWrap align=right><B>change in</B> </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-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>equivalents</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>receivables</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>payables</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>exposure</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>currency</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>exposure</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" noWrap
      align=right><B>currency</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Canadian dollar </TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;24,870 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;966 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;(925</TD>
    <TD bgColor=#eeeeee width="2%" align=left>) </TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;24,911 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;2,491 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;5,001 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;500 </TD>
    <TD bgColor=#eeeeee 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>323
</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>12,142
    </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>(21,633</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>(9,168</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>(917</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>(7,237</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>(724</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>)
</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="8%"
    align=right><B>&nbsp;25,193</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="8%"
    align=right><B>&nbsp;13,108</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="8%"
    align=right><B>&nbsp;(22,558</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="8%"
    align=right><B>&nbsp;15,743</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="8%"
    align=right><B>&nbsp;1,574</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="8%"
    align=right><B>&nbsp;(2,236</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="8%"
    align=right><B>&nbsp;(224</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#eeeeee width="2%"
    align=left><B>)</B> </TD></TR></TABLE>
<P align=justify><B>Commodity Price Risk</B></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, lead and iron ore, which
accounts for approximately 15% 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 has a forward sales agreement to
sell a portion of the Company&#146;s zinc and lead production at a fixed price over a
36 months period commencing July 2013. The Company does not use derivative
instruments to hedge its commodity price risk to silver. In July 2013,
subsequent to the end of the second quarter, the Company purchased call options
on lead and zinc futures equivalent to the remaining production to be delivered
under the terms of the prepayment facility. The call options were purchased to
mitigate potential exposure to future price increases in lead and zinc.</P>
<P align=justify>As at June 30, 2013, a 10% increase or decrease of metal prices
at June 30, 2013 would have the following impact on net earnings:</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
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="52%" colSpan=13
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30, 2013</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=right nowrap><B>Effect of +/-</B> </TD>
  <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="8%" align=right nowrap><B>10% change in</B> </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-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD width="8%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Silver</B> </TD>
    <TD width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Gold</B> </TD>
    <TD width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Lead</B> </TD>
    <TD width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Zinc</B> </TD>
    <TD width="2%"
    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=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>metal prices</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left>Metals subject to provisional price
      adjustments </TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;887 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;35 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;395 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;159 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#eeeeee width="1%" align=left>$</TD>
    <TD bgColor=#eeeeee width="8%" align=right>&nbsp;1,476 </TD>
    <TD bgColor=#eeeeee width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Metals in dor&#233; and concentrates inventory </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,397 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>36 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>11 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>18 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,462 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee
      align=left>Prepayment facility </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="8%"
    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="8%"
    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="8%"
    align=right>(2,502</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="2%"
    align=left>) </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="8%"
    align=right>(2,402</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="2%"
    align=left>) </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="8%"
    align=right>(4,904</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#eeeeee width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <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="8%"
      align=right><B>&nbsp;2,284</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>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;71</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;(2,096</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
      align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;(2,225</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
      align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;(1,966</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
      align=left><B>)</B> </TD></TR></TABLE>
<P align=justify><B>Political and Country Risk</B></P>
<P align=justify>First Majestic currently conducts foreign operations primarily
in Mexico, and as such the Company&#146;s operations are exposed to various levels of
political and economic risks by factors outside of the Company&#146;s control. These
potential factors include, but are not limited to: royalty and tax increases or
claims by governmental bodies, expropriation or nationalization, foreign
exchange controls, high rates of inflation, extreme fluctuations in currency
exchange rates, import and export regulations, cancellation or renegotiation of
contracts and environmental and permitting regulations. The Company currently
has no political risk insurance coverage against these risks.</P>
<P align=justify>The Company is unable to determine the impact of these risks on
its future financial position or results of operations. Changes, if any, in
mining or investment policies or shifts in political attitude in foreign
countries may substantively affect Company&#146;s exploration, development and
production activities.</P>
<P align=justify><B>Environmental and Health and Safety Risks</B></P>
<P align=justify>The Company&#146;s activities are subject to extensive laws and
regulations governing environmental protection and employee health and safety.
Environmental laws and regulations are complex and have tended to become more
stringent over time. The Company is required to obtain governmental permits and
in some instances air, water quality, and mine reclamation rules and permits.
Although the Company makes provisions for reclamation costs, it cannot be
assured that these provisions will be adequate to discharge its future
obligations for these costs. Failure to comply with applicable environmental and health and safety
laws may result in injunctions, damages, suspension or revocation of permits and
imposition of penalties. While the health and safety of our people and
responsible environmental stewardship are our top priorities, there can be no
assurance that First Majestic has been or will be at all times in complete
compliance with such laws, regulations and permits, or that the costs of
complying with current and future environmental and health and safety laws and
permits will not materially and adversely affect the Company&#146;s business, results
of operations or financial condition.</P>
<P align=center>Page 28</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_29></A>
<P align=justify><B>Claims and Legal Proceedings Risks</B></P>
<P align=justify>The Company is subject to various claims and legal proceedings
covering a wide range of matters that arise in the ordinary course of business
activities. Many factors, both known and unknown, could cause actual results,
performance or achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied by such
forward-looking statements or information and the Company has made assumptions
and estimates based on or related to many of these factors. Such factors
include, without limitation: availability of time on court calendars in Canada
and elsewhere; the recognition of Canadian judgments under Mexican law; the
possibility of settlement discussions; the risk of appeal of judgment; and the
insufficiency of the defendant's assets to satisfy the judgment amount. Each of
these matters is subject to various uncertainties and it is possible that some
of these matters may be resolved unfavourably to the Company. First Majestic
carries liability insurance coverage and establishes provisions for matters that
are probable and can be reasonably estimated. In addition, the Company may be
involved in disputes with other parties in the future which may result in a
significant impact on our financial condition, cash flow and results of
operations.</P>
<P align=justify><B>OFF-BALANCE SHEET ARRANGEMENTS</B></P>
<P align=justify>At June 30, 2013, the Company had no material off-balance sheet
arrangements such as 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 contingent
liabilities and vendor liability and interest, as disclosed in this MD&amp;A and
the condensed interim consolidated financial statements and the related
notes.</P>
<P align=justify>During 2011, the Company pledged certain properties of the San
Martin Silver Mine as guarantees as part of the requirement for its tax appeal
process with the Mexican tax authority (see note 23 of the condensed interim
consolidated financial statements for the three months ended June 30, 2013 and
&#147;Income Taxes&#148; below).</P>
<P align=justify><B>RELATED PARTY TRANSACTIONS</B></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, 2013, there were no
significant transactions with related parties outside of the ordinary course of
business.</P>
<P align=justify><B>SUBSEQUENT EVENTS</B></P>
<P align=justify>Subsequent to June 30, 2013:</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="3%">a) </TD>
    <TD>
      <P align=justify>100,000 options were exercised for gross proceeds of
      CAD$404,000;</P></TD></TR>
  <TR>
    <TD vAlign=top width="3%">b) </TD>
    <TD>
      <P align=justify>15,000 options were granted with a weighted average
      exercise price of CAD$11.16 and expire in five years from the grant date;
      and</P></TD></TR>
  <TR>
    <TD vAlign=top width="3%">c) </TD>
    <TD>
      <P align=justify>15,000 options were cancelled.</P></TD></TR></TABLE>
<P align=justify>Pursuant to the above subsequent events, the Company has
116,921,840 common shares outstanding as at the date on which these consolidated
financial statements were approved and authorized for issue by the Board of
Directors.</P>
<P align=center>Page 29</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_30></A>
<P align=justify><B>CRITICAL JUDGEMENTS AND ESTIMATES</B></P>
<P align=justify>The preparation of consolidated financial statements in
conformity with IFRS as issued by IASB requires management to make judgments,
estimates and assumptions about future events 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. Although
these estimates are based on management&#146;s best knowledge of the amount, events
or actions, actual results may differ from these estimates.</P>
<P align=justify>Critical judgments exercised in applying accounting policies
and assumptions and estimation uncertainties that have the most significant
effect on the amounts recognized in the consolidated financial statements are
outlined as follows:</P>
<P align=justify><B>Economic recoverability and probability of future economic
benefits of exploration, evaluation and development costs</B></P>
<P align=justify>Management has determined that exploratory drilling,
evaluation, development and related costs incurred which were capitalized have
future economic benefits and are economically recoverable. Management uses
several criteria in its assessments of economic recoverability and probability
of future economic benefit including geologic and metallurgic information,
history of conversion of mineral deposits to Proven and Probable Reserves,
scoping and feasibility studies, accessible facilities, existing permits and
life of mine plans. </P>
<P align=justify><B>Commencement of commercial production and production levels
intended by management</B></P>
<P align=justify>Prior to reaching commercial production levels intended by
management, costs incurred are capitalized as part of the costs of related
mining properties and proceeds from mineral sales are offset against costs
capitalized. Depletion of capitalized costs for mining properties begins when
operating levels intended by management have been reached. Management considers
several factors in determining when a mining property or mill expansion has
reached the commercial production levels intended by management, such as daily
average production levels and recoveries. The results of operations of the
Company during the periods presented in these condensed interim consolidated
financial statements have been impacted by management&#146;s determination that the
cyanidation plant at the La Parrilla mine was commissioned on March 1, 2012 and
the Del Toro 1,000 tpd flotation circuit was deemed commissioned effective April
1, 2013.</P>
<P align=justify><B>Functional currency</B></P>
<P align=justify>The functional currency for each of the Company&#146;s subsidiaries
is the currency of the primary economic environment in which the entity
operates. The Company has determined that the functional currency of each entity
is the US dollar as of January 1, 2013. Determination of functional currency may
involve certain judgments to determine the primary economic environment and the
Company reconsiders the functional currency of its entities if there is a change
in events and conditions which determined the primary economic environment.</P>
<P align=justify><B>Impairment of property, plant and equipment assets and
mining interests</B></P>
<P align=justify>Management considers both external and internal sources of
information in assessing whether there are any indications that the Company&#146;s
property, plant and equipment assets and mining interests are impaired. External
sources of information management considers include changes in the market,
economic and legal environment in which the Company operates that are not within
its control and affect the recoverable amount of its property, plant and
equipment and mining interests. Internal sources of information management
consider include the manner in which mining properties and plant and equipment
are being used or are expected to be used and indications of economic
performance of the assets. </P>
<P align=justify>In determining the recoverable amounts of the Company&#146;s
property, plant and equipment and mining interests, management makes estimates
of the discounted future after-tax cash flows expected to be derived from the
Company&#146;s mining properties, costs to sell the mining properties and the
appropriate discount rate. Reductions in metal price forecasts, increases in
estimated future costs of production, increases in estimated future
non-expansionary capital expenditures, reductions in the amount of recoverable
reserves, resources, and exploration potential, and/or adverse current economics
can result in a write-down of the carrying amounts of the Company&#146;s property,
plant and equipment and/or mining interests.</P>
<P align=center>Page 30</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_31></A>
<P align=justify><B>Depreciation and amortization rate for property, plant and
equipment and depletion rate for mineral interests</B></P>
<P align=justify>Depletion, depreciation and amortization expenses are allocated
based on assumed asset lives. Should the asset life, depletion rate or
depreciation rates differ from the initial estimate, an adjustment would be made
in the consolidated statements of income.</P>
<P align=justify><B>Estimated reclamation and closure costs</B></P>
<P align=justify>The Company&#146;s provision for decommissioning liabilities
represents management&#146;s best estimate of the present value of the future cash
outflows required to settle estimated reclamation and closure costs at the end
of mine&#146;s life. The provision reflects estimates of future costs, inflation,
movements in foreign exchange rates and assumptions of risks associated with the
future cash outflows, and the applicable risk-free interest rates for
discounting the future cash outflows. Changes in the above factors can result in
a change to the provision recognized by the Company. </P>
<P align=justify>Changes to reclamation and closure cost obligations are
recorded with a corresponding change to the carrying amounts of related mining
properties. Adjustments to the carrying amounts of related mining properties can
result in a change to future depletion expense.</P>
<P align=justify><B>Mineral reserve estimates</B></P>
<P align=justify>The figures for mineral reserves and mineral resources are
determined in accordance with National Instrument 43-101, &#147;Standards of
Disclosure for Mineral Projects&#148;, issued by the Canadian Securities
Administrators. There are numerous uncertainties inherent in estimating mineral
reserves and mineral resources, including many factors beyond the Company&#146;s
control. Such estimation is a subjective process, and the accuracy of any
mineral reserve or mineral resource estimate is a function of the quantity and
quality of available data and of the assumptions made and judgements used in
engineering and geological interpretation. Differences between management&#146;s
assumptions including economic assumptions such as metal prices and market
conditions could have a material effect in the future on the Company&#146;s financial
position and results of operation.</P>
<P align=justify><B>Inventory valuation</B></P>
<P align=justify>Finished goods, work-in-process and stockpile ore are valued at
the lower of the average production costs or net realizable value. The
assumptions used in the valuation of work-in process inventories include
estimates of silver contained in the stockpile ore, assumptions of the amount of
silver that is expected to be recovered from the stockpile, the amount of silver
in the mill circuits and assumption of the silver price expected to be realized
when the silver is recovered. If these estimates or assumptions prove to be
inaccurate, the Company could be required to write-down the recorded value of
its work-in-process inventories, which would reduce the Company&#146;s earnings and
working capital.</P>
<P align=justify><B>Valuation of share-based payments</B></P>
<P align=justify>The Company uses the Black-Scholes Option Pricing Model for
valuation of share-based payments. Option pricing models require the input of
subjective assumptions including expected price volatility, interest rate and
forfeiture rate. Changes in the input assumptions can materially affect the fair
value estimate and the Company&#146;s earnings and equity reserves.</P>
<P align=justify><B>Income taxes</B></P>
<P align=justify>In assessing the probability of realizing income tax assets
recognized, management makes estimates related to expectations of future taxable
income, applicable tax opportunities, expected timing of reversals of existing
temporary differences and the likelihood that tax positions taken will be
sustained upon examination by applicable tax authorities. In making its
assessments, management gives additional weight to positive and negative
evidence that can be objectively verified.</P>
<P align=justify>Estimates of future taxable income are based on forecasted cash
flows from operations and the application of existing tax laws in each
jurisdiction. Forecasted cash flows from operations are based on life of mine
projections internally developed and reviewed by management. Weight is attached
to tax planning opportunities that are within the Company&#146;s control, and are
feasible and implementable without significant obstacles. The likelihood that
tax positions taken will be sustained upon examination by applicable tax
authorities is assessed based on individual facts and circumstances of the relevant tax position
evaluated in light of all available evidence. Where applicable tax laws and
regulations are either unclear or subject to ongoing varying interpretations, it
is reasonably possible that changes in these estimates can occur that materially
affect the amounts of income tax assets recognized. At the end of each reporting
period, the Company reassesses unrecognized income tax assets.</P>
<P align=center>Page 31</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_32></A>
<P align=justify>Management executed a corporate restructuring for tax purposes
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 taxes on their cash earnings in Mexico.
