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<SEC-DOCUMENT>0000950123-10-008913.txt : 20100205
<SEC-HEADER>0000950123-10-008913.hdr.sgml : 20100205
<ACCEPTANCE-DATETIME>20100204194507
ACCESSION NUMBER:		0000950123-10-008913
CONFORMED SUBMISSION TYPE:	F-10
PUBLIC DOCUMENT COUNT:		24
FILED AS OF DATE:		20100205
DATE AS OF CHANGE:		20100204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILVER STANDARD RESOURCES INC
		CENTRAL INDEX KEY:			0000921638
		STANDARD INDUSTRIAL CLASSIFICATION:	MINERAL ROYALTY TRADERS [6795]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164707
		FILM NUMBER:		10575360

	BUSINESS ADDRESS:	
		STREET 1:		999 W HASTINGS ST
		STREET 2:		SUITE 1400
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			V6C 2W2
		BUSINESS PHONE:		604-689-3846

	MAIL ADDRESS:	
		STREET 1:		999 W HASTINGS ST
		STREET 2:		SUITE 1400
		CITY:			VANCOUVER BC CANADA
		STATE:			A1
		ZIP:			V6C 2W2
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10
<SEQUENCE>1
<FILENAME>o58420fv10.htm
<DESCRIPTION>FORM F-10
<TEXT>
<HTML>
<HEAD>
<TITLE>fv10</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>As filed with the Securities and Exchange Commission on February 4, 2010.</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 8pt"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 8pt"><B>FORM F-10</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 8pt"><B>SILVER STANDARD RESOURCES INC.</B>
</DIV>

<DIV align="center" style="font-size: 8pt">
(Exact name of Registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>British Columbia, Canada</B><BR>
<I>(Province or other jurisdiction of <BR>
incorporation or organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1044</B><BR>
<I>(Primary Standard Industrial<BR>
Classification Code Number)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>98-0211014</B><BR>
<I>(I.R.S. Employer<BR>
Identification Number)</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 10pt"><B>Suite&nbsp;1400 &#150; 999 West Hastings Street, Vancouver, British Columbia V6C 2W2, (604)&nbsp;689-3846</B><BR>
<I>(Address and telephone number of Registrant&#146;s principal executive offices)</I></DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 10pt"><B>CT Corporation System, 111 Eighth Avenue, New York, New York 10011, (212)&nbsp;894-8940</B><BR>
<I>(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)</I></DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 10pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><I>The Commission is requested to send copies of all communications to:</I></DIV>

<DIV align="center" style="margin-top: 0pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Joseph J. Ovsenek</B><BR>
Suite&nbsp;1400 &#150; 999 West <BR>
Hastings Street <BR>
Vancouver, British Columbia <BR>
V6C 2W2<BR>
(604)&nbsp;689-3846
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Jerrold W. Schramm</B><BR>
Lawson Lundell LLP<BR>
Suite&nbsp;1600 -<BR>
925 West Georgia Street<BR>
Vancouver, British Columbia<BR>
V6C 3L2<BR>
(604)&nbsp;685-3456
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Edwin S. Maynard</B><BR>
Paul, Weiss, Rifkind,<BR>
Wharton &#038; Garrison LLP<BR>
1285 Avenue of the Americas<BR>
New York, New York<BR>
10019-6064<BR>
(212)&nbsp;373-3024</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 8pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 5pt"><B>Approximate date of commencement of proposed sale to the public:</B><BR>
From time to time after the effective date of this Registration Statement.<BR>
<B>Province of British Columbia, Canada</B><BR>
<I>(Principal jurisdiction regulating this offering)</I></DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="left" style="font-size: 8pt; margin-top: 6pt">It is proposed that this filing shall become effective (check appropriate box
below):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;upon filing with the Commission, pursuant to Rule 467(a) (if
in connection with an offering being made contemporaneously in the
United States and Canada).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;at some future date (check appropriate box below)</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>

<TD><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;pursuant to Rule 467(b) on (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) at (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) (designate a time not sooner than seven calendar days after filing).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;pursuant to Rule 467(b) on (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) at (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) (designate a time seven calendar days or sooner after filing)
because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;pursuant to Rule 467(b) as soon as practicable after notification of the Commission by the Registrant or the Canadian
securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect
hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;after the filing of the next amendment to this Form (if preliminary material is being filed).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">If any of the securities being registered on this form are to be offered on a delayed
or continuous basis pursuant to the home jurisdiction&#146;s shelf prospectus offering
procedures, check the following box.&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 8pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 2px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>Title of Each Class of</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering Price per</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>Securities to be Registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registered(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Common Share</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Offering Price(2)(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registration Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Shares</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">350,000,000</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">14,260</TD>
    <TD nowrap style="border-top: 1px solid #000000">(4)</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 2px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>There are being registered under this Registration Statement such indeterminate number of common shares of the Registrant as shall have an
aggregate initial offering price not to exceed US$350,000,000 (which includes common shares in an aggregate amount of US$149,999,993 that the
Registrant has already issued). The proposed maximum initial offering price per common share will be determined, from time to time, by the
Registrant in connection with the sale of the common shares under this Registration Statement.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>In United States dollars or the equivalent thereof in Canadian dollars.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule&nbsp;457 of the Securities Act of 1933, as amended.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>An aggregate of US$5,895 was previously paid in connection with an aggregate of US$150,000,000 of securities registered under the Registration
Statement on Form F-10 (File No.&nbsp;333-157223) initially filed on February&nbsp;11, 2009 by the Registrant. As a result, a filing fee US$14,260 will be
due to register the additional aggregate of US$200,000,000 of securities.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 8pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Pursuant to Rule&nbsp;429 under the Securities Act of 1933, as amended, the
prospectus contained in this Registration Statement relates to the Registrant&#146;s Registration
Statement on </B><B>Form F-10</B><B> (File No.&nbsp;333-157223).</B>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Registrant hereby amends this Registration Statement on such date or dates as may
be necessary to delay its effective date until the
Registration Statement shall become effective as provided in Rule&nbsp;467 under the Securities
Act of 1933, as amended, or on such date as the Commission, acting pursuant to Section&nbsp;8(a)
of the Act, may determine.</B>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<DIV align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">












<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</B>
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->I-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DATED
    FEBRUARY 4, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AMENDED
    AND RESTATED SHORT FORM&#160;BASE SHELF PROSPECTUS<BR>
    AMENDING AND RESTATING THE SHORT FORM&#160;BASE SHELF<BR>
    PROSPECTUS DATED FEBRUARY 18, 2009</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="o58420o5842000.gif" alt="(SILVER STANDARD LOGO)"><B> </B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 21pt">SILVER STANDARD RESOURCES
    INC.</FONT></B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">US$350,000,000</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">Common Shares</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Silver Standard Resources Inc. (&#147;<B>Silver
    Standard</B>&#148; or the &#147;<B>Company</B>&#148;) may offer
    for sale, from time to time, common shares
    (&#147;<B>Common&#160;Shares</B>&#148;) up to an aggregate
    initial offering price of US$350,000,000 (or its equivalent in
    Canadian dollars) (which includes Common Shares in an aggregate
    amount of US$149,999,993 that the Company has previously issued)
    during the
    <FONT style="white-space: nowrap">25-month</FONT>
    period that the receipt for the Company&#146;s short form base
    shelf prospectus dated February&#160;18, 2009, including any
    amendments thereto, remains effective. Common Shares may be
    offered in amounts, at prices and on terms to be determined
    based on market conditions at the time of sale and set forth in
    an accompanying prospectus supplement (a &#147;<B>Prospectus
    Supplement</B>&#148;).
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The specific terms of the Common Shares in respect of which this
    amended and restated short form base shelf prospectus (the
    &#147;<B>Prospectus</B>&#148;) is being delivered will be set
    forth in the applicable Prospectus Supplement and will include
    the number of Common Shares offered, the offering price and any
    other specific terms. A Prospectus Supplement may include
    specific variable terms pertaining to the Common Shares that are
    not within the alternatives and parameters set forth in this
    Prospectus.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Investing in the Common Shares involves significant risks.
    You should carefully read the &#147;Risk Factors&#148; section
    beginning on page&#160;8 of this Prospectus.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>This offering is made by a Canadian issuer that is permitted,
    under a multijurisdictional disclosure system adopted by the
    United States, to prepare this Prospectus in accordance with
    Canadian disclosure requirements. Prospective investors should
    be aware that such requirements are different from those of the
    United States. Financial statements included or incorporated by
    reference herein have been prepared in accordance with Canadian
    generally accepted accounting principles, and may be subject to
    Canadian auditing and auditor independence standards, and thus
    may not be comparable to financial statements of United States
    companies.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Prospective investors should be aware that the acquisition of
    the Common Shares may have tax consequences both in the United
    States and in Canada. Such consequences for investors who are
    resident in, or citizens of, the United States may not be
    described fully herein. Prospective investors should read the
    tax discussion contained in the applicable Prospectus Supplement
    with respect to a particular offering of Common Shares.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The enforcement by investors of civil liabilities under the
    U.S. federal securities laws may be affected adversely by the
    fact that the Company is incorporated or organized under the
    laws of British Columbia, Canada, that some of its officers and
    directors are residents of Canada, that some or all of the
    underwriters or experts named in the registration statement to
    which this Prospectus relates may be residents of Canada, and
    that a substantial portion of the assets of the Company and said
    persons are located outside the United States.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the U.S. Securities and Exchange Commission (the
    &#147;SEC&#148;) nor any state or Canadian securities regulator
    has approved or disapproved of the Common Shares offered hereby,
    passed upon the accuracy or adequacy of this Prospectus or
    determined if this Prospectus is truthful or complete. Any
    representation to the contrary is a criminal offense.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>No underwriter has been involved in the preparation of this
    Prospectus or performed any review of the contents of this
    Prospectus.</B>
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All shelf information permitted under applicable securities laws
    to be omitted from this Prospectus will be contained in one or
    more Prospectus Supplements that will be delivered to purchasers
    together with this Prospectus. Each Prospectus Supplement will
    be incorporated by reference into this Prospectus for the
    purposes of securities legislation as of the date of the
    Prospectus Supplement and only for the purposes of the
    distribution of the Common Shares to which the Prospectus
    Supplement pertains.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may offer and sell Common Shares to or through underwriters
    or dealers, directly to one or more other purchasers, or through
    agents, pursuant to exemptions from registration or
    qualification under applicable securities laws. The Prospectus
    Supplement relating to a particular offering of Common Shares
    will identify each underwriter, dealer or agent engaged in
    connection with the offering and sale of Common Shares, to the
    extent applicable, and will set forth the plan of distribution
    for such Common Shares, including the proceeds to us and any
    fees, discounts, concessions or other compensation payable to
    the underwriters, dealers or agents, and any other material
    terms of the plan of distribution.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with any offering of the Common Shares (unless
    otherwise specified in a Prospectus Supplement), the
    underwriters or agents may over-allot or effect transactions
    that stabilize or maintain the market price of the Common Shares
    offered at a higher level than that which might exist in the
    open market. Such transactions, if commenced, may be interrupted
    or discontinued at any time. See &#147;Plan of
    Distribution&#148;.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common shares are listed on the Toronto Stock Exchange (the
    &#147;<B>TSX</B>&#148;) under the symbol &#147;SSO&#148; and on
    the Nasdaq Global Market (&#147;<B>Nasdaq</B>&#148;) under the
    symbol &#147;SSRI&#148;. On February&#160;3, 2010, the closing
    price of the common shares on the TSX and Nasdaq was C$18.99 and
    US$17.93, respectively.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>         <!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>  <!-- colindex=02 type=gutter -->
    <TD width="4%">&nbsp;</TD>  <!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>CAUTIONARY NOTE&#160;TO UNITED STATES
    INVESTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>NOTICE REGARDING PRESENTATION OF FINANCIAL
    INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>CAUTIONARY NOTE&#160;REGARDING FORWARD-LOOKING
    STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>EXCHANGE RATE INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>THE COMPANY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>RECENT DEVELOPMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>SENIOR MANAGEMENT AND BOARD OF DIRECTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>CAPITALIZATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>PRIOR SALES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>PRICE RANGE AND TRADING VOLUME</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>DIVIDEND POLICY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>SELECTED CONSOLIDATED FINANCIAL DATA</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>DESCRIPTION OF SHARE CAPITAL</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>CERTAIN INCOME TAX CONSIDERATIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>TRANSFER AGENT AND REGISTRAR</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>INTEREST OF EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#121'>DOCUMENTS INCORPORATED BY REFERENCE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#122'>ADDITIONAL INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#123'>DOCUMENTS FILED AS PART&#160;OF THE REGISTRATION
    STATEMENT</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#124'>ENFORCEABILITY OF CIVIL LIABILITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information contained or
    incorporated by reference in this Prospectus or contained in any
    applicable Prospectus Supplement. We have not authorized anyone
    to provide you with different information. We are not making an
    offer of the Common Shares in any jurisdiction where the offer
    is not permitted. You should assume that the information
    appearing in this Prospectus or any applicable Prospectus
    Supplement is accurate only as of the date on the front of those
    documents and that information contained in any document
    incorporated by reference is accurate only as of the date of
    that document. Our business, financial condition, results of
    operations and prospects may have changed since those dates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this Prospectus and any Prospectus Supplement, unless the
    context otherwise requires, the terms &#147;we&#148;,
    &#147;our&#148;, &#147;us&#148;, the &#147;Company&#148; and
    &#147;Silver Standard&#148; refer to Silver Standard Resources
    Inc., and unless the context otherwise requires, our
    subsidiaries and their respective predecessors in interest.
    Unless otherwise noted, geographic distances referred to in this
    Prospectus are
    <FONT style="white-space: nowrap">point-to-point</FONT>
    measurements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;Glossary of Geological Terms&#160;&#151; Definitions
    and Abbreviations&#148; in our amended annual information form
    dated March&#160;31, 2009, for the year ended December&#160;31,
    2008, which is our amended annual report on
    <FONT style="white-space: nowrap">Form&#160;20-F</FONT>
    filed on SEDAR and with the SEC on March&#160;31, 2009, as
    amended by our amended annual report on
    <FONT style="white-space: nowrap">Form&#160;20-F/A,</FONT>
    dated August&#160;10, 2009, filed on SEDAR and with the SEC on
    August&#160;10, 2009, as further amended by our amended annual
    report on
    <FONT style="white-space: nowrap">Form&#160;20-F/A,</FONT>
    dated February&#160;2, 2010, and filed on SEDAR and with the SEC
    on February&#160;2, 2010 (as amended,
    &#147;<B><FONT style="white-space: nowrap">Form&#160;20-F/A</FONT></B>&#148;)
    and is incorporated by reference herein, for a description of
    certain of the mining terms used in this Prospectus and the
    documents incorporated by reference herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Market data and certain industry forecasts used in this
    Prospectus or any Prospectus Supplement and the documents
    incorporated by reference in this Prospectus were obtained from
    market research, publicly available information and industry
    publications. We believe that these sources are generally
    reliable, but the accuracy and completeness of the information
    is not guaranteed. We have not independently verified this
    information and do not make any representation as to the
    accuracy of such information.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAUTIONARY
    NOTE&#160;TO UNITED STATES INVESTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are permitted under a multi-jurisdictional disclosure system
    adopted by the securities regulatory authorities in Canada and
    the United States to prepare this Prospectus, including the
    documents incorporated by reference herein, in accordance with
    the requirements of Canadian securities laws, which differ from
    the requirements of U.S. securities laws. Without limiting the
    foregoing, this Prospectus, including the documents incorporated
    by reference herein, uses the terms &#147;measured&#148;,
    &#147;indicated&#148; and &#147;inferred&#148; resources. U.S.
    investors are cautioned that, while such terms are recognized
    and required by Canadian securities laws, the SEC does not
    recognize them. Under U.S. standards, mineralization may not be
    classified as a &#147;reserve&#148; unless the determination has
    been made that the mineralization could be economically and
    legally produced or extracted at the time the reserve
    determination is made. U.S. investors are cautioned not to
    assume that all or any part of measured or indicated resources
    will ever be converted into reserves.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S. investors should also understand that &#147;inferred
    resources&#148; have a great amount of uncertainty as to their
    existence and as to whether they can be mined legally or
    economically. It cannot be assumed that all or any part of the
    &#147;inferred resources&#148; will ever be upgraded to a higher
    category. Therefore, U.S. investors are also cautioned not to
    assume that all or any part of the inferred resources exist, or
    that they can be mined legally or economically. Disclosure of
    &#147;contained ounces&#148; is permitted disclosure under
    Canadian regulations; however, the SEC only permits issuers to
    report &#147;resources&#148; as in place tonnage and grade
    without reference to unit measures. Accordingly, information
    concerning descriptions of mineralization and resources
    contained in this Prospectus, or in the documents incorporated
    by reference herein, may not be comparable to information made
    public by U.S. companies subject to the reporting and disclosure
    requirements of the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    National Instrument
    <FONT style="white-space: nowrap">43-101</FONT>
    <I>Standards of Disclosure for Mineral Projects</I> (&#147;<B>NI
    <FONT style="white-space: nowrap">43-101</FONT></B>&#148;)
    is a rule developed by the Canadian Securities Administrators
    that establishes standards for all public disclosure an issuer
    makes of scientific and technical information concerning mineral
    projects. Unless otherwise indicated, all reserve and resource
    estimates contained in or incorporated by reference in this
    Prospectus have been prepared in accordance with NI
    <FONT style="white-space: nowrap">43-101</FONT> and
    the Canadian Institute of Mining Metallurgy and Petroleum
    Classification System. These standards differ significantly from
    the requirements of the SEC, and reserve and resource
    information contained herein and incorporated by reference
    herein may not be comparable to similar information disclosed by
    U.S. companies. NI
    <FONT style="white-space: nowrap">43-101</FONT>
    permits an historical estimate made prior to the adoption of NI
    <FONT style="white-space: nowrap">43-101</FONT> that
    does not comply with NI
    <FONT style="white-space: nowrap">43-101</FONT> to be
    disclosed using the historical terminology if the disclosure:
    (a)&#160;identifies the source and date of the historical
    estimate; (b)&#160;comments on the relevance and reliability of
    the historical estimate; (c)&#160;states whether the historical
    estimate uses categories other than those prescribed by NI
    <FONT style="white-space: nowrap">43-101,</FONT> and
    if so, includes an explanation of the differences; and
    (d)&#160;includes any more recent estimates or data available.
</DIV>

