Cusi – Production and Cost Projections 2008R April-Dec 2009E Q4 2010E Tonnes processed 11,378 18,000 72,000 Daily throughput 43 200 200 Lead grade 3.01% 0.39% 0.39% Silver g/t 2,022 330 330 Silver recovery 62.04% 60% 85% Lead concentrate production DMT 304 580 5,300 Silver production (ounces) 68,967 115,000 650,000 Operating cash costs/DMT* $178.41 $63.40 $52.00 Average price of lead per pound, $US $0.83 $0.65 $0.65 Average price of silver per onze, $US $14.13 $12.00 $12.00 The Company has not completed a feasibility study and accordingly there is no certainty that the stated objectives will be met, nor that the operations will be profitable 10
<strong>Dia</strong> <strong>Bras</strong> – Operating Performance 2007 2008 2009E 2010E CA$ CA$ CA$ CA$ Sales 24,056,537 21,306,788 11,779,246 21,825,155 Sales expenses and ore transportation 9,160,863 7,092,672 3,473,647 1,845,011 Operating expenses Bolivar 9,011,119 8,745,062 4,157,963 7,393,266 Operating expenses Cusi 4,956,348 2,463,196 979,108 3,916,433 Administration expenses and others 5,613,356 5,068,334 2,575,432 2,220,200 Total cost 28,741,685 23,369,263 11,186,181 15,374,909 Cash flow from operating activities (4,685,148) (2,062,475) 593,064 6,450,246 <strong>Exploration</strong> Bolivar & Cusi (5,948,050) (5,183,496) (2,031,483) (2,220,200) Property payments (1,408,958) (851,791) (1,509,736) (888,080) Operation-Capex (6,570,456) (995,385) (356,166) _ MRI settlements and debts 1,319,695 (1,987,358) (4,449,281) (1,998,180) Use of proceeds (12,607,768) (9,018,210) (8,346,666) (5,106,460) Bolivar Mill _ _ (7,215,650) _ Cyanidation plant _ _ (1,665,150) _ Equity Completed 1,488,813 2,044,000 3,809,205 _ Equity Required _ _ 10,083,250 _ Debt _ 2,012,000 2,775,250 _ Net Cash flow (15,804,103) (7,024,486) 33,303 1,343,786 Cash flow from operating activities excludes changes in non-cash working capital items Non-GAAP Measure. Cash operating cost is calculated using tonnes processed Price assumptions: 2009 (US$: Zn $0.65/lb, Cu 2.00/lb, Ag 12.00/oz), 2010 (US$: Zn $0.70/lb, Cu $2.00, Ag 12.00/oz) 11