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PRODUCTION FOR TODAY DEVELOPMENT FOR TOMORROW
TSX:AR CORPORATE PRESENTATION December 2016
2 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
This presentation contains certain “forward-looking statements” and “forward-looking information” under applicable Canadian securities laws concerning the proposed transaction and the business, operations and financial performance and condition of Argonaut Gold Inc. (“Argonaut” or “Argonaut Gold”). Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and mine life of the various mineral projects of Argonaut; synergies and financial impact of completed acquisitions; the benefits of the development potential of the properties of Argonaut; the future price of gold, copper, and silver; the estimation of mineral reserves and resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; success of exploration activities; and currency exchange rate fluctuations. Except for statements of historical fact relating to Argonaut, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Argonaut and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, changes in market conditions, variations in ore grade or recovery rates, risks relating to international operations, fluctuating metal prices and currency exchange rates, changes in project parameters, the possibility of project cost overruns or unanticipated costs and expenses and labour disputes. These factors are discussed in greater detail in Argonaut's most recent Annual Information Form and in the most recent Management Discussion and Analysis filed on SEDAR, which also provide additional general assumptions in connection with these statements. Argonaut cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Argonaut believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. Although Argonaut has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Argonaut undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Comparative market information is as of a date prior to the date of this document. References to dollars or “$” are to U.S. dollars unless specified otherwise.
FORWARD LOOKING INFORMATION
3 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
CHECKING THE RIGHT INVESTMENT BOXES
ü Strongboardandmanagementü Lowall-insustainingcostproducer1
ü Leveragetogoldthroughdevelopmentassets
ü Focusonhigh-return,shortpaybackprojectsintheAmericas
ü Focusonsimpleprojectsü Freecashflowgenera@on
ü StrongbalancesheetOURGOAL:REDUCERISKINARISKYBUSINESSWHILEPRESERVINGLEVERAGETHROUGHDEVELOPMENT1Non-IFRSmeasuresdiscussedonpage17ofthispresenta:on.
4 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
STRONG BOARD, MANAGEMENT & TECHNICAL
JamesE.Kofman,Chairman§ ViceChairman,CormarkSecuri:es§ WorkexperienceatUBSSecuri:es,Osler,Hoskin&Harcourt
PeterC.Dougherty§ WorkexperienceatMeridianGold,FMC
IanAtkinson§ DirectorofKinrossGoldandGlobexMining§ WorkexperienceatCenterra,Hecla,BaMleMountain,Hemlo,Noranda
ChristopherR.LaWanzi§ DirectorofTerangaGold,SpanishMountainGold§ WorkexperienceatMicon
PeterMordaunt§ DirectorofEthosGold§ WorkexperienceatS:ngrayCopper,CornerBaySilver
DalePeniuk§ DirectorofLundinMining,CapstoneMining§ WorkexperienceatKPMG
AudraB.Walsh§ CEOofMinasdeAguasTenidas,President&CEOofA2ZMining,DirectorofOrvanaMinerals
§ WorkexperienceatSierraMetals,Minera,Barrick,Newmont
ExperiencedBoardofDirectors
PeterC.Dougherty,President&CEO§ WorkexperienceatMeridanGold,FMC
WilliamZisch,COO§ WorkexperienceatMidwayGold,RoyalGold,Newmont,FMC
DavidA.Ponczoch,CFO§ WorkexperienceatTwinMetalsMinnesota,YamanaGoldThomasH.Burkhart,VicePresidentofExplora9on§ WorkexperienceatNewDimensions(Northair),PegasusGold
W.RobertRose,VicePresidentofTechnicalServices§ WorkexperienceatAndinaMinerals,Kappes,Cassiday&
AssociatesCur@sTurner,CorporateDevelopmentOfficer§ WorkexperienceatCynaco,YamanaGold,MeridianGoldDanielA.Symons,VicePresident,InvestorRela9ons§ WorkexperienceatRomarcoMinerals,RenmarkFinancial
StrongManagement&TechnicalTeam
