Aquiline Resources Inc.
TSX : AQI

Aquiline Resources Inc.

April 16, 2009 07:00 ET

Aquiline Resources Inc.: Navidad Measured and Indicated Mineral Resource Up 40% to 632 Million Oz Silver With 751 Million Oz Silver in All Categories

TORONTO, ONTARIO--(Marketwire - April 16, 2009) - Aquiline Resources Inc. ("Aquiline" or the "Company")(TSX:AQI) is pleased to report an updated mineral resource estimate ("Updated Resource Estimate") for the Navidad Silver Project in Chubut, Argentina. Snowden Mining Industry Consultants Inc. ("Snowden") estimate the Updated Resource Estimate to contain 632 million ounces of silver and 2.9 billion pounds of lead in the Measured and Indicated categories plus an additional 119 million ounces of silver and 580 million pounds of lead in the Inferred category (see table below). John Chulick, Vice President of Exploration commented: "The new Valle Esperanza zone alone represents a significant high-grade addition to the global resource, contributing 68 million ounces of silver in the Indicated class plus another 43 million ounces of Inferred." The 2009 Resource Update Report will be filed on SEDAR and published on the Aquiline website within the next four weeks.

The previous mineral resource estimate from November 2007, also completed by Snowden, is shown as an appendix for comparison with the Updated Resource Estimate. The silver equivalence values used for reporting the Updated Resource Estimate use different silver and lead metal prices than the November 2007 estimate, reflecting changes in metal prices in the intervening year.



---------------------------------------------------------------------------
Navidad April 2009 Mineral Resource (50 g/t AgEQ grade cut-off)
---------------------------------------------------------------------------
Tonnes AgEQ Ag Pb Ag Pb
CLASSIFICATION (Mt) (g/t) (g/t) (%) (Moz) (Mlb)
---------------------------------------------------------------------------
Measured 15.4 177 137 1.44 67 489
---------------------------------------------------------------------------
Indicated 139.8 147 126 0.79 565 2,425
---------------------------------------------------------------------------
Measured + Indicated 155.2 150 127 0.85 632 2,914
---------------------------------------------------------------------------
Inferred 45.9 97 81 0.57 119 580
---------------------------------------------------------------------------


Note: The most likely cut-off grade for this deposit is not known at this time and must be confirmed by the appropriate economic studies. Silver equivalent grade values are calculated without consideration of variable metal recoveries for silver and lead. A silver price of US$12.52/oz and lead price of US$0.50/lb was used to derive an equivalence formula of AgEQ equals Ag + (Pb x 10,000 / 365). Silver prices are based on a three-year rolling average and lead prices are based on an approximate ten year rolling average. The estimated metal content does not include any consideration of mining, mineral processing, or metallurgical recoveries. Tonnes, ounces, and pounds have been rounded and this may have resulted in minor discrepancies. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. No Mineral Reserves have been estimated. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

The November 2007 Mineral Resource estimate incorporated 519 drillholes distributed over the seven zones: Calcite Hill NW, Calcite Hill, Navidad Hill, Connector Zone, Galena Hill, Barite Hill and Loma de La Plata. The Updated Resource Estimate incorporates 810 drillholes (see appended map) and more importantly, establishes a new zone, Valle Esperanza. This zone comprises 12.2 million tonnes grading 172 g/t Ag (Indicated) and 10.8 million tonnes grading 123 g/t Ag (Inferred), containing 68 million ounces of silver (Indicated) and a further 43 million ounces of silver (Inferred), all at a 50 g/t AgEQ cut-off. Valle Esperanza is now estimated to contain the largest single inferred silver resource of any of the eight individual zones generally referred to as the Navidad deposit. The zones are characterized by differences, although often minor in mineralogy. Seven of the eight zones are contiguous and should be amenable to mine sequencing in a series of open pits.

John Chulick commented, "The Updated Resource Estimate demonstrates that Navidad continues to increase in both tonnes and silver grade. As expected, the Loma de La Plata zone had a very high conversion rate of Inferred to Indicated ounces, and now contains 158 million ounces of silver or 28% of all estimated resources in the Indicated resource category. This Loma de La Plata resource added to Valle Esperanza and Barite Hill now totals 264 million Indicated ounces or 47% of the Indicated resource ounces. The Company has now demonstrated this resource to be amenable to the production of a high-grade / high-recovery silver concentrate using conventional flotation silver extraction methods (see news release dated 04/06/09)."