<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTICE
    REGARDING PRESENTATION OF FINANCIAL INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements incorporated by reference in this
    Prospectus, and the selected financial data derived therefrom
    included in this Prospectus or any Prospectus Supplement, are
    presented in United States dollars. In this Prospectus or any
    Prospectus Supplement, references to &#147;US$&#148; or $ are to
    United States dollars and references to &#147;C$&#148; are to
    Canadian dollars. See &#147;Exchange Rate Information&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The financial statements incorporated by reference in this
    Prospectus, and the selected consolidated financial data derived
    therefrom included in this Prospectus or any Prospectus
    Supplement, have been prepared in accordance with Canadian
    generally accepted accounting principles (&#147;<B>Canadian
    GAAP</B>&#148;). Canadian GAAP differs in some material respects
    from U.S. generally accepted accounting principles
    (&#147;<B>U.S. GAAP</B>&#148;), and so these financial
    statements are not comparable to the financial statements of
    U.S. companies. Note&#160;18 to the audited consolidated
    financial statements of the Company for the years ended
    December&#160;31, 2008 and 2007 incorporated by reference in
    this Prospectus describes the effect of differences between
    Canadian GAAP and U.S. GAAP in such financial statements in
    accordance with Item&#160;18 of
    <FONT style="white-space: nowrap">Form&#160;20-F.</FONT>
    Note&#160;15 to the unaudited interim consolidated financial
    statements for the nine months ended September&#160;30, 2009
    incorporated by reference in this Prospectus describes the
    effect of differences between Canadian GAAP and U.S.&#160;GAAP
    in such financial statements in accordance with Item&#160;18 of
    <FONT style="white-space: nowrap">Form&#160;20-F.</FONT>
    See &#147;Documents Incorporated by&#160;Reference&#148;.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAUTIONARY
    NOTE&#160;REGARDING FORWARD-LOOKING STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Prospectus and the documents incorporated by reference
    herein contain forward-looking statements within the meaning of
    the United States <I>Private Securities Litigation Reform
    Act</I> of 1995 and forward-looking information under the
    provisions of Canadian securities laws (collectively,
    &#147;forward-looking statements&#148;) concerning the
    anticipated production and developments in our operations in
    future periods, our planned exploration and development
    activities, the adequacy of our financial resources and other
    events or conditions that may occur in the future. These
    statements relate to analyses and other information that are
    based on forecasts of future results, estimates of amounts not
    yet determinable and assumptions of management.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Statements concerning mineral reserve and resource estimates may
    also be deemed to constitute forward-looking statements to the
    extent that they involve estimates of the mineralization that
    will be encountered if the property is developed. Any statements
    that express or involve discussions with respect to predictions,
    expectations, beliefs, plans, projections, objectives,
    assumptions or future events or performance (often, but not
    always, using words or phrases such as &#147;expects&#148;,
    &#147;anticipates&#148;, &#147;plans&#148;,
    &#147;projects&#148;, &#147;estimates&#148;,
    &#147;assumes&#148;, &#147;intends&#148;, &#147;strategy&#148;,
    &#147;goals&#148;, &#147;objectives&#148;, &#147;potential&#148;
    or variations thereof, or stating that certain actions, events
    or results &#147;may&#148;, &#147;could&#148;,
    &#147;would&#148;, &#147;might&#148; or &#147;will&#148; be
    taken, occur or be achieved, or the negative of any of these
    terms and similar expressions) are not statements of historical
    fact and may be forward-looking statements. Forward-looking
    statements are subject to a variety of known and unknown risks,
    uncertainties and other factors that could cause actual events
    or results to differ from those expressed or implied by the
    forward-looking statements, including, without limitation:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    uncertainty of production and cost estimates for the Pirquitas
    Mine;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    uncertainty of production at our mineral exploration properties;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks and uncertainties associated with new mining operations,
    including
    <FONT style="white-space: nowrap">start-up</FONT>
    delays and operational issues;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks related to our ability to obtain adequate financing for
    our planned development activities and to complete further
    exploration programs;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    commodity price fluctuations;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our history of losses and expectation of future losses;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    recent market events and conditions;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks related to general economic conditions;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks related to our covenants given with respect to our 4.5%
    convertible senior notes due 2028;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    differences in U.S. and Canadian practices for reporting mineral
    resources and reserves;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks and uncertainties relating to the interpretation of drill
    results and the geology, grade and continuity of our mineral
    deposits;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unpredictable risks and hazards related to the development and
    operation of a mine or mine property that are beyond our control;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks related to governmental regulations, including
    environmental regulations;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks related to the delay in obtaining or failure to obtain
    required permits, or non-compliance with permits we have
    obtained;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increased costs and restrictions on operations due to compliance
    with environmental laws and regulations;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks related to reclamation activities on our properties;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    uncertainties related to title to our mineral properties and
    surface rights;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks related to political instability and unexpected regulatory
    change;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to successfully acquire additional commercially
    mineable mineral rights;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    currency fluctuations;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increased costs affecting the mining industry;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increased competition in the mining industry for properties,
    qualified personnel and management;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks related to some of our directors&#146; and officers&#146;
    involvement with other natural resource companies;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks related to claims and legal proceedings;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to maintain adequate internal control over financial
    reporting; and
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our potential classification as a &#147;passive foreign
    investment company&#148; under the U.S. Internal Revenue Code.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This list is not exhaustive of the factors that may affect any
    of our forward-looking statements. Forward-looking statements
    are statements about the future and are inherently uncertain,
    and our actual achievements or other future events or conditions
    may differ materially from those reflected in the
    forward-looking statements due to a variety of risks,
    uncertainties and other factors, including, without limitation,
    those referred to in this Prospectus and any Prospectus
    Supplement under the heading &#147;Risk Factors&#148; and
    elsewhere in this Prospectus and any Prospectus Supplement and
    in the documents incorporated by reference herein. Our
    forward-looking statements are based on the beliefs,
    expectations and opinions of management on the date the
    statements are made, and we do not assume any obligation to
    update forward-looking statements if circumstances or
    management&#146;s beliefs, expectations or opinions should
    change, other than as required by applicable law. For the
    reasons set forth above, you should not place undue reliance on
    forward-looking statements.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<A name='104'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXCHANGE
    RATE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth, for each period indicated, the
    exchange rates of the Canadian dollar to the U.S. dollar at the
    end of such period and the highest, lowest and average (based on
    the exchange rate on the last day of each month during such
    period) exchange rates for such period (such rates, which are
    expressed in Canadian dollars, are based on the noon buying rate
    for U.S. dollars reported by the Bank of Canada).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="41%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>Year ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Nine months ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December 31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September 30,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Rate at the end of period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    0.9981
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.2246
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0510
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0599
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0707
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Average rate during period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0748
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0660
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.1420
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0184
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.1701
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Highest rate during period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.1853
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.2969
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.3000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0796
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.3000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Lowest rate during period
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    0.9170
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    0.9719
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0292
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    0.9719
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    C$
</TD>
<TD nowrap align="right" valign="bottom">
    1.0613
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;3, 2010, the noon buying rate reported by the
    Bank of Canada was US$1.00 per C$1.0609.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<A name='105'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    COMPANY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a silver resource company that has assembled a portfolio
    of silver-dominant projects since 1994. These projects are
    located in seven countries in the Americas and Australia. We are
    now focused on operating and producing silver from our Pirquitas
    Mine, and on advancing our five other principal projects and
    project pipeline. In the aggregate, we own what we believe to be
    the largest in-ground silver resource of any publicly-traded
    primary silver company, and, as a result, we can provide a high
    exposure to silver. Certain of our projects also contain
    significant gold resources.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Strengths</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that we are well-positioned to build shareholder
    value through our following strengths:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We have demonstrated an ability to consistently increase our
    silver resources in a disciplined manner, providing significant
    exposure to silver;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We achieved commercial production at the Pirquitas Mine as of
    December&#160;1, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We have a geographically-diverse project portfolio in the
    Americas and Australia;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We have a portfolio of projects that provides an opportunity for
    organic growth; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Our management has proven exploration, development and operating
    expertise, and we have an experienced Board of Directors.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    Strategy</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our strategy has been to discover and acquire silver-dominant
    projects at times when lower metal prices prevailed in order to
    position us to benefit from silver price increases. Since 1993,
    we have grown our silver resource base through acquisitions and
    exploration activities and by expanding resources on individual
    projects through additional drilling.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our primary focus is to generate cash flow by optimizing
    commercial production at our Pirquitas Mine and advancing our
    five other principal projects and project pipeline towards
    development and commercial production. We may also monetize some
    of our other assets. For the purposes of NI
    <FONT style="white-space: nowrap">43-101,</FONT> our
    only material property is the Pirquitas Mine.
</DIV>
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    <BR>
    5
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Principal
    Projects</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Pirquitas Mine</I></B>&#160;&#151; is a wholly-owned
    primary silver mine located in northwestern Argentina. Initial
    production and concentrate shipments have commenced at the
    Pirquitas Mine and commercial production was achieved on
    December&#160;1, 2009. We anticipate the Pirquitas Mine to
    produce approximately 7&#160;million ounces of silver in 2010
    and between 8 to 10&#160;million ounces of silver in 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>San Luis Project</I></B>&#160;&#151; is a joint venture
    property located in central Peru. We currently own a 55%
    interest in the project and have the right to increase our
    interest to 70% by completing a feasibility study. A draft of
    the feasibility study has been completed and additional work is
    underway to finalize the study. An environmental impact study
    has also been initiated and is scheduled to be completed in
    2010. We can further increase our interest to 80% by placing the
    project into production.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Pitarrilla Project</I></B>&#160;&#151; is a wholly-owned
    silver exploration project located in the State of Durango,
    Mexico. The project contains silver and significant base metal
    mineralization. A pre-feasibility study for the development of
    the underground portion of the Breccia Ridge Zone disclosed
    probable silver reserves of 91.7&#160;million ounces. During
    2010, we plan to complete a feasibility study for the
    underground component of the Breccia Ridge Zone.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Diablillos Project</I></B>&#160;&#151; is a wholly-owned
    silver-gold exploration project located approximately 275
    kilometers south of the Pirquitas Mine in northwestern
    Argentina. With the completion of an updated resource estimate
    and a metallurgical program assessing the heap leaching
    characteristics of the Diablillos mineralization, engineering
    studies are underway to assess the potential economics of the
    project.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Snowfield Project</I></B>&#160;&#151; is a wholly-owned
    gold-copper exploration project located approximately 65
    kilometers north of the town of Stewart in northwest British
    Columbia. We recently completed an extensive prospecting and
    drilling program resulting in an updated resource estimate for
    the Snowfield Project. See &#147;Recent Developments&#148;. We
    plan on conducting a preliminary economic assessment and an
    extensive drilling program in 2010 in order to further define
    the mineral resources on the Snowfield Project and update the
    mineral resource estimate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Brucejack Project</I></B>&#160;&#151; is a wholly-owned
    gold-silver exploration project located immediately south of the
    Snowfield Project in northwest British Columbia. We recently
    completed an extensive prospecting and drilling program
    resulting in an updated resource estimate for the Brucejack
    Project. See &#147;Recent Developments&#148;. We plan on
    conducting an extensive drilling program in 2010 in order to
    further define the mineral resources on the Brucejack Project
    and update the mineral resource estimate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Project
    Pipeline</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to our six principal projects, we hold interests in
    a number of other properties that are geographically-diverse and
    at various stages of exploration. With the exception of the
    Maverick Springs Project, all of the properties described
    immediately below are wholly-owned.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We own the Berenguela Project (a polymetallic exploration
    project) in Puno Department, Peru, the San Agustin Project (a
    polymetallic exploration project) in Durango State, Mexico, the
    Challacollo Project (a polymetallic exploration project) in
    Region 1, Chile, the Candelaria Project (a former operating
    silver-gold mine) in Nevada, U.S.A., the Maverick Springs
    Project (a silver-gold exploration project) in Nevada, U.S.A.,
    the Bowdens Project (a polymetallic exploration project) in New
    South Wales, Australia, the Silvertip Project (a polymetallic
    exploration project) in British Columbia, Canada, the Sunrise
    Lake Deposit (a polymetallic exploration project) in the
    Northwest Territories, Canada and the Veta&#160;Colorada Project
    (a silver exploration project) in Chihuahua State, Mexico.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also own the San Marcial Project (a polymetallic exploration
    project) located near Mazatlan, Mexico, which is currently
    optioned to another party.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We also have a number of other property holdings in Argentina,
    Australia, Canada, Chile, Mexico and the United States, some of
    which are held in joint ventures or optioned to other parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Scientific and technical information contained in this section,
    &#147;The Company&#148;, has been reviewed by Kenneth C.
    McNaughton, M.Sc., P. Eng., Vice President Exploration, who is
    our qualified person for the purpose of NI
    <FONT style="white-space: nowrap">43-101.</FONT>
</DIV>
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    <BR>
    6
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RECENT
    DEVELOPMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Increased
    Resource Estimate at the Snowfield Project and the Brucejack
    Project</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective December&#160;1, 2009, we reported a significant
    increase in the gold resource estimate at the Snowfield Project
    and the Brucejack Project. At the Snowfield Project, the
    measured and indicated resources were 4.14&#160;million and
    15.63&#160;million ounces of gold, respectively, and inferred
    resources were 10.05&#160;million ounces of gold. At the
    Brucejack Project, measured and indicated resources were
    0.66&#160;million and 3.38&#160;million ounces of gold,
    respectively, and 23.8&#160;million and 41.6&#160;million ounces
    of silver, respectively, and inferred resources were
    4.87&#160;million ounces of gold and 71.5&#160;million ounces of
    silver. NI
    <FONT style="white-space: nowrap">43-101</FONT>
    compliant technical reports relating to the resource estimates
    at each of the Snowfield Project and the Brucejack Project were
    filed on SEDAR on January&#160;14, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mineral resources for the December&#160;1, 2009 estimates were
    based on a cut-off grade of 0.35 grams of gold equivalent per
    tonne, and defined within an optimized pit that incorporates
    project metal recoveries, estimated operating costs
    and&#160;metals price assumptions. Parameters used in the
    estimates included metals prices (and respective recoveries) of
    US$800/oz. gold (75%), US$12.00/oz. silver (73%), US$2.50/lb.
    copper (85%) and US$10/lb. molybdenum (60%). The pit
    optimization utilized the following cost parameters: mining
    US$1.75/tonne, processing US$5.00/tonne and G&#038;A
    US$1.00/tonne along with pit slopes of 50 degrees. Mineral
    resources which are not mineral reserves do not have
    demonstrated economic viability. The estimate of mineral
    resources may be materially affected by environmental,
    permitting, legal, marketing or other relevant issues. The
    quantity and grade of reported inferred resources in this
    estimation are uncertain in nature. There has been insufficient
    exploration to define these inferred resources as an indicated
    or measured mineral resource, and it is uncertain if further
    exploration will result in upgrading them to an indicated or
    measured mineral resource category.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Resignation
    of Robert Quartermain as President and Chief Executive
    Officer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Robert Quartermain resigned as our President and Chief Executive
    Officer effective January&#160;19, 2010. Dr.&#160;Quartermain
    remains on our Board of Directors. On the same date, A.E.
    Michael Anglin was appointed as our interim President and Chief
    Executive Officer, while our Board of Directors is conducting a
    search for Dr.&#160;Quartermain&#146;s replacement. See
    &#147;Risk Factors&#160;&#151; Risks Related to our Business and
    our Industry&#160;&#151; We may experience difficulty attracting
    and retaining qualified management to grow our business&#148;.
</DIV>