5 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
COMBINING STRENTHS WITH EXPERTISE
• 2016 Guidance 115,000 to 120,000 GEOs1
• Low cost produc;on • Strong Cash Balance with
$50 million2 • AErac;ve Development
Projects to Provide Growth
Management 142 Years Combined Mining Experience
Shareholder Value
1GEO is gold equivalent ounces based on a conversion of silver to gold at a 65:1 ratio 2At September 30, 2016
6 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
CAPITAL SUMMARY
1 As at close on December 2, 2016 2 Includes 3.5M “in-the-money” stock options and 2.2M restricted shares outstanding at September 30, 2016 3 As at close on September 30, 2016
Exchange / Symbol TSX:AR
Share Price1 C$2.60
Shares Outstanding 158M
Fully Diluted Shares Outstanding2 164M
Market Capitalization1 C$411M
52 Week High / Low1 C$4.45 / C$0.78
Cash Balance3 C$67M (US$50M)
7 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
EL CASTILLO MINE
MINE DETAILS § 120 kilometres from the capital of Durango
in state of Durango, Mexico § Open pit / Heap leach mine
YTD OPERATIONAL HIGHLIGHTS AT SEPT 30/17
§ Production of 46,019 GEOs2
§ ~8.1 million tonnes of ore placed on the leach pads
§ ~2.8 million additional tonnes outside 2016 mine plan have been found and mined
GOLD RESERVES & RESOURCES (at December 31, 2015)1
Category
Tonnes(000s)
Au
Grade(g/t)
AuOunces(000s)
Proven&Probableat$1,000/oz
20,684
0.48
317
Measured&Indicatedat$1,300/oz
45,056
0.42
605
Inferredat$1,300/oz
7,847 0.28 71
1Pleaseseeresourcedisclosureonpage18forfulldetails2GEOisgoldequivalentouncescalculatedataconversionrateof55:1forsilvertogoldfor2015and65:1for2016
ElCas:llo
8 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
LA COLORADA MINE
MINE DETAILS § 45 kilometres from the capital of Hermosillo § Open pit / Heap leach mine
YTD OPERATIONAL HIGHLIGHTS AT SEPT 30/17
§ Production of 41,694 GEOs2
§ Completed leach pad #5 and Northeast leach pad construction
§ ~3.7 million tonnes of mineralized material place on the leach pads
GOLD RESOURCES (at December 31, 2015)1
§ Indicated of 601k oz Au– (29M tonnes @ 0.64 g/t) § Indicated of 8.5M oz Ag – (29M tonnes @ 9.0 g/t) § Inferred of 15k oz Au – (506k tonnes @ 0.90 g/t) § Inferred of 285k oz Ag – (506k tonnes @ 17.5 g/t)
1Pleaseseeresourcedisclosureonpage18forfulldetails2GEOisgoldequivalentouncescalculatedataconversionrateof55:1forsilvertogoldin2015and65:1in2016
9 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
SAN AGUSTIN PROJECT
PROJECT DETAILS1
§ 10 kilometres from the El Castillo mine § Low initial capital - $43M § Low cash costs - $648/GEO § After-tax IRR – 50% § After-tax NPV at $1,200 Au and 5%
discount - $90M § Average LOM annual production – 80k
GEOs § Low risk project
§ Open pit / Heap leach
M&I Resources (at December 31, 2015)3
§ Indicated of 845K oz Au – (82M tonnes at 0.32 g/t) § Indicated of 28.2M oz Ag – (82M tonnes at 10.7 g/t)
29
66
94 95 88
0
20
40
60
80
100
Year1 Year2 Year3 Year4 Year5
GEO2produc@onprofile–first5years
CATALYSTS
§ Targeting first gold production – Q3 2017 § Ability to finance project with existing cash,
projected cash flow and revolving credit facility § Excellent exploration potential 1Basedontheassump:onsandparametersassetforthinthePEANI43-101TechnicalReport
datedJune10,20162GEOisgoldequivalentouncescalculatedataconversionrateof80:1forsilvertogold3PleaseseeResourcedisclosureonpage18forfulldetails
10 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
SAN ANTONIO PROJECT
PROJECT DETAILS1
§ 45 km from the port capital city of La Paz. § Low initial capital - $84M § Low cash costs - $553/oz Au § After-tax NPV at $1,200 gold and a 8%
discount - $206M § After-tax IRR of 66% § 1.9 year payback § Low risk project once permitted
§ Open pit / Heap leach
M&I Resources (at December 31, 2015)2
§ Measured & Indicated of 1.7M oz Au – (65M tonnes at 0.83 g/t)
§ Inferred of 67k oz Au – (6M tonnes at 0.34 g/t)
CATALYSTS
§ Positive ruling from Federal lawsuit § Communicating with all stakeholders to advance