Mr. Chulick continued, "We have also had the resource estimate calculated on a silver-only cut-off basis, with one iteration at 1 troy oz (31.103 g/t) Ag and the other at 50 g/t Ag. We did this to demonstrate the effect on the silver-only resource by eliminating the lead in the cut-off formula. We are pleased to report that at the one ounce Ag cut-off, 650 million ounces of silver are reported in the Measured and Indicated classes and 126 million silver ounces in the Inferred, whereas at the 50 g/t Ag cut-off, the Measured and Indicated resource is 604 million silver ounces with an additional 103 million in the Inferred category. Looking at the three deposits with comprehensive metallurgy so far, Loma de La Plata, Valle Esperanza, and Barite Hill, the total Indicated resource for these three deposits decreases by only 10 million silver ounces by increasing the cut-off from 1 ounce Ag to 50 g/t Ag." (See tables in the press release appendix)

Martin Walter, Executive Vice President commented on next steps as follows: "We expect to release new metallurgical results on the Calcite Hill, Calcite Hill NW and Connector zones this quarter. The Galena Hill zone was initially over 60% of the total Indicated resource in 2006, but now accounts for less than one third. We plan to re-visit the metallurgical work performed under the previous operator on Galena Hill, as initial results indicated lower silver recoveries in conventional flotation work and loss of silver to tailings. Processes including testing with other reagents, fine grinding and/or pressure oxidation may all be instrumental in increasing silver recoveries, and can be studied over time. Our first priority is to increase our dialogue with the province of Chubut to demonstrate that Navidad can be developed responsibly and economically for the benefit of the province and of Aquiline's stakeholders."

DATA VERIFICATION

As the Updated Resource Estimate has not materially changed from the previous 2007 estimate, no independent verification of drilling assay data was required. Such verification was conducted for the 2007 resource estimate. Snowden was not able to verify the methods of drilling, sampling, and sample security and custody for the majority of the data used in the Mineral Resource estimate as Snowden was not present during these historical operations.

QUALIFIED PERSONS

The Updated Resource Estimate was completed by Ms. Pamela De Mark, a Senior Consultant with Snowden, and was reviewed by Eric Chapman, a suitably experienced Snowden consultant. Ms. De Mark is a Qualified Person in accordance with NI 43-101 and is independent of Aquiline. Ms. De Mark has reviewed the contents of this news release related to the Mineral Resource estimate for accuracy. Mr. John J. Chulick, a registered geologist in the State of California, is the Qualified Person for the Navidad Project in accordance with NI 43-101. Mr. Chulick has read and approved the contents of this news release.

ABOUT AQUILINE

Aquiline Resources Inc. is an exploration and development company advancing one of the world's largest undeveloped silver deposits (Navidad), as well as a gold/silver deposit (Calcatreu), both are situated in southern Argentina. The Company also has a gold deposit in Peru (Pico Machay).

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements, expressed or implied, regarding mineralization contained on the Navidad Project, are forward-looking statements that involve various risks and uncertainties, as disclosed under the heading "Risk Factors" and elsewhere in Aquiline documents filed from time to time with applicable regulatory authorities. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.



----------------------------------------------------------------------------
Navidad April 2009 Mineral Resource (50 g/t AgEQ cut-off grade,
US$12.52/oz Ag and US$0.50/lb Pb)
----------------------------------------------------------------------------
Deposit Classification Tonnes AgEQ Ag Pb Ag Pb
(Mt) (g/t) (g/t) (%) (Moz) (Mlb)
----------------------------------------------------------------------------
Calcite Hill NW Measured 0 0 0 0 0 0
------------------------------------------------------
Indicated 14.8 94 78 0.59 37 194
------------------------------------------------------
Meas. + Ind. 14.8 94 78 0.59 37 194
------------------------------------------------------
Inferred 14.6 74 52 0.82 24 265
----------------------------------------------------------------------------
Calcite Hill Measured 0 0 0 0 0 0
------------------------------------------------------
Indicated 17.5 115 100 0.55 56 212
------------------------------------------------------
Meas. + Ind. 17.5 115 100 0.55 56 212
------------------------------------------------------
Inferred 4.9 106 96 0.36 15 39
----------------------------------------------------------------------------
Navidad Hill Measured 8.4 122 109 0.46 29 85
------------------------------------------------------
Indicated 5.6 96 90 0.24 16 29
------------------------------------------------------
Meas. + Ind. 14 112 101 0.37 45 114
------------------------------------------------------
Inferred 1.8 81 70 0.41 4 16
----------------------------------------------------------------------------
Connector Zone Measured 0 0 0 0 0 0
------------------------------------------------------
Indicated 8.2 102 91 0.41 24 74
------------------------------------------------------
Meas. + Ind. 8.2 102 91 0.41 24 74
------------------------------------------------------
Inferred 9.9 88 74 0.49 24 107
----------------------------------------------------------------------------
Galena Hill Measured 7 242 170 2.62 38 404
------------------------------------------------------
Indicated 44.7 166 117 1.78 168 1,754
------------------------------------------------------
Meas. + Ind. 51.7 176 124 1.89 206 2,158
------------------------------------------------------
Inferred 1.7 116 80 1.35 4 50
----------------------------------------------------------------------------
Barite Hill Measured 0 0 0 0 0 0
------------------------------------------------------
Indicated 7.7 161 153 0.28 38 48
------------------------------------------------------
Meas. + Ind. 7.7 161 153 0.28 38 48
------------------------------------------------------
Inferred 0.9 100 81 0.69 2 13
----------------------------------------------------------------------------
Loma de la Plata Measured 0 0 0 0 0 0
------------------------------------------------------
Indicated 29.1 172 169 0.09 158 58
------------------------------------------------------
Meas. + Ind. 29.1 172 169 0.09 158 58
------------------------------------------------------
Inferred 1.3 82 76 0.21 3 6
----------------------------------------------------------------------------
Valle Esperanza Measured 0 0 0 0 0 0
------------------------------------------------------
Indicated 12.2 178 172 0.21 68 56
------------------------------------------------------
Meas. + Ind. 12.2 178 172 0.21 68 56
------------------------------------------------------
Inferred 10.8 133 123 0.35 43 84
----------------------------------------------------------------------------
Total Measured 15.4 177 137 1.44 67 489
------------------------------------------------------
Indicated 139.8 147 126 0.79 565 2425
------------------------------------------------------
Meas. + Ind. 155.2 150 127 0.85 632 2914
------------------------------------------------------
Inferred 45.9 97 81 0.57 119 580
----------------------------------------------------------------------------