<DIV style="margin-top: 21pt; font-size: 1pt">&nbsp;</DIV>

<A name='107'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SENIOR
    MANAGEMENT AND BOARD OF DIRECTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a brief description of the principal business
    activities and experience of our senior management and directors:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Senior
    Management</FONT></I>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">A.E.
    Michael Anglin</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Anglin is our interim President and Chief Executive
    Officer, and has been a member of our Board of Directors since
    August 2008. Mr.&#160;Anglin graduated with a Bachelor of
    Science (Honours) degree in Mining Engineering from the Royal
    School of Mines, Imperial College in London in 1977 and later
    attained a Master of Science degree from the Imperial College in
    London in 1985. Mr.&#160;Anglin spent 22&#160;years with BHP
    Billiton, most recently serving as Vice President Operations and
    Chief Operating Officer of the Base Metals Group based in
    Santiago, Chile, before retiring in 2008.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Joseph J.
    Ovsenek</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Ovsenek has served as our Senior Vice President,
    Corporate since February 2003 and Senior Vice President,
    Corporate Development since September&#160;1, 2009.
    Mr.&#160;Ovsenek graduated from the University of British
    Columbia with a Bachelor of Applied Science degree in Mechanical
    Engineering in 1983 and from the University of Toronto with a
    Bachelor of Laws degree in 1989. Mr.&#160;Ovsenek is a
    registered member of the Association of Professional Engineers
    and Geoscientists of British Columbia. Mr.&#160;Ovsenek is a
    director of Silvermex Resources Ltd.
    (&#147;<B>Silvermex</B>&#148;).
</DIV>
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    <BR>
    7
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">George N.
    Paspalas</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Paspalas has served as our Senior Vice President,
    Operations since June 2007. Before joining Silver Standard,
    Mr.&#160;Paspalas held management positions with Placer Dome
    Inc., most recently as Senior Vice President
    Projects&#160;&#151; Technical Development and previously as
    President and Chief Executive Officer of Placer Dome Africa. He
    has worked for over 20&#160;years in the resource industry in
    management, technical and operational roles. His regional
    experience includes North and South America, South East Asia,
    the Pacific Rim, Africa, Europe and Japan. He earned a Bachelor
    of Engineering (Chemical) degree with Honours from the
    University of New South Wales in 1984.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Kenneth
    C. McNaughton</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;McNaughton has served as our Vice President,
    Exploration since July 1991. Mr.&#160;McNaughton earned a
    Bachelor of Applied Science degree and Master of Applied Science
    degree in Geological Engineering in 1981 and 1983, respectively,
    from the University of Windsor, and is a registered member of
    the Association of Professional Engineers and Geoscientists of
    British Columbia. Mr.&#160;McNaughton is a director of Silvermex.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Tom S. Q.
    Yip</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Yip has served as our Vice President, Finance and Chief
    Financial Officer since July 2007. Prior to joining Silver
    Standard, Mr.&#160;Yip held the position of Vice-President and
    Chief Financial Officer at Asarco, LLC. He also worked for
    20&#160;years at Echo Bay Mines Ltd. and served as its
    Vice-President, Finance and Chief Financial Officer before the
    company merged with Kinross Gold Corporation in 2003.
    Mr.&#160;Yip is a chartered accountant and holds a Bachelor of
    Commerce degree in Business Administration from the University
    of Alberta.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">David
    Smith</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    David Smith has served as our Vice-President, Human Resources
    since December 2009. Prior to joining Silver Standard,
    Mr.&#160;Smith held the position of Director of Human
    Resources&#160;&#151; Russia for Kinross Gold Corporation.
    Mr.&#160;Smith has also held management positions with Barrick
    Gold Corporation and Motorola Inc. Mr.&#160;Smith holds a
    Bachelor of Arts degree from Brock University.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Board of
    Directors</FONT></I>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Peter W.
    Tomsett</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Tomsett is the Chair of our Board. Mr.&#160;Tomsett
    graduated with a Bachelor of Engineering (Honours) degree in
    Mining Engineering from the University of New South Wales, later
    attaining a Master of Science (Distinction) degree in Mineral
    Production Management from the Imperial College in London.
    Mr.&#160;Tomsett spent 20&#160;years at Placer Dome Inc., most
    recently serving as President and Chief Executive Officer until
    its acquisition by Barrick Gold Corporation. Mr.&#160;Tomsett is
    also Chairman of Equinox Minerals Limited and a director of
    North American Energy Partners Inc. and Talisman Energy Inc.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">A.E.
    Michael Anglin</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;Senior Management and Board of Directors&#160;&#151;
    Senior Management&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">John R.
    Brodie, FCA</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Brodie is our audit committee financial expert and
    Chair of our Audit Committee. Mr.&#160;Brodie has been the
    President of John R. Brodie Capital Inc., a private consulting
    firm, since 2003. From 1975 to 2003, Mr.&#160;Brodie was a
    partner at KPMG LLP and from 1987 to 1995 served as a director
    of KPMG LLP. Mr.&#160;Brodie graduated from the University of
    Manitoba with a Bachelor of Science degree in 1967 and attended
    the Stanford Executive Program at Stanford University in 1982.
    He is a member of the Canadian Institute of Chartered
    Accountants, British Columbia Institute of Chartered Accountants
    and a lifetime member of Certified Fraud Examiners.
    Mr.&#160;Brodie was elected a Fellow and awarded the FCA
    designation by the Institute of Chartered Accountants of British
    Columbia in 2003 for distinguished service to the accounting
    profession. Mr.&#160;Brodie is also a director of Western Coal
    Corp., Far West Mining Inc., Ag&#160;Growth International Inc.,
    Rubicon Minerals Corporation, Copper Belt Resources Ltd. and
    Pacific Safety Products.
</DIV>
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    <BR>
    8
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Richard
    C. Campbell, MBE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Campbell is the Chair of our Safety and Sustainability
    Committee. Mr.&#160;Campbell graduated with a Bachelor of
    Science (Honours) degree in Geology from Glasgow University in
    1969. He spent the following 32&#160;years with British
    Petroleum Company (&#147;<B>BP</B>&#148;), most recently serving
    as President of BP Alaska before retiring in 2001.
    Mr.&#160;Campbell was awarded membership of the Order of British
    Empire (MBE) by Queen Elizabeth II in 1994 for his contribution
    to British&#160;commercial interests in Colombia while serving
    as President of BP in Colombia.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">R.E.
    Gordon Davis</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Davis is the Chair of our Corporate Governance and
    Nominating Committee. Mr.&#160;Davis was a director and senior
    executive with Dynasty Explorations Ltd. and its successor
    corporation, Cyprus Anvil Mining Corporation, from 1964 to 1982.
    Since 1982, Mr.&#160;Davis has been a director of a number of
    resource companies, including Pine Point Mines Ltd., Cabre
    Exploration Ltd., Golden Knight Resources Inc. and Northern
    Crown Mines Ltd. In addition, Mr.&#160;Davis has been a director
    of Canplats Resources Corporation (&#147;<B>Canplats</B>&#148;)
    since October 1999, the President of Canplats from March 2000 to
    December 2007 and Chairman and Chief Executive Officer of
    Canplats since December 2007. Mr.&#160;Davis also serves as a
    director of Pacific Ridge Exploration Ltd. Mr.&#160;Davis
    graduated with a Bachelor of Applied Science degree in
    Geological Engineering in 1962 and is a registered member of the
    Association of Professional Engineers and Geoscientists of
    British&#160;Columbia.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">David L.
    Johnston</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Johnston is a registered member of the Association of
    Professional Engineers and Geoscientists of British Columbia
    with a lengthy career in senior management at several major
    Canadian mining companies. Prior to his election to our Board,
    Mr.&#160;Johnston was president and general manager from 1996 to
    1999 of Highland Valley Copper Corporation, operator of North
    America&#146;s third largest open pit copper mine. From 1990 to
    1996, he served as Vice&#160;President of Cominco Ltd., and from
    1985 to 1990, he was President of Pine Point Mines Limited,
    operator of a significant open pit lead-zinc mine in
    Canada&#146;s Northwest Territories. Mr.&#160;Johnston is also a
    director of Copper Canyon Resources Ltd. and Eagle Plains
    Resources Ltd. Mr.&#160;Johnston graduated with a Bachelor of
    Applied Science degree in Mining Engineering in 1963 and a
    Master of Science degree in Mineral Engineering in 1969.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Richard
    D. Paterson</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mr.&#160;Paterson is the Chair of our Compensation Committee.
    Mr.&#160;Paterson graduated from Concordia University, Montreal
    with a Bachelor of Commerce degree in 1964. Mr.&#160;Paterson
    has been a Managing Director of Genstar Capital, a private
    equity firm specializing in leveraged buyouts, since 1988.
    Before founding Genstar Capital, Mr.&#160;Paterson served as
    Senior Vice President and Chief Financial Officer of Genstar
    Corporation, a NYSE-listed company, where he was responsible for
    finance, tax, information systems and public reporting. During
    the last 10&#160;years, two companies of which Mr.&#160;Paterson
    was a director at the time, were subject to bankruptcy
    proceedings under the U.S. Bankruptcy Code.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Robert A.
    Quartermain</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dr.&#160;Quartermain, D.Sc. served as our President and Chief
    Executive Officer from January 1985 to January 2010.
    Dr.&#160;Quartermain graduated in 1977 from the University of
    New Brunswick with a Bachelor of Science (Honours) degree in
    geology and from Queen&#146;s University in 1981 with a Master
    of Science degree in mineral exploration. Dr.&#160;Quartermain
    was awarded an honorary Doctor of Science degree from the
    University of New Brunswick in May 2009, and is a registered
    member of the Association of Professional Engineers and
    Geoscientists of British Columbia.
</DIV>
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    <BR>
    9
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Investing in our Common Shares is speculative and involves a
    high degree of risk due to the nature of our business and the
    present stage of exploration, development and production of our
    mineral properties. The following risk factors, as well as risks
    currently unknown to us, could materially adversely affect our
    future business, operations and financial condition and could
    cause them to differ materially from the estimates described in
    forward-looking statements relating to us, or our business,
    property or financial results, each of which could cause you to
    lose part or all of your investment. You should carefully
    consider the following risk factors along with the other matters
    included or incorporated by reference in this Prospectus or
    included in any Prospectus Supplement.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to our Business and our Industry</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Pirquitas Mine recently commenced production, and there is a
    risk that the production and cost estimates for the Pirquitas
    Mine may vary and/or not be achieved.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have prepared estimates of future production, operating costs
    and capital costs for the Pirquitas Mine. We cannot give any
    assurance that such production or cost estimates will be
    achieved. Actual production and costs may vary from the
    estimates depending on a variety of factors, many of which are
    not within our control. These factors include, but are not
    limited to, actual ore mined varying from estimates of grade,
    tonnage, dilution, and metallurgical and other characteristics;
    short-term operating factors such as the need for sequential
    development of ore bodies and the processing of new or different
    ore grades from those planned; mine failures, slope failures or
    equipment failures; industrial accidents; natural phenomena such
    as inclement weather conditions, floods, droughts, rock slides
    and earthquakes; encountering unusual or unexpected geological
    conditions; changes in power costs and potential power
    shortages; exchange rate and commodity price fluctuations;
    shortages of principal supplies needed for operations, including
    explosives, fuels, chemical reagents, water, equipment parts and
    lubricants; labor shortages or strikes; civil disobedience and
    protests; and restrictions or regulations imposed by
    governmental or regulatory authorities or other changes in the
    regulatory environments. Failure to achieve production or cost
    estimates or material increases in costs could have a material
    adverse impact on our future cash flows, profitability, results
    of operations and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    Pirquitas Mine is our only mineral property in production, and
    we do not have other mineral properties under
    development.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Pirquitas Mine is our only mineral property in production,
    and we do not currently have other mineral properties under
    development. The future development of any other properties
    found to be economically feasible and approved by our Board of
    Directors will require the construction and operation of mines,
    processing plants and related infrastructure. As a result, we
    are and will continue to be subject to all of the risks
    associated with establishing new mining operations including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the timing and cost, which can be considerable, of the
    construction of mining and processing facilities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the availability and cost of skilled labor and mining equipment;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the availability and cost of appropriate smelting and refining
    arrangements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the need to obtain necessary environmental and other
    governmental approvals and permits and the timing of the receipt
    of those approvals and permits;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the availability of funds to finance construction and
    development activities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential opposition from non-governmental organizations,
    environmental groups or local groups which may delay or prevent
    development activities; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential increases in construction and operating costs due to
    changes in the cost of fuel, power, materials and supplies.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The costs, timing and complexities of operating the Pirquitas
    Mine and constructing and developing our other projects may be
    greater than we anticipate because the majority of our property
    interests are not located in developed areas, and, as a result,
    our property interests may not be served by appropriate road
    access, water and power supply and other support infrastructure.
    Cost estimates may increase as more detailed engineering work is
    completed on a project. It is common in new mining operations to
    experience unexpected costs, problems and delays during
    construction,
</DIV>
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    <BR>
    10
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    development and mine
    <FONT style="white-space: nowrap">start-up.</FONT> In
    addition, delays in the early stages of mineral production often
    occur. Accordingly, we cannot provide assurance that our
    activities will result in profitable mining operations at the
    Pirquitas Mine or any of our other mineral properties.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    have limited revenue from operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a company transitioning from exploration and development
    to production and to date have generated limited revenue from
    operations. Other than the Pirquitas Mine, which has recently
    achieved commercial production, all of our properties are in the
    exploration stage. We have not defined or delineated any proven
    or probable reserves on any of our exploration stage properties
    other than at our Pitarrilla Project. Mineral exploration
    involves significant risk because few properties that are
    explored contain bodies of ore that would be commercially
    economic to develop into producing mines. If our current
    exploration programs do not result in the discovery of
    commercial ore, we may need to write-off part or all of our
    investment in our existing exploration stage properties, and we
    may need to acquire additional properties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The determination of whether any mineral deposits on our
    properties are economically viable is affected by numerous
    factors beyond our control, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the metallurgy of the mineralization forming the mineral deposit;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    market fluctuations for metal prices;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the proximity and capacity of natural resource markets and
    processing equipment; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    government regulations governing prices, taxes, royalties, land
    tenure, land use, importing and exporting of minerals and
    environmental protection.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not have sufficient funds to develop our mineral properties or
    to complete further exploration programs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have limited financial resources. We had cash and cash
    equivalents of US$42.9&#160;million and marketable securities of
    US$11.0&#160;million as of September&#160;30, 2009. Since such
    date, we have expended funds on, among other things, the
    advancement of the Pirquitas Mine to achieve designed production
    rates. We currently generate limited operating revenue, and must
    primarily finance our exploration activity and the development
    of our mineral properties by other means. In the future, our
    ability to continue our production, exploration and development
    activities, if any, will depend on our ability to generate
    sufficient operating revenue from the Pirquitas Mine and obtain
    additional external financing. Any unexpected costs, problems or
    delays during the early stages of production at the Pirquitas
    Mine could severely impact our ability to generate revenue from
    production at the Pirquitas Mine and continue our exploration
    and development activities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The sources of external financing that we may use for these
    purposes include project or bank financing, or public or private
    offerings of equity and debt. In addition, we may enter into one
    or more strategic alliances or joint ventures, decide to sell
    certain property interests, or utilize one or a combination of
    all of these alternatives. The financing alternative chosen by
    us may not be available to us on acceptable terms, or at all. If
    additional financing is not available, we may have to postpone
    the development of, or sell, one or more of our principal
    properties.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Changes
    in the market price of silver and other metals, which in the
    past have fluctuated widely, will affect our
    operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our profitability and long-term viability will depend, in large
    part, on the market price of silver, gold, tin, zinc, lead and
    copper. The market prices for these metals are volatile and are
    affected by numerous factors beyond our control, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    global or regional consumption patterns;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the supply of, and demand for, these metals;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    speculative activities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the availability and costs of metal substitutes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    expectations for inflation; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    political and economic conditions, including interest rates and
    currency values.
</TD>
</TR>

</TABLE>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We cannot predict the effect of these factors on metal prices. A
    decrease in the market price of silver and other metals would
    affect the profitability of the Pirquitas Mine and could affect
    our ability to finance the exploration and development of any of
    our other mineral properties. The market price of silver and
    other metals may not remain at current levels. In particular, an
    increase in worldwide supply, and consequent downward pressure
    on prices, may result over the longer term from increased silver
    production from mines developed or expanded as a result of
    current metal price levels.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    have a history of losses and may continue to incur losses for
    the foreseeable future.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We recorded a loss of US$4.1&#160;million for the nine-month
    period ended September&#160;30, 2009 and despite earnings of
    US$8.4&#160;million for the nine-month period ended
    September&#160;30, 2008, primarily due to the sale of our
    Shafter Silver Project, we have a history of losses, including a
    loss of US$6.0&#160;million for the year ended December&#160;31,
    2008.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We expect to continue to incur losses unless and until such time
    as the Pirquitas Mine generates sufficient revenues to fund
    continuing operations. The exploration and development of our
    other mineral properties will require the commitment of
    substantial financial resources that may not be available.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount and timing of expenditures will depend on a number of
    factors, including the progress of ongoing exploration and
    development, the results of consultants&#146; analyses and
    recommendations, the rate at which operating losses are
    incurred, the execution of any joint venture agreements with
    strategic partners and our acquisition of additional property
    interests, some of which are beyond our control. We cannot
    provide assurance that we will ever achieve profitability.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Market
    events and conditions may adversely affect our business and
    industry.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2007 and into 2008, the U.S. credit markets began to
    experience serious disruption due to a deterioration in
    residential property values, defaults and delinquencies in the
    residential mortgage market (particularly,
    <FONT style="white-space: nowrap">sub-prime</FONT>
    and non-prime mortgages) and a decline in the credit quality of
    mortgage-backed securities. These problems led to a
    <FONT style="white-space: nowrap">slow-down</FONT> in
    residential housing market transactions, declining housing
    prices, delinquencies in non-mortgage consumer credit and a
    general decline in consumer confidence. These conditions
    continued and worsened in 2008 and early 2009, causing a loss of
    confidence in the U.S. and global credit and financial markets
    and resulting in the collapse of, and government intervention
    in, major banks and other financial institutions and insurers,
    and creating a climate of greater volatility, less liquidity,
    widening of credit spreads, a lack of price transparency,
    increased credit losses and tighter credit conditions.
    Notwithstanding various actions by the U.S. and other
    governments, concerns about the general condition of the capital
    markets, financial instruments, banks, investment banks,
    insurers and other financial institutions caused the broader
    credit markets to further deteriorate and stock markets to
    decline substantially. In addition, general economic indicators,
    including employment levels, announced corporate earnings,
    economic growth and consumer confidence, have deteriorated. Any
    or all of these market events and conditions may adversely
    affect our business and industry.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">General
    economic conditions may adversely affect our growth and
    profitability.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The unprecedented events in global financial markets in the past
    several years have had a profound impact on the global economy.
    Many industries, including the silver and gold mining industry,
    are impacted by these market conditions. Some of the key impacts
    of the current financial market turmoil include contraction in
    credit markets resulting in a widening of credit risk,
    devaluations, high volatility in global equity, commodity,
    foreign exchange and precious metal markets and a lack of market
    liquidity. A continued or worsened slowdown in the financial
    markets or other economic conditions, including but not limited
    to, consumer spending, employment rates, business conditions,
    inflation, fuel and energy costs, consumer debt levels, lack of
    available credit, the state of the financial markets, interest
    rates and tax rates, may adversely affect our growth and
    profitability. Specifically:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the global credit/liquidity crisis could impact the cost and
    availability of financing and our overall liquidity;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the volatility of silver and gold prices would impact our
    revenues, profits, losses and cash flow;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    continued recessionary pressures could adversely impact demand
    for our production;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    volatile energy, commodity and consumables prices and currency
    exchange rates would impact our production costs; and
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the devaluation and volatility of global stock markets would
    impact the valuation of our equity and other securities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These factors could have a material adverse effect on our
    financial condition and results of operations.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">An
    event of default under our 4.5% Convertible Senior Notes due
    2028&#160;may significantly reduce our liquidity and adversely
    affect our business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the indenture governing our 4.5% Convertible Senior Notes
    due 2028 (the &#147;<B>Convertible Notes</B>&#148;), we made
    various covenants to the trustees on behalf of the holders of
    the Convertible Notes, including to make payments of interest
    and principal when due and, upon undergoing a fundamental
    change, to offer to purchase all of the outstanding Convertible
    Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If there is an event of default under the Convertible Notes, the
    principal amount of such notes, plus accrued and unpaid
    interest, if any, may be declared immediately due and payable.
    If such an event occurs, we could lose our properties, including
    the Pirquitas Mine, and our shareholders could lose their entire
    investment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    follow Canadian disclosure practices concerning our mineral
    reserves and resources which allow for more disclosure than is
    permitted for U.S. reporting companies.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our resource estimates are not directly comparable to those made
    in filings subject to the SEC reporting and disclosure
    requirements, as we report resources in accordance with Canadian
    practices. These practices are different from the practices used
    to report resource estimates in reports and other materials
    filed with the SEC in that the Canadian practice is to report
    measured, indicated and inferred resources. In the United
    States, mineralization may not be classified as a
    &#147;reserve&#148; unless the determination has been made that
    the mineralization could be economically and legally produced or
    extracted at the time the reserve determination is made. U.S.
    investors are cautioned not to assume that all or any part of
    measured or indicated resources will ever be converted into
    reserves. Further, &#147;inferred resources&#148; have a great
    amount of uncertainty as to their existence and as to whether
    they can be mined legally or economically. Disclosure of
    &#147;contained ounces&#148; is permitted disclosure under
    Canadian regulations; however, the SEC only permits issuers to
    report &#147;resources&#148; as in place tonnage and grade
    without reference to unit measures. Accordingly, information
    concerning descriptions of mineralization and resources
    contained in this Prospectus or any applicable Prospectus
    Supplement, or in any document incorporated by reference herein,
    may not be comparable to information made public by U.S.
    companies subject to the reporting and disclosure requirements
    of the SEC.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    reserve and resource estimates are based on interpretation and
    assumptions and may yield less mineral production under actual
    conditions than is currently estimated.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In making determinations about whether to advance any of our
    projects to development, we must rely upon estimated
    calculations as to the mineral reserves and grades of
    mineralization on our properties. Until ore is actually mined
    and processed, mineral reserves and grades of mineralization
    must be considered as estimates only. These estimates are
    imprecise and depend upon geological interpretation and
    statistical inferences drawn from drilling and sampling which
    may prove to be unreliable. We cannot provide assurance that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reserve, resource or other mineralization estimates will be
    accurate; or
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    mineralization can be mined or processed profitably.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any material changes in mineral reserve estimates and grades of
    mineralization will affect the economic viability of placing a
    property into production and a property&#146;s return on
    capital. Our reserve and resource estimates have been determined
    and valued based on assumed future prices, cut-off grades and
    operating costs that may prove to be inaccurate. Extended
    declines in market prices for silver, gold, tin, zinc, lead and
    copper may render portions of our mineralization uneconomic and
    result in reduced reported mineral reserves.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any material reductions in estimates of mineralization, or of
    our ability to extract this mineralization, could have a
    material adverse effect on our results of operations or
    financial condition. We cannot provide assurance that mineral
    recovery rates achieved in small scale tests will be duplicated
    in large scale tests under
    <FONT style="white-space: nowrap">on-site</FONT>
    conditions or in production scale.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Mining
    is inherently risky and subject to conditions or events beyond
    our control.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The development and operation of a mine or mine property is
    inherently dangerous and involves many risks that even a
    combination of experience, knowledge and careful evaluation may
    not be able to overcome, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unusual or unexpected geological formations;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    metallurgical and other processing problems;
</TD>
</TR>