Management has reviewed its IETU obligations and its consolidated tax position
at June 30, 2013, and management assessed whether the benefit from these tax
losses is probable. 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 2014 to 2021. 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>During 2011, Minera El Pil&#243;n, S.A. de C.V., a subsidiary of the
Company, received tax assessments from the Mexican tax authority Servicio de
Administracion Tributaria for fiscal years 2004 to 2007 relating to various tax
treatments with a maximum potential remittance of approximately $5.8 million
(75.7 million Mexican pesos). The tax reassessments for 2004 to 2006, totalling
$2.5 million (32.3 million Mexican pesos) were pursued through tax court,
pledged with certain properties of the San Martin mine as guarantees. The
Company has successfully won 100% of its appeals for the 2004 to 2006 tax
reassessments totalling $2.5 million (32.3 million Mexican pesos). The Company
is also currently defending via the administrative appeal process the tax
treatments amounting to $3.3 million (43.4 million Mexican pesos) related to the
2007 tax year, pertaining to intercompany loan treatments. The Company received
a favourable resolution in February 2013 for a portion of the exposure, and the
Mexican tax authorities have cancelled $1.7 million (22.3 million Mexican pesos)
of the 2007 reassessment claim. The remaining balance of $1.6 million (21.1
million Mexican pesos) regarding the intercompany loan treatment is currently
still in appeal and pending resolution through the Mexican tax courts. The
Company believes it is probable that it will defend itself successfully in all
claims and has not recorded a provision for any potential tax exposure relating
to these reassessments.</P>
<P align=justify>During 2010, La Guitarra Compa&#241;&#237;a Minera, S.A. de C.V. (&#147;La
Guitarra&#148;), a subsidiary acquired by the Company in 2012, had a tax reassessment
from the Mexican tax authorities for the fiscal year 2003 relating to ineligible
VAT refunds and tax treatment of intercompany loans with a maximum potential
exposure of $3.1 million (40.8 million Mexican pesos). During 2012, La Guitarra
received an initial judgment in favour of the Mexican tax authorities. This
judgment is not considered a final legal ruling until the conclusion of the
appeals mechanism. As at December 31, 2012, La Guitarra had posted cash as
collateral (&#147;Restricted Cash&#148;) for a bond held with the Mexican tax authorities
for $3.1 million (40.8 million Mexican pesos) and also accrued a VAT payable of
$3.1 million related to the tax reassessment.</P>
<P align=justify>In May 2013, the Company submitted a voluntary tax amnesty, and
in June 2013 the Company remitted $2.4 million (31.5 million Mexican pesos)
related to the 2003 tax reassessment and, in exchange, received a credit for the
remaining balance of $0.7 million (9.3 million Mexican pesos). As at June 30,
2013, the 2003 tax reassessment had been fully settled with the Mexican tax
authorities and the Restricted Cash was returned. The gain on settlement of $0.7
million was recorded in other income during the period.</P>
<P align=justify>Since the acquisition of La Guitarra in July 2012, First
Majestic has filed each monthly VAT claim for the remainder of 2012, and has
been pursuing a plan to recover all of the pre-acquisition VAT refunds since
October 2007. In the six months ended June 30, 2013, La Guitarra had received
VAT refunds related to October and November 2007 for $0.2 million (2.1 million
Mexican pesos).</P>
<P align=justify>Due to the size, structure, 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 audited consolidated financial
statements of the Company.</P>
<P align=center>Page 32</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_33></A>
<P align=justify><B>MANAGEMENT&#146;S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING </B><B>Disclosure Controls and Procedures</B></P>
<P align=justify>The Company&#146;s management, with the participation of its
President and Chief Executive Officer and Chief Financial Officer, has evaluated
the effectiveness of the Company&#146;s disclosure controls and procedures. Based
upon the results of that evaluation, the Company&#146;s President and Chief Executive
Officer and Chief Financial Officer have concluded that, as of the end of the
period covered by this report, the Company&#146;s disclosure controls and procedures
were effective to provide reasonable assurance that the information required to
be disclosed by the Company in reports it files is recorded, processed,
summarized and reported, within the appropriate time periods and is accumulated
and communicated to management, including the President and Chief Executive
Officer and Chief Financial Officer, as appropriate to allow timely decisions
regarding required disclosure.</P>
<P align=justify><B>Internal Control Over Financial Reporting</B></P>
<P align=justify>The Company&#146;s management, with the participation of its
President and Chief Executive Officer and Chief Financial Officer, is
responsible for establishing and maintaining adequate internal control over
financial reporting as such term is defined in the rules of the United States
Securities and Exchange Commission and the Canadian Securities Administrators.
The Company&#146;s internal control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with IFRS as issued by the IASB. The Company&#146;s internal control over financial
reporting includes policies and procedures that:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>maintaining records that accurately and fairly reflect, in reasonable
  detail, the transactions and dispositions of assets of the Company;
  <LI>provide reasonable assurance that transactions are recorded as necessary
  for preparation of financial statements in accordance with IFRS;
  <LI>provide reasonable assurance that the Company&#146;s receipts and expenditures
  are made only in accordance with authorizations of management and the
  Company&#146;s Directors; and
  <LI>provide reasonable assurance regarding prevention or timely detection of
  unauthorized acquisition, use, or disposition of the Company&#146;s assets that
  could have a material effect on the Company&#146;s consolidated financial
  statements. </LI></UL>
<P align=justify>The Company&#146;s internal control over financial reporting may not
prevent or detect all misstatements because of inherent limitations.
Additionally, projections of any evaluation of effectiveness for future periods
are subject to the risk that controls may become inadequate because of changes
in conditions or deterioration in the degree of compliance with the Company&#146;s
policies and procedures.</P>
<P align=justify>During the prior quarter, the Company installed SAP ERP
software in all 24 of its legal entities to enable real time consolidation and
entity by entity detailed reporting and in-depth analyses. There has been a
material improvement in the Company&#146;s internal control over financial reporting
during the three and six months ended June 30, 2013. None of the changes during
the quarter has had a materially negative impact, or is reasonably likely to
materially negatively affect, the Company&#146;s internal control over financial
reporting. Due to the extensive nature of the new SAP systems implementation,
the Company chose to eliminate the auditor&#146;s review for the prior quarter to
allow time to complete the installation and reporting of the first quarter
financial results. The Company resumed quarterly reviews for the second quarter
of 2013 and has ensured that the year to date results are fully reviewed.</P>
<P align=justify><B>Limitations of Controls and Procedures</B></P>
<P align=justify>The Company&#146;s management, including the President and Chief
Executive Officer and Chief Financial Officer, believes that any disclosure
controls and procedures or internal control over financial reporting, no matter
how well conceived and operated, may not prevent or detect all misstatements
because of inherent limitations. Further, the design of a control system must
reflect the fact that there are resource constraints, and the benefits of
controls must be considered relative to their costs. Because of the inherent
limitations in all control systems, they cannot provide absolute assurance that
all control issues and instances of fraud, if any, within the Company have been
prevented or detected. These inherent limitations include the realities that
judgments in decision-making can be faulty, and that breakdowns can occur
because of simple error or mistake. Additionally, controls can be circumvented
by the individual acts of some persons, by collusion of two or more people, or
by unauthorized override of the control. The design of any control
system also is based in part upon certain assumptions about the likelihood of
future events, and there can be no assurance that any design will succeed in
achieving its stated goals under all potential future conditions. Accordingly,
because of the inherent limitations in a cost effective control system,
misstatements due to error or fraud may occur and not be detected.</P>
<P align=center>Page 33</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_34></A>
<P align=justify><B>OTHER MD&amp;A REQUIREMENTS</B></P>
<P align=justify>Additional information relating to the Company may be found on
or in:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>SEDAR at www.sedar.com;
  <LI>the Company&#146;s Annual Information Form; and
  <LI>the Company&#146;s audited consolidated financial statements for the year ended
  December 31, 2012 and the unaudited condensed interim consolidated financial
  statements for the quarter and year to date ended June 30, 2013. </LI></UL>
<P align=center>Page 34</P>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>First Majestic Silver Corp.: Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</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 vAlign=bottom>
    <TD align=center><B>Form 52-109F2</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><I>Certification of Interim Filings</I></B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>Full Certificate</I></B> </TD></TR></TABLE>
<P align=justify>I, <B>Keith Neumeyer, Chief Executive Officer of First Majestic
Silver Corp.</B>, certify the following:</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%">1. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      <B>First Majestic Silver Corp. </B>(the &#147;issuer&#148;) for the interim period
      ended <B>June 30, 2013.</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 vAlign=top width="5%">2. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</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 vAlign=top width="5%">3. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</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 vAlign=top width="5%">4. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</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 vAlign=top width="5%">5. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</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%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</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 vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</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 vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s GAAP.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is <B>COSO for Smaller Public Companies</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 vAlign=top width="5%">5.2 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>The issuer has disclosed in its interim MD&amp;A for each material
      weakness relating to design existing at the end of the interim
    period</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%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>a description of the material
weakness;</P></TD></TR></TABLE>
<P align=right>1</P>
<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%" BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the impact of the material weakness on the issuer&#146;s
      financial reporting and its ICFR; 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%">(c) </TD>
    <TD>
      <P align=justify>the issuer&#146;s current plans, if any, or any actions
      already undertaken, for remediating the material weakness.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD colSpan=2>
      <P align=justify><B><I>Limitation on scope of design:
</I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD colSpan=2>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on <B>April 1, 2013 </B>and ended on
      <B>June 30, 2013 </B>that has materially affected, or is reasonably likely
      to materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify>Date: <B>August 12, 2013</B></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><I>&#147;signed&#148;</I>
      <BR>&nbsp; </TD>
    <TD  width="50%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Keith Neumeyer </TD>
    <TD  width="50%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Executive Officer </TD>
    <TD  width="50%" align=left>&nbsp;</TD></TR></TABLE>
<P align=right>2</P>
<HR align=center color=black SIZE=5 width="100%" noShade>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>First Majestic Silver Corp.: Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</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 vAlign=bottom>
    <TD align=center><B>Form 52-109F2</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><I>Certification of Interim Filings</I></B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B><I>Full Certificate</I></B> </TD></TR></TABLE>
<P align=justify>I, <B>Raymond L. Polman, Chief Financial Officer </B>of
<B>First Majestic Silver Corp.</B>, certify the following:</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%">1. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Review: </I></B>I have reviewed the interim
      financial report and interim MD&amp;A (together, the &#147;interim filings&#148;) of
      <B>First Majestic Silver Corp. </B>(the &#147;issuer&#148;) for the interim period
      ended <B>June 30, 2013.</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 vAlign=top width="5%">2. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>No misrepresentations: </I></B>Based on my
      knowledge, having exercised reasonable diligence, the interim filings do
      not contain any untrue statement of a material fact or omit to state a
      material fact required to be stated or that is necessary to make a
      statement not misleading in light of the circumstances under which it was
      made, with respect to the period covered by the interim filings.</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 vAlign=top width="5%">3. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge,
      having exercised reasonable diligence, the interim financial report
      together with the other financial information included in the interim
      filings fairly present in all material respects the financial condition,
      financial performance and cash flows of the issuer, as of the date of and
      for the periods presented in the interim filings.</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 vAlign=top width="5%">4. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Responsibility: </I></B>The issuer&#146;s other
      certifying officer(s) and I are responsible for establishing and
      maintaining disclosure controls and procedures (DC&amp;P) and internal
      control over financial reporting (ICFR), as those terms are defined in
      National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146;
      Annual and Interim Filings, </I>for the issuer.</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 vAlign=top width="5%">5. </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Design: </I></B>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying
      officer(s) and I have, as at the end of the period covered by the interim
      filings</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%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</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 vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</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 vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s GAAP.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>Control framework: </I></B>The control framework
      the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s
      ICFR is <B>COSO for Smaller Public Companies</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 vAlign=top width="5%">5.2 </TD>
    <TD colSpan=3>
      <P align=justify><B><I>ICFR &#150; material weakness relating to design:
      </I></B>The issuer has disclosed in its interim MD&amp;A for each material
      weakness relating to design existing at the end of the interim
    period</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%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>a description of the material
weakness;</P></TD></TR></TABLE>
<P align=right>1</P>
<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%" BCLLIST>

  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the impact of the material weakness on the issuer&#146;s
      financial reporting and its ICFR; 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%">(c) </TD>
    <TD>
      <P align=justify>the issuer&#146;s current plans, if any, or any actions