permits 1Basedontheassump:onsandparametersassetforthinthePEANI43-101TechnicalReportdatedOctober10,2012.2PleaseseeResourcedisclosureonpage18forfulldetails
11 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
MAGINO PROJECT
PROJECT DETAILS1 § Location – Ontario, Canada
§ Mine life – 10 years § Cash cost - $582/oz Au § After-tax NPV at $1,200 gold and a 5% discount
rate - $415M § After-tax IRR – 23% § Initial capital - $540M
Reserves & Resources (at December 31, 2015)2
§ Proven & Probable Reserves of 3.0M oz Au – 105M tonnes at 0.89 g/t
§ Indicated of 4.1M oz Au (inclusive of reserves) – 144M tonnes at 0.88 g/t
370317
423
179 163223
318382
289
157
0100200300400500
Year1
Year2
Year3
Year4
Year5
Year6
Year7
Year8
Year9
Year10
Goldproduc@onprofile–Lifeofmine
CATALYSTS § Definition drilling, geotechnical drilling, Feasibility Study § Permitting and First Nations agreements
1Basedontheassump:onsandparametersassetforthinthePre-FeasibilityNI43-101TechnicalReportdatedFebruary22,2016.2PleaseseeResourcedisclosureonpage18forfulldetails
US$M*Mine Fleet 70Pre-production Mining 40*ProcessPlant 180Infrastructure&Tailings 95TotalDirectCost 385 EPCM,Indirects,OwnersCosts 100Con:ngency 55TotalIni@alCapital 540
note:*Oftheabove,$176mmisquoted
12 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
At October 20, 2016
Street Consensus ($M)1
Development Assets PEA/PFS at $1,200 Au and 5% discount rate
($M)
Development Assets
PEA/PFS at $1,300 Au and 5% discount rate
($M)
El Castillo $43
La Colorada $81
San Agustin $119
San Antonio $70 $219 $265
Magino $88 $414 $551
Total $401 $633 $816
TREMENDOUS LEVERAGE THROUGH DEVELOPMENT ASSETS
1Sourcestreetresearch.StreetconsensusNPVsarebasedonanalystconsensuses:matesavailableatOctober20,2016.StreetconsensusincludesresearchfromBMOCapitalMarkets,CanaccordGenuity,CIBCWorldMarkets,DesjardinsSecuri:es,MackieResearchandSco:aCapital
13 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
P/NAV vs. PEERS at October 19, 2016
1.48x
1.28x
1.17x 1.15x
0.91x 0.87x
0.79x 0.78x 0.76x
0.60x
Klondex Richmont Guyana McEwen Beadell Argonaut Kirkland Lake Teranga Primero Perseus
Median: 0.91x
Source:FactSet,streetresearch1.ProformaNewmarketacquisi:on;assumesUS$20mmintransac:onsfeesistakenoutofMergeCoNAV.
(1)
14 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
Market Perception è Creating Value
§ El Castillo Perception of limited mine life.
§ Magino High capex requirements prevent the Company from building in this market.
§ San Antonio Failure to obtain permits in a timely manner.
§ Low grade nature of deposits.
ü Advance San Agustin.
ü De-risk and evaluate funding
alternatives, including partnerships.
ü Working top down, bottom up
approach. Legal and social licenses.
ü Educate investors on similar cash flow and costs compared to to higher grade mine operations.
HOW TO ADDRESS MARKET PERCEPTIONS
15 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
Current Assets ($M) – at September 30, 2016
Cash $ 50
VAT and Income Tax Prepayments
14
Inventory Value (48k oz @ $1,250)
60
Total $124
SUMMARY OF INVESTMENT CASE
§ Strong balance sheet with flexibility • $50 million in cash, $1 million debt
(equipment leases) at Sept. 30, 2016 • $30 million undrawn corporate revolver
§ Defensive gold stock • Long track record of adding cash to the
balance sheet through operations § Highly leveraged to upside in gold
• Development assets provide tremendous leverage
§ Proven, low cost operator • Low cost per tonne of ore processed
§ Trading at a discount to peers • P/NAV basis
Dan Symons Vice President, Investor Relations Argonaut Gold Inc. First Canadian Place 100 King St. West, Suite 5700 Toronto, ON M5X 1C7 T: 416-915-3107 Email: [email protected]
CORORATE PRESENTATION JULY 2016 | ARGONAUT GOLD
WWW.ARGONAUTGOLD.COM
TSX:AR ADDITIONAL INFORMATION
17 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
Notes and disclosures