</TABLE>
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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    metal losses;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    environmental hazards;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    power outages;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    labor disruptions;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    industrial accidents;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    periodic interruptions due to inclement or hazardous weather
    conditions;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    flooding, explosions, fire, rockbursts, cave-ins and landslides;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    mechanical equipment and facility performance problems; and
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the availability of materials and equipment.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These risks could result in damage to, or destruction of,
    mineral properties, production facilities or other properties,
    personal injury or death, including to our employees,
    environmental damage, delays in mining, increased production
    costs, asset write downs, monetary losses and possible legal
    liability. We may not be able to obtain insurance to cover these
    risks at economically feasible premiums, or at all. Insurance
    against certain environmental risks, including potential
    liability for pollution and other hazards as a result of the
    disposal of waste products occurring from production, is not
    generally available to companies within the mining industry. We
    may suffer a material adverse effect on our business if we incur
    losses related to any significant events that are not covered by
    our insurance policies.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    subject to significant governmental regulations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The operation of the Pirquitas Mine, as well as our exploration
    activities, are subject to extensive federal, state, provincial,
    territorial and local laws and regulations governing various
    matters, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    environmental protection;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the management and use of toxic substances and explosives;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the management of natural resources;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exploration of mineral properties;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    exports;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    price controls;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    taxation and mining royalties;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    labor standards and occupational health and safety, including
    mine safety; and
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    historic and cultural preservation.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Failure to comply with applicable laws and regulations may
    result in civil or criminal fines or penalties or enforcement
    actions, including orders issued by regulatory or judicial
    authorities enjoining or curtailing operations or requiring
    corrective measures, installation of additional equipment or
    remedial actions, or the imposition of additional local or
    foreign parties as joint venture partners, any of which could
    result in significant expenditures. We may also be required to
    compensate private parties suffering loss or damage by reason of
    a breach of such laws, regulations or permitting requirements.
    It is also possible that future laws and regulations, or more
    stringent enforcement of current laws and regulations by
    governmental authorities, could cause us to incur additional
    expense or capital expenditure restrictions or suspensions of
    our activities and delays in the exploration and development of
    our properties.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    require further permits in order to conduct our current and
    anticipated future operations, and delays in obtaining or
    failure to obtain such permits, or a failure to comply with the
    terms of any such permits that we have obtained, would adversely
    affect our business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our current and anticipated future operations, including
    continued production at the Pirquitas Mine, and further
    exploration, development and commencement of production on our
    other mineral properties, require permits from various
    governmental authorities. Obtaining or renewing governmental
    permits is a complex and time-consuming process. The duration
    and success of efforts to obtain and renew permits are
    contingent upon many variables not within our control.
</DIV>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We cannot provide assurance that all permits that we require for
    our operations, including any for construction of mining
    facilities or conduct of mining, will be obtainable or renewable
    on reasonable terms, or at all. Delays or a failure to obtain
    such required permits, or the expiry, revocation or failure by
    us to comply with the terms of any such permits that we have
    obtained, would adversely affect our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    activities are subject to environmental laws and regulations
    that may increase our costs and restrict our
    operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of our exploration, potential development and production
    activities in Argentina, Australia, Canada, Chile, Mexico, Peru
    and the United States are subject to regulation by governmental
    agencies under various environmental laws. To the extent that we
    conduct exploration activities or undertake new mining
    activities in other countries, we will also be subject to
    environmental laws and regulations in those jurisdictions. These
    laws address emissions into the air, discharges into water,
    management of waste, management of hazardous substances,
    protection of natural resources, antiquities and endangered
    species and reclamation of lands disturbed by mining operations.
    Environmental legislation in many countries is evolving and the
    trend has been towards stricter standards and enforcement,
    increased fines and penalties for non-compliance, more stringent
    environmental assessments of proposed projects and increasing
    responsibility for companies and their officers, directors and
    employees. Compliance with environmental laws and regulations
    may require significant capital outlays on our behalf and may
    cause material changes or delays in our intended activities.
    Future changes in these laws or regulations could have a
    significant adverse impact on some portion of our business,
    causing us to re-evaluate those activities at that time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Environmental laws in some of the countries in which we operate
    require that we periodically perform environmental impact
    studies at our mines. At present, environmental impact studies
    are being performed at the Pirquitas Mine and the San Luis
    Project. These studies are at an early stage and we are
    currently unable to discern the results of these studies. We
    cannot guarantee that these studies will not reveal
    environmental impacts that would require us to make significant
    capital outlays or cause material changes or delays in our
    intended activities, any of which could adversely affect our
    business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Land
    reclamation requirements for our exploration properties may be
    burdensome.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Although variable depending on location and the governing
    authority, land reclamation requirements are generally imposed
    on mineral exploration companies (as well as companies with
    mining operations) in order to minimize long term effects of
    land disturbance. Reclamation may include requirements to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    control dispersion of potentially deleterious effluents; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    reasonably re-establish pre-disturbance land forms and
    vegetation.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to carry out reclamation obligations imposed on us in
    connection with our exploration, potential development and
    production activities, we must allocate financial resources that
    might otherwise be spent on further exploration and development
    programs. Certain of our projects have been subject to historic
    mining operations and certain of the properties that were
    historically mined by us are subject to remediation obligations.
    We have set up a provision for our reclamation bonds but this
    provision may not be adequate. If we are required to carry out
    unanticipated reclamation work, our financial position could be
    adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    properties may be subject to uncertain title.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We cannot provide assurance that title to our properties will
    not be challenged. We own, lease or have under option,
    unpatented and patented mining claims, mineral claims or
    concessions which constitute our property holdings. The
    ownership and validity, or title, of unpatented mining claims
    and concessions are often uncertain and may be contested. Also,
    we may not have, or may not be able to obtain, all necessary
    surface rights to develop a property. Title insurance is
    generally not available for mineral properties and our ability
    to ensure that we have obtained a secure claim to individual
    mining properties or mining concessions may be severely
    constrained. We have not conducted surveys of all of the claims
    in which we hold direct or indirect interests. A successful
    claim contesting our title to a property will cause us to lose
    our rights to explore and, if warranted, develop that property
    or undertake or continue production thereon. This could result
    in our not being compensated for our prior expenditures relating
    to the property.
</DIV>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    sale of our concentrates will be subject to counterparty and
    market risks.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to enter into long-term supply arrangements to sell
    some of the silver, tin and zinc concentrates to be produced at
    the Pirquitas Mine to metal traders or integrated mining and
    smelting companies. We intend to sell the balance of these
    concentrates in the spot market. There is no assurance that we
    will be successful in entering into such arrangements on
    acceptable terms, or at all. If we are not successful in
    entering into such arrangements, we may be forced to sell all of
    our concentrates, or greater volumes of them than we may from
    time to time intend, in the spot market, or we may not have a
    market for our concentrates. In addition, should any
    counterparty to any supply arrangement we may enter into not
    honour such arrangement, or should any of such counterparties
    become insolvent, we may incur losses for products already
    shipped and be forced to sell greater volumes of our
    concentrates than intended in the spot market or we may not have
    a market for our concentrates, and our future operating results
    may be materially adversely impacted as a result. Moreover,
    there can be no assurance that we will be able to renew any
    agreements we may enter into to sell concentrates when such
    agreements expire, or that our concentrates will meet the
    qualitative requirements under future concentrate agreements or
    the requirements of buyers.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Political
    or economic instability or unexpected regulatory change in the
    countries where our properties are located could adversely
    affect our business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain of our properties are located in countries, provinces
    and states more likely to be subject to political and economic
    instability, or unexpected legislative change, than is usually
    the case in certain other countries, provinces and states. The
    operation of the Pirquitas Mine and our mineral exploration or
    potential development activities could be adversely affected by:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    political instability and violence;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    war and civil disturbance;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    labor unrest;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    expropriation or nationalization;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changing fiscal regimes and uncertain regulatory environments;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    fluctuations in currency exchange rates;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    high rates of inflation;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes to royalty and tax regimes, including the elimination of
    tax exemptions for mining companies by the Argentinean
    government;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    underdeveloped industrial and economic infrastructure; and
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the unenforceability of contractual rights and judgments.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    cannot provide assurance that we will successfully acquire
    additional commercially mineable mineral rights.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Most exploration projects do not result in the discovery of
    commercially mineable ore deposits, and no assurance can be
    given that any anticipated level of recovery of ore reserves
    will be realized or that any identified mineral deposit will
    ever qualify as a commercially mineable (or viable) ore body
    which can be legally and economically exploited. Estimates of
    reserves, resources, mineral deposits and production costs can
    also be affected by such factors as environmental permitting
    regulations and requirements, weather, environmental factors,
    unforeseen technical difficulties, unusual or unexpected
    geological formations and work interruptions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Material changes in ore reserves, grades, stripping ratios or
    recovery rates may affect the economic viability of any project.
    Our future growth and productivity will depend, in part, on our
    ability to identify and acquire additional commercially mineable
    mineral rights, and on the costs and results of continued
    exploration and potential development programs. Mineral
    exploration is highly speculative in nature and is frequently
    non-productive. Substantial expenditures are required to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    establish ore reserves through drilling and metallurgical and
    other testing techniques;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    determine metal content and metallurgical recovery processes to
    extract metal from the ore; and
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    construct, renovate or expand mining and processing facilities.
</TD>
</TR>

</TABLE>
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    <BR>
    16
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, if we discover ore, it would take several years
    from the initial phases of exploration until production is
    possible. During this time, the economic feasibility of
    production may change. As a result of these uncertainties, there
    can be no assurance that we will successfully acquire additional
    commercially mineable (or viable) mineral rights.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    be adversely affected by future fluctuations in foreign exchange
    rates.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We maintain our bank accounts primarily in U.S. and Canadian
    dollars. We expect that our future revenue, if any, will be in
    U.S. dollars, while certain of our costs will be incurred in
    other currencies. In particular, any appreciation in the
    currencies of Argentina, Australia, Chile, Mexico or other
    countries where we carry out exploration or development
    activities against the Canadian or U.S. dollar will increase our
    costs of carrying on operations in such countries. With the
    operation of the Pirquitas Mine, our costs denominated in the
    currency of Argentina have increased over past levels, and we
    have greater exposure to Argentinean currency fluctuations. In
    addition, any decrease in the Canadian dollar against the U.S.
    dollar will result in a loss on our books to the extent we hold
    funds in Canadian dollars. As a result, our financial
    performance and forecasts can be significantly impacted by
    changes in foreign exchange rates.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">High
    metal prices in recent years have encouraged increased mining
    exploration, development and construction activity, which has
    increased demand for, and cost of, exploration, development and
    construction services and equipment.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The relative strength of metal prices over the past five years
    has encouraged increases in mining exploration, development and
    construction activities around the world, which has resulted in
    increased demand for, and cost of, exploration, development and
    construction services and equipment. While recent market
    conditions have had a moderating effect on the costs of such
    services and equipment, increases in such costs may continue
    with the resumption of an upward trend in metal prices.
    Increased demand for services and equipment could result in
    delays if services or equipment cannot be obtained in a timely
    manner due to inadequate availability, and may cause scheduling
    difficulties due to the need to coordinate the availability of
    services or equipment, any of which could materially increase
    project exploration, development and/or construction costs.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    face industry competition in the acquisition of exploration
    properties and the recruitment and retention of qualified
    personnel.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We compete with other exploration and producing companies, many
    of which are better capitalized, have greater financial
    resources, operational experience and technical capabilities
    than us or are further advanced in their development or are
    significantly larger and have access to greater mineral
    reserves, for the acquisition of mineral claims, leases and
    other mineral interests as well as for the recruitment and
    retention of qualified employees and other personnel. In
    particular, we face competition for qualified personnel for the
    Pirquitas Mine, which may increase our costs of operating the
    mine or result in delays. A significant number of expatriate
    employees are currently required in the early stages of
    production at the Pirquitas Mine to train the local workforce.
    If we require and are unsuccessful in acquiring additional
    mineral properties or qualified personnel, we will not be able
    to grow at the rate we desire, or at all.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Some
    of our directors and officers have conflicts of interest as a
    result of their involvement with other natural resource
    companies.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some of our directors and officers are directors or officers of
    other natural resource or mining-related companies. Currently,
    our Vice President, Exploration, Kenneth McNaughton, serves as a
    director of Silvermex (with which we have an option agreement
    relating to the San Marcial Project) and our Senior Vice
    President, Corporate Development, Joseph Ovsenek, also serves as
    a director of Silvermex. These associations may give rise to
    conflicts of interest from time to time. As a result of these
    conflicts of interest, we may miss the opportunity to
    participate in certain transactions, which may have a material
    adverse effect on our financial position.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    subject to claims and legal proceedings.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to various claims and legal proceedings covering
    a wide range of matters that arise in the ordinary course of
    business activities. Each of these matters is subject to various
    uncertainties and it is possible that some of these matters may
    be resolved unfavorably to us. We carry liability insurance
    coverage and establish reserves for matters that
</DIV>
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    are probable and can be reasonably estimated. In addition, we
    may be involved in disputes with other parties in the future
    that may result in litigation, which may have a material adverse
    impact on our future cash flows, profitability, results of
    operations and financial condition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    experience difficulty attracting and retaining qualified
    management to grow our business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are dependent on the services of key executives and other
    highly skilled and experienced executives and personnel focused
    on advancing our corporate objectives as well as the
    identification of new opportunities for growth and funding. Due
    to our relatively small size, the loss of any of these persons
    or our inability to attract and retain suitable replacements for
    them or additional highly skilled employees required for the
    operation of the Pirquitas Mine and our other activities may
    have a material adverse effect on our business and financial
    condition. Our current President and Chief Executive Officer,
    A.E. Michael Anglin, holds such position on an interim basis
    while the Board of Directors conducts a search for a replacement
    for Dr.&#160;Quartermain, who resigned effective
    January&#160;19, 2010. Our inability to attract and retain a
    suitable replacement for Dr.&#160;Quartermain, or any prolonged
    delay in doing so, may have a material adverse effect on our
    business and financial condition. See &#147;Recent
    Developments&#160;&#151; Resignation of Robert Quartermain as
    President and Chief Executive Officer&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    fail to maintain adequate internal control over financial
    reporting pursuant to the requirements of the Sarbanes-Oxley
    Act.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During our three most recent fiscal years, we documented and
    tested our internal control procedures in order to satisfy the
    requirements of Section&#160;404 of the Sarbanes-Oxley Act
    (&#147;<B>SOX</B>&#148;). SOX requires an annual assessment by
    management of the effectiveness of our internal control over
    financial reporting and, for fiscal years commencing with our
    fiscal year ended December&#160;31, 2006, an attestation report
    by our independent auditors addressing the effectiveness of
    internal control over financial reporting. We may fail to
    maintain the adequacy of our internal control over financial
    reporting as such standards are modified, supplemented or
    amended from time to time, and we may not be able to ensure that
    we can conclude, on an ongoing basis, that we have effective
    internal control over financial reporting in accordance with
    Section&#160;404 of SOX. Our failure to satisfy the requirements
    of Section&#160;404 of SOX on an ongoing, timely basis could
    result in the loss of investor confidence in the reliability of
    our financial statements, which in turn could harm our business
    and negatively impact the trading price or the market value of
    our securities. In addition, any failure to implement required
    new or improved controls, or difficulties encountered in their
    implementation, could harm our operating results or cause us to
    fail to meet our reporting obligations. Future acquisitions of
    companies, if any, may provide us with challenges in
    implementing the required processes, procedures and controls in
    our acquired operations. No evaluation can provide complete
    assurance that our internal control over financial reporting
    will detect or uncover all failures of persons within our
    Company to disclose material information otherwise required to
    be reported. The effectiveness of our processes, procedures and
    controls could also be limited by simple errors or faulty
    judgments. In addition, as we continue to expand, the challenges
    involved in implementing appropriate internal control over
    financial reporting will increase and will require that we
    continue to improve our internal control over financial
    reporting. Although we intend to expend substantial time and
    incur substantial costs, as necessary, to ensure ongoing
    compliance, we cannot be certain that we will be successful in
    complying with Section&#160;404 of SOX.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to our Common Shares</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Future
    sales or issuances of equity securities could decrease the value
    of any existing common shares, dilute investors&#146; voting
    power and reduce our earnings per share.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell additional equity securities in subsequent offerings
    (including through the sale of securities convertible into
    common shares) and may issue additional equity securities to
    finance our operations, development, exploration, acquisitions
    or other projects. We cannot predict the size of future sales
    and issuances of equity securities or the effect, if any, that
    future sales and issuances of equity securities will have on the
    market price of the Common Shares. Sales or issuances of a
    substantial number of equity securities, or the perception that
    such sales could occur, may adversely affect prevailing market
    prices for the Common Shares. With any additional sale or
    issuance of equity securities, investors will suffer dilution of
    their voting power and may experience dilution in our earnings
    per share.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    common shares are publicly traded and are subject to various
    factors that have historically made our common share price
    volatile.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The market price of our common shares has been, and may continue
    to be, subject to large fluctuations, which may result in losses
    to investors. The market price of our common shares may increase
    or decrease in response to a number of events and factors,
    including: our operating performance and the performance of
    competitors and other similar companies; volatility in metal
    prices; the public&#146;s reaction to our press releases,
    material change reports, other public announcements and our
    filings with the various securities regulatory authorities;
    changes in earnings estimates or recommendations by research
    analysts who track our common shares or the shares of other
    companies in the resource sector; changes in general economic
    and/or political conditions; the number of Common Shares to be
    publicly traded after an offering pursuant to any Prospectus
    Supplement; the arrival or departure of key personnel;
    acquisitions, strategic alliances or joint ventures involving us
    or our competitors; and the factors listed under the heading
    &#147;Cautionary Note&#160;Regarding Forward-Looking
    Statements&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The market price of our common shares is affected by many other
    variables which are not directly related to our success and are,
    therefore, not within our control, including other developments
    that affect the market for all resource sector securities, the
    breadth of the public market for our common shares and the
    attractiveness of alternative investments. The effect of these
    and other factors on the market price of our common shares on
    the exchanges on which they trade has historically made our
    common share price volatile and suggests that our common share
    price will continue to be volatile in the future.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We do
    not intend to pay any cash dividends in the foreseeable
    future.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not declared or paid any dividends on our common shares
    since 1955. We intend to retain earnings, if any, to finance the
    growth and development of our business and do not intend to pay
    cash dividends on our common shares in the foreseeable future.
    Any return on an investment in our common shares will come from
    the appreciation, if any, in the value of our common shares. The
    payment of future cash dividends, if any, will be reviewed
    periodically by our Board of Directors and will depend upon,
    among other things, conditions then existing including earnings,
    financial condition and&#160;capital requirements, restrictions
    in financing agreements, business opportunities and conditions
    and other factors. See&#160;&#147;Dividend Policy&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Enforcement
    of judgments or bringing actions outside the United States
    against us and our directors and officers may be
    difficult.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are organized under the laws of, and headquartered in,
    British Columbia, Canada, and a majority of our directors and
    officers are not citizens or residents of the United States. In
    addition, a substantial part of our assets are located outside
    the United States and Canada. As a result, it may be difficult
    or impossible for an investor to (i)&#160;enforce in courts
    outside the United States judgments against us and our directors
    and officers obtained in U.S. courts based upon the civil
    liability provisions of U.S. federal securities laws or
    (ii)&#160;bring in courts outside the United States an original
    action against us and&#160;our directors and officers to enforce
    liabilities based upon such U.S. securities laws. See
    &#147;Enforceability of Civil&#160;Liabilities&#148;.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Under
    U.S. federal tax rules, we may be classified as a passive
    foreign investment company (a &#147;PFIC&#148;), which would
    result in special and generally unfavorable U.S. federal tax
    consequences to our U.S. shareholders.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    corporation, we may be a PFIC depending on the percentage of our
    gross income which is &#147;passive&#148;, within the meaning of
    Section&#160;1297(b) the U.S. Internal Revenue Code, or the
    percentage of our assets that produce or are expected to produce
    passive income. We believe that we were a PFIC in the 2008 and
    2009 taxable years, but that we may not be a PFIC for the 2010
    and subsequent taxable years. If we are a PFIC for any taxable
    year during a U.S. shareholder&#146;s holding period in our
    common shares, such U.S. shareholder may be subject to increased
    U.S. federal income tax liability on the sale of common shares
    or on the receipt of dividends. The PFIC rules are complex and
    may be unfamiliar to U.S.&#160;shareholders. Accordingly, U.S.
    shareholders are urged to consult their own tax advisors
    concerning the application of the PFIC rules to their investment
    in the Common Shares. The effect of these rules on a U.S.
    shareholder&#146;s ownership of Common Shares will be discussed
    in the relevant offering documents.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise specified in a Prospectus Supplement, the net
    proceeds from the sale of the Common Shares will be used for
    development of mineral properties, for working capital
    requirements, to repay indebtedness outstanding from time to
    time or for other general corporate purposes. Each Prospectus
    Supplement will contain specific information concerning the use
    of proceeds from that sale of Common Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All expenses relating to an offering of Common Shares and any
    compensation paid to underwriters, dealers or agents, as the
    case may be, will be paid out of the proceeds from the sale of
    Common Shares, unless otherwise stated in the applicable
    Prospectus Supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<A name='110'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Since September&#160;30, 2009, no material changes have occurred
    to the share and loan capital of the Company on a consolidated
    basis. Subsequent to September&#160;30, 2009, we issued 769,500
    options to acquire common shares of the Company to our employees
    and consultants.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<A name='111'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PRIOR
    SALES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the 12&#160;months prior to the date of this Prospectus, we
    have issued the following common shares upon the exercise of
    stock options:
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="margin-left: 5%; margin-right: 5%">
<TABLE border="0" width="90%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="24%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="8%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="20%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="9%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Price per<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date of Issue</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Common Share (C$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Common Shares Issued</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    February&#160;11, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    February&#160;11, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    April&#160;29, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May&#160;8, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May&#160;15, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May&#160;19, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May&#160;27, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;2, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;2, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;3, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,900
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;4, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,100
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;5, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;5, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June&#160;8, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September&#160;21, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November&#160;17, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November&#160;19, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November&#160;19, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November&#160;20, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;1, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;7, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;14, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;18, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;18, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;21, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;21, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,832
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;23, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;23, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;29, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    80,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December&#160;30, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    January&#160;13, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    January&#160;18, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    January&#160;28, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    January&#160;29, 2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we issued 5,450,000 common shares on
    February&#160;27, 2009 and 375,713 common shares on
    March&#160;31, 2009, in each case at a price of US$17.00 per
    share pursuant to an offering under a short form base shelf
    prospectus dated February&#160;18, 2009, as supplemented by a
    prospectus supplement dated February&#160;24, 2009, and
    2,997,816 common shares on August&#160;17, 2009 at a price of
    US$17.00 per share pursuant to an offering under a short form
    base shelf prospectus dated February&#160;18, 2009, as
    supplemented by a prospectus supplement dated August&#160;12,
    2009.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<A name='112'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PRICE
    RANGE AND TRADING VOLUME</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our common shares are listed for trading on the TSX and Nasdaq
    under the trading symbols &#147;SSO&#148; and &#147;SSRI&#148;,
    respectively. The following tables set out the market price
    range and trading volumes of our common shares on the TSX and
    Nasdaq for the periods indicated.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Toronto
    Stock Exchange<BR>
    (prices in Canadian dollars)</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="61%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Year</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Volume</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    (C$)
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    (C$)
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    (no. of shares)
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    February 1&#160;&#150;&#160;3
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    280,300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    January
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.79
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.57
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,256,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    December
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,110,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    November
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.86
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,319,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    October
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.84
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,023,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    September
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,442,300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    August
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,811,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    July
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.49
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,621,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    June
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,258,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    May
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,052,400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    April
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.23
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,438,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    March
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,874,700
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    February
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,031,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    January
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.68
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,021,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;3, 2010, the closing price of our common shares
    on the TSX was C$18.99 per share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Nasdaq
    Global Market<BR>
    (prices in U.S. dollars)</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=01 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="61%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Year</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Volume</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    (US$)
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    (US$)
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    (no. of shares)
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    February 1&#160;&#150;&#160;3
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.66
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,687,493
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    January
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23,126,758
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2009
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    December
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,271,387
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    November
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.68
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,381,813
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    October
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.43
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,325,589
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    September
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,454,606
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    August
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.51
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19,065,272
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    July
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16,885,319
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    June
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,091,510
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    May
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.66
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16.78
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20,639,468
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    April
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17,682,196
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    March
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,799,051
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    February
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.84
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24,913,684
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    January
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,230,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On February&#160;3, 2010, the closing price of our common shares
    on Nasdaq was US$17.93 per share.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DIVIDEND
    POLICY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not declared or paid any dividends on our common shares
    since 1955. We intend to retain our earnings, if any, to finance
    the growth and development of our business and we do not expect
    to pay dividends or to make any other distributions in the near
    future. Our Board of Directors will review this policy from time
    to time having regard to our financing requirements, financial
    condition and other factors considered to be relevant.
</DIV>