      already undertaken, for remediating the material weakness.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD colSpan=2>
      <P align=justify><B><I>Limitation on scope of design:
</I></B>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">6. </TD>
    <TD colSpan=2>
      <P align=justify><B><I>Reporting changes in ICFR: </I></B>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on <B>April 1, 2013 </B>and ended on
      <B>June 30, 2013 </B>that has materially affected, or is reasonably likely
      to materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify>Date: <B>August 12, 2013</B></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><I>&#147;signed&#148;</I>
      <BR>&nbsp; </TD>
    <TD  width="50%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Raymond L. Polman </TD>
    <TD  width="50%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Financial Officer </TD>
    <TD  width="50%" align=left>&nbsp;</TD></TR></TABLE>
<P align=right>2</P>
<HR align=center color=black SIZE=5 width="100%" noShade>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>


<HTML>
<HEAD>
   <TITLE>First Majestic Silver Corp.: Exhibit 99.5 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>Form 51-102F3<BR></B><B><I>Material Change Report</I></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD width="8%" align=left >
      <P align=justify><B>Item</B> <B>1.</B> </P></TD>
    <TD colSpan=3 align=left>
    <P align=justify><B>Name and Address of Company</B> </P></TD></TR>
  <TR>
    <TD  align=left >&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left>
    <P align=justify>FIRST MAJESTIC SILVER CORP. (the &#147;Company&#148;) </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left>
    <P align=justify>1805 &#150; 925 West Georgia Street </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left>
    <P align=justify>Vancouver, BC V6C 3L2 CANADA </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left >
      <P align=justify>Telephone: &nbsp;&nbsp;&nbsp;(604) 688-3033 </P>
      </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left >
      <P align=justify>Facsimile: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(604) 639-8873 </P>
      </TD>
    </TR>
  <TR>
    <TD  align=left >&nbsp;</TD>
    <TD colSpan=2 align=left >&nbsp;</TD>
    <TD  width="80%" align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify><B>Item</B> <B>2.</B> </P></TD>
    <TD colSpan=3 align=left>
    <P align=justify><B>Date of Material Change</B> </P></TD></TR>
  <TR>
    <TD  align=left >&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left>
    <P align=justify>August 13, 2013 </P></TD></TR>
  <TR>
    <TD  align=left >&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify><B>Item</B> <B>3.</B> </P></TD>
    <TD colSpan=3 align=left>
    <P align=justify><B>News Release</B> </P></TD></TR>
  <TR>
    <TD  align=left >&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left>
      <P align=justify>The press release was disseminated through the services
      of CNW Group. </P></TD></TR>
  <TR>
    <TD  align=left >&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify><B>Item</B> <B>4.</B> </P></TD>
    <TD colSpan=3 align=left>
    <P align=justify><B>Summary of Material Change</B> </P></TD></TR>
  <TR>
    <TD  align=left >&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left>
      <P align=justify>The Company announced the unaudited interim consolidated
      financial results for the Company for the second quarter ending June 30,
      2013. </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify><B>Item</B> <B>5.</B></P></TD>
    <TD colSpan=3 align=left>
    <P align=justify><STRONG>Full Description of Material Change</STRONG>    </P></TD></TR>
  <TR>
    <TD  colSpan=4 align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD width="7%" align=left >
      <P align=justify><B>5.1</B> </P></TD>
    <TD colSpan=2 align=left>
    <P align=justify><B>Full Description of Material Change</B> </P></TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="7%" align=left>&nbsp;</TD>
    <TD colSpan=2 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left>
    <P align=justify>See Schedule &#147;A&#148; attached hereto. </P></TD></TR>
  <TR>
    <TD  align=left >&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD width="7%" align=left >
      <P align=justify><B>5.2</B> </P></TD>
    <TD colSpan=2 align=right>
    <P align=justify><B>Disclosure for Restructuring Transactions</B>  </P></TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="7%" align=left>&nbsp;</TD>
    <TD colSpan=2 align=right>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left>
    <P align=justify>Not applicable. </P></TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify><B>Item</B> <B>6.</B> </P></TD>
    <TD colSpan=3 align=left>
      <P align=justify><B>Reliance on subsection 7.1(2) or (3) of National
      Instrument 51-102</B> </P></TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left>
    <P align=justify>Not applicable </P></TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify><B>Item</B> <B>7.</B> </P></TD>
    <TD colSpan=3 align=left>
    <P align=justify><B>Omitted Information</B> </P></TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left>
    <P align=justify>Not applicable. </P></TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify><B>Item</B> <B>8.</B> </P></TD>
    <TD colSpan=3 align=left>
    <P align=justify><B>Executive Officer</B> </P></TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left>
    <P align=justify>Keith Neumeyer, President &amp; CEO </P></TD></TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left>
    <P align=justify>Telephone: (604) 688-3033 Facsimile: (604) 639-8873    </P></TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify><B>Item</B> <B>9.</B> </P></TD>
    <TD colSpan=3 align=left>
    <P align=justify><B>Date of Report</B> </P></TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD colSpan=3 align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >
      <P align=justify>&nbsp;</P></TD>
    <TD colSpan=3 align=left>
    <P align=justify>August 13, 2013 </P></TD></TR></TABLE>
</DIV><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=bottom>
    <TD align=center><U>SCHEDULE &#147;A&#148;</U> </TD></TR>
  <TR>
    <TD>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B><font size="4">FIRST MAJESTIC SILVER CORP.</font></B> </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center>Suite 1805 &#150; 925 West Georgia Street </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>Vancouver, B.C., Canada V6C 3L2 </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>Telephone: (604) 688-3033 Fax: (604) 639-8873 </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>Toll Free: 1-866-529-2807 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Web site: www.firstmajestic.com; E-mail:
      info@firstmajestic.com </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=center>&nbsp;</TD></TR></TABLE>
<P align=center><B><font size="4">NEWS RELEASE</font></B></P>
<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>NYSE - AG </TD>
    <TD width="50%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>TSX &#150; FR </TD>
    <TD width="50%" align=right>August 13, 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Frankfurt &#150; FMV </TD>
    <TD width="50%" align=left>&nbsp; </TD></TR></TABLE>
<P align=center><B><U><font size="4">First Majestic Reports Second Quarter Financial
Results</font></U></B> </P>
<P align=justify><B>FIRST MAJESTIC SILVER CORP. </B>(AG: NYSE; FR: TSX) (the
"Company" or &#147;First Majestic&#148;) is pleased to announce the unaudited interim
consolidated financial results for the Company for the second quarter ending
June 30, 2013. The full version of the financial statements and the management
discussion and analysis can be viewed on the Company's web site at <U><FONT
color=#0000ff>www.firstmajestic.com </FONT></U>or on SEDAR at <U><FONT
color=#0000ff>www.sedar.com and on EDGAR at www.sec.gov</FONT></U>.</P>
<P align=justify><B>2013 SECOND QUARTER HIGHLIGHTS</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Silver ounces produced increased by 44% to 2,767,966 ounces compared to
  1,917,248 ounces in Q2 2012.
  <LI>Silver equivalent ounces produced increased by 55% to 3,268,117 ounces
  compared to 2,102,222 ounces in Q2 2012.
  <LI>Net Earnings after Taxes amounted to $0.2 million ($0.00 per share)
  primarily due to the suspension of silver sales in the second quarter which
  would have added approximately $7.6 million to net earnings or $0.06 per
  share.
  <LI>Adjusted Earnings Per Share (non-GAAP) of $0.07 after excluding non-cash
  and non-recurring items.
  <LI>Cash Flow Per Share (non-GAAP) of $0.30, representing a 3% increase from
  Q2 2012.
  <LI>Generated Revenues of $48.4 million, a 12% decrease compared to Q2 2012
  primarily due to the suspension of silver sales late in the second quarter.
  <LI>Mine Operating Earnings amounted to $14.3 million, a decrease of 54% from
  Q2 2012, primarily due to the suspension of silver sales late in the second
  quarter.
  <LI>Total Cash Cost, net of by-product credits, was $9.43 per ounce, down
  slightly from $9.49 compared to Q1 2013 and up 7% compared to Q2 2012.
  <LI>Average realized silver price per ounce was $22.19, a decrease of 23%
  compared to Q2 of 2012.
  <LI>At the end of the quarter, Cash and Cash Equivalents was $78.9 million and
  Working Capital was $80.4 million.
  <LI>As of August 12, the Company held approximately 150,000 ounces of silver
  in inventory. </LI></UL>
<P align=justify>&#147;Despite the weak silver price environment, First Majestic
achieved a new quarterly record in silver production and continues to
demonstrate its commitment to maximizing shareholder value,&#148; said Keith
Neumeyer, CEO and President of First Majestic. &#147;The silver price fell 31% during
the second quarter which is equal to the largest quarterly drop during the 2008
financial crisis and the third largest quarterly drop in the past 50 years. As
such, management decided to suspend a portion of silver sales to await a rebound
in prices. While the suspension had a negative impact on this quarter&#146;s revenues
and earnings, we are confident the silver price will revert back to the mean in
the near future. In the meantime, regular sales are now taking place in order to
allow silver inventories to return to normal levels.&#148;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_3></A>
<P align=center>2</P>
<P align=justify>Mr. Neumeyer continues; &#147;Furthermore, as a result of the recent
cost-cutting measures and improved operating parameters, cash costs are expected
to decrease during the second half of 2013.&#148;</P>
<P align=justify><B>2013 SECOND QUARTER HIGHLIGHTS TABLE</B></P>
<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 valign="bottom">&nbsp; </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=center valign="bottom" nowrap><B>Second Quarter</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>Second Quarter</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>&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="10%"
      align=center valign="bottom" nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013</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>2012</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>Change</B> </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="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid"><B>Operating</B>    </TD>
    <TD width="1%"
    align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="2%"
    align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="2%"
    align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
  <TD width="2%"
    align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Silver Equivalent Ounces Produced </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">3,268,117 </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">2,102,222 </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">55% </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Silver Ounces Produced <BR>&nbsp;&nbsp; (excluding
      equivalent ounces from by-products) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"><BR>2,767,966 </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"><BR>1,917,248 </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"><BR>44% </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Payable Silver Ounces
      Produced<SUP>(1)</SUP> </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">2,689,222 </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">1,888,132 </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">42% </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Total Cash Costs per Ounce<SUP>(2)</SUP> </TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">9.43 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">8.83 </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">7% </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Total Production Cost per
      Tonne<SUP>(2)</SUP> </TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">39.57 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">26.97 </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">47% </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">Average Realized
      Silver Price Per Ounce ($/eq. oz.)<SUP>(2)</SUP> </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">22.19    </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">$</TD>
    <TD width="10%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">28.69    </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(23%</TD>
  <TD width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">)</TD></TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#BFBFBF style="BORDER-BOTTOM: #000000 1px solid"><B>Financial</B> </TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#BFBFBF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=left valign="bottom" bgColor=#BFBFBF style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#BFBFBF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#BFBFBF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=left valign="bottom" bgColor=#BFBFBF style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%"
    align=left valign="bottom" bgColor=#BFBFBF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgColor=#BFBFBF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
    align=left valign="bottom" bgColor=#BFBFBF style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
  <TD width="2%"
    align=left valign="bottom" bgColor=#BFBFBF style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Revenues ($ millions) </TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">48.4 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">54.8 </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></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Mine Operating Earnings ($ millions) </TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">14.3 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">31.1 </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">(54%</TD>
  <TD width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Net Earnings ($ millions) </TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">0.2 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">15.3 </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">(99%</TD>
    <TD width="2%" align=left valign="bottom">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Operating Cash Flows Before Movements in
      <BR>
    &nbsp;&nbsp; Working Capital and Income Taxes ($ millions) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"><BR>
    $34.8 </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"><BR>
    $30.6 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom"><BR>
    14% </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Cash and Cash Equivalents ($ millions) </TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">78.9 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">70.9 </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">11% </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">Working Capital ($ millions) </TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="10%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">80.4 </TD>
    <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="10%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">94.6 </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">(15%</TD>
  <TD width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid"><B>Shareholders</B> </TD>
    <TD width="1%"
    align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="2%"
    align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD width="2%"
    align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
  <TD width="2%"
    align=left valign="bottom" bgcolor="#BFBFBF" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Earnings Per Share ("EPS") - Basic </TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">0.00 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">0.14 </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">(99%</TD>
  <TD width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Cash Flow Per Share<SUP>(2)</SUP> </TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">0.30 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">$</TD>
    <TD width="10%" align=right valign="bottom">0.29 </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% </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Weighted Average Shares Outstanding for the