ArgonautGoldisaCanadiangoldcompanyengagedinexplora:on,minedevelopmentandproduc:onac:vi:es.Itsprimaryassetsaretheproduc:onstageElCas:lloMineinDurango,MexicoandtheLaColoradaMineinSonora,Mexico,theadvancedexplora:onstageSanAntonioprojectinBajaCaliforniaSur,Mexico,theadvancedexplora:onstageMaginoprojectinOntario,CanadaandtheSanAgus:nprojectinDurango,Mexico.TheCompanyalsohasseveralexplora:onstageprojects,allofwhicharelocatedinNorthAmerica.Forfurtherinforma:onontheCompany'sproper:espleaseseethereportsaslistedbelowontheCompany'swebsiteoronwww.sedar.com.QUALIFIEDPERSONTechnicalinforma:onincludedinthisreleasewassupervisedandapprovedbyThomasBurkhart,ArgonautGold'sVicePresidentofExplora:on,andaQualifiedPersonunderNa:onalInstrument(“NI”)43-101.NATIONALINSTRUMENT43-101–STANDARDSOFDISCLOSUREFORMINERALPROJECTS(“NI43-101”)ThomasBurkhart,ArgonautGold’sVice-PresidentofExplora:onandaQualifiedPersonunderNI43-101,hasreadandapprovedthescien:ficandtechnicalinforma:oninthispresenta:onasitrelatestoArgonaut.Thispresenta:oncontainsinforma:onregardingmineralresourcesthatarenotmineralreservesanddonothavedemonstratedeconomicviability.Thepreliminaryeconomicassessmentsreferencedhereinarepreliminary,andmayincludeinferredmineralresourcesthataretoospecula:vegeologicallytohavetheeconomicconsidera:onsappliedtothemthatwouldenablethemtobecategorizedasmineralreserves.Thereisnocertaintythatthepreliminaryeconomicassessmentswillberealized.CAUTIONARYNOTETOU.S.INVESTORSCONCERNINGESTIMATESOFMEASURED,INDICATEDANDINFERREDRESOURCESThispresenta:onusestheterms“Measured”,“Indicated”and“Inferred”ResourcesasdefinedinaccordancewithNa:onalInstrument43-101–StandardsofDisclosureforMineralProjects.UnitedStatesreadersareadvisedthatwhilesuchtermsarerecognizedandrequiredbyCanadiansecuri:eslaws,theUnitedStatesSecuri:esandExchangeCommissiondoesnotrecognizethem.UnderUnitedStatesstandards,mineraliza:onmaynotbeclassifiedasa“reserve”unlessthedetermina:onhasbeenmadethatthemineraliza:oncouldbeeconomicallyandlegallyproducedorextractedatthe:methereservecalcula:onismade.UnitedStatesreadersarecau:onednottoassumethatalloranypartofthemineraldepositsinthesecategorieswilleverbeconvertedintoreserves.Inaddi:on,“InferredResources”haveagreatamountofuncertaintyastotheirexistence,andastotheireconomicandlegalfeasibility.ItcannotbeassumedthatalloranypartofanInferredResourcewilleverbeupgradedtoahighercategory.UnitedStatesreadersarealsocau:onednottoassumethatalloranypartofanInferredResourceexists,oriseconomicallyorlegallymineable.NON-IFRSMEASURESTheCompanyhasincludedcertainnon-IFRSmeasuresincluding“Cashcostpergoldouncesold”,“All-insustainingcostpergoldouncesold”,“Fullyloadedcostpergoldouncesold”,“Adjustednetearnings(loss)”and“Adjustedearnings(loss)pershare”inthispresenta:ontosupplementitsfinancialstatementswhicharepresentedinaccordancewithInterna:onalFinancialRepor:ngStandards(“IFRS”).Cashcostpergoldouncesoldisequaltoproduc:oncostslesssilversalesdividedbygoldouncessold.All-insustainingcostpergoldouncesoldisequaltoproduc:oncostslesssilversalesplusgeneralandadministra:veexpenses,explora:onexpenses,accre:onofreclama:onprovisionandsustainingcapitalexpendituresdividedbygoldouncessold.Fullyloadedcostpergoldouncesoldisequaltoproduc:oncostsplusexpendituresonmineralproper:es,plantandequipment,generalandadministra:veexpenses(excludingshare-basedcompensa:on),repaymentofdebt,interestpaid,incometaxespaidandexplora:onexpensesdividedbygoldouncessold.Adjustedearningsisequaltonetlosslessthenon-cashimpairmentwritedownofinventories,netoftax,andtheforeignexchangeeffectsoftheweakeningMexicanpesoonthecalcula:onofdeferredtaxes.Adjustedearnings(loss)pershareisequaltoadjustednetearnings(loss)dividedbybasicweightedaveragenumberofcommonsharesoutstanding.TheCompanybelievesthatthesemeasuresprovideinvestorswithanimprovedabilitytoevaluatetheperformanceoftheCompany.Non-IFRSmeasuresdonothaveanystandardizedmeaningprescribedunderIFRS.Thereforetheymaynotbecomparabletosimilarmeasuresemployedbyothercompanies.Thedataisintendedtoprovideaddi:onalinforma:onandshouldnotbeconsideredinisola:onorasasubs:tuteformeasuresofperformancepreparedinaccordancewithIFRS.