<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SELECTED
    CONSOLIDATED FINANCIAL DATA</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The selected consolidated financial data set forth below should
    be read in conjunction with our audited annual consolidated
    financial statements and related notes, our unaudited interim
    consolidated financial statements and related notes,
    management&#146;s discussion and analysis and other information
    contained in and incorporated by reference in this Prospectus.
    Our consolidated financial statements have been prepared in
    accordance with Canadian GAAP, which differs in certain respects
    from U.S. GAAP. See &#147;Notice Regarding Presentation of
    Financial Information&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The information in the table below is presented in accordance
    with Canadian GAAP and is expressed in thousands of US dollars
    except share and per share amounts. Historical results do not
    necessarily indicate results for any future period.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="41%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Nine months ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year ended December
    31,<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September 30,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    (restated)<SUP style="font-size: 85%; vertical-align: top">(2)(3)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    (restated)<SUP style="font-size: 85%; vertical-align: top">(2)(3)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    (restated)<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    (restated)<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 2pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenues
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Earnings (Loss) for
    period<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14,115
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (33,965
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (5,946
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,366
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4,067
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Earnings (Loss) per common
    share<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>&#160;&#151;

    basic and diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.24
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.55
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.09
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.06
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    404,199
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    504,851
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    567,905
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    633,351
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    718,259
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long term obligations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104,046
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102,529
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    109,027
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Share capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    370,196
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    386,597
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    389,655
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    388,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    533,296
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash dividends per common share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Number of common shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,646,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,569,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,755,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,705,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71,712,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 2pt; margin-left: 0%; width: 12%;  align: left; border-bottom: 1pt solid #000000"></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;
</TD>
    <TD align="left">    All of our operations are continuing.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;
</TD>
    <TD align="left">    Restated to reflect the adoption of the U.S. dollar as our
    reporting currency.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (3)&#160;
</TD>
    <TD align="left">    Certain comparative figures have been restated to reflect the
    adoption of EIC 172 &#147;Income Statement Presentation of a Tax
    Loss Carry Forward Recognized Following an Unrealized Gain
    Recorded in Other Comprehensive Income&#148;.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The selected consolidated financial data in the table below is
    presented in accordance with U.S. GAAP and is expressed in
    thousands of US dollars except share and per share amounts.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="6%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Nine months ended<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="11" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year ended December 31,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September 30,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    (restated)<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    (restated)<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    (restated)<SUP style="font-size: 85%; vertical-align: top">(2)(3)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="line-height: 2pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Loss for
    period<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (10,340
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (68,143
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (29,768
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (21,579
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Loss per common
    share<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>&#160;&#151;

    basic and diluted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.18
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1.10
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.47
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.32
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    229,258
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    260,545
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    348,554
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    471,209
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long term obligations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104,046
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    109,027
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Share capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    369,247
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    385,647
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    388,705
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    532,346
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash dividends per common share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Nil
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Number of common shares
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    61,646,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,569,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    62,755,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    71,712,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 2pt; margin-left: 0%; width: 12%;  align: left; border-bottom: 1pt solid #000000"></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;
</TD>
    <TD align="left">    All of our operations are continuing.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;
</TD>
    <TD align="left">    Restated to reflect the adoption of the U.S. dollar as our
    reporting currency.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (3)&#160;
</TD>
    <TD align="left">    Certain comparative figures have been restated to reflect the
    adoption of APB
    <FONT style="white-space: nowrap">14-1</FONT>
    &#147;Accounting for Convertible Debt Instruments That May
    Be&#160;Settled in Cash upon Conversion (including Partial Cash
    Settlement)&#148; (codified with ASC 470 and ASC 825)&#160;and
    SFAS&#160;160 &#147;Noncontrolling&#160;Interests in
    Consolidated Financial Statements&#148; (codified within ASC
    810).
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF SHARE CAPITAL</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our authorized share capital consists of unlimited common
    shares, without par value, of which 71,993,808 common shares
    were issued and outstanding as at February&#160;3, 2010. In
    addition, we had 5,238,684 common shares reserved for issuance
    pursuant to outstanding stock options, which were exercisable at
    a weighted average price of C$26.49 per share, as at
    February&#160;3, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of the common shares rank equally as to voting rights,
    participation in a distribution of the assets of the Company on
    a liquidation, dissolution or
    <FONT style="white-space: nowrap">winding-up</FONT>
    of the Company and the entitlement to dividends. The holders of
    the common shares are entitled to receive notice of, and to
    attend and vote at, all meetings of shareholders (other than
    meetings at which only holders of another class or series of
    shares are entitled to vote). Each common share carries with it
    the right to one vote.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event of the liquidation, dissolution or
    <FONT style="white-space: nowrap">winding-up</FONT>
    of the Company or other distribution of its assets, the holders
    of the common shares will be entitled to receive, on a pro rata
    basis, all of the assets remaining after we have paid out our
    liabilities. Distributions in the form of dividends, if any,
    will be set by the Board of Directors. See &#147;Dividend
    Policy&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any alteration of the rights attached to common shares must be
    approved by at least two-thirds of the common shares voted at a
    meeting of our shareholders.
</DIV>

<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    INCOME TAX CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable Prospectus Supplement will describe certain
    Canadian federal income tax consequences to investors described
    therein of acquiring, holding and disposing of Common Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable Prospectus Supplement will also describe certain
    U.S. federal income tax consequences of the acquisition,
    ownership and disposition of Common Shares by an initial
    investor who is a U.S. person (within the meaning of the U.S.
    Internal Revenue Code), if applicable.
</DIV>

<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may offer and sell the Common Shares: (a)&#160;to one or more
    underwriters or dealers; (b)&#160;through one or more agents; or
    (c)&#160;directly to one or more other purchasers. The Common
    Shares offered pursuant to any Prospectus Supplement may be sold
    from time to time in one or more transactions at: (i)&#160;a
    fixed price or prices, which may be changed from time to time;
    (ii)&#160;market prices prevailing at the time of sale;
    (iii)&#160;prices related to such prevailing market prices; or
    (iv)&#160;other negotiated prices. We may only offer and sell
    the Common Shares pursuant to a Prospectus Supplement during the
    <FONT style="white-space: nowrap">25-month</FONT>
    period that the receipt for our short form base shelf prospectus
    dated February&#160;18, 2009, including any amendments thereto,
    remains effective. The Prospectus Supplement for the Common
    Shares being offered thereby will set forth the terms of the
    offering of such Common Shares, including the name or names of
    any underwriters, dealers or agents, the purchase price of such
    Common Shares, the proceeds to us from such sale, any
    underwriting commissions, fees or discounts and other items
    constituting underwriters&#146; compensation and any discounts
    or concessions allowed or
    <FONT style="white-space: nowrap">re-allowed</FONT>
    or paid to dealers. Only underwriters so named in the Prospectus
    Supplement are deemed to be underwriters in connection with the
    Common Shares offered thereby.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Sales by
    Underwriters or Dealers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If underwriters are used in the sale, the Common Shares will be
    acquired by the underwriters for their own account and may be
    resold from time to time in one or more transactions, including
    negotiated transactions, at a fixed public offering price or at
    varying prices determined at the time of sale. Unless otherwise
    set forth in the Prospectus Supplement relating thereto, the
    obligations of underwriters to purchase the Common Shares will
    be subject to certain conditions, but the underwriters will be
    obligated to purchase all of the Common Shares offered by the
    Prospectus Supplement if any of such Common Shares are
    purchased. We may agree to pay the underwriters a fee or
    commission for various services relating to the offering of any
    Common Shares. Unless otherwise stated in the applicable
    Prospectus Supplement, any such fee or commission will be paid
    out of the proceeds from the sale of Common Shares.
</DIV>
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    <BR>
    23
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If dealers are used, and if so specified in the applicable
    Prospectus Supplement, we will sell such Common Shares to the
    dealers as principals. The dealers may then resell such Common
    Shares to the public at varying prices to be determined by such
    dealers at the time of resale. Any public offering price and any
    discounts or concessions allowed or re-allowed or paid to
    dealers may be changed from time to time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Sales by
    Agents</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Common Shares may also be sold through agents designated by
    us. Any agent involved will be named, and any fee or commission
    payable by us to such agent will be set forth, in the applicable
    Prospectus Supplement. Unless otherwise stated in the applicable
    Prospectus Supplement, any such fee or commission will be paid
    out of the proceeds from the sale of Common Shares. Unless
    otherwise indicated in the Prospectus Supplement, any agent will
    be acting on a best efforts basis for the period of its
    appointment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Direct
    Sales</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Common Shares may also be sold directly by us at such prices and
    upon such terms as agreed to by us and the purchaser. In this
    case, no underwriters, dealers or agents would be involved in
    the offering.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General
    Information</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Underwriters, dealers or agents who participate in the
    distribution of Common Shares may be entitled under agreements
    to be entered into with the Company to indemnification by us
    against certain liabilities, including liabilities under the
    United States Securities Act of 1933, as amended, and applicable
    Canadian securities legislation, or to contribution with respect
    to payments which such underwriters, dealers or agents may be
    required to make in respect thereof. The underwriters, dealers
    or agents with whom we enter into agreements may be customers
    of, engage in transactions with, or perform services for, us in
    the ordinary course of business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as set out in a Prospectus Supplement relating to a
    particular offering of Common Shares, the underwriters or
    agents, as the case may be, may overallot or effect transactions
    that stabilize or maintain the market price of the Common Shares
    at a higher level than that which might exist in the open
    market. Such transactions, if commenced, may be interrupted or
    discontinued at any time.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<A name='118'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain legal matters related to the Common Shares offered by
    this Prospectus will be passed upon on our behalf by Lawson
    Lundell LLP with respect to Canadian legal matters and by Paul,
    Weiss, Rifkind, Wharton&#160;&#038; Garrison LLP with respect to
    U.S. legal matters.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<A name='119'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TRANSFER
    AGENT AND REGISTRAR</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The transfer agent and registrar for the Common Shares in Canada
    is Computershare Investor Services Inc. at its principal offices
    in Vancouver, British Columbia and Toronto, Ontario. The
    co-transfer agent for the Common Shares in the United States is
    Computershare Trust&#160;Company, Inc. at its principal offices
    in Denver, Colorado.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<A name='120'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INTEREST
    OF EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    None of Lawson Lundell LLP, Snowden Mining Industry Consultants
    Inc., Neil R. Burns, M.Sc., P. Geo., Sundance Ventures, Scott
    Wilson Roscoe Postle Associates Inc., Eugene Puritch, P.Eng.,
    Antoine Yassa, P.Geo., P&#038;E Mining Consultants Inc., Michael
    Lechner, P.G., Donald Earnest, B.Sc, P.G., Fred Brown, CPG,
    Pr.Sc.Nat.; Resource Modeling Inc., Resource Evaluations Inc.,
    Iouri Iakovlev, P. Eng., Dr.&#160;Gilles Arseneau, Ph.D., P.
    Geo., Wardrop, A Tetra Tech Company, James A. McCrea, B.Sc., P.
    Geo. and Paul S. MacRae, P. Eng., and our employee, Kenneth C.
    McNaughton, M.Sc., P. Eng., each being companies, partnerships
    or persons who have prepared reports or who have been
    responsible for reporting exploration results relating to our
    mineral properties, or any director, officer, partner, or
    employee thereof, as applicable, received or has received a
    direct or indirect interest in our property or of any associate
    or affiliate of us.
</DIV>
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    <BR>
    24
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As at the date hereof, the aforementioned persons, and the
    directors, officers, partners and employees, as applicable, of
    each of the aforementioned companies and partnerships
    beneficially own, directly or indirectly, in the aggregate, less
    than one percent of the securities of the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither the aforementioned persons, other than
    Mr.&#160;McNaughton, nor any director, officer or employee, as
    applicable, of the aforementioned companies or partnerships, is
    currently expected to be elected, appointed or employed as a
    director, officer or employee of us or of any associate or
    affiliate of us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our auditors, PricewaterhouseCoopers LLP, Chartered Accountants,
    of Vancouver, British Columbia, report that they are independent
    from us in accordance with the Rules of Professional Conduct in
    British Columbia, Canada and with the rules and regulations of
    the SEC. PricewaterhouseCoopers LLP is registered with the
    Public Company Accounting Oversight Board.
</DIV>

<A name='121'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DOCUMENTS
    INCORPORATED BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Information has been incorporated by reference in this
    Prospectus from documents filed with securities commissions or
    similar authorities in Canada.</B> Copies of the documents
    incorporated herein by reference may be obtained on request
    without charge from the Corporate Secretary of the Company at
    1400&#160;&#150; 999 West Hastings Street, Vancouver, British
    Columbia, Canada V6C 2W2, telephone:
    <FONT style="white-space: nowrap">(604)&#160;689-3846.</FONT>
    These documents are also available through the internet on
    SEDAR, which can be accessed online at www.sedar.com.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following documents filed with the securities commissions or
    similar authorities in Canada are specifically incorporated by
    reference in, and form an integral part of, this Prospectus:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    amended annual information form, dated March&#160;31, 2009, for
    the year ended December&#160;31, 2008, which is our&#160;annual
    report on
    <FONT style="white-space: nowrap">Form&#160;20-F,</FONT>
    dated March&#160;31, 2009, as amended by our amended annual
    report on
    <FONT style="white-space: nowrap">Form&#160;20-F/A,</FONT>
    dated August&#160;10, 2009, as further amended by our amended
    annual report on
    <FONT style="white-space: nowrap">Form&#160;20-F/A,</FONT>
    dated February&#160;2, 2010;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    amended audited consolidated financial statements for the years
    ended December&#160;31, 2008 and 2007, together with the notes
    thereto and the auditors&#146; report thereon;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    amended management&#146;s discussion and analysis for the year
    ended December&#160;31, 2008;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (d)&#160;
</TD>
    <TD align="left">
    management information circular, dated April&#160;9, 2009,
    prepared in connection with our annual general meeting of
    shareholders held on May&#160;15, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (e)&#160;
</TD>
    <TD align="left">
    unaudited interim consolidated financial statements for the nine
    months ended September&#160;30, 2009, together with the notes
    thereto;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (f)&#160;
</TD>
    <TD align="left">
    management&#146;s discussion and analysis for the nine months
    ended September&#160;30, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (g)&#160;
</TD>
    <TD align="left">
    material change report, filed February&#160;3, 2009, announcing
    an increase in gold resources at our Snowfield Project to
    4.4&#160;million ounces of measured and indicated resources and
    14.3&#160;million ounces of inferred resources;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (h)&#160;
</TD>
    <TD align="left">
    material change report, filed February&#160;11, 2009, announcing
    the filing of our preliminary short form base shelf prospectus
    and the corresponding registration statement;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    material change report, filed February&#160;11, 2009, announcing
    that Geologix Explorations Inc. has elected not to exercise its
    option to acquire a 100% interest in our San Agustin property;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (j)&#160;
</TD>
    <TD align="left">
    material change report, filed February&#160;18, 2009, announcing
    an update on the status of the Pirquitas Mine, including a
    revised estimate of the cost to complete the construction of our
    Pirquitas Mine of US$230&#160;million;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (k)&#160;
</TD>
    <TD align="left">
    material change report, filed February&#160;19, 2009, announcing
    the filing of our final short form base shelf prospectus and the
    corresponding amended registration statement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (l)&#160;
</TD>
    <TD align="left">
    material change report, filed February&#160;23, 2009, announcing
    the filing of a preliminary prospectus supplement and similar
    filing with the SEC;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (m)&#160;
</TD>
    <TD align="left">
    material change report, filed February&#160;24, 2009, announcing
    the pricing of a previous offering by the Company and the
    aggregate gross proceeds of such offering having increased to
    approximately US$92.6&#160;million;
</TD>
</TR>