      Periods </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="10%" align=right valign="bottom">116,921,685 </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">105,798,950 </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">11% </TD>
  <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>(1) Payable Silver Ounces Produced is equivalent to Silver
Ounces Produced less metal deductions from smelters and refineries. <BR>(2) The
Company reports non-GAAP measures which include Total Cash Costs per Ounce,
Total Production Cost per Tonne, Average Realized Silver Price per Ounce and
Cash Flow Per Share. These measures are widely used in the mining industry as a
benchmark for performance, but do not have a standardized meaning and may differ
from methods used by other companies with similar descriptions.</P>
<P align=justify><B>FINANCIAL HIGHLIGHTS</B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Net earnings for the second quarter of 2013 was $0.2 million (EPS of
  $nil), compared to net earnings of $26.5 million (EPS of $0.23) in the first
  quarter of 2013 and net earnings of $15.3 million (EPS of $0.14) in the second
  quarter of 2012. While the Company achieved production growth of 55% compared
  to the same quarter of the prior year, earnings were affected by the
  suspension of silver sales in early June and market conditions as the price of
  silver declined by over 30% during the quarter. As a result of the dramatic
  fall in silver prices in a very short timeframe, the Company held
  approximately 700,000 ounces of silver in inventory at quarter end in an
  attempt to maximize future profits. This suspension of sales resulted in lower
  revenues by approximately $14.8 million and profits by $7.6 million for the
  second quarter, or an impact of reducing EPS by $0.06 in the quarter. </LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_4></A>
<P align=center>3</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Adjusted EPS (a non-GAAP measure) for the second quarter of 2013 was $0.07,
  after excluding non-cash and non-recurring items, such as share-based
  payments, losses on investment in silver futures and marketable securities,
  and a gain on fair value adjustment of the prepayment facility for the
  pre-sale of lead and zinc. </P>
  <LI>
  <P>Cash costs remained relatively unchanged from $9.49 in the prior quarter to
  $9.43 in the second quarter of 2013, and increased by 7% compared to $8.83 in
  the second quarter of 2012. The increase in cash cost compared to the same
  quarter of the prior year was primarily attributed to 9% appreciation of the
  Mexican peso against the US dollar. Cost cutting measures that were announced
  previously will take effect in the second half of 2013 and are anticipated to
  reduce cash costs through to the end of the year. </P>
  <LI>
  <P>Generated revenues of $48.4 million for the second quarter of 2013, a
  decrease of 28% compared to the first quarter of 2013, primarily due to 25%
  decrease in average realized silver price per ounce and management&#146;s decision
  to suspend approximately 700,000 ounces of silver sales near quarter end in an
  attempt to maximize future profits. Revenues decreased 12% despite a 55%
  increase in production over the same period compared to the second quarter of
  2012, primarily due to the suspension of silver sales and the 23% decline in
  average realized silver price per ounce. </P>
  <LI>
  <P>Recognized mine operating earnings of $14.3 million compared to $34.6
  million in the first quarter of 2013 and $31.1 million in the second quarter
  of 2012. The decrease in mine operating earnings was attributed to lower
  revenues and higher depreciation, depletion and amortization expense related
  to the increased production rates and the addition of plant, equipment and
  mineral properties related to the addition of two new mines, the La Guitarra
  and Del Toro mines. </P>
  <LI>
  <P>Cash flows from operations before movements in working capital and income
  taxes (an additional GAAP measure) in the second quarter of 2013 decreased by
  22% to $34.8 million ($0.30 per share) compared to $44.9 million ($0.38 per
  share) in the first quarter of 2013, and increased by 14% compared to $30.6
  million ($0.29 per share) in the second quarter of 2012. </P>
  <LI>
  <P>Total Production Cost per Tonne was $39.57, an increase from $26.97 in Q2
  2012 as a result of the addition of two new mines, the La Guitarra Silver mine
  with costs of $49.90 per tonne and the Del Toro Silver mine with costs of
  $40.38 per tonne. In addition, the change of blend at the La Encantada Silver
  mine to incorporate a greater percentage of higher grade fresh mine ore has
  increased the costs per tonne while the costs per ounce remained relatively
  unchanged. </P>
  <LI>
  <P>During the second quarter, the Company received a positive judgment from
  the Supreme Court of British Columbia on the Bola&#241;os trial (see note 22 of
  interim consolidated financial statements), which awarded a net opportunity
  loss of $93.8 million in favour of First Majestic. The amount does not include
  pre-judgment interest or legal costs, of which a portion is recoverable. In
  June 2013, the Company received $14.1 million as partial payment of the
  judgment. </P>
  <LI>
  <P>During the second quarter, the Company invested approximately $2.4 million
  (CDN$2.5 million) to repurchase and cancel 215,000 common shares of the
  Company under the previously disclosed Normal Course Issuer Bid. </P></LI></UL>
<P align=justify><B>RECENT DEVELOPMENTS</B></P>
<P align=justify>The Del Toro Silver Mine successfully completed its first
commercial quarter producing 369,772 ounces of silver, 1,967,741 pounds of lead,
1,139,583 pounds of zinc and 83 ounces of gold. The flotation mill averaged 905
tonnes per day (tpd) with an average recovery rate of 72% and head grade of 216
g/t silver. Total cash costs recorded at the new operation during the quarter
were $8.20 per ounce net of by-products. Underground mining and milling costs
were $13.70 and $18.43 per tonne, respectively. Further ongoing daily
improvements are underway with a focus toward increasing daily tonnage,
recoveries, quality of concentrate production and other plant optimizations.
Following the construction of the cyanidation circuit, which is scheduled to
begin ramp-up late in the third quarter, the Company will begin producing its
own silver dor&#233; bars which is expected to further reduce cash costs at Del
Toro.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_5></A>
<P align=center>4</P>
<P align=justify>As announced on May 15, 2013, the Company had cut over $30.0
million from its 2013 capital budget primarily in the areas of exploration and
development. Since then, management has cut an additional $20.0 million, also
focusing on reducing exploration and development and postponing investments in
non-critical areas that will not impact guidance. The budget for expansionary
expenditures in the second half of 2013 has been reduced to $71.4 million, which
consists of $28.0 million for the plant expansion at Del Toro, $8.8 million for
the expansion at San Martin, $3.2 million for the shaft and underground rail
system at La Parrilla, $2.8 million of pre-development costs at La Luz, $0.5
million for modifications at La Encantada, and $0.7 million for the expansion at
La Guitarra. Also included in the total expansionary capital, the company has
planned $25.5 million in mine development costs and $1.9 million in exploration
for all of the Company&#146;s properties, excluding sustaining costs.</P>
<P align=justify>The completion of the underground rail system project at La
Parrilla, including the new 2,000 tpd production shaft at the Rosa/Rosario area,
has now been extended to early 2015 versus mid-2014 as a result of the recent
budget cuts. The decision to slow this project will not affect annual silver
production as this project was primarily aimed at improving operational
efficiencies and reducing transportation and fuel costs.</P>
<P align=justify>The San Martin Silver Mine produced 371,301 ounces of silver
and 512 ounces of gold in the second quarter, an improvement of 43% and 68%,
respectively, compared to the first quarter of 2013 and the highest quarterly
production results since the Company took over control of the mine in 2006. The
average silver head grade increased 32% to 166 g/t in the second quarter,
compared to 126 g/t in the first quarter of 2013. The increase in grade was
attributed to the commencement of production in the Rosarios/Huichola and La
Lima vein areas which are returning positive results. Furthermore, the mill
expansion to 1,300 tpd is progressing as planned and is now 75% complete with
ramp-up scheduled in September 2013. </P>
<P align=justify>At the La Guitarra Silver Mine, improvements to the mine plan
and the increase of throughput levels have continued to reduce total costs.
During the quarter, production costs at the operation decreased 20% to $49.90
per tonne, which is ahead of schedule and below the $50.00 per tonne target set
by management to achieve by year end. Since taking over control of La Guitarra,
First Majestic has now reduced production costs per tonne by more than 60%, from
$128.00 in the second quarter of 2012. Further cost improvements are expected in
the second half as a new smelter agreement was signed late in the second quarter
for the direct sale of the silver-gold concentrates.</P>
<P align=justify>The Company performs impairment testing annually and when
impairment indicators are present. The decline in silver prices towards the end
of the second quarter was an indication of potential impairment. Consequently,
impairment testing was performed for each of the Company&#146;s projects based on
life of mine cash flow projections, considering reasonable assumptions for
factors such as future metal prices, production based on current estimates of
recoverable mineral reserves and mineral resources, future operating costs,
capital expenditures, inflation and long-term foreign exchange rates. Based on
these assessments, the Company has concluded that there are no impairment
charges in respect to its mining interesting as of June 30, 2013.</P>
<P align=justify><B>IN SUMMARY</B></P>
<P align=justify>First Majestic experienced another solid quarter as it achieved
record production of 3,268,117 silver equivalent ounces, an increase of 55%
compared to 2,102,222 silver equivalent ounces produced in the second quarter of
2012. Silver production also hit record levels during the second quarter with
2,767,966 ounces of silver being produced, representing an increase of 44%
compared to 1,917,248 ounces of silver produced in the second quarter of 2012.
This increase is primarily attributed to the additional production from the new
Del Toro mine, an 82% increase in silver production at San Martin, the
acquisition of La Guitarra in July 2012 and its subsequent expansion from 350
tpd to the current 500 tpd.</P>
<P align=justify>Total ore processed in the quarter reached 668,398 tonnes, an
increase of 9% compared to the second quarter of 2012. The increase in milled
ore is a result of the successful plant expansion at La Guitarra and the first
quarter of commercial production at Del Toro, offset by a reduction of processed
old tailings at the La Encantada mine.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_6></A>
<P align=center>5</P>
<P align=justify>Cash costs in the second quarter decreased $0.06 to $9.43 per
ounce, relatively unchanged compared to $9.49 in the first quarter of 2013. Due
to the previously announced budget cuts of $50 million, the Company anticipates
cash costs per ounce will decline in the second half of 2013 compared to the
first half.</P>
<P align=justify>Total production costs increased in the second quarter to
$39.57 per tonne from $31.79 in Q1 2013 primarily due to the first commercial
quarter of Del Toro production coming on line and the higher costs at La
Guitarra. These costs are anticipated to improve as further efficiencies are
achieved at both Del Toro and La Guitarra mines in the coming quarters.</P>
<P align=justify>In addition, the La Encantada mill feed was altered which
reduced the old tailings feed by almost 50% while slightly increasing the feed
of fresh ore. The result was a 29% reduction in total throughput compared to the
previous quarter with an average 3,171 tpd consisting of 1,741 tpd of fresh mine
ore and 1,430 tpd of old tailings material. The reduction in tonnage resulted in
various cost savings, such as a reduction in cyanide consumption and equipment
operating costs. However, with the increase of fresh ore from the mine and the
reduction of processed old tailings the production costs per tonne increased to
$34.70 compared to $25.65 in the previous quarter. Cash costs per ounce at La
Encantada were relatively consistent at $8.85 compared to $8.79 in the previous
quarter.</P>
<P align=justify>The consolidated average head grade for the second quarter was
201 g/t, a sizable 22% increase compared to 164 g/t in the second quarter of
2012 and an 11% increase compared the first quarter of 2013. The two most
significant grade improvements were seen at the La Encantada and San Martin
silver mines, where silver grades were up 17% and 32%, respectively, over the
previous quarter. Combined recoveries for all mines in the second quarter were
64%, a notable 9% increase compared to 59% seen in both the second quarter of
2012 and the first quarter of 2013. The higher recoveries are a result of the
successful optimization program at La Encantada and Del Toro&#146;s first commercial
quarter of production.</P>
<P align=justify><B>CONFERENCE CALL AND WEBCAST</B></P>
<P align=justify>A conference call and webcast will be held today, August 13,
2013 at 10:00 a.m. PDT (1:00 p.m. EDT) to review and discuss the second quarter
results. To participate in the conference call, please dial the following:</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="80%">

  <TR vAlign=top>
    <TD align=left >Toll Free Canada &amp; USA: </TD>
    <TD width="80%" align=left><B>1-800-319-4610</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Outside of Canada &amp; USA: </TD>
    <TD width="80%" align=left><B>1-604-638-5340</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Toll Free Germany: </TD>
    <TD width="80%" align=left><B>0800 180 1954</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Toll Free UK: </TD>
    <TD width="80%" align=left><B>0808 101 2791</B> </TD></TR></TABLE></DIV>
<P align=justify>Participants should dial in 10 minutes prior to the conference.
</P>
<P align=justify>Click on WEBCAST on the First Majestic homepage as a
simultaneous audio webcast of the conference call will be posted at <U><FONT
color=#0000ff>www.firstmajestic.com</FONT></U>.</P>
<P align=justify>First Majestic is a mining company focused on silver production
in M&#233;xico and is aggressively pursuing its business plan of becoming a senior
silver producer through the development of its existing mineral property assets
and the pursuit through acquisition of additional mineral assets which
contribute to the Company achieving its aggressive corporate growth
objectives.</P>
<P align=justify>FOR FURTHER INFORMATION contact info@firstmajestic.com, visit
our website at www.firstmajestic.com or call our toll free number
1.866.529.2807.</P>
<P align=justify>FIRST MAJESTIC SILVER CORP.</P>
<P align=justify><I>&#147;signed&#148;</I></P>
<P align=justify>Keith Neumeyer, President &amp; CEO</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_7></A>
<P align=center>6</P>
<P align=justify>SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION</P>
<P align=justify>This news release includes certain "Forward-Looking Statements"
within the meaning of the United States Private Securities Litigation Reform Act
of 1995 and applicable Canadian securities laws. When used in this news release,
the words &#147;anticipate&#148;, &#147;believe&#148;, &#147;estimate&#148;, &#147;expect&#148;, &#147;target&#148;, &#147;plan&#148;,
&#147;forecast&#148;, &#147;may&#148;, &#147;schedule&#148; and similar words or expressions, identify
forward-looking statements or information. These forward-looking statements or
information relate to, among other things: the price of silver and other metals;
the accuracy of mineral reserve and resource estimates and estimates of future
production and costs of production at our properties; estimated production rates
for silver and other payable metals produced by us, the estimated cost of
development of our development projects; the effects of laws, regulations and
government policies on our operations, including, without limitation, the laws
in Mexico which currently have significant restrictions related to mining;
obtaining or maintaining necessary permits, licences and approvals from
government authorities; and continued access to necessary infrastructure,
including, without limitation, access to power, land, water and roads to carry
on activities as planned.</P>
<P align=justify>These statements reflect the Company&#146;s current views with
respect to future events and are necessarily based upon a number of assumptions
and estimates that, while considered reasonable by the Company, are inherently
subject to significant business, economic, competitive, political and social
uncertainties and contingencies. Many factors, both known and unknown, could
cause actual results, performance or achievements to be materially different
from the results, performance or achievements that are or may be expressed or
implied by such forward-looking statements or information and the Company has
made assumptions and estimates based on or related to many of these factors.