---------------------------------------------------------
Navidad April 2009 Mineral Resource (50 g/t AgEQ cut-off
grade, US$12.52/oz Ag and US$0.50/lb Pb)
---------------------------------------------------------
Deposit Classification Tonnes Cu Cu
(Mt) (%)(Mlb)
---------------------------------------------------------
Loma de la Plata Measured 0 0 0
---------------------------------------
Indicated 29.1 0.05 33
---------------------------------------
Meas. + Ind. 29.1 0.05 33
---------------------------------------
Inferred 1.3 0.05 1
---------------------------------------------------------


Notes:

The most likely cut-off grade for these deposits is not known at this time and must be confirmed by the appropriate economic studies. Silver equivalent grade values are calculated without consideration of variable metal recoveries for silver and lead. A silver price of US$12.52/oz and lead price of US$0.50/lb was used to derive an equivalence formula of AgEQ equals Ag + (Pb + 10,000 / 365). Silver prices are based on a three-year rolling average and lead prices are based on an approximate ten year rolling average. The estimated metal content does not include any consideration of mining, mineral processing, or metallurgical recoveries. Tonnes, ounces, and pounds have been rounded and this may have resulted in minor discrepancies. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. No Mineral Reserves have been estimated. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.



------------------------------------------------------------------------
Navidad April 2009 Mineral Resource (31.103 g/t Ag only cut-off grade)
------------------------------------------------------------------------
Deposit Classification Tonnes AgEQ Ag Pb Ag Pb
(Mt) (g/t) (g/t) (%) (Moz) (Mlb)
------------------------------------------------------------------------
Calcite Hill NW Measured 0.0 0 0.00 0 0
--------------------------------------------------------
Indicated 16.1 74 0.55 39 196
--------------------------------------------------------
Meas. + Ind. 16.1 74 0.55 39 196
--------------------------------------------------------
Inferred 14.8 54 0.66 26 217
------------------------------------------------------------------------
Calcite Hill Measured 0.0 0 0.00 0 0
--------------------------------------------------------
Indicated 21.2 90 0.44 61 205
--------------------------------------------------------
Meas. + Ind. 21.2 90 0.44 61 205
--------------------------------------------------------
Inferred 4.9 97 0.31 15 34
------------------------------------------------------------------------
Navidad Hill Measured 10.0 98 0.39 32 86
--------------------------------------------------------
Indicated 9.0 71 0.16 20 31
--------------------------------------------------------
Meas. + Ind. 19.0 85 0.28 52 117
--------------------------------------------------------
Inferred 2.3 64 0.30 5 15
------------------------------------------------------------------------
Connector Zone Measured 0.0 0 0.00 0 0
--------------------------------------------------------
Indicated 8.7 88 0.39 25 76
--------------------------------------------------------
Meas. + Ind. 8.7 88 0.40 25 76
--------------------------------------------------------
Inferred 10.5 73 0.38 25 89
------------------------------------------------------------------------
Galena Hill Measured 6.6 179 2.70 38 393
--------------------------------------------------------
Indicated 39.8 128 1.81 164 1,592
--------------------------------------------------------
Meas. + Ind. 46.4 135 1.94 202 1,985
--------------------------------------------------------
Inferred 1.2 107 1.10 4 29
------------------------------------------------------------------------
Barite Hill Measured 0.0 0 0.00 0 0
--------------------------------------------------------
Indicated 7.8 152 0.23 38 40
--------------------------------------------------------
Meas. + Ind. 7.8 152 0.23 38 40
--------------------------------------------------------
Inferred 0.9 83 0.62 2 12
------------------------------------------------------------------------
Loma de la Plata Measured 0.0 0 0.00 0 0
--------------------------------------------------------
Indicated 33.7 151 0.09 164 64
--------------------------------------------------------
Meas. + Ind. 33.7 151 0.09 164 64
--------------------------------------------------------
Inferred 1.8 65 0.19 4 8
------------------------------------------------------------------------
Valle Esperanza Measured 0.0 0 0.00 0 0
--------------------------------------------------------
Indicated 13.1 163 0.21 69 60
--------------------------------------------------------
Meas. + Ind. 13.1 163 0.21 69 60
--------------------------------------------------------
Inferred 13.1 108 0.32 45 92
------------------------------------------------------------------------
Total Measured 16.6 130 1.30 70 479
--------------------------------------------------------
Indicated 149.4 121 0.69 580 2,264
--------------------------------------------------------
Meas. + Ind. 166.1 122 0.75 650 2,743
--------------------------------------------------------
Inferred 49.5 79 0.45 126 495
------------------------------------------------------------------------