</TABLE>
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    <BR>
    25
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (n)&#160;
</TD>
    <TD align="left">
    material change report, filed February&#160;27, 2009, announcing
    the closing of the previous offering for aggregate net proceeds
    of approximately US$88&#160;million after underwriting
    commissions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (o)&#160;
</TD>
    <TD align="left">
    material change report, filed March&#160;6, 2009, announcing the
    pending release of our fourth quarter 2008 financial results;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (p)&#160;
</TD>
    <TD align="left">
    material change report, filed March&#160;10, 2009, announcing
    our headline financial results for the fourth quarter 2008 and
    providing a principal project update;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (q)&#160;
</TD>
    <TD align="left">
    material change report, filed March&#160;26, 2009, announcing
    that the underwriters of the previous offering exercised, in
    part, their over-allotment option and would purchase an
    additional 375,713 common shares at US$17 per share for gross
    proceeds of approximately US$6.4&#160;million;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (r)&#160;
</TD>
    <TD align="left">
    material change report, filed March&#160;31, 2009, announcing
    that the underwriters of the previous offering completed the
    exercise of their over-allotment option and purchased an
    additional 375,713 common shares at US$17 per share for gross
    proceeds of approximately US$6.4&#160;million;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (s)&#160;
</TD>
    <TD align="left">
    material change report, filed April&#160;6, 2009, announcing
    1.59&#160;million ounces of indicated gold resources,
    1.06&#160;million ounces of inferred gold resources,
    47.9&#160;million ounces of indicated silver resources and
    37.0&#160;million ounces of inferred silver resources at our San
    Agustin property;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (t)&#160;
</TD>
    <TD align="left">
    material change report, filed April&#160;8, 2009, announcing the
    inauguration of our Pirquitas Mine by the President of Argentina
    and other dignitaries;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (u)&#160;
</TD>
    <TD align="left">
    material change report, filed May&#160;12, 2009, announcing that
    first quarter 2009 financial results were to be issued on
    May&#160;14, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (v)&#160;
</TD>
    <TD align="left">
    material change report, filed May&#160;14, 2009, announcing
    first quarter 2009 financial highlights and providing a
    principal project update;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (w)&#160;
</TD>
    <TD align="left">
    material change report, filed June&#160;18, 2009, announcing an
    updated resource estimate for our Diablillos Project;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (x)&#160;
</TD>
    <TD align="left">
    material change report, filed June&#160;24, 2009, announcing
    pre-feasibility study results for the underground component of
    the Breccia Ridge Zone at the Pitarrilla Project;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (y)&#160;
</TD>
    <TD align="left">
    material change report, filed July&#160;31, 2009, announcing
    that our Pirquitas Mine made its first shipment of silver
    concentrate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (z)&#160;
</TD>
    <TD align="left">
    material change report, filed August&#160;5, 2009, announcing
    results from the diamond drilling program underway at our
    Snowfield Project;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (aa)&#160;
</TD>
    <TD align="left">
    material change report, filed August&#160;6, 2009, announcing
    second quarter 2009 financial highlights and providing a
    principal project update;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (bb)&#160;
</TD>
    <TD align="left">
    material change report, filed August&#160;17, 2009, announcing
    the filing of a preliminary prospectus supplement, and a similar
    filing with the SEC, in connection with a public offering of our
    common shares to raise gross proceeds of approximately
    US$46&#160;million;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (cc)&#160;
</TD>
    <TD align="left">
    material change report, filed August&#160;17, 2009, announcing
    the pricing of the public offering referred to in our material
    change report filed August&#160;17, 2009 and the intended filing
    of a final prospectus supplement and a similar filing with the
    SEC;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (dd)&#160;
</TD>
    <TD align="left">
    material change report, filed August&#160;17, 2009, announcing
    that the underwriters of the previous offering had exercised in
    full their over-allotment option to purchase additional common
    shares for gross proceeds of approximately US$4.6&#160;million;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ee)&#160;
</TD>
    <TD align="left">
    material change report, filed August&#160;17, 2009, announcing
    the closing of the previous offering and the
    <FONT style="white-space: nowrap">over-allotment</FONT>
    option for net proceeds of approximately US$48.3&#160;million
    after underwriting commissions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ff)&#160;
</TD>
    <TD align="left">
    material change report, filed August&#160;20, 2009, announcing
    diamond drilling results, and the addition of a seventh diamond
    drill, at our Snowfield Project;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    26
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (gg)&#160;
</TD>
    <TD align="left">
    material change report, filed September&#160;14, 2009,
    announcing diamond drilling results in the Snowfield Zone of our
    Snowfield Project;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (hh)&#160;
</TD>
    <TD align="left">
    material change report, filed September&#160;15, 2009,
    announcing diamond drilling results in the Brucejack Area of our
    Snowfield Project;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    material change report, filed October&#160;1, 2009, announcing
    infill diamond drilling results in the Snowfield Zone of our
    Snowfield Project;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (jj)&#160;
</TD>
    <TD align="left">
    material change report, filed October&#160;13, 2009, announcing
    diamond drilling results in the Brucejack Area of our Snowfield
    Project;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (kk)&#160;
</TD>
    <TD align="left">
    material change report, filed October&#160;26, 2009, announcing
    the final results of the 2009 exploration program in the
    Brucejack Area of our Snowfield project;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ll)&#160;
</TD>
    <TD align="left">
    material change report, filed October&#160;26, 2009, announcing
    assay results from diamond drilling at the Snowfield Zone of our
    Snowfield Project;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (mm)&#160;
</TD>
    <TD align="left">
    material change report, filed October&#160;29, 2009, announcing
    that third quarter 2009 financial results were to be released on
    November&#160;5, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (nn)&#160;
</TD>
    <TD align="left">
    material change report, filed November&#160;5, 2009, announcing
    third quarter 2009 financial results and providing an update on
    our Pirquitas Mine and our principal projects;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (oo)&#160;
</TD>
    <TD align="left">
    material change report, filed November&#160;25, 2009, announcing
    the sale of our MAV II
    <FONT style="white-space: nowrap">Class&#160;A-1</FONT>
    and <FONT style="white-space: nowrap">A-2</FONT>
    Notes, received following the restructuring of the Canadian
    asset-backed commercial paper market, for C$21.2&#160;million;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (pp)&#160;
</TD>
    <TD align="left">
    material change report, filed December&#160;1, 2009, announcing
    an increase in gold resources at our Snowfield and Brucejack
    Projects to a combined 23.80&#160;million ounces of measured and
    indicated gold resources and a combined 14.91&#160;million
    ounces of inferred gold resources;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (qq)&#160;
</TD>
    <TD align="left">
    material change report, filed December&#160;7, 2009, announcing
    that our Pirquitas Mine achieved commercial production effective
    December&#160;1, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (rr)&#160;
</TD>
    <TD align="left">
    material change report, filed December&#160;10, 2009, providing
    an update on progress and expected production levels for 2010 at
    our Pirquitas Mine; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (ss)&#160;
</TD>
    <TD align="left">
    material change report, filed January&#160;19, 2010, announcing
    that Robert Quartermain resigned as President and Chief
    Executive Officer of the Company.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any document of the types referred to in the preceding paragraph
    (excluding confidential material change reports) or of any other
    type required to be incorporated by reference into a short form
    prospectus pursuant to National
    <FONT style="white-space: nowrap">Instrument&#160;44-101</FONT>
    <I>Short Form&#160;Prospectus Distributions</I> that are filed
    by us with a securities commission or similar authority in
    Canada after the date of this Prospectus and prior to the
    termination of the offering under any Prospectus Supplement
    shall be deemed to be incorporated by reference in this
    Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, any document filed by us with the SEC or furnished
    to the SEC on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    after the date of this Prospectus shall be deemed to be
    incorporated by reference into this Prospectus if, and to the
    extent, so provided.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Any statement contained in this Prospectus or in a document
    incorporated or deemed to be incorporated by reference herein
    shall be deemed to be modified or superseded for purposes of
    this Prospectus to the extent that a statement contained herein
    or in any other subsequently filed document which also is or is
    deemed to be incorporated by reference herein modifies or
    supersedes such statement. The modifying or superseding
    statement need not state that it has modified or superseded a
    prior statement or include any other information set forth in
    the document it modifies or supersedes. The making of a
    modifying or superseding statement shall not be deemed an
    admission for any purposes that the modified or superseded
    statement, when made, constituted a misrepresentation, an untrue
    statement of a material fact or an omission to state a material
    fact that is required to be stated or that is necessary to make
    a statement not misleading in light of the circumstances in
    which it was made. Any statement so modified or superseded shall
    not constitute a part of this Prospectus, except as so modified
    or superseded.</B>
</DIV>
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    <BR>
    27
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Prospectus Supplement containing the specific terms of an
    offering of Common Shares will be delivered to purchasers of
    such Common Shares together with this Prospectus and will be
    deemed to be incorporated by reference into this Prospectus as
    of the date of such Prospectus Supplement, but only for the
    purposes of the offering of Common Shares covered by that
    Prospectus Supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon a new annual information form and related annual financial
    statements being filed by us with, and where required, accepted
    by, the applicable securities regulatory authority during the
    currency of this Prospectus, the previous annual information
    form, the previous annual financial statements and all interim
    statements, material change reports and information circulars
    and all Prospectus Supplements filed prior to the commencement
    of our financial year in which a new annual information form is
    filed shall be deemed no longer to be incorporated into this
    Prospectus for purposes of future offers and sales of Common
    Shares hereunder.
</DIV>

<A name='122'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ADDITIONAL
    INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have filed with the SEC a registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-10</FONT>
    relating to the Common Shares. This Prospectus, which
    constitutes a part of the registration statement, does not
    contain all of the information contained in the registration
    statement, certain items of which are contained in the exhibits
    to the registration statement as permitted by the rules and
    regulations of the SEC. Statements included or incorporated by
    reference in this Prospectus about the contents of any contract,
    agreement or other documents referred to are not necessarily
    complete, and in each instance you should refer to&#160;the
    exhibits for a more complete description of the matter involved.
    Each such statement is qualified in its entirety by such
    reference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to the information requirements of the United
    States Securities Exchange Act of 1934
    (&#147;<B>Exchange&#160;Act</B>&#148;), as amended, and
    applicable Canadian securities legislation and, in accordance
    therewith, file reports and other information with the SEC and
    with the securities regulators in Canada. Under a
    multi-jurisdictional disclosure system adopted by the United
    States, documents and other information that we file with the
    SEC may be prepared in accordance with the disclosure
    requirements of Canada, which are different from those of the
    United States. As a foreign private issuer, we are exempt from
    the rules under the Exchange Act prescribing the furnishing and
    content of proxy statements, and our officers, directors and
    principal shareholders are exempt from the reporting and
    shortswing profit recovery provisions contained in
    Section&#160;16 of the Exchange Act. In addition, we are not
    required to publish financial statements as promptly as U.S.
    companies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may read any document that we have filed with the SEC at the
    SEC&#146;s public reference room in Washington, D.C. You may
    also obtain copies of those documents from the public reference
    room of the SEC at 100 F Street, N.E., Washington, D.C. 20549 by
    paying a fee. You should call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    or access its website at www.sec.gov for further information
    about the public reference rooms. You may read and download some
    of the documents we have filed with the SEC&#146;s Electronic
    Data Gathering and Retrieval System at www.sec.gov. You may read
    and download any public document that we have filed with the
    Canadian securities regulatory authorities under our profile on
    the SEDAR website at www.sedar.com.
</DIV>

<A name='123'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DOCUMENTS
    FILED AS PART&#160;OF THE REGISTRATION STATEMENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following documents have been or will be filed with the SEC
    as part of the registration statement of which
    this&#160;Prospectus forms a part: (i)&#160;the documents
    referred to under the heading &#147;Documents Incorporated by
    Reference&#148;; (ii)&#160;the consent of PricewaterhouseCoopers
    LLP; (iii)&#160;the consent of James A. McCrea, B.Sc., P. Geo.;
    (iv)&#160;the consent of Snowden Mining Industry Consultants
    Inc.; (v)&#160;the consent of Neil R. Burns, M.Sc., P. Geo.;
    (vi)&#160;the consent of Sundance Ventures; (vii)&#160;the
    consent of Scott Wilson Roscoe Postle Associates Inc.;
    (viii)&#160;the consent of Kenneth C. McNaughton M.Sc., P. Eng.;
    (ix)&#160;the consent of Paul S. MacRae, P. Eng.; (x)&#160;the
    consent of Eugene Puritch, P.Eng.; (xi)&#160;the consent of
    Antoine Yassa, P.Geo.; (xii)&#160;the consent of P&#038;E Mining
    Consultants Inc.; (xiii)&#160;the consent of Michael Lechner
    P.G.; (xiv)&#160;the consent of Resource Modeling Inc.;
    (xv)&#160;the consent of Donald Earnest, B.Sc., P.G.;
    (xvi)&#160;the consent of Resource Evaluations Inc;
    (xvii)&#160;the consent of Fred Brown, CPG, Pr.Sc.Nat;
    (xviii)&#160;the consent of Iouri Iakovlev, P. Eng.;
    (xviiii)&#160;the consent of Dr.&#160;Gilles Arseneau, Ph.D., P.
    Geo.; (xix)&#160;the consent of Wardrop, A Tetra Tech Company;
    (xx)&#160;the&#160;consent of Lawson Lundell LLP; and
    (xxi)&#160;the powers of attorney from certain directors and
    officers of Silver&#160;Standard.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    28
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='124'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ENFORCEABILITY
    OF CIVIL LIABILITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a company organized and existing under the <I>Business
    Corporations Act</I> (British Columbia). Many of our directors
    and officers, and some of the experts named in this Prospectus,
    are residents of Canada or otherwise reside outside the United
    States, and all or a substantial portion of their assets, and a
    substantial portion of our assets, are located outside the
    United States. We have appointed an agent for service of process
    in the United States, but it may be difficult for holders of
    Common Shares who reside in the United States to effect service
    within the United States upon those directors, officers and
    experts who are not residents of the United States. It may also
    be difficult for holders of Common Shares who reside in the
    United States to realize in the United States upon judgments of
    courts of the United States predicated upon our civil liability
    and the civil liability of our directors, officers and experts
    under the United States federal securities laws. Our Canadian
    counsel, Lawson Lundell LLP, advised us that a judgment of a
    United States court predicated solely upon civil liability under
    United States federal securities laws would probably be
    enforceable in Canada if the United States court in which the
    judgment was obtained has a basis for jurisdiction in the matter
    that would be recognized by a Canadian court for the same
    purposes. However, Lawson Lundell LLP also advised us that there
    is substantial doubt whether an action could be brought in
    Canada in the first instance on the basis of liability
    predicated solely upon United States federal securities laws.
</DIV>
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    <BR>
    29
</DIV><!-- END PAGE WIDTH -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION NOT REQUIRED TO BE DELIVERED TO<BR>
OFFEREES OR PURCHASERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant is subject to the provisions of the <I>Business Corporations Act </I>(British
Columbia) (the &#147;Act&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;160 of the Act, the Registrant may, subject to Section&nbsp;163 of the Act, indemnify
an individual who
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">(a)&nbsp;</TD>
    <TD>is or was a director or officer of the Registrant,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">(b)&nbsp;</TD>
    <TD>is or was a director or officer of another corporation (i)&nbsp;at a time when the corporation
is or was an affiliate of the Registrant, or (ii)&nbsp;at the request of the Registrant, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">(c)&nbsp;</TD>
    <TD>at the request of the Registrant, is or was, or holds or held a position equivalent to
that of, a director or officer of a partnership, trust, joint venture or other unincorporated
entity,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and, generally, the heirs and personal or other legal representatives of that individual
(collectively, an &#147;<U>eligible party</U>&#148;), against a judgment, penalty or fine awarded or imposed
in, or an amount paid in settlement of, a proceeding (an &#147;<U>eligible penalty</U>&#148;) in which an
eligible party or any of the heirs and personal or other legal representatives of the eligible
party, by reason of the eligible party being or having been a director or officer of the Registrant
or an associated corporation or other entity, or holding or having held a position equivalent to
that of a director or officer of an associated corporation or other entity (a)&nbsp;is or may be joined
as a party, or (b)&nbsp;is or may be liable for or in respect of a judgment, penalty or fine in, or
expenses related to, the proceeding (an &#147;<U>eligible proceeding</U>&#148;) to which the eligible party
is or may be liable and the Registrant may, subject to Section&nbsp;163 of the Act, after the final
disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by an
eligible party in respect of that proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;161 of the Act, the Registrant must, after the final disposition of an eligible
proceeding, pay the expenses actually and reasonably incurred by the eligible party in respect of
that proceeding if the eligible party (a)&nbsp;has not been reimbursed for those expenses, and (b)&nbsp;is
wholly successful, on the merits or otherwise, in the outcome of the proceeding or is substantially
successful on the merits in the outcome of the proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;162 of the Act, the Registrant may pay, as they are incurred in advance of the
final disposition of an eligible proceeding, the expenses actually and reasonably incurred by an
eligible party in respect of that proceeding; provided the Registrant must not make such payments
if they are prohibited under Section&nbsp;163 of the Act or if it has not first received from the
eligible party a written undertaking that, if it is ultimately determined that the payment of
expenses is prohibited by Section&nbsp;163, the eligible party will repay the amounts advanced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;163 of the Act, the Registrant must not indemnify an eligible party against
eligible penalties to which the eligible party is or may be liable or, after the final disposition
of an eligible proceeding, pay the expenses of an eligible party in respect of that proceeding
under Sections&nbsp;160, 161 or 162 of the Act, as the case may be, if any of the following
circumstances apply:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">(a)&nbsp;</TD>
    <TD>if the indemnity or payment is made under an earlier agreement to indemnify or pay
expenses and, at the time that the agreement to indemnify or pay expenses was made, the Registrant
was prohibited from giving the indemnity or paying the expenses by its memorandum or articles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">(b)&nbsp;</TD>
    <TD>if the indemnity or payment is made otherwise than under an earlier agreement to indemnify
or pay expenses and, at the time that the indemnity or payment is made, the
Registrant is prohibited from giving the indemnity or paying the expenses by its memorandum or
articles;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->II-1<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">(c)&nbsp;</TD>
    <TD>if, in relation to the subject matter of the eligible proceeding, the eligible party did
not act honestly and in good faith with a view to the best interests of the Registrant or the
associated corporation or other entity, as the case may be; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">(d)&nbsp;</TD>
    <TD>in the case of an eligible proceeding other than a civil proceeding, if the eligible party
did not have reasonable grounds for believing that the eligible party&#146;s conduct in respect of which
the proceeding was brought was lawful.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If an eligible proceeding is brought against an eligible party by or on behalf of the Registrant or
by or on behalf of an associated corporation or other entity, the Registrant must not either
indemnify the eligible party against eligible penalties to which the eligible party is or may be
liable in respect of the proceeding, or pay the expenses of the eligible party under Sections&nbsp;160,
161 or 162 of the Act in respect of the proceeding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;164 of the Act, the Supreme Court of British Columbia may, on application of the
Registrant or an eligible party, among other things, order the Registrant to indemnify or to pay
expenses, despite Sections&nbsp;160 to 163 of the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Act, the articles of the Registrant may affect the power or obligation of the
Registrant to give an indemnity or pay expenses to the extent that the articles prohibit giving the
indemnity or paying the expenses. This is subject to the overriding power of the Supreme Court of
British Columbia under Section&nbsp;164 of the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the articles of the Registrant, subject to the provisions of the Act, the Registrant
must indemnify a director, former director or alternate director of the Registrant and the heirs
and legal personal representatives of all such persons against all eligible penalties to which such
person is or may be liable, and the Registrant must, after the final disposition of an eligible
proceeding, pay the expenses actually and reasonably incurred by such person in respect of that
proceeding. Each director and alternate director is deemed to have contracted with the Registrant
on the terms of the indemnity contained in the Registrant&#146;s articles. The failure of a director,
alternate director or officer of the Registrant to comply with the Act or the articles of the
Registrant does not invalidate any indemnity to which such person is entitled under the
Registrant&#146;s articles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the articles of the Registrant, the Registrant may purchase and maintain insurance for
the benefit of any person (or such person&#146;s heirs or legal personal representatives) who is or was
serving as a director, alternate director, officer, employee or agent of the Registrant, or as a
director, alternate director, officer, employee or agent of any corporation of which the Registrant
is or was an affiliate, or if at the request of the Registrant, is or was a director, alternate
director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or
other unincorporated entity, or if at the request of the Registrant, holds or held a position
equivalent to that of a director, alternate director or officer of a partnership, trust, joint
venture or other unincorporated entity against any liability incurred by him or her as a director,
alternative director, officer, employee or agent or person who holds or held such equivalent
position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters, dealers or agents who participate in the distribution of Common Shares may be
entitled under agreements to be entered into with the Registrant to indemnification by the
Registrant against certain liabilities, including liabilities under the United States Securities
Act of 1933, as amended, and applicable Canadian securities legislation, or to contribution with
respect to payments which such underwriters, dealers or agents may be required to make in respect
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing
provisions, the Registrant has been informed that in the opinion of the U.S. Securities and
Exchange Commission such indemnification is against public policy as expressed in the act and is
therefore unenforceable.</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-2<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Annual Report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2008 (filed with
the Commission on March&nbsp;31, 2009), as amended by our Amended Annual Reports on Form
20-F/A (filed with the Commission on August&nbsp;10, 2009 and February&nbsp;2, 2010).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended audited consolidated financial statements for the years ended December&nbsp;31,
2008 and 2007, together with the notes thereto and the auditor&#146;s report thereon,
accompanied by amended management&#146;s discussion and analysis for the year ended
December&nbsp;31, 2008 (incorporated by reference in the Registrant&#146;s Form&nbsp;6-K furnished
to the Commission on August&nbsp;10, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Management information circular, dated April&nbsp;9, 2009, prepared in connection with
the Registrant&#146;s annual general meeting of shareholders held on May&nbsp;15, 2009
(incorporated by reference in the Registrant&#146;s Form&nbsp;6-K furnished to the Commission
on April&nbsp;20, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended unaudited interim consolidated financial statements for the nine months
ended September&nbsp;30, 2009, together with the notes thereto, including management&#146;s
discussion and analysis from the nine months ended September&nbsp;30, 2009 (incorporated
by reference in the Registrant&#146;s Form&nbsp;6-K furnished to the Commission on November&nbsp;6,
2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated February&nbsp;3, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on February&nbsp;3, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report (announcing filing of preliminary short form base shelf
prospectus and corresponding registration statement), dated February&nbsp;11, 2009
(incorporated by reference in the Registrant&#146;s Form&nbsp;6-K furnished to the Commission
on February&nbsp;11, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report (announcing that Geologix Exploration Inc. has elected not to
exercise its option to acquire a 100% interest in our San Agustin property), dated
February&nbsp;11, 2009 (incorporated by reference in the Registrant&#146;s Form&nbsp;6-K furnished
to the Commission on February&nbsp;11, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated February&nbsp;18, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on February&nbsp;18, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated February&nbsp;19, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on February&nbsp;19, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated February&nbsp;23, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on February&nbsp;24, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated February&nbsp;24, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on February&nbsp;24, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated February&nbsp;27, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on February&nbsp;27, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated March&nbsp;6, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on March&nbsp;6, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated March&nbsp;10, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on March&nbsp;11, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated March&nbsp;26, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on March&nbsp;27, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated March&nbsp;31, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on April&nbsp;1, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated April&nbsp;6, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on April&nbsp;6, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated April&nbsp;8, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on April&nbsp;8, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.19</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated May&nbsp;12, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on May&nbsp;12, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.20</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated May&nbsp;14, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on May&nbsp;15, 2009).</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated June&nbsp;18, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on June&nbsp;18, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.22</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated June&nbsp;24, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on June&nbsp;25, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.23</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated July&nbsp;31, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on July&nbsp;31, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated August&nbsp;5, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on August&nbsp;5, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.25</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated August&nbsp;6, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on August&nbsp;7, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.26</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report (announcing the filing of a preliminary prospectus supplement
in connection with a public offering of the Registrant&#146;s common shares to raise
gross proceeds of approximately US$46&nbsp;million), dated August&nbsp;17, 2009 (incorporated
by reference in the Registrant&#146;s Form&nbsp;6-K furnished to the Commission on August&nbsp;17,
2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report (announcing pricing of public offering), dated August&nbsp;17,
2009 (incorporated by reference in the Registrant&#146;s Form&nbsp;6-K furnished to the
Commission on August&nbsp;17, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.28</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report (announcing that underwriters had exercised their
over-allotment option), dated August&nbsp;17, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on August&nbsp;17, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.29</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report (announcing the closing of the previous offering and the
over-allotment option for net proceeds of approximately US$48.3&nbsp;million after
underwriting commissions), dated August&nbsp;17, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on August&nbsp;17, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.30</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated August&nbsp;20, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on August&nbsp;20, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.31</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated September&nbsp;14, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on September&nbsp;15, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.32</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated September&nbsp;15, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on September&nbsp;15, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.33</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated October&nbsp;1, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on October&nbsp;1, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.34</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated October&nbsp;13, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on October&nbsp;13, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.35</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated October&nbsp;22, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on October&nbsp;27, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.36</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated October&nbsp;26, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on October&nbsp;27, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.37</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated October&nbsp;29, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on October&nbsp;30, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.38</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated November&nbsp;5, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on November&nbsp;6, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.39</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated November&nbsp;25, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on November&nbsp;25, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.40</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated December&nbsp;1, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on December&nbsp;1, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.41</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated December&nbsp;4, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on December&nbsp;7, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.42</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated January&nbsp;19, 2010 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on January&nbsp;20, 2010).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of PricewaterhouseCoopers LLP.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of James A. McCrea.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Snowden Mining Industry Consultants Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Neil R. Burns.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Sundance Ventures.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Scott Wilson Roscoe Postle Associates Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Kenneth C. McNaughton.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Paul S. MacRae.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Eugene Puritch.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Antoine Yassa.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Fred Brown.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of P&#038;E Mining Consultants Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Michael Lechner.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Donald Earnest.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Resource Evaluations Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Resource Modeling Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Iouri Iakovlev.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Gilles Arseneau.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.19</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Wardrop, A Tetra Tech Company.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.20</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Lawson Lundell LLP.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Powers of Attorney (contained in the signature pages of this Registration Statement).</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART III</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</B>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B><I>Undertaking.</I></B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant undertakes to make available, in person or by telephone, representatives
to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do
so by the Commission staff, information relating to the securities registered pursuant to this Form
F-10 or to transactions in such securities.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B><I>Consent to Service of Process.</I></B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Concurrently with the filing of this Registration Statement, the Registrant is filing
with the Commission a written irrevocable consent and power of attorney on Form F-X.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Any change to the name or address of the Registrant&#146;s agent for service shall be
communicated promptly to the Commission by amendment to Form F-X referencing the file number of
this Registration Statement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->III-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form F-10 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Vancouver, Province of British Columbia,
Country of Canada, on this 4th day of February, 2010.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>Silver Standard Resources Inc.</B><BR>&nbsp;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ A.E. Michael Anglin&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">A.E. Michael Anglin&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Interim President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->III-2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWERS OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN AND WOMEN BY THESE PRESENTS, that each officer or director of Silver Standard
Resources Inc. whose signature appears below constitutes and appoints A.E. Michael Anglin, Joseph
J. Ovsenek and Tom S.Q. Yip, and each of them, with full power to act without the other, his or her
true and lawful attorneys-in-fact and agents, with full and several power of substitution, for him
or her and in his or her name, place and stead, in any and all capacities, to sign any or all
amendments, including post effective amendments, and supplements to this Registration Statement on
Form F-10, and registration statements filed pursuant to Rule&nbsp;429 under the Securities Act of 1933,
as amended, and to file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and
agents full power and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and purposes as they or he
or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents or his or her or their substitute or substitutes, may lawfully do or cause to be done by
virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed below by or on behalf of the following persons in the capacities
indicated on February 4th, 2010.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="51%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ A.E. Michael Anglin&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
A.E. Michael Anglin</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Interim President, Chief Executive Officer and Director<BR>
(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Tom S.Q. Yip&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Tom S.Q. Yip</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Vice President, Finance and Chief Financial Officer<BR>
(Principal Financial Officer and Principal Accounting
Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Peter W. Tomsett&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Peter W. Tomsett</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Chairman of the Board of Directors</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Robert A. Quartermain&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Robert A. Quartermain</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ John R. Brodie&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
John R. Brodie, FCA</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Richard C. Campbell&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Richard C. Campbell</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ R.E. Gordon Davis&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
R.E. Gordon Davis</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ David L. Johnston&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
David L. Johnston</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Richard D. Paterson&nbsp;<BR>
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Richard D. Paterson</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->III-3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AUTHORIZED REPRESENTATIVE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, as amended,
the Authorized Representative has duly caused this Registration Statement to be signed on its
behalf by the undersigned, solely in its capacity as the duly authorized representative of the
Registrant in the United States, on this 4th day of February, 2010.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>Jim Whelan</B><BR>
(Authorized Representative)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jim Whelan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jim Whelan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->III-4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->