Such factors include, without limitation: fluctuations in the spot and forward
price of silver, gold, base metals or certain other commodities (such as natural
gas, fuel oil and electricity); fluctuations in the currency markets (such as
the Canadian dollar and Mexican peso versus the U.S. dollar); changes in
national and local government, legislation, taxation, controls, regulations and
political or economic developments in Canada, Mexico; operating or technical
difficulties in connection with mining or development activities; risks and
hazards associated with the business of mineral exploration, development and
mining (including environmental hazards, industrial accidents, unusual or
unexpected formations, pressures, cave-ins and flooding); risks relating to the
credit worthiness or financial condition of suppliers, refiners and other
parties with whom the Company does business; inability to obtain adequate
insurance to cover risks and hazards; and the presence of laws and regulations
that may impose restrictions on mining, including those currently enacted in
Mexico; employee relations; relationships with and claims by local communities
and indigenous populations; availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral exploration and
development, including the risks of obtaining necessary licenses, permits and
approvals from government authorities; diminishing quantities or grades of
mineral reserves as properties are mined; the Company&#146;s title to properties; and
the factors identified under the caption &#147;Risk Factors&#148; in the Company&#146;s Annual
Information Form, under the caption &#147;Risks Relating to First Majestic's
Business&#148;.</P>
<P align=justify>Investors are cautioned against attributing undue certainty to
forward-looking statements or information. Although the Company has attempted to
identify important factors that could cause actual results to differ materially,
there may be other factors that cause results not to be anticipated, estimated
or intended. The Company does not intend, and does not assume any obligation, to
update these forward-looking statements or information to reflect changes in
assumptions or changes in circumstances or any other events affecting such
statements or information, other than as required by applicable law.</P>
<HR align=center color=black SIZE=5 width="100%" noShade>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>exhibit99-1x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-1x1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`"6`/P#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HJ*XN(;6%IKB5(HEY9W.`*PY/&V@1O
MM^VER.ZQ.1_*@#H:*SM,US3=69EL;M)649*X*L!ZX/-:%`"T444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%1SS
M1V\$DTS!8XU+,Q[`=:?7!_$G6BD<>DP-R^))\'M_"/Z_E0!3$EUX]UTQ;V@T
MRW^;;WQV/^\?T_GTK6VJZ.?(T32=/:VS@$2%7QZMGJ?Q-.\#Z4=,\/Q&1-L]
MP?-?U&>@_+'YFNAH`P+CPZ;_`,B\DE%AJ29W367&0>QSU^M,.F^(K#]Y9ZNE
M\!U@NXP,_1ASFMJ]L_MD0C-Q/".YA?83^/6N?U#PU=1ZA97&BSF%HR3,]Q/(
M^[IC@DY[^E`&WI&HKJE@MP(S$X)22-NJ.#@BKU4]+T]-.M3$KM([NTDLC=7=
MCDGVJY0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444
M`%%%4-3UBQTD1F^G\KS,[?D9LXZ]`?6@"_16#_PF.A?\_I_[\R?_`!-'_"8Z
M%_S^G_OS)_\`$T`:U]=Q6%E-=3G$<*%V_"O)='MY?$WBM6GY$LAFF]E'./Y"
MMSQSXIMK^QCL=-F+QR'=,VUEX'0<@=^?P%1^!=0TC1K:XN;^X\NXE(4?NG.U
M![@8Y/\`(4`>DTM4-/UG3]3MY)[.Z22*+[['*[?KG&*Q[SQK:H[)IMI<ZDR_
M>:%#L'XX_I0!T]%<;9?$*SDN/)O[.:S.<%B=P7Z\`C\JZP75N;7[5YT?D;=_
MF;AMV^N:`)J*Y2Z\;V^]ETRPNM0"\&2-2$_/!/Z5!8_$.REN/)OK26S.<;B=
MX7Z\`C\J`.RHID4L<T2RQ.KQN,JRG((]:?0`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`4E+10`E,FE2"%Y9#M1%+,?0#DU)7&_$;5S::
M9'80OB2Z)WX/(0?XG^1H`XMC+XI\5<94W4V!WV(/\%%>J:K:1#PY=VH0>4MJ
MRJ,=,+Q^6!7+?#32`EO-JLJ?/(?+A)[*.I'U/'X&NPU;_D$WO_7!_P#T$T`>
M8^!]+.KWTUO-*ZV:A9)HU./-(/R@^W)KU6*&."-8X8UCC48"J,`?A7GGPN_X
M_K__`*YK_,UZ/0!S7CG2(K_09[@1K]HME\Q7QS@=1GTQFN6\$VTFN1_V?=R$
MZ?9OYQB!^^S=%/\`L\$_C7?Z]_R`=1_Z]9/_`$$UQ?PL_P!;J7^['_[-0!Z!
M'$D48CB1411@*HP!^%<QX_TF&\T*6\6,?:+;#AP.2N>0?;O^%=567XG_`.1;
MU+_KW?\`E0!SWPROGFTNYM')(MY`R^P;/'Y@_G7:UY_\+!_R$S_UR_\`9J]`
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`&NRHC
M.Q`51DD]A7CFL7<OB?Q,3`"?.<10J>R]!_4GZUWOC[5O[.T-H(WQ/=_NQCJ%
M_B/Y<?C6)\-M&W/+JTRC"YCASZ_Q'^GXF@#N["TCL+&&TA&(X4"#WQWJ/5N-
M(O?^N#_^@FK3,J*6<A5`R23@"L7Q%K&GP:'>@WD!D>!T1%D!9B00,"@#E/A=
M_P`?U_\`]<E_F:]'KS;X7M_Q,KU?6$']:](H`H:^<>']1/\`TZR_^@FN,^%A
M_?:D/]F/_P!FKH_%>KV,&@7T?VN$S21-&L8<%B3QT_&N/^'.H6MCJ%VEU<1P
M"6,;3(P4$@],GZT`>H5D>*VV^&=1/_3%A6G%-%.F^&1)%Z;D8$50\26TMYX?
MOK>!=TKQ':OJ>N*`.3^%@^34S[Q?^S5W]>7>`];M=%NKNWU!C"L^W#E3\K+G
M@^G6O1(M8TR9<Q:A:N/:9?\`&@"[134=9$#HP93R"#D&G4`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!37941G8X51DGVIU)0!SMEXVT:]OA:I+)&S'
M"O(NU6/U[?CBNB9@JEF(``R2>U<)K7P\-Q=O/I<\<2N<F*7.%/L1GCVJ[:>&
MM<EL18:GK0-EC:T<*Y9E_N[R`<?G0!SUZMSXV\4E;?(LH#L\S'"H#R?J>WX>
ME>DV=K#96D5M;((XHUVJHJ/3=-M=+M5MK.$11CGCJQ]2>YJW0`R6-)HVCE17
M1P596&01Z$51&A:0/^859?\`@.G^%:-%`%2UTVQLY#):6=O`[#!:*,*2/3BK
M5+10!3.DZ:22=/M23R285Y_2D_LC3?\`H'VG_?E?\*NT4`16]O!:Q^7;PQQ)
MG.V-0HS]!4E+10!!-9VUP<SV\4A]70'^=0G2--/73[0_]L5_PJ[10`U%5%"H
M`JJ,``8`%.HHH`****`"BBB@`HHHH`****`"BBB@".9VCC+)&9&'15(!/YUC
M6/B4:C;"YM-)U"6(DC<!&.1UZO6Y7&^#M6M;'P_Y<R7/RRR$E+:1UQGU`(H`
MZNPNOMMG'<")XMX/R2##+SCFIZY_Q6\5SX-N;A%^5HED3(Y&2"/H>:BU:",>
M`6^1?ELT9>.AP.:`.EI:Y/6=.M8O"2WEO&MO=0PI)'+"-C;N.XZYKHX3<-IZ
M%P!<F($@]`^/\:`)FEC5PC.H8]`3S3BP!`)Z]*Y3PW_9>K:6]C<P1F_C!6Z6
M509"W0MD]>?RKH+C3+2[,/VJ!)Q""$610RC..<'OQ0!;H!!KE(=.L3XYN+<V
M=N818JXC\L;0=_7'K7165A;6`E6TB6))7WE4&!G`'`_"@`U&^ATVS:ZN#B)"
MH8^F6`S^M6000"#D&L/Q="MWIUO8,Q5;NZCB)'4#))_E3/!^H2W%A)877%WI
M[^1)[@<*?T_2@#6U&^ATVPFO+@XCB7)]_0?B>*L@Y`(Z&N3\9(=3M[NU0L([
M"W-S)C^)R#M7\@Q_*NAT>;[1H]E-_P`]($;\U%`%LG'XTM<EXINKI;U+JT<^
M7I!2:9!_&7.,?@N?^^JZJ&5)X4EC8,CJ&5AW!Z4`/I,YKF;&",>/M1(11MMD
M(XZ$XR:CAM+-_'-_'-;P-']E1MKH",YZX/>@#JLTWS8]^S>N_P#NYYK)O;5;
M;0=031559&5V58<<-C!QCH>/SJGH2Z-K6CQK#!$)8@HD!0>8CCN3UZCKWH`Z
M3(SC(SZ452ETBPGN7N+BTAGE?'S2H&(`&,#/05@>%M-L;G^V!/9V\H34)47?
M&#M48P!Z"@#K`01D4M<GXTLH+/P=)%`@5877R_5`7Z#\ZTO$5\^G:?!!9[8Y
M[J9+:(@<)N[X]A0!KO+''C>ZKG^\<4JL&&5((/<51MM&L+>()]G25\?-+,`[
MN?4L>326VD6MGJ;WEK$D(DBV.B#`)SD''2@#1HHHH`****`"BBB@!#TKFOA^
MP?PTI'_/:3^=='(BR(4;.UA@X.*KV.FV>G*5LX1"A.2JDXSZXZ9H`S?&*JGA
M*^50%41@`#M\PJ#5F'_"`.>QLD_D*W;RSM[ZW,%U&)8FZH>A^M1/I=G)9"R>
M'=;#`$18D8'0=>GM0!@7.DS)H=C>Z;+/)/;(DP@EE>1)<+]W:20#Z8K9L=;L
M[[2&U%'Q$B%I5/WHR!D@^]7;>WCM85AA7;&HPJY)P/09[56_LBP$LT@M8U:<
M$2[1@2`]=P'!Z]Z`,?Q7I%M+9R:O!)]EOK5#(DZ'&['(!]<]*WK"66:PMY9T
MV2O$K.N.C$#(JM'H>G1B,"V!6,Y1&9F53ZA2<"M"@#G(&'_"P[@=_P"SQ_Z&
M*Z2J8TNS6^-Z(<7)&#+N.XCTZ]/:K=`&#KK[M?T"V_O3R28_W4/^-4_$#'0-
M=@UR*-F@G7[/=(G4G^%OT_3WKH)M-M;BZCNI8MT\?W'W'*_3GBIYH(KB/RYH
MUD3(;##(R#D'\Q0!CQV,R>&[T7>&N[J*22?'9F7[OT`P/PI/#%W''X.L[F5@
M(XH#N/H%R#_*MME#H5895A@CUJ@NB:<EJ]JELJV[G+1*Q"'\,XH`SM)TF6YT
MJ6:YNYXVU'=--&H0C#CA>5)X7`ZTWP;-)#;7.CW+9N-.E*<_Q(>5/T_^M70Q
M1K%&L:#"J,`9S@56;3[1;Q[[R<7!&&D4G<0.W'7ITH`R+'_D?=3_`.O6.H8X
M+:Z\>7Z7$44P6T0A9%#8.1Z_6M+2K"1=4U#4YUV-=%5C0]511@9]SUQ4TNAZ
M;/<-<2VB/,W60D[C^-`$L0LM/A:.)4BC60951@*SD`?3)-<_XJTN.Q']NZ<3
M!?Q.ORITGRP&TCN3FM\:38"SEM!:Q_9Y3ND0\ACQR?R'Y4D6D6,,D<BP;FB_
MU9=F?9],DX_"@"Z.1S7.>#B"VM8/_,2F/\JZ,C((]?2JEGIEG8,[6D(B,AR^
MTGYCZGU-`&/X_('A2YSW=/\`T(4_QC:SRZ;;WEHADFL;A+@(.K`=?\?PK7OK
M"UU"(17D(FC!SL8G&?I4\<:Q($7.U>!DD_SH`JZ7JEKJUFES:2!U8<K_`!*?
