GUADALUPE DE LOS REYES | SINALOA, MEXICO

Successful exploration is an essential component of our long-term growth strategy. In 2009, we completed the consolidation of our district holdings at our Guadalupe de los Reyes gold exploration project located in the Sierra Madre Range in Sinaloa, Mexico. Guadalupe de los Reyes is located in a historic mining district that has produced over 600,000 ounces of gold and 40 million ounces of silver. The historic workings occur in a low sulfidation, vein system that extends over one kilometer in strike length and at least 400 meters down dip with open mineralization. The project currently has a measured and indicated gold resource of 485,000 ounces and 316,000 ounces of inferred material.