<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Annual Report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2008 (filed with
the Commission on March&nbsp;31, 2009), as amended by our Amended Annual Reports on Form
20-F/A (filed with the Commission on August&nbsp;10, 2009 and February&nbsp;2, 2010).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended audited consolidated financial statements for the years ended December&nbsp;31,
2008 and 2007, together with the notes thereto and the auditor&#146;s report thereon,
accompanied by amended management&#146;s discussion and analysis for the year ended
December&nbsp;31, 2008 (incorporated by reference in the Registrant&#146;s Form&nbsp;6-K furnished
to the Commission on August&nbsp;10, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Management information circular, dated April&nbsp;9, 2009, prepared in connection with
the Registrant&#146;s annual general meeting of shareholders held on May&nbsp;15, 2009
(incorporated by reference in the Registrant&#146;s Form&nbsp;6-K furnished to the Commission
on April&nbsp;20, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Amended unaudited interim consolidated financial statements for the nine months
ended September&nbsp;30, 2009, together with the notes thereto, including management&#146;s
discussion and analysis from the nine months ended September&nbsp;30, 2009 (incorporated
by reference in the Registrant&#146;s Form&nbsp;6-K furnished to the Commission on November&nbsp;6,
2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated February&nbsp;3, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on February&nbsp;3, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report (announcing filing of preliminary short form base shelf
prospectus and corresponding registration statement), dated February&nbsp;11, 2009
(incorporated by reference in the Registrant&#146;s Form&nbsp;6-K furnished to the Commission
on February&nbsp;11, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report (announcing that Geologix Exploration Inc. has elected not to
exercise its option to acquire a 100% interest in our San Agustin property), dated
February&nbsp;11, 2009 (incorporated by reference in the Registrant&#146;s Form&nbsp;6-K furnished
to the Commission on February&nbsp;11, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated February&nbsp;18, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on February&nbsp;18, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated February&nbsp;19, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on February&nbsp;19, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated February&nbsp;23, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on February&nbsp;24, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated February&nbsp;24, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on February&nbsp;24, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated February&nbsp;27, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on February&nbsp;27, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated March&nbsp;6, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on March&nbsp;6, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated March&nbsp;10, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on March&nbsp;11, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated March&nbsp;26, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on March&nbsp;27, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated March&nbsp;31, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on April&nbsp;1, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated April&nbsp;6, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on April&nbsp;6, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated April&nbsp;8, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on April&nbsp;8, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.19</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated May&nbsp;12, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on May&nbsp;12, 2009).</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->III-5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.20</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated May&nbsp;14, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on May&nbsp;15, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated June&nbsp;18, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on June&nbsp;18, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.22</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated June&nbsp;24, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on June&nbsp;25, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.23</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated July&nbsp;31, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on July&nbsp;31, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated August&nbsp;5, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on August&nbsp;5, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.25</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated August&nbsp;6, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on August&nbsp;7, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.26</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report (announcing the filing of a preliminary prospectus supplement
in connection with a public offering of the Registrant&#146;s common shares to raise
gross proceeds of approximately US$46&nbsp;million), dated August&nbsp;17, 2009 (incorporated
by reference in the Registrant&#146;s Form&nbsp;6-K furnished to the Commission on August&nbsp;17,
2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report (announcing pricing of public offering), dated August&nbsp;17,
2009 (incorporated by reference in the Registrant&#146;s Form&nbsp;6-K furnished to the
Commission on August&nbsp;17, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.28</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report (announcing that underwriters had exercised their
over-allotment option), dated August&nbsp;17, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on August&nbsp;17, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.29</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report (announcing the closing of the previous offering and the
over-allotment option for net proceeds of approximately US$48.3&nbsp;million after
underwriting commissions), dated August&nbsp;17, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on August&nbsp;17, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.30</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated August&nbsp;20, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on August&nbsp;20, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.31</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated September&nbsp;14, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on September&nbsp;15, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.32</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated September&nbsp;15, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on September&nbsp;15, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.33</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated October&nbsp;1, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on October&nbsp;1, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.34</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated October&nbsp;13, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on October&nbsp;13, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.35</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated October&nbsp;22, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on October&nbsp;27, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.36</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated October&nbsp;26, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on October&nbsp;27, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.37</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated October&nbsp;29, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on October&nbsp;30, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.38</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated November&nbsp;5, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on November&nbsp;6, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.39</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated November&nbsp;25, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on November&nbsp;25, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.40</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated December&nbsp;1, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on December&nbsp;1, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.41</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated December&nbsp;4, 2009 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on December&nbsp;7, 2009).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.42</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Material Change Report, dated January&nbsp;19, 2010 (incorporated by reference in the
Registrant&#146;s Form&nbsp;6-K furnished to the Commission on January&nbsp;20, 2010).</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of PricewaterhouseCoopers LLP.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of James A. McCrea.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Snowden Mining Industry Consultants Inc.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->III-6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Neil R. Burns.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Sundance Ventures.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Scott Wilson Roscoe Postle Associates Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Kenneth C. McNaughton.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Paul S. MacRae.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Eugene Puritch.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.10</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Antoine Yassa.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.11</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Fred Brown.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of P&#038;E Mining Consultants Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Michael Lechner.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.14</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Donald Earnest.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Resource Evaluations Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Resource Modeling Inc.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.17</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Iouri Iakovlev.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Gilles Arseneau.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.19</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Wardrop, A Tetra Tech Company.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.20</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Lawson Lundell LLP.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Powers of Attorney (contained in the signature pages of this Registration Statement).</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->III-7<!-- /Folio -->
</DIV>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>o58420exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit 5.1</div>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o58420o5842002a.gif" alt="(PRICEWATERHOUSECOOPERS LOGO)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>PricewaterhouseCoopers LLP<br>
Chartered Accountants</B><br>
PricewaterhouseCoopers Place<br>
250 Howe Street, Suite&nbsp;700<br>
Vancouver, British Columbia<br>
Canada V6C 3S7<br>
Telephone &#043;1 604 806 7000<br>
Facsimile &#043;1 604 806 7806<br></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February 4, 2010
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We hereby consent to the incorporation by reference in the
 registration statement on Form&nbsp;F-10 (the &#147;Registration Statement&#148;) of Silver Standard Resources Inc. (&#147;the Company&#148;), of our
report to the Directors of the Company on the consolidated balance sheets as at December&nbsp;31,
2008 and 2007, the consolidated statements of earnings (loss), comprehensive loss, deficit and
cash flows for each of the years ended December&nbsp;2008, 2007 and 2006, and the
effectiveness of internal control over financial reporting of the Company as at December&nbsp;31,
2008. Our report is dated March&nbsp;10, 2009 (except for notes 2 and 18(b),vi),iv) which are as of
August&nbsp;7, 2009).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also consent to the reference to us under the headings &#147;Interest of Experts&#148; and &#147;Documents
Filed as Part of the Registration Statement&#148; in the Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(signed) &#147;<I>PricewaterhouseCoopers LLP</I>&#148;<BR>Chartered Accountants<BR>
Vancouver, British Columbia

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;PricewaterhouseCoopers&#148; refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership, or, as the context requires, the
PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>o58420exv5w2.htm
<DESCRIPTION>EX-5.2
<TEXT>
<HTML>
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<TITLE>exv5w2</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.2
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>James A. McCrea<BR>
306 &#151; 10743 139</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</SUP> Street<BR>
Surrey, B.C.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;4, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Re: </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Silver Standard Resources Inc. (the &#147;Company&#148;) &#151; Consent of Expert</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to my technical report dated 21 May&nbsp;2007 titled Technical Report on the La
Pitarrilla Property, Durango, Mexico, my technical report dated 29 September&nbsp;2008 titled Technical
Report on Mina Pirquitas, Silver, Tin, and Zinc Project, Jujuy Province, Argentina, my technical
report dated 26 October&nbsp;2005 titled Technical Report on the Berenguela Property, my technical
report dated 18 March&nbsp;2004 titled Resource Update Bowdens Property and the material change report
of the Company dated 24 June&nbsp;2009 (the &#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, James A. McCrea, consent to the use of my name and references to the Reports, or
portions thereof, in the Prospectus and the Registration Statement and to the inclusion or
incorporation by reference of information derived from the Reports in the Prospectus and
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Reports
or that are within my knowledge as a result of the preparation of the Reports.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"> (Signed) &#147;<i>James A. McCrea</i>&#148;
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">James A. McCrea, B.Sc., P. Geo.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>4
<FILENAME>o58420exv5w3.htm
<DESCRIPTION>EX-5.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w3</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.3
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SNOWDEN MINING INDUSTRY CONSULTANTS INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">28 January, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Silver Standard Resources Inc. (the &#147;Company&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to our technical report dated 13 April&nbsp;2004 titled Technical Report Maverick
Springs Project Nevada, USA (the &#147;<B>Report</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, Robert McCarthy, P. Eng. on behalf of Snowden Mining Industry Consultants Inc.,
consent to the use of our name and references to the Report, or portions thereof, in the Prospectus
and the Registration Statement and to the inclusion or incorporation by reference of information
derived from the Report in the Prospectus and Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Report or
that are within my knowledge as a result of the preparation of the Report.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"> (Signed) &#147;<i>Robert McCarthy</i>&#148;
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left"><B>Robert McCarthy, P. Eng.</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left"><B>For: Snowden Mining Industry Consultants Inc.</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.4
<SEQUENCE>5
<FILENAME>o58420exv5w4.htm
<DESCRIPTION>EX-5.4
<TEXT>
<HTML>
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<TITLE>exv5w4</TITLE>
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<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.4
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Neil R. Burns<BR>
4101 Norwood Ave.<BR>
North Vancouver, B.C.<BR>
V7N 3R3
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;4, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re: </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Silver Standard Resources Inc. (the &#147;Company&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to my technical report dated 13 April&nbsp;2004 titled Technical Report Maverick
Springs Project Nevada, USA (the &#147;<B>Report</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, Neil R Burns, P. Geo, formerly of Snowden Mining Industry Consultants Inc., consent
to the use of my name and references to the Report, or portions thereof, in the Prospectus and the
Registration Statement and to the inclusion or incorporation by reference of information derived
from the Report in the Prospectus and Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Report or
that are within my knowledge as a result of the preparation of the Report.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"> (Signed) &#147;<i>Neil R. Burns</i>&#148;
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left"><B><I>Neil R. Burns, M. Sc., P. Geo.</I></B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.5
<SEQUENCE>6
<FILENAME>o58420exv5w5.htm
<DESCRIPTION>EX-5.5
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.5
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SUNDANCE VENTURES</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">1419 133a St<BR>
Surrey, BC V4A 6A2<BR>
Ph 604 351 4675
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;4, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Silver Standard Resources Inc. (the &#147;Company&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to my technical report dated 15 October&nbsp;2002 titled Technical Report on the San
Marcial Project and my technical report dated 17 September&nbsp;2003 titled Technical Report on the
Challacollo Project (the &#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, C. Stewart Wallis, P. Geo., on behalf of Sundance Ventures, consent to the use of
our name and references to the Reports, or portions thereof, in the Prospectus and the Registration
Statement and to the inclusion or incorporation by reference of information derived from the
Reports in the Prospectus and Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Reports
or that are within my knowledge as a result of the preparation of the Reports.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"> (Signed) &#147;<i>C. Stewart Wallis</i>&#148;
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left"><B><I>C. Stewart Wallis, P. Geo.</I></B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left"><B><I>Managing Director</I></B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.6
<SEQUENCE>7
<FILENAME>o58420exv5w6.htm
<DESCRIPTION>EX-5.6
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w6</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.6
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Scott Wilson Roscoe Postle Associates Inc.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Suite&nbsp;501, 55 University Avenue, Toronto, ON M5J 2H7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">T (416)&nbsp;947-0907 F (416)&nbsp;947-0395</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">www.scottwilson.com</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Consent of Scott Wilson Roscoe Postle Associates Inc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;4, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Silver Standard Resources Inc. (the &#147;Company&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to our technical report dated 3 September&nbsp;2003 titled Report on the Sunrise
Property, NWT (the &#147;<B>Report</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, William E. Roscoe, Ph. D., P. Eng., on behalf of Scott Wilson Roscoe Postle
Associates Inc., consent to the use of our name and references to the Report, or portions thereof,
in the Prospectus and the Registration Statement and to the inclusion or incorporation by reference
of information derived from the Report in the Prospectus and Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Report or
that are within my knowledge as a result of the preparation of the Report.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"> (Signed) &#147;<i>William E. Roscoe</i>&#148;
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left"><B><I>William E. Roscoe, Ph.D., P. Eng.</I></B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left"><B><I>President</I></B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Suite&nbsp;501, 55 University Avenue<BR>
Toronto, Ont. M5J 2H7