M0CL:G^T1_:A;9S(4+X'8`@<_G^AJI-H6F37!G:SC$S=73*$_4C%366F6=@TC
M6L"QM)C>V22V.F2>:`+=%%%`!1110`4444`%%%%`!1110`5#/<Q6Z@RMC.3@
M`DX'4X%350U6WEG13;AEG0,8I58#8W8'/53W'/2@"Y)(L4;2.<(H))]!2A@5
M##H1D<5#>1O-8SQ)@N\;*/J14L8(B4$8(49%`!%*DT2RQMN1QE3ZBH_MD'EL
M_F#:K^63@\-D#'YD5'IJ2Q64$,T91HHE0G(()`P<5%]A?^U&FW#[,V)"G?S0
M-N?IMQ^(%`%R::.!-\C87(&<9Y)P/UIR.LB!USM(R,C%5]1A>>UV("Q\Q&P#
M@X#@GGZ"IH01$H(8$#&&.3^)H`CM[VWN6*PRAB!G&".,XSS[C%6*R-,LKFT>
M)I,.,2*RY'[O+E@1Z@\9^@K7H`CEF2%09#C)P`!DD^@`ZT0S).A:,D@'!R""
M#]#5:\AE-U;7,(#^46#1DXRK#J/<8'YFK,3,RDM&4YZ$C/Z4`1M>6ZR>69,'
M=MS@XW>F>F?:I)IHX(FDE;:B]3BLU[&>339]/=>)&8"8-_"S$Y]=PS^8JYJ4
M+W%A+%%]]A@<^]`$T,\<Z%HG#`$J?8CJ#Z4QKRW6?R&D`DR!@@]2,@9J.RAE
M@DG63#J[[UDXRV0."/48Q],4Q;0M?SRRCY"49!GJ0#R:`+U%,B9V3,B!&R1@
M'/&>#^7-/H`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#__
!V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>exhibit99-1x2x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-1x2x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`"@`0\#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHIKNJ*6=@JJ,DDX`%`#J*YN?QQHT<
MYAA:>Z<''[B/<#],XS^%26GC#2[FZCMG\^VED.%%Q$5R?K0!T%%)2T`%%%%`
M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`E>>>)-7N/$>MIH&FOMM_,VR.#PY'4G'\(Y^OY5T7C;6O[(T5EB
M?%S<9CC]0.[?@/U(K$^&>E,D<^J2KC?^ZBSZ?Q'\\#\#0!MQZ%=Z/9I%X?:S
M1@O[QKF,EI&]=P/Z8J:/2KS5-.D@\1-;2[\;4MT(\L^H8GK^'YUN4R6-9HV1
MBP##!VL5/YCD4`<Z_AE[4A['7M0MY.PFE$B'_@)QFKFCW]Y]LGTS5/+:[A02
M++&,+*AXSCL0>#5;6/"5C>:?+%:P1I<N1MGE9G9>1GDDD\9J]H^D'3\S7-PU
MU=LBQF5A@!!T4#L/YT`:E%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%5[VZ2RM7N'21U3^&-"S'G'`%9/_"56W_0/
MU/\`\!&H`WJ2L+_A*K;_`*!^I_\`@(U97B/QC''I$T=M!>07,HV1M-"4`]2"
M>^*`.3\5:A)KWB5DM\NBN((!GKSC/XG^E>J:78QZ;IMO9Q<K"@7/J>Y_$\UY
M9X,$=OJHO[FUNIXH0=GDPF3Y_?'H"?TKT'2O%FEZM>_9+=Y%F()"R)MSCKB@
M#=HKG[_Q7!%,]OIMI<:G<(<,+=254^[?X9K'E\<:C8R`ZCH,L$1.,DL/U(P:
M`.XHK.T?6[+6;4SV<N0OWT;AD^HK,O?%T8F>#2;&XU.5#AC"IV`_[V#0!TE%
M<-+XZU"QE']I:%+!&3C))4_AD8-=3H^LV6M6OGV4FX#AD;AD/H10!H4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`"44M%`"5
MY/X\U0ZEKYMX^8[7]TH'.6_B/Y\?A7H7BG5?['T.XN58+,1LB_WST_+D_A7`
M>`-*.I:Z;N9=\5K^\);G+G[O]3^%`'H/AO2QI&B6]I_RT"[I#ZL>3_A^%>;3
MV1N?'D]G%(8A+=NI9>"%).['X$UZ[7ET'_)3S_U^-_6@#TFQL;?3[2.VM8Q'
M$@P`/YGU-.O+2&]M);:X0/%*I5@:FHH`\?T.UN%\1RZ*L[1I.[6\Y7JR*<MC
MT^Z?SKUJSM(+&UCMK6,1Q1C"J*\UTK_DI[_]?<_\FKU"@"OJ%E#J%E+:W"!H
MY5VG/;W^HKS3P%/+8^+&LFZ2AXG'NN3G]#^=>IUY9X=Y^(Y_Z^)_Y/0!ZI11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%4
M=:U%-*TFXO)"/W:?*/5N@'YT`>>?$36/MNJK81G]U:<-_M.>OY=/SKL_!ND_
MV3H,*.N)YOWLN>H)Z#\!BN"\':9)KGB$7%Q^\BA;SIF;^)LY`_$_R->M4`%>
M70'_`(N<?^OQOZUZ!<:_I%L76;4K560D,OF@L".HP.:\TTN[2Z\?QW49_=S7
MC,I/H2<?SH`]<HHJC>ZUINGLR7=]!$ZC)1G&['TZT`>=Z4W_`!<YS_T^3C_T
M*O4J\;TS4X8O&":E,VR%KEI&;'0,3_C7K-EJMAJ!*V=Y#.P&2J."0/4CK0!;
MKROPJ=_Q!#>LLQ_1J]4KR>)+KPSXO^UWEK+Y,<SDLJ'#(V1D'H>#0!ZS16+;
M>*]#N5!3484SVDRA'YUIVMY;7L9DM+B*=`<%HW##/ID4`3T444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110`5R^K>-['2M5:QEMYW,9`D<``#(
MSP#UZUU%<[XD\)6FO.)MYM[H#'FJN0P]".]`&W9W<%]:I<VLJRPR#*LM<)XT
MO;C7=7AT'3!YHC;=+M/&_P!SZ+_6KNE>"M2T_>D>O2PPL<LD"$9]^3P:Z32-
M$L='B*VD7SM]^5SEW^IH`;X?T>'1-,CM8L%^LL@'WV[FM.BB@"N;*U9BS6T)
M8G))C&30+*U5@RVT(93D$1C(-6**`$IIC1CDHI/J13Z*`&>5'_<7\J%C13E5
M4'V%/HH`*2EHH`88T/5%/U%*JJHPH`'H!3J*`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"D/3BEHH`PX]=N9=5NM.BT[?-;!2Y$P"D$9&"0/6KUE>S3/.MU:
M&U\K'+2!@P(ZY%8$-W]C\<:NWV:XGW0Q#$*;B/E'6NATZ^6_BD<03P>7(8RL
MR;6Z`YQZ<T`3)=6\BLR3Q,J_>*N"!]:8-0LB0!=P$G_IH/\`&L'P"H&B3X&/
M]+D_I2>$[.UN=#NXKB&-XVNIE8,HZ9H`Z<'/2H;B]M;4@7-S#"3T\R0+G\ZR
M/!B31Z"JRLS1B5Q`6Z^7GY?\^E58=1BTSQ5?0:F!$;PJUO<L,*RA0-F>V#G\
MZ`.B%W;M;FX6XB,`Y\P.-OY]*C&HV1&1>6__`']7_&@6%J;9K?RE,+OO*8X)
MW;OYU@^*+6WCN]#"01*&OT!`0#(]*`.ABO+:>3RX;B*1\9VHX)QZU,3@57CL
M;6*Y%Q%!''*%*;D4`D$@X_04W59OLVE7<^<>7"[?DIH`;I&I0ZMIT5Y!PKCE
M3U4C@BKC,%4LQ``&23VKB_#!?0M5BTIR?LM_;I<0D]I-HW#\<']*Z#7F,\<.
MF)G=?,4<C^&,<N?RX^K"@"QI6HPZK8K=P?ZMG=5]P&(S^.,_C5MW6-&=V"JH
MR23@`5SO@@"'3[VT'`MKV6(#V&*M>)4:^@BTB*3RY+TD,P_A11EC^>!^-`&S
M44MU;PL%EGB1CT#.`:S/"M^]]HD0FS]IMR8)@>H=>.?PP:J>)U5M:\/Y&?\`
M2S_(4`;LEY:POLEN84;&<,X!I8KNWG8K#/%(P&2$<$XKGO%IB34M">8HJ+=_
M,SXP!COFMBT;3)KII+*2V>94PQA92=I/?'TH`FN+^SMGV7%W!"V,XDD"G]:<
M][:QQ)(]S"L<GW&:0`-]#WKFO#^H16.I7VEZFODWDMP\BR2=)U)XP?IVKH5T
MVS$<*&!&2$$1JR@A<^@H`=_:%E_S^6__`']7_&G)>6LB.Z7$+(GWF#@A?K7.
MFUM_^%@B/R(MG]FYV[!C/F=<5NFQMK>*Y:"%(_-3YPB@!L`\X_&@"Q%-%,NZ
M&1)%'=&!%,N+NVM0#<7$4(/3S'"Y_.N<\+78L/A_%=D9\F.5\>I#MQ6AX;LU
M_L^'49P)+Z\02RS,.>1D`>@`.,"@#0AU&QG?9#>6\C?W4E4G]#5JJ5[IMO>2
MV\SQIYT$BR))MY&.V:NT`%%%%`!1110`4444`%%%)0!S.ER*?'VM+D9\F+CZ
M*/\`&NF``S@`9Z^]5UT^S2;SEM(%ESG>(P&_.IV4.I5@"I&"#WH`YKP`P;1)
MR#D?:Y/Z53\.:3::MH5^K@J\MQ,GF(QR.>#[UU<-C:0*RPVL,2MPP2,`'ZXI
M;>SM;7/V:WAASU\M`N?RH`Q_#VJR!SH^ID)J-L,#L)D'1U_#_/I<N8=.UZPF
MBN$22))'C;/!C9203GL?Z5=FM+>X96G@BE9?NET#$?3-0OI.G22-(]A:L[?>
M8PJ2?J<4`9G@T3+HS122&:&*=X[>4_QQ`X!^G6HO%K!;S0<G_F()71*JHH50
M%4#``&`*AGLK6Y=7N+:&5E^Z70,1^=`%BL/QG-Y'A6_;."R!/^^B!_6MM5"J
M%4``<`#M45Q:V]TH6X@CF4=!(@8?K0!B^)M,DN-#BDM0!=V.V:$CKE>H'U`_
M04_P]))JCR:U,AC$Z".WC/\``@Z_FV?P`K;2-(T"1J%4<!5&`*$18T"(H55&
M`H&`!0!SGA=@FM>(+?(R+OS,?[P_^M4EG;)J^L7NHF:54A/V2`QN5X7ESQZL
M?_':V386C3-*UK`9&ZN8QD_C3K>V@M4*6\,<*DY(C4*/TH`YJTB_L#Q@\+.Y
MM=53<C.V?WJ]03[Y_458\2_\AKP__P!?1_E6[/:6]R5-Q!%+L.5\Q`VWZ9K.
MFTYKS6[2Z=?+M[`-Y:X^^[<9QV``X_SD`H>*I$35=`\QE4?:^_T'^(K=!MDN
MQ@()Y%(XZE1_3G]:6>RM;E@UQ;0RL!@&2,,<?C26]A9VKE[:T@A8C!:.,*2/
MPH`SM3M-*\0Z,)KAH_)*;TGR`8N.N>WN*?X5DNI?#EF]X6,I0_,W5ER=I_+%
M6AI&FABPT^UW$Y)\E>OKTJX!@8%`'-EA_P`+&`SS_9N/_(F:Z"Y(6VE)X`0D
M_E3#8VAN//-K"9O^>GEC=^?6I9(TEC,<J*Z-U5AD'\*`.7\+VHU#X?1VF0/.
