8. Mineral Reserves are estimated using appropriate process recovery rates and commodity prices of $20.00 per ounce of silver, unless otherwise noted below: a. Pascua-Lama, Lagunas Norte, Veladero, Pierina, and 777 - $22.00 per ounce. b. Constancia - $23.00 per ounce. c. Yauliyacu - $30.00 per ounce. d. Neves-Corvo - 1.4% Cu cut-off for the copper Reserve and 5.0% Zn cut-off for the all zinc Reserves except for Lombador which was reported above a cut-off of 6.0% Zn. e. Rosemont - $10.00 per ounce. f. Mineral Park - $7.50 per ounce. g. Zinkgruvan - 3.7% Zn equivalent cut-off for the zinc Reserve and 1.8% Cu cut-off for the copper Reserve. h. Aljustrel - 1.5% Cu cut-off for all copper Reserves, 4.5% Zn cut-off for all zinc Reserves. i. Campo Morado - $30.00 per ounce. j. Minto - $3.90 per ounce silver and $300 per ounce gold.9. Mineral Resources are estimated using appropriate recovery rates and commodity prices of $24.00 per ounce of silver, unless otherwise noted below: a. San Dimas - $25.00 per ounce. b. Pascua-Lama, Lagunas Norte, Veladero and Pierina - $28.00 per ounce. c. 777 and Constancia - $22.00 per ounce d. Yauliyacu - $30.00 per ounce. e. Neves-Corvo - 1.0% Cu cut-off for the copper Resource and 3.0% Zn cut-off for the zinc Resource. f. Rosemont - 0.2% Cu cut-off. g. Zinkgruvan - 3.1% Zn equivalent cut-off for the zinc Resource and 1.5% Cu cut-off for the copper Resource. h. Mineral Park - $7.50 per ounce. i. Aljustrel - 1.5% Cu cut-off for all copper Resources, 4.5% Zn cut-off for Feitais and Moinho zinc Resources and 4.0% for Estação zinc Resources. j. Campo Morado - $30.00 per ounce for the G-9 zones and 5% Zn cut-off for the El Rey, Naranjo and Reforma deposits. k. Loma de La Plata - $12.50 per ounce. l. Minto - 0.5% Cu cut-off. m. Keno Hill - $15.25 per ounce for the Southwest and 99 Zones, $14.50 per ounce for the East Zone, $17.00 per ounce for the Elsa Tailings and $18.50 per ounce for the Lucky Queen and Onek deposits. 10. The San Dimas silver purchase agreement provides that from August 6, 2010 until August 5, 2014, Primero Mining Corp. ("Primero") will deliver to the Company a per annum amount equal to the first 3.5 million ounces of payable silver produced at San Dimas and 50% of any excess, plus the Company will receive an additional 1.5 million ounces of silver per annum to be delivered by Goldcorp. Beginning August 6, 2014, Primero will deliver to the Company a per annum amount equal to the first 6.0 million ounces of payable silver produced at San Dimas and 50% of any excess, for the life of the mine. 11. The Company's attributable tonnage at Pierina was estimated by assuming 2011 production level for the remaining two years. The Company's attributable tonnage at Lagunas Norte and Veladero was estimated by assuming 2012 and 2013 processed tonnes based on Barrick's life of mine ("LOM") plans. Tonnes for all three operations were pro-rated between Proven and Probable Mineral Reserves according to the ratio of Barrick's December 31, 2011 Proven and Probable Mineral Reserves. Average reserve grades were applied to the Pierina estimates and the average LOM plan grades were applied to Lagunas Norte and Veladero. LOM plans and December 31, 2011 Mineral Reserves estimates are as published by Barrick. 12. The Company's Yauliyacu silver purchase agreement ( March 2006) with Glencore International AG provides for the delivery of up to 4.75 million ounces of silver per year for 20 years. In the event that silver sold and delivered to Silver Wheaton in any year totals less than 4.75 million ounces, the amount sold and delivered to Silver Wheaton in subsequent years will be increased to make up for any cumulative shortfall, to the extent production permits. Depending upon production levels it is possible that the Company's current attributable tonnage may not be mined before the agreement expires. 13. The 777 purchase agreement provides that Hudbay Minerals Inc. will deliver 100% of the payable silver for the life of the mine and 100% of the payable gold until completion of the Constancia project, after which the gold stream will reduce to 50%. The gold figures in this table represent 100% of 777 Resources and Reserves. In reliance upon Section 9.2 of NI 43-101, all technical information in this document regarding 777 was sourced by the Company from the Annual Information Form of Hubday Minerals Inc. filed by Hudbay on March 13, 2012 on SEDAR at http://www.sedar.com. The Company QP's have approved the disclosure in this document in reliance on such Annual Information Form. 14. The Mineral Park and Rosemont Resources and Reserves do not include the SX/EW leach material since this process does not recover silver.