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.7
<SEQUENCE>8
<FILENAME>o58420exv5w7.htm
<DESCRIPTION>EX-5.7
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w7</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.7
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Kenneth C. McNaughton<BR>
3408 West 5</B><SUP style="font-size: 85%; vertical-align: text-top"><B>th</SUP> Avenue<BR>
Vancouver, B.C.<BR>
V6R 1R8</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;4, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Silver Standard Resources Inc. (the &#147;Company&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to the material change reports of 3 February&nbsp;2009, 6 April&nbsp;2009, 18 June&nbsp;2009, 24
June&nbsp;2009, 5 August&nbsp;2009, 20 August&nbsp;2009, 14 September&nbsp;2009, 15 September&nbsp;2009, 1 October&nbsp;2009, 13
October&nbsp;2009, 22 October&nbsp;2009, 26 October&nbsp;2009 and 1 December&nbsp;2009 and the section titled &#147;The
Company&#148; of the Amended and Restated Base Shelf Prospectus dated February&nbsp;4, 2010 (the &#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, Kenneth C. McNaughton, P. Eng., consent to the use of my name and references to the
Reports, or portions thereof, in the Prospectus and the Registration Statement and to the inclusion
or incorporation by reference of information derived from the Reports in the Prospectus and
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Reports
or that are within my knowledge as a result of the preparation of the Reports.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"> (Signed) &#147;<i>Kenneth C. McNaughton</i>&#148;
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Kenneth C. McNaughton, M.A. Sc., P. Eng.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.8
<SEQUENCE>9
<FILENAME>o58420exv5w8.htm
<DESCRIPTION>EX-5.8
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.8
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Paul S. MacRae, P. Eng.<BR>
Suite&nbsp;211, 2580 Langdon Street<BR>
Abbotsford, B. C.<BR>
V2T 0A9
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;4, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Silver Standard Resources Inc. (the &#147;Company&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to my technical report dated 29 September&nbsp;2008 titled Technical Report on Mina Pirquitas, Silver,
Tin and Zinc Project, Jujuy Province, Argentina and the material change
report of the Company dated 18 February&nbsp;2009 (the &#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4, 2010, all supplements thereto and all documents incorporated
by reference therein (collectively, the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any amendments thereto, including any
post-effective amendments (collectively, the &#147;<B>Registration Statement</B>&#148;), I, Paul S. MacRae, P. Eng. consent to the use of my name and references to the Reports, or
portions thereof, in the Prospectus and the Registration Statement and to the inclusion or incorporation by reference of information derived from the Reports in the Prospectus and Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there are any misrepresentations in the information contained
therein that are derived from the Reports or that are within my knowledge as a result of the preparation of the Reports.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"> (Signed) &#147;<I>Paul S. MacRae</I>&#148;
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Paul S. MacRae, P. Eng.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.9
<SEQUENCE>10
<FILENAME>o58420exv5w9.htm
<DESCRIPTION>EX-5.9
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w9</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.9
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o58420o5842001.gif" alt="(LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2 County Court Blvd., Suite&nbsp;202, Brampton, Ontario, L6W 3W8<BR>
Ph: 905-595-0575 Fax: 905-595-0578

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;2, 2010

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re: Silver Standard Resources Inc. (&#147;SSRI&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to my firm&#146;s technical report dated 3 August&nbsp;2008 titled &#147;Technical Report and
Resource Estimate on the La Pitarrilla Property, Breccia Ridge Deposit, Durango, Mexico&#148;, my firm&#146;s
technical report dated 1 December&nbsp;2009 titled &#147;Technical Report and Resource Estimate on the
Snowfield Property, Skeena Mining Division, B.C., Canada&#148;, my firm&#146;s technical report dated
December&nbsp;1, 2009 titled &#147;Technical Report and Resource Estimates on the West, Bridge, Galena Hill,
Shore, SG &#038; Gossan Hill Gold &#038; Silver Zones of the Brucejack Property, Northern British Columbia,
Canada&#148; and the material change reports of SSRI dated 24 June&nbsp;2009 and 1 December&nbsp;2009 (the
&#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, Eugene Puritch, P. Eng., on my own behalf and on behalf of P&#038;E Mining Consultants
Inc. (the &#147;<B>Company</B>&#148;), consent to the use of my name and the Company&#146;s name and references to the
Reports, or portions thereof, in the Prospectus and the Registration Statement and to the inclusion
or incorporation by reference of information derived from the Reports in the Prospectus and
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Reports
or that are within my knowledge as a result of the preparation of the Reports.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yours truly,
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">(Signed) &#147;<I>Eugene Puritch</I>&#148;
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Eugene Puritch, P.Eng.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.10
<SEQUENCE>11
<FILENAME>o58420exv5w10.htm
<DESCRIPTION>EX-5.10
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w10</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.10
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o58420o5842001.gif" alt="(LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2 County Court Blvd., Suite&nbsp;202, Brampton, Ontario, L6W 3W8<BR>
Ph: 905-595-0575 Fax: 905-595-0578

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;4, 2010

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re: Silver Standard Resources Inc. (the &#147;Company&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to my technical report dated 3 August&nbsp;2008 titled &#147;Technical Report and Resource
Estimate on the La Pitarrilla Property, Breccia Ridge Deposit, Durango, Mexico&#148;, the technical
report dated 1 December&nbsp;2009 titled &#147;Technical Report and Resource Estimate on the Snowfield
Property, Skeena Mining Division, B.C., Canada&#148; and the material change report of the Company dated
1 December&nbsp;2009 (the &#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, Antoine Yassa, P. Geo. consent to the use of my name and references to the Reports,
or portions thereof, in the Prospectus and the Registration Statement and to the inclusion or
incorporation by reference of information derived from the Reports in the Prospectus and
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Reports
or that are within my knowledge as a result of the preparation of the Reports.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yours truly,
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">(Signed) &#147;<I>Antoine Yassa</I>&#148;
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Antoine Yassa, P. Geo.<BR>
Sr. Associate Geologist&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.11
<SEQUENCE>12
<FILENAME>o58420exv5w11.htm
<DESCRIPTION>EX-5.11
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w11</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.11
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o58420o5842001.gif" alt="(LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2 County Court Blvd., Suite&nbsp;202, Brampton, Ontario, L6W 3W8<BR>
Ph: 905-595-0575 Fax: 905-595-0578

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;4, 2010

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re: Silver Standard Resources Inc. (the &#147;Company&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to my technical report dated 1 December&nbsp;2009 titled &#147;Technical Report and
Resource Estimate on the Snowfield Property, Skeena Mining Division, B.C., Canada&#148;, my technical
report dated 1 December&nbsp;2009 titled &#147;Technical Report and Resource Estimates on the West, Bridge,
Galena Hill, Shore, SG &#038; Gossan Hill Gold &#038; Silver Zones of the Brucejack Property, Northern
British Columbia, Canada&#148; and the material change report of the Company dated 1 December&nbsp;2009 (the
&#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, Fred Brown, CPG, Pr.Sci.Nat., consent to the use of my name and references to the
Reports, or portions thereof, in the Prospectus and the Registration Statement and to the inclusion
or incorporation by reference of information derived from the Reports in the Prospectus and
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Reports
or that are within my knowledge as a result of the preparation of the Reports.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yours truly,
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">(Signed) &#147;<I>Fred Brown</I>&#148;
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Fred Brown, CPG, Pr. Sci. Nat.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Sr. Associate Geologist&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.12
<SEQUENCE>13
<FILENAME>o58420exv5w12.htm
<DESCRIPTION>EX-5.12
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w12</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.12
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o58420o5842001.gif" alt="(LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2 County Court Blvd., Suite&nbsp;202, Brampton, Ontario, L6W 3W8<BR>
Ph: 905-595-0575 Fax: 905-595-0578

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;2, 2010

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re: Silver Standard Resources Inc. (&#147;SSRI&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to my firm&#146;s technical report dated 3 August&nbsp;2008 titled &#147;Technical Report and
Resource Estimate on the La Pitarrilla Property, Breccia Ridge Deposit, Durango, Mexico&#148;, my firm&#146;s
technical report dated 1 December&nbsp;2009 titled &#147;Technical Report and Resource Estimate on the
Snowfield Property, Skeena Mining Division, B.C., Canada&#148;, my firm&#146;s technical report dated
December&nbsp;1, 2009 titled &#147;Technical Report and Resource Estimates on the West, Bridge, Galena Hill,
Shore, SG &#038; Gossan Hill Gold &#038; Silver Zones of the Brucejack Property, Northern British Columbia,
Canada&#148; and the material change reports of SSRI dated 24 June&nbsp;2009 and 1 December&nbsp;2009 (the
&#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, Eugene Puritch, P. Eng., on my own behalf and on behalf of P&#038;E Mining Consultants
Inc. (the &#147;<B>Company</B>&#148;), consent to the use of my name and the Company&#146;s name and references to the
Reports, or portions thereof, in the Prospectus and the Registration Statement and to the inclusion
or incorporation by reference of information derived from the Reports in the Prospectus and
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Reports
or that are within my knowledge as a result of the preparation of the Reports.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Yours truly,
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">(Signed) &#147;<I>Eugene Puritch</I>&#148;
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Eugene Puritch, P.Eng.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.13
<SEQUENCE>14
<FILENAME>o58420exv5w13.htm
<DESCRIPTION>EX-5.13
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w13</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.13
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RESOURCE MODELING INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;4, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re: </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Silver Standard Resources Inc. (&#147;SSRI&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to my technical report dated 9 January&nbsp;2009 titled Updated Mineral Resource
Estimate San Luis Project, Ancash Department, Peru and the material change report of SSRI dated 10
March&nbsp;2009 (the &#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, Michael J. Lechner, on my own behalf and on behalf of Resource Modeling
Incorporated (the &#147;<B>Company</B>&#148;), consent to the use of my name and the Company&#146;s name and references
to the Reports, or portions thereof, in the Prospectus and the Registration Statement and to the
inclusion or incorporation by reference of information derived from the Reports in the Prospectus
and Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Reports
or that are within my knowledge as a result of the preparation of the Reports.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>

    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">(Signed) &#147;<I>Michael J. Lechner</I>&#148;
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Michael J. Lechner&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.14
<SEQUENCE>15
<FILENAME>o58420exv5w14.htm
<DESCRIPTION>EX-5.14
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w14</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.14
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RESOURCE EVALUATION INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;4, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Silver Standard Resources Inc. (&#147;SSRI&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to my technical report dated 9 January&nbsp;2009 titled Updated Mineral Resource
Estimate San Luis Project, Ancash Department, Peru and the material change report of SSRI dated 10
March&nbsp;2009 (the &#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, Donald F. Earnest, on my own behalf and on behalf of Resource Evaluations, Inc.
(the &#147;<B>Company</B>&#148;), consent to the use of my name and the Company&#146;s name and references to the
Reports, or portions thereof, in the Prospectus and the Registration Statement and to the inclusion
or incorporation by reference of information derived from the Reports in the Prospectus and
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Reports
or that are within my knowledge as a result of the preparation of the Reports.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">

<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">(Signed) &#147;<I>Donald F. Earnest</I>&#148;
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Donald F. Earnest&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">President, Resource Evaluation Inc.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.15
<SEQUENCE>16
<FILENAME>o58420exv5w15.htm
<DESCRIPTION>EX-5.15
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w15</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.15
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RESOURCE EVALUATION INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;4, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Silver Standard Resources Inc. (&#147;SSRI&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to my technical report dated 9 January&nbsp;2009 titled Updated Mineral Resource
Estimate San Luis Project, Ancash Department, Peru and the material change report of SSRI dated 10
March&nbsp;2009 (the &#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, Donald F. Earnest, on my own behalf and on behalf of Resource Evaluations, Inc.
(the &#147;<B>Company</B>&#148;), consent to the use of my name and the Company&#146;s name and references to the
Reports, or portions thereof, in the Prospectus and the Registration Statement and to the inclusion
or incorporation by reference of information derived from the Reports in the Prospectus and
Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Reports
or that are within my knowledge as a result of the preparation of the Reports.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">(Signed) &#147;<I>Donald F. Earnest</I>&#148;
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD colspan="3" align="left">Donald F. Earnest&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>

    <TD colspan="3" align="left">President, Resource Evaluation Inc.&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

</div>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.16
<SEQUENCE>17
<FILENAME>o58420exv5w16.htm
<DESCRIPTION>EX-5.16
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w16</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.16
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RESOURCE MODELING INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;4, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Silver Standard Resources Inc. (&#147;SSRI&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to my technical report dated 9 January&nbsp;2009 titled Updated Mineral Resource
Estimate San Luis Project, Ancash Department, Peru and the material change report of SSRI dated 10
March&nbsp;2009 (the &#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, Michael J. Lechner, on my own behalf and on behalf of Resource Modeling
Incorporated (the &#147;<B>Company</B>&#148;), consent to the use of my name and the Company&#146;s name and references
to the Reports, or portions thereof, in the Prospectus and the Registration Statement and to the
inclusion or incorporation by reference of information derived from the Reports in the Prospectus
and Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Reports
or that are within my knowledge as a result of the preparation of the Reports.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="35%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">(Signed) &#147;<I>Michael J. Lechner</I>&#148;
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">Michael J. Lechner&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.17
<SEQUENCE>18
<FILENAME>o58420exv5w17.htm
<DESCRIPTION>EX-5.17
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w17</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.17
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WARDROP, A TETRA TECH COMPANY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;4, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver Standard Resources Inc. (the &#147;Company&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to the technical report, dated 27 July&nbsp;2009, titled &#147;<I>NI 43-101 Technical Report
&#151; Pitarrilla Property Pre-Feasibility Study</I>&#148;, and the material change report of the Company dated
24 June&nbsp;2009 (the &#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus, dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, Iouri Iakovlev, P. Eng., of Wardrop Engineering Inc. consent to the use of my name
and references to the Reports, or portions thereof, in the Prospectus and the Registration
Statement and to the inclusion or incorporation by reference of information derived from the
Reports in the Prospectus and Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Reports
or that are within my knowledge as a result of the preparation of the Reports.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="35%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"> (Signed) &#147;<I>Iouri Iakovlev</I>&#148;
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left"><B>Iouri Iakovlev, P. Eng.</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.18
<SEQUENCE>19
<FILENAME>o58420exv5w18.htm
<DESCRIPTION>EX-5.18
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w18</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.18
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Dr.&nbsp;Gilles Arseneau<BR>
Suite&nbsp;2200 &#151; 1066 West Hastings St<BR>
Vancouver, BC, V6E 3X2</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;4, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Silver Standard Resources Inc. (the &#147;Company&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to my technical report dated 6 May&nbsp;2009 titled San Agustin Resource Estimate, my
technical report dated 27 July&nbsp;2009 titled Technical Report on the Diablillos Property &#151; Salta and
Catamarca Provinces, Argentina, and the material change reports of the Company dated 6 April&nbsp;2009
and 18 June&nbsp;2009 (the &#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, Gilles Arseneau, Ph.D., P. Geo., consent to the use of my name and references to
the Reports, or portions thereof, in the Prospectus and the Registration Statement and to the
inclusion or incorporation by reference of information derived from the Reports in the Prospectus
and Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Reports
or that are within my knowledge as a result of the preparation of the Reports.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"> (Signed) &#147;<I>Gilles Arseneau</I>&#148;
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left"><B>Gilles Arseneau, Ph.D., P. Geo.</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.19
<SEQUENCE>20
<FILENAME>o58420exv5w19.htm
<DESCRIPTION>EX-5.19
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w19</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.19
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WARDROP, A TETRA TECH COMPANY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;4, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">British Columbia Securities Commission<BR>
Alberta Securities Commission<BR>
Saskatchewan Financial Services Commission<BR>
The Manitoba Securities Commission<BR>
Ontario Securities Commission<BR>
Nova Scotia Securities Commission<BR>
New Brunswick Securities Commission<BR>
Securities Commission of Newfoundland and Labrador<BR>
Prince Edward Island Securities Office<BR>
United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Re: </B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Silver Standard Resources Inc. (the &#147;Company&#148;) &#151; Consent of Expert</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is made to our technical report dated 6 May&nbsp;2009 titled San Augustin Resource Estimate,
our technical report dated 27 July&nbsp;2009 titled Technical Report on the Diablillos Property &#151; Salta
and Catamarca Provinces, Argentina, our technical report dated 27 July&nbsp;2009 titled NI 43-101
Technical Report &#151; Pitarrilla Property Pre-Feasibility Study, and the material change reports of
the Company dated 6 April&nbsp;2009, 18 June&nbsp;2009 and 24 June&nbsp;2009 (the &#147;<B>Reports</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Amended and Restated Short Form&nbsp;Base Shelf Prospectus dated February&nbsp;4,
2010, all supplements thereto and all documents incorporated by reference therein (collectively,
the &#147;<B>Prospectus</B>&#148;) and the Registration Statement on Form F-10 dated February&nbsp;4, 2010 and any
amendments thereto, including any post-effective amendments (collectively, the &#147;<B>Registration
Statement</B>&#148;), I, Brent Thompson, P. Eng. on behalf of Wardrop, A Tetra Tech Company, consent to the
use of our name and references to the Reports, or portions thereof, in the Prospectus and the
Registration Statement and to the inclusion or incorporation by reference of information derived
from the Reports in the Prospectus and Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read the Prospectus and the Registration Statement and have no reason to believe that there
are any misrepresentations in the information contained therein that are derived from the Reports
or that are within my knowledge as a result of the preparation of the Reports.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Yours truly,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>

    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"> (Signed) &#147;<I>Brent Thompson</I>&#148;
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD colspan="3" align="left"><B>Brent Thompson, P. Eng.</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>

    <TD colspan="3" align="left"><B>For: Wardrop Engineering Inc., A Tetra Tech Company</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>

</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">800-555 West Hastings Street, Vancouver, British Columbia V6B 1M1, Canada<BR>
Tel 604.408.3788 Fax 604.408.3722 www.wardrop.com
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.20
<SEQUENCE>21
<FILENAME>o58420exv5w20.htm
<DESCRIPTION>EX-5.20
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w20</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;5.20
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;LAWSON LUNDELL LLP LETTERHEAD&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;4, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">VIA EDGAR

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">United States Securities and Exchange Commission

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><B>Silver Standard Resources Inc.</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><B>Filing of Registration Statement on Form F-10 (the &#147;Registration Statement&#148;)</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">We hereby consent to the use of our name in the Registration Statement on Form F-10 filed by
Silver Standard Resources Inc. on February&nbsp;4, 2010, as such may thereafter be amended or
supplemented, and in the prospectus contained therein, under the headings &#147;Legal Matters&#148;,
&#147;Interests of Experts&#148;, &#147;Documents Filed as Part of the Registration Statement&#148; and &#147;Enforceability
of Civil Liabilities&#148;. In giving such consent we do not thereby admit that we are in the category
of persons whose consent is required under Section&nbsp;7 of the United States Securities of 1933, as
amended.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="35%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="4" align="left"><BR>Yours very truly,<BR><br>
LAWSON LUNDELL LLP<BR><br>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="4" style="border-bottom: 0px solid #000000" align="left"> /s/ Lawson Lundell LLP
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="4" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="4" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>o58420o5842000.gif
<DESCRIPTION>GRAPHIC
<TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