MBF3/H2[8-3>%]7CBM8M'U$_9M0M5$?ER'&\#H5/?BM^WM;>U4K;P1PJ>HC0*
M/TI+FSMKM0MU;Q3J.@D0,/UH`2YO(K9HE=OGF<(B`\L3_@,G\*L53M]+T^UE
M$MM8VT,@Z/'$JD?B!5R@`HHHH`****`"BBB@`HHHH`****`"BBB@".:5((S)
M(VU1W_04L4BRIO4,!DC#*5/!QT-,NXO/MGB,:2!QM97)`([]/:F6$,MO:K%-
M*964G#$Y.,G`)[X&!GO0!+#,DZL8R2%8H<@CD'!ZT1S)*\B(26B;:W!&#@'^
M1%1V<+P)(KX.Z5W&/0DFFPQ3175PQ"&.60.#N.1\BKTQZKZT`2&YB%QY!8B3
M9OP5/W<XSGI3H9DG@2:,DHZ[E.",CZ&JVH6+7;0LDFPJ2K_[4;##+_(_A5S&
M!@"@"*VN8KJ(20EBA`(+(5R",\9%1M?VRW)MV=A("H(V-@%NG.,<XINF6TEI
M9I#)C**HR)&;)`QWZ#CI5>;3IVU":Z211DQE4)X;;G(;CWX/8@&@#3ILDB1(
MSR,%51DD]J<,X&>M5[^V-W9O"K[&.&5L9PP((S[9`H`?%<I*Y15D!QGYXV7C
M\122W,43[&WLV-Q"(6('X"EA,Y/[Y(U&/X7+<_D*A\B:.^EGBV.LJ*&5F((*
MYZ<'U_2@"S%*DT2RQ,&1AD$=ZAM[ZWN7VQ.Q.-P#(RY&<'&1SS186HL[180=
MQW,Q/NS%CCVR35:QL)K22-RZN-K*ZD_=RV05X_,?3TY`+=S=PVI43%@6R0%1
MFS@9/05*CK(BNA#*PR".XJM=VIN;B!B?W:;MV&()R,<8J=`RL5"J(@H"XZ]\
M\>G2@"2BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
%BB@#_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>exhibit99-2x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-2x1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`!S`,`#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#OZ***`"BB
MB@`HHHH`****`"BBB@`I**XR^O[GQ3K3:3IT[0Z?!_Q\3(>7[$`^G8>O6@#K
M3=VPE\HW$7F?W=XS^535S":%'!(+./PY8R6YZW+W&YL>^5W9^G'O5E=)U+34
M*V&L(EJK?NX;F'<$']W?G.*`-^BL[3+ZXFFEM+Z%(KJ)5<F-MR2*<X9>_4'@
MUHT`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`<YXWUDZ5
MHYCA;%Q=9C0CJH_B/]/QIO@32_[/T)9G7$UV?,.>R_PC\N?QKEK]V\6>-%MX
MV)MD;8".@C7[Q_'G\Q7IBJ$4*H`51@`=A0`ZLZ]T2PO5F,UM$\LJD>8Z[RI(
MZC/3\*M3WEM;L%GN(8B>@=PN?SJ2.1)4#QNKH>C*<@T`4]+TJ#3(@L;R2N$6
M/S)3D[5Z*,<`#G\ZOU'--%`F^:5(U]78`?K38+NVN<_9[B*7'7RW#8_*@":B
MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`JM?6-OJ%OY%TK-'D'"NR\_4$
M59HH`QO^$5T<?\NTG_@1)_\`%5B>+M.TG1M&>2&%UN92$BS/(<'N<;NP_I7:
M5YGXEFD\2>+HM.MFS'$WDJ>P/5V_3_QV@#0\$^&;:YTUK[4(F8S'$0#LN%'?
M@CJ?Y"J?AL:E_;^H:/:W;QQ;V$DA.YD56QE<_P`1R!G_``KT.V@CM;>."%=L
M<2A%'H!7$^$_^1[UKZS?^C10!T/_``BFBE");/S6;[TDCL78^I.<UR,_VGP;
MXG$-COFMKE<I"S<-G@#Z@CKZ5Z17!>-_^1JTC_@'_H=`'00^&;68^?JY-_=M
M]YY&.U?95Z`5SWB[P_#HL46K:.7M7C<!E5C@9Z$9_+'O7?5S?C[_`)%>?_?3
M_P!"H`UM$O3J.CVMVP`>6,%L=-W0_KFKU8O@X8\+6'^X?_0C6U0`4444`%%%
M%`!1110`4444`%%%%`!1110`456O+^TL55KRYB@#'"^8X7-6%8,H92"I&00>
M#0!E>)M4&D:+/<`XE(V1?[QZ?EU_"N;^'.E?+-JTPRS$QQ9]/XC_`$_`U#XG
M:;Q-XFATBR.8K;_6..BG^(GZ<#ZUW-G:Q6-I%:VZ[8HE"J*`)ZX'P?)YGCG5
MV`^^)F_\BBNOO+6_FE)MM2^SH1PH@5B/Q-9F@^%5T74I+T7KSO(A1@R`9R0<
M]?:@#HJX#QRZKXITHD@;0A/L-]=W.DDD++#+Y3GH^T-C\#7-ZEX._M2[%U>:
MI.\RJ%4A%7`'/&/J:`.HKF_'W_(KS_[Z?^A5LV5O=0;OM-ZUR"`!NC52/RI=
M1L+?4[*2TNDW12=<'!&.00:`,_P<0?"UA@Y^0_\`H1K:K`T_PV^E*R:?JUW%
M"3GRW".!^8_E6M9PW,(;[3=FX)Z9C"X_*@"S1110`4444`%%%%`!1110`45E
M:YJ%QI_V'R!&?M-TEN=ZD[=V>>".F.E6XA>I,WG-#)%LR/+0JV[TY8T`6J*S
MO[:M/[*;4_WGV5206V\\'!..O48J:34(8;B""X#PR3DK$&&0Q'.,C('XT`9_
MB;P[%K]J@W^5<19\N3&1SU!'I69I&A>(]/MVL_[5MDMNBD*9&0?[.0,5TL]X
MD,ZP!7EG="ZQIC)4$`G)('<=Z47+&+=]FFW[MOE_+GUSG.,?C0!7TC1[31[<
MQVJ'<W,DKG+R'U)K0JFNH(]W):K%*9XT#LG'`.<<YQV-68I/-B5]C)D9VN,$
M?6@!]%9>FZPE[J-[9,NR6W<[1@_.G3/_`'UD4[7M631].:X8;I"<(F,Y/<_0
M#)H`TJ*2JUEJ%M?/<+;2;VMY#%(,8PP_I[T`6J*JSWT5O=V]LX?S+@D1X'!P
M,GZ<4V/4$EN[BUCBE:6WV[QQP&S@]>^#0!<HJK)?)&84\N0SS*62$`;L#&>I
MP,9'>E%TQ3/V6<-OV[/ER.,YSG&/QH`LT52BU*.:ZN+6**5I[;;YJ<#;N&1R
M3@Y%.?4(H[JUMG602W*EHU(]`"<^F,B@"W159[V);AK=`\LZH',:#H"<#).`
M.AX)[4BWI\Z..6VGA,K;5+;2"<$_PDXX!ZT`6J***`"BBB@#GO%Z>9'I"$LN
M[4X1E3@C[W0UKVEE]EDD87$\JN%&V60MMQGD9]<_I3;_`$Z#4/(\\O\`N)!+
M'M;&''0U:VG9MW'.,;N,_6@#CC_R36?_`+:?^CC6I>2L=:TT:G%''$"S0R1N
M65IL8`)(&."<>I^E7%T.S723I8\S[(?X-_/7)YZ]:LW%A;W=B;.Y7SHB,'=U
M]CD=_>@"KK&F/>F*>TN#;7UODQ2#D8/56'<'%/T2_EOK23[3$(KF"4PS*OW=
MPQR/8@@T\Z8`Z.EW=(ZILW!P=R]LY!SU//7FI[6UBM(?+A!P6+,6.2S'DDGN
M:`,RU_Y&Z_\`^O6+^;5LU5CT^&/4);U2_G2J%?G@@=!BK+#<I`)7/<=J`.3D
M#VVGVVO0+N>"XF>8+_'"\C9'O@8/X5:U3;J>F:M>@[H([62*!AWP,NP^I`'_
M``$UM6MA!:V0LT!:``KM<YX/4>_>E2Q@CT\6,:;;<1^4%!Z+C%`%)[]X_#<%
MS#AIIH8Q"/5W`"_J16?;H^CZY9EXC%;W<*VK$OG=(HRC'W(R*UHM(MXHK6)7
MF\NT8-$I?(4@$?CP3UJ:_L(-1MQ#<!BH8."K8((.00>U`&?JO_(Q:%_OS?\`
MHLU7@CN9/%&L?9KA(<);YW1[\_*V.XJ]-927.M65P2?*LD?!/5W8`?H,\^]2
M_P!DP"^FO$DG2:8`.5DP"!TXZ4`0ZGIDE_#;O%=&"_MANCF0<9(P01_=..GM
M3]$OY[VWE6\B6*ZMI3#*%.5)`!R/8@BI6TY<Q-'<7$31KLW*^=P_VL@Y/O4U
MI:16D;)$#\[%W9CDLQZDF@#(TC_D;/$'_;M_Z`:DU+_D:-%_W+C_`-!6K\&G
M0V]]<7D9<37.WS<GAMHP..V!1<:?#<7MO=N7$UMN\L@\#<,'COD4`9FC2>7K
MVLV\[8G:595!_BCV@#'J!C%;A*Y&<9SQGUJI?:7:WTD<LJ,LT?\`JYHV*.OT
M([>U)#IJQSQS275S.T>2@E<$`D8S@`<X)_.@"]1110`4444`%%%%`!1110!#
M!<I.\J*"#$VULXZ_3K[_`(TL,RS;]H(V.4.?441P)'*\HR7<`$DYX!)`_4_G
M3HXDBW;!C>Q8\]Z`&P3">`2HK8.<`]:9:W:72JT:L`4#?,.F<\'W&.:?#!'`
MNV,,%]"Q./SI8H8X0PC7:'8N?<GJ:`&0723RRQJ"#&Q4Y(Z_GFF1WL<E[):A
M'WQYR>,=%/KG^(?D:EC@CB=V0$%SN;YB1GZ4@M81.9@F)"VXL"<]`/RP!Q[4
M`35!'<B5OW<;LF]D+\8!&0>^>H(Z5/4"6L<<I="ZY8L5#':2>IQ_GGGK0`DU
MTL1D`C=_+3>VW'`Y]3[47%W'!"DI!978`8P.OU(ITEM'*Y=@<LNQL'&Y>>#^
M9ITD,<BJKJ"JD$#M0!&UTBV)NRC[!'YA7'S8QG'UJ2"7SH]X5DY(PW7@D?TI
MOV:+[*;;;^Y*E-N3T/:I-HW!N<@8Z\4`.HHHH`****`"BBB@`HHHH`****`"
JBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>fmlogo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fmlogo.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``8$!`0%!`8%!08)!@4&"0L(!@8(
M"PP*"@L*"@P0#`P,#`P,$`P.#Q`/#@P3$Q04$Q,<&QL;'"`@("`@("`@("#_
MVP!#`0<'!PT,#1@0$!@:%1$5&B`@("`@("`@("`@("`@("`@("`@("`@("`@
M("`@("`@("`@("`@("`@("`@("`@("#_P``1"`!T`,(#`1$``A$!`Q$!_\0`
M'``!``(#`0$!``````````````4'!`8(`@$#_\0`3Q```0,#`@,%!`8$"`H+
M`````0(#!``%$082!R$Q"!,4(D$R46%Q%2-"4G*!%C.1H1<8)#2"L;*S-C=#
M5G-T=9.5XR4U4V)V@Z.DP=+Q_\0`%`$!`````````````````````/_$`!01
M`0````````````````````#_V@`,`P$``A$#$0`_`.J:!0*!0*!0*!0*!0?"