18 TSX:AR CORPORATE PRESENTATION DECEMBER 2016 | ARGONAUT GOLD
Mineral Resource notes and disclosures AllMineralResourceshavebeenes:matedinaccordancewithCanadianIns:tuteofMining(“CIM”)Standards.MineralResourcesarenotknownwiththesamedegreeofcertaintyasMineralReservesanddonothavedemonstratedeconomicviability.Inaddi:on,thequan:tyandgradeofreportedinferredmineralresourcesshownaboveareuncertaininnatureandthereisinsufficientexplora:ontodefinetheseinferredmineralresourcesasanindicatedormeasuredmineralresourceanditisuncertainiffurtherexplora:onwillresultinupgradingthemtoanindicatedormeasuredmineralresourcecategory.Numbersmaynotaddupduetorounding.TheReservesforElCas:llosetoutintheabovetablewereupdatedinternally,arevalidasofDecember2015andreviewedbyQualifiedPersonMikeLechnerandArgonaut’sCOORichardRhoades.Thereserveupdateusedagoldpriceof$1,000.Cut-offgrades,dependingonrockandoretype,variedfrom0.15g/tforoxideto0.54g/tforsilicifiedsulphide.TheMineralResourceforElCas:llointheabovetablewereupdatedinternally,arevalidasofDecember2015andreviewedbyQualifiedPersonMikeLechnerandArgonaut’sCOORichardRhoades.Theresourceupdateusedagoldpriceof$1,300.Cut-offgrades,dependingonrockandoretype,variedfrom0.101g/tforoxideto0.415g/tforsilicifiedsulphide.TheMineralConeResourcesusedforLaColoradaintheabovetablewereupdatedinternally,arevalidasofDecember,2015andreviewedbyQualifiedPersonMikeLechnerandArgonaut’sCOORichardRhoades.TheConeResourceupdateusedagoldpriceof$1,300andasilverpriceof$18.Thegoldequivalentcutoffgradevarieddependingondepositandrangedfrom0.083to0.154g/t.ThePitDesignResourcesusedforLaColoradaintheabovetablewereupdatedinternally,arevalidasofDecember,2015andreviewedbyQualifiedPersonMikeLechnerandArgonaut’sCOORichardRhoades.ThePitDesignResourceupdateusedagoldpriceof$1,000andasilverpriceof$14.Thegoldequivalentcutoffgradevarieddependingondepositandrangedfrom0.110to0.201g/t.TheMineralResourcesfortheSanAntonioProjectsetoutinthetableaboveweretakenfromtheSanAntonioTechnicalReport,datedOctober10,2012(effec:vedateofSeptember1,2012).Thegoldresourcewases:matedatagoldpriceof$1,500usingacutoffgradeof0.11g/tAuforoxideandtransi:onand0.15g/tAuforsulphide.TheseamountshavebeenreviewedandconfirmedbyThomasBurkhart,whoisaqualifiedpersonunderNI43-101.TheMineralResourcesfortheMaginoGoldProjectsetoutinthetableaboveweretakenfromtheMaginoPre-FeasibilityStudyTechnicalReport,datedFebruary22,2016(effec:vedateofJanuary18,2016).Theresourcewases:matedatagoldpriceof$1,200.TheProbableReservestudyusedagoldcutoffof0.35g/twhiletheIndicateResourcestudyu:lizedacutoffof0.25g/tgold.TheseamountshavebeenreviewedandconfirmedbyThomasBurkhart,whoisaqualifiedpersonunderNI43-101.TheMineralResourcesfortheSanAgus:nGold-SilverProjectsetoutinthetableaboveweretakenfromtheSanAgus:nOxideResourceEs:mate,datedOctober3,2014(effec:vedateofJuly8,2014).Theresourcewases:matedusingagoldpriceof$1,300andsilverpriceof$20.Agoldequivalentcutoffof0.18g/twasusedfortabula:ngMineralResources.TheseamountshavebeenreviewedandconfirmedbyThomasBurkhart,whoisaqualifiedpersonunderNI43-101.