Trip to Pulacayo. Pulacayo - Paca

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1 Disclaimer This Presentation contains forward-looking information as defined under applicable securities law in Canada. Forward-looking information can be identified by the use of words such as "anticipated", "targeted" and "expect" or variations of such words and phrases or state that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. This forwardlooking information includes, without limitation, estimates, forecasts and statements Although the Company believes the expectations expressed in such statements of forward-looking information are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in the forward-looking information include changes in metal prices, as plans continue to be refined, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with operating in foreign jurisdictions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Assumptions underlying the Company's expectations regarding forward-looking information contained in this Presentation include, among others, that all required third party contractual, regulatory and governmental approvals will ultimately be obtained and there being no significant disruptions affecting operations, including labour disruptions, currency exchange rates being approximately consistent with current levels, certain price assumptions for metal prices for and availability of fuel, parts and equipment and other key supplies remaining consistent with current levels, production forecasts meeting expectations, labour and material costs increasing on a basis consistent with the Company s current expectations and that any additional required financing will be available on reasonable terms. For more information on the Company and its wholly-owned subsidiaries and the risks and challenges of the Company's business, investors should review its annual filings that are available at The Company does not assume the obligation to revise or update its forward-looking information after the date of this Presentation or to revise its forward-looking information to reflect the occurrence of future unanticipated events, except as may be required under applicable law. Unless otherwise specified, all financial figures in this Presentation are in US dollars. The Company makes no representation or warranty (express or implied) as to the accuracy, reliability or completeness of the information contained in this Presentation. The Company and its respective directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or any omissions from the Presentation, except liability under statute that cannot be excluded. 1.

2 Trip to Pulacayo Pulacayo, Bolivia Feasibility Study Published Mine Permitted Trial Mining Phase Completed Paca, Bolivia 7km North of Pulacayo Open pit possibility Resource growth potential Pulacayo - Paca 1 NI Technical Report on the Pulacayo property by TWP Sudamerica, Mercator Geological Services, and P&E Mining consultants, filed on Sedar on March 1, See the Appendix for details on mineral resources and reserves. 2 NI Technical Report on the Paca property date, prepared by Micon International & filed on SEDAR on Apr 5, See the Appendix for details on mineral resources 3 NI Technical Report on the Cachinal property, prepared by SRK Consulting Engineers & Scientists & filed on SEDAR on Apr 1, 2010, See the Appendix for details on mineral resources 2

3 Arrived new Uyuni Airport from La Paz by jet plane

4 20km from Uyuni to Pulacayo by new paved road

5 30 min later arrived Pulacayo. New rail, locomotive ready

6 Map of Pulacayo town to resource via yellow dotted adit Paca Resource Paca Resource 7km Anomaly found during Plant condemnation drilling Pacamayo Anomaly Veta Quattro Anomaly Pulacayo Resource Nap Pero Anomaly Pulacayo mine access tunnel (dotted line) Anomaly found during Plant condemnation drilling Position of Planned Concentrator & TSF Pulacayo town 6

7 Visited OB 6 and OB 8 areas before reaching main shaft

8 Highlight of OB 6 and OB 8 areas

9 Highlight of OB 6 and OB 8 areas

10 Wagons

11 Highlight of OB 6 area

12 OB8 area of 50x30x30

13 Approved Mill site

14 Approved tailing site

15 Historic tailing (one of many, potential to process)

16 Core storage (over 69,000 meters drilled)

17 Power on site

18 Rail station at Uyuni to Antofagasta port (612km)

19 Trial mining and recovery data Trial Mining Results Development m Total tons Ore Ag g/t Pb % Zn % Stoping tons Ag g/t Pb % Zn % 1,247 12, , The ore was trucked 150km to Potosi and processed by 3 custom mills owned by locals capacity between 50 to 150 tonnes per day (tpd). Best recovery results were obtained as follows Concentrate Grade Recovery Pb% Zn% Ag g/t Pb% Zn% Ag% Lead Conc 47.95% 12.85% 6,295 g/t 64.62% 16.26% 72.13% Zinc Conc 8.47% 39.45% 941 g/t 9.97% 43.57% 8.41% Tailing 0.58% 0.97% g/t 25.41% 40.16% 18.45% Total silver recovery was 81.55% Pulacayo Concentrate Grade: Silver 5,760g/t, Lead 54%, Zinc 40% The concentrate was sold to Trafigura Group EIA permits 500 tpd mill

20 Pulacayo Approximate area of NI UG mineral resources and reserves(63,000m drilling) Approximate area of NI Open Pit mineral resources Bulk pre-production mining operations (2012/13) Surface Profile Drilled 1,000m Depth Drilled 3,000m Strike???? Still to be drilled?????? *Legend in decimarcos 100g/t = 1dm 20

21 Paca and Pero potential Paca Resource Paca Resource 7km Anomaly found during Plant condemnation drilling Pacamayo Anomaly Veta Quattro Anomaly Pulacayo Resource Nap Pero Anomaly Pulacayo mine access tunnel (dotted line) Anomaly found during Plant condemnation drilling Position of Planned Concentrator & TSF Pulacayo town 21

22 Underground Silver Producers Endeavor Silver SilverCorp Great Panthers Pulacayo** Symbol EDR SVM GPR Tonne Per Day (net) (project) Grade Silver (g/t) Au (g/t) Lead (%) Zinc (%) ~Market Cap (net cash) $470 million $240 million $120 million **Trial Mining Grade Used, Mill, Mining operation, and Mining Equipment not in place