M0!D\@.IH.:];<9-:\0]<?P><)WO#1VR1<M1I^Z@X<6A?/8TGIN'F4>GQ".GZ
M1X8:8EBW:R_32]WQ;G=_2&R6&I#F>L8M+PH'T\Q-!O-GTIQ4THMFXZ!>?NVG
MKDSN=TUJN0M,F$Z/9+;GF*<CJ@GY_`)8<8-8Z?.[B#HF3:+:#AV^6YY%QB-#
M[[R6P'&T>\\Z"THDN-,BLRXKJ7XTA"76'D'<E:%C*5)(Z@@T'ZT"@4"@4"@4
M"@4"@4"@4"@4"@4"@4%`=K#BXO3.G$Z2M#^R]7QL^+<0?,S"/E5\E.G*1\,T
M$GV4N'2=,</$7J6SLN^HL2EDCS)BC^;H_,>?\Z"[*"$U+;M5S4M(L-Y9LX_R
M[KD3Q;A_!N<;0G\TF@K:YV;CG!UBJ#;IWZ3Z:G6];<MV[)B18[,AW*!@1T=Z
MM*0,E(3SSC-!8N@M+#2>CK1IP2%2_HR.E@R%<MY',D#G@9/(>@H)^@4"@4"@
M4"@4"@4"@4"@4"@4"@4&%>KQ`LMHF7:X.!F#`97(D.'T0V-Q_JH.#]/QKKQL
MXY)=G!7A[A)\3,3Z,6]C_)C^@`@?$T'?3++3#*&64AMII(0VA/(!*1@`?(4'
MN@4"@4"@4"@4"@4"@4"@4"@4"@4"@A=6:F&G;:F=]&3[L5.!L1;6QXA[F"=Q
M3E.$C',YH-/_`(:U?YBZL_X9_P`R@?PUJ_S%U9_PS_F4%)]IKCJN[Z>:T="M
M5SLK\M:7[HW<V1&<5'3S;2E(4HD+6,GY4&-V=[S;^&FE[EJN^Z9OKRKBE*DW
M:/"WQ&X*<%)#JEIY+6<J.,<A07WI/CWPWU)IJXZB:GFWV^TK2B?XX!I:"L9;
MY`KW;\';MR2:#7I_'+6UQ:+^A^'5TO%O/ZJY3?Y$VXG[S;:@5J2?3I0:W"[6
MKUJOB;/Q!TC+TXZ2-SR2I>T'[9:6AM13\4DT%PZCXF:*T]IJ/J.?<FS;)H2;
M>IGZU<HK&4I80GFLG_\`:"NIW&WBQ*1XG3G"RXO6\^9M^>YW#JT^A[@)*A^T
MT$3IGM<VM5]%BUS8)&EYF\-./+45MMJ/3OD+0VX@?'!H.@6W&W&TN-J"VU@*
M0M)R"#T(-!ZH%`H%`H%`H%`H%`H%`H%`H,*]WB!9;/,N]P<#,&`RN1(</HAL
M;C0<$66'>>-G&O=)W!%UE%^61S\/`9^R/PM@('QH.X-96R"WP[O=M;:2B"W:
M9+#;"?92VF.I*4CY`4')G9"T59]1ZPN,R[M^*CV1IJ3&A.<V525J4E#JT'DH
MM@*VY]30=KT%,]J_2=OO'">;='&D_2%C6W)BOX\P2MQ+;J,_=4E><>\"@T3L
M>::C7BV/ZCO"U3WK"Z;?8&'SO;AI<^O>6TD\@I:G.M!U#0<V=M/25O>TO:=4
MH:2FXQ)0A//`>9;#R%*2E7OVJ1R^9H+"[,]ZEW;@Q8'92BMV,'H@6>I1'>4A
MO]B`!06C0*!0*!0*!0*!0*!0*!0*!0<S]LGB3X*T0]"P'<2+CB7==IYB.A7U
M39_&L;OZ/QH)CLA<-_H+1SNK)S6VY:@QX7/5$)!\G^]5YOEMH+FUK_@;?O\`
M9TO^X50<Q=A[_KO57^K1?[;E!UO05SVB?\2NJO\`54?WS=!7O8H_Q?WK_:A_
MN&Z#HB@HKMD*`X2M#[USC_V'*"6[*`QP3M'Q?EG_`-PN@M^@4"@4"@4"@4"@
M4"@4"@4&%>KQ`LMHFW:X.!J%`97(D.'T0VG<?ZJ#@FQP;QQLXUE<G<&[I),F
M:>OAX#./*#Z;6P$#XT'?T2)&AQ&8D5L-1HZ$M,-)Y)2A`VI2/@`*"&U\\EC0
MNHGE=&[9,4?R870<R=A]7_3VJD^^+&/_`*BZ#KF@K/M)N!O@GJ?/VFF4C\Y#
M=!7O8D>W:*U`S]RXI5C\3"?_`*T'1U!07;/<4.&$%(Z+NC6?R:=H-@[*:DG@
ME9MISAV6%?/Q*Z"W:!0*!0*!0*!0*!0*!0?,C.,\_=0?:#FGMB\2#%M</0-M
M<W3+F4R;HE'-082KZEKEZN+&<>X?&@V_LR\('-#:45=+LSLU)>TI<DH5[4=@
M<VV/@?M+^/+TH+AF>+\(]X/8)>Q7A^^SW?>8\F_;SVYZXH*IU=I7C]J:P3;&
M_=M-P(EP97'DKBL32Z6W!A0"G%*`R.72@BNS_P`!-1<,KY=9MQN42=&N$9+*
M4QPX%A:'-V3O`&,9H+P5NVG;[7IGIF@ISB-PTXQ:]L#M@N6H++"MCZT+=;B0
MY.]?=JW)!6XZOED9Y"@AN%W`OBKPV\:BPZFM3\>>4*DQID-]:2IO(24E#B%`
MX5[Z"\;0+N+:P+PMA=RV_P`I7$2M#!5G["7"I0&/>:"!XE<.;'Q!TP[8+P7&
MVBM+S$AD@.-.HSM6G.0>1((/I05GHG@3Q/X?]]&TCKI@VIY9<5;[A`[QO>>6
MX`.Y22!SVD9H+!M43C(B8P+I<K`]""QXDL1):'BC[6S<^I(5\Z#=:!0*!0*!
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MDE.]00,_TE"@RZ#$NMVMUIM[UQN3Z8L*.-SSZ_92"<#]YQ09=`H%`H%`H%`H
M%`H%`H%!2&IKW:;'VG+=.N;_`(:,K3#B"X4J5YC*.!A`4?2@L[3VI=(:FD3W
MK+(3+D14HBSGT)<;6D*RM#>Y00?M%7+IF@T;@/*N=WM^KS=KC+G^'OTVWQB^
M^XHMQF"G8A!SD8SUZT$=PELUSU9HZ[R+AJ.\MW%J[7"'%G-3GMS3;#FUK""2
MVK;_`-X<Z#;.!NI=2ZBX?QYVHE!^>W(D14SDIV"4U'<+:']HY>;'IUQF@UK3
M-WM.I]<ZIT[K&?+BZCASW$6FT"6_";^C0!W#L4,K:[U2QE2U<S^5!OCNAU/Z
M;@6%^]7$M0W>\<FMR%MRWD)*BAMR0D[\#<,G//%!7E\M,N'QGTQI=B^WE-FN
M5NFR9;/TC))4XQ[!WE6X8^!H+-TYI--BF3GFKG/G,S0U]1/D.2NZ4WNR6U.$
MD!04,CX4&J]H"*NY</#84.=RN_W"!:PYUV^(E(R<>N`DF@\\"M77"ZZ:D:=O
MIQJG23QM5V2KVEAKDR_\0X@=?4@T&G]IN;<[UIR[V.U/%J'IV*U>+ZZG[3A=
M`B1?S&YY7X4^^@NNP31.L5MFCI*BLO#_`,QL*_\`F@J3B#Q'O]GXAP+M%=QH
M?3TMFSZEP?*J1<T;N\/IB*.ZS\58H+H.U:.N4J'4'T/N(H*IX12+C/U7Q%B7
M"X2YD6W78P8#+\AQ898*2HI1D\NO7K01'"J$Y?W-:LWC4%UVVN_S($#%R?:+
M49L)*$C"AG;N/,T$[Q4O%PTAH6P=U.EKLB)L.+J*^,DN2TV_!"WN\&2"M02%
M+'/GRYT&Q::TWIQ<J#J335WDOV]QE8*$SGYD22EP>59#KC@WH(ZB@U+B5I)[
M2_#34%Y@:@O1N\**Y);E*N$C'?9R2&MVP)R>20,`4$QI;1!N.G-.7A5_O(GE
MF#/>*I[[C3J]J''$.-*5M*%\P101:9MT_C)+L_TA+^AQI_Z1^C>_7X?Q/B`W
MOV9Q[/ITH,]^_P!UUCQ%NND;9.=MEATRTRJ^2XAV2I,J2"IN,V[S[IM"!E:D
M^8GED4$W-X7Z??C*;8F76%(QY)L>YS0\E7WO.ZM)_--!]M&G]5Q;3"C2[H[*
ME,,--R)*G3N<<0@!2SRZJ(S0:1,EM?QKK>SO`6-,.(VYYY,@KQ^P9H+@1%CM
MONR$-I2\_M[YP#FK9R3GY9H*C[-S[3D#6P0H*VZIN)./<HIQ0:UPDT2C57#C
M534*]S[9-EWBZ--O1);J6D$N922RE6PA0/FY<Q0;YPEU[XEM6B-11FK-K.P(
M##]M0`VS(80,-RH8Y!32QZ)Z4'S7&DN&_$W3'TP_*;C/PDN*A:A9<2U(A.-$
MYW+!Y!"T^9*OW'G02?!2\ZBO/#*R7#4)*[FZTH*D+&U3S:'%):>(Y<W&P%?'
MK0:UJM]I/:3T.A2@%*M%Q`&>?,'']DT%NT%;\67TN:BX=VHD9E:A1(*3ZIAQ
MW7/[6V@UKBKXGASQ!MW%*W1G)%KN*1:-5PF!E3F[^:/`?>W@(_8/6@F;KI&:
MUP4U6+L`=07Z#,N5Y5[I#C14EH'[K"$I;3^&@]Z!U[:[7V?K/JF8\A3%LLZ`
MZ`H>9V,CN@U^)2T;<>^@PK=P=NUTX;2;->K]+;DZA;<FWB(EN*6A-EGOE^93
M*G<-N8`\^>7*@E>`NKI-ZT4+3=E8U)IAU=HO#)/GWQCL0X1UPM`'/WYH([@K
M_AIQ2_\`$)_NZ#6^#UBT%?9W$3Z<BP)KOZ33D@R0VI?<J"1R*N83G=06TQ>M
M%B':K$E]AV!<F7HMN:<VJ9?;A@-N-C=R7R_:*"M;'I:/H'C9;K/HR0O]']0Q
MI<F^Z>"^\9A%@`M24#GW8<6K8!\QTZ!N''I24\'-6%1P/`+'/WD@#]]!/</%
MI7H'3:TG*3;(>"/]`B@KY#S7\:M;>X;_`-%<8^/BP?ZJ"/7<E<+N,U^NE^"F
MM&:W\.XW><$LQ9S"=G=OJ'L!63@GET^.`N(7ZQJA>.3<8QA;=_B@\WW6WKNW
MYVXH(^'K&#-AL38D62]%DMI>CO);&%MN#<E0Y]"#F@R'=(:5>N)N;MHAKN).
M?&J8;+^?])C=^^@E5H0XA2%C<A0PI)Z$&@C+?I33%M[[Z.M42'X@%,CN&4-=
MX#UW[0,Y^-![M.FM/6<K-IML:W]Y^L\,TAG=\]@&:#U<-/6&Y2&9-PMT:7)C
M_P`W?>:0MQO\"R-R?RH(Y?#O02Y2Y2M/6XR'%=XXOPS7F7]Y7EP3\30;`E*4
MI"4C"1R`%!%R]*Z9F7!-REVJ(_<$8V3'&4*>3CIAPC</VT$K01MPTUIZXRVY
MD^VQI<MG]3(>:0MQ'X%*!*?RH,YZ/'?:[I]I+K60=BP%)RD[DG!]Q`(H/KK3
M3S2VGD)<:<!2XVL;DJ2>1!!Y$&@A3H/1!CF-]`6_PQ5O,?PS7=[OO;-NW/QQ
M033333+26FDA#:!M0@<@`.@%!$NV&S6Y^3>+;98Z[R[DJ=90TR\\M7_:/8!]
M>9.:"+X>Z%&F+=<C,>3+N]]FOW.\OI!#9>D']6V#S[M"?*G/SH,U?#W0:SE>
MG+83ZGPC&3\_+SH,F=I#2L^W1[;,L\.1;XF/"1'&&U-M8Z=VG&$?E0?M9].6
M"RI<3:+='@!WF[X=I+97CIN*0"<?&@_:YVFUW6*8ESB,S8I.5,2$)<;)'3*5
M9%!]MUKMULC"+;HS42,GV6&4AM`^24X`H,16E=,JNGTLJU13=,Y\>64=_P#[
MS&[]]!(R8T>2PN/):0^PX,.-.)"T*'N*3D&@UK^"OAIOW_HM:LD[OYFSC/RV
MXH-G;:;:;2TT@(;0`E"$C``'(``=`*#U0*!0*".U!>F++:G;E(25,LE`<(Z)
M"UA!6L\]J$9W*..0YT&5`DF5#9DX2.]2%C8L.(P>A2M/)0(Z&@Q=/WA%YM35
MQ0T64NJ<3W:B"1W;BFSS'O**!9+PFZQGWTM%GN),B*4D@Y,=TM%7+T)3RH,%
M_5K;,VYP%1%^,@JC!AG<G^4IF':VMOX;PI)STQ09FH[VBR69^YN-%U#&S<V%
M!/MK2CJ>7+=09<&5XJ(V_A(WY]A8<3UQR6.1H(336LFKY(+*(BV?JEO!S<EQ
M.$/*8*5[?942C(!ZCY4&QT$9-O7=71JU16?$SW&522@J[M*&4J"-RE8/52L`
M`4&0B<INVJFW!OP?=(6Y(05!>Q*,Y.Y/48&:")3JX)3:Y$F$MB!>'&VH<G<E
M1"WD[F0Z@<T=YTY$X/(T&5J+4*;-X++(>,YXQT;G$M)2H,K>RI2^6,-$4&;:
MK@FXVR+/2TME,II#P9=&U:=XSA0]XS01&F]7HO<A3*8;C`[M;J724K1]6^M@
MI41[*B6\@>HH-AH%`H%`H%`H%`H%!CSHQD1RA+SC!!"M[6W/+T.X*!!]010?
MG:+3#M%M8MT).R+&3M:2?GG^LT'FRVB-:+<W;XJEJ8:*U)+AW*^L67#D\O51
MH/QL^GV+4M\L29"VWWGI"F'5)4@.2'.]64X2#[1..?*@]R;!;)-ZB7IULF?"
M;<:96"0-KN,[D]%8QY<],GWT'N]V>->+8[;I*EH9>V%2FCM6"A86,$@^J109
M,9@L,ALNK>(S]8YC<<G//:$C]U!#6K1EGM3\=^"76GF`XA2PK]<AUPN[7AC"
M]JUDI/4>^@GJ"*NE@BS)L>Y)=>B7"(A;;<J.H)46EX*FUA06A:24@X(Y'I09
MK4-`A>%?6J4A22EQ3^%%85UW8`'K[J"*@:3MT5,./WK[\2UJ"[?&?6%H:*04
MHQR"E=VDX3N)Q09EWL-ONRH9FI[Q,)XOMM<BA2BVMHA:2#N&UP\J#]+1:V+7
M!1!CN.KCM9#(>5WA0CT0%'GM3T&?2@_&!8(L"S*M41YYIHETAX*'?)+RU.*(
05C[RSCE02=`H%`H%`H/_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