---------------------------------------------------------------------------
Navidad April 2009 Mineral Resource (31.103 g/t Ag only cut-off grade)
---------------------------------------------------------------------------
Deposit Classification Tonnes Cu Cu
(Mt) (%) (Mlb)
---------------------------------------------------------------------------
Loma de la Plata Measured 0.0 0 0
-------------------------------------------
Indicated 33.7 0.05 37
-------------------------------------------
Meas. + Ind. 33.7 0.05 37
-------------------------------------------
Inferred 1.8 0.05 2
---------------------------------------------------------------------------


Notes:

The most likely cut-off grade for these deposits is not known at this time and must be confirmed by the appropriate economic studies. The estimated metal content does not include any consideration of mining, mineral processing, or metallurgical recoveries. Tonnes, ounces, and pounds have been rounded and this may have resulted in minor discrepancies. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. No Mineral Reserves have been estimated. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.



----------------------------------------------------------------------------
Navidad April 2009 Mineral Resource (50 g/t Ag only cut-off grade)
----------------------------------------------------------------------------
Deposit Classification Tonnes AgEQ Ag Pb Ag Pb
(Mt) (g/t) (g/t) (%) (Moz) (Mlb)
----------------------------------------------------------------------------
Calcite Hill NW Measured 0.0 0 0.00 0 0
------------------------------------------------------
Indicated 11.0 90 0.54 32 132
------------------------------------------------------
Meas. + Ind. 11.0 90 0.54 32 132
------------------------------------------------------
Inferred 6.2 74 0.64 15 88
----------------------------------------------------------------------------
Calcite Hill Measured 0.0 0 0.00 0 0
------------------------------------------------------
Indicated 15.6 107 0.47 54 163
------------------------------------------------------
Meas. + Ind. 15.6 107 0.47 54 163
------------------------------------------------------
Inferred 4.5 101 0.28 15 28
----------------------------------------------------------------------------
Navidad Hill Measured 7.4 119 0.41 28 67
------------------------------------------------------
Indicated 5.1 94 0.20 16 23
------------------------------------------------------
Meas. + Ind. 12.5 109 0.33 44 90
------------------------------------------------------
Inferred 1.2 84 0.18 3 5
----------------------------------------------------------------------------
Connector Zone Measured 0.0 0 0.00 0 0
------------------------------------------------------
Indicated 7.1 98 0.39 22 61
------------------------------------------------------
Meas. + Ind. 7.1 98 0.39 22 61
------------------------------------------------------
Inferred 7.2 88 0.35 21 56
----------------------------------------------------------------------------
Galena Hill Measured 5.7 201 2.91 37 365
------------------------------------------------------
Indicated 32.5 148 1.91 155 1,363
------------------------------------------------------
Meas. + Ind. 38.1 156 2.06 192 1,728
------------------------------------------------------
Inferred 0.9 126 1.03 4 21
----------------------------------------------------------------------------
Barite Hill Measured 0.0 0 0.00 0 0
------------------------------------------------------
Indicated 6.5 176 0.14 37 20
------------------------------------------------------
Meas. + Ind. 6.5 176 0.14 37 20
------------------------------------------------------
Inferred 0.4 141 0.39 2 3
----------------------------------------------------------------------------
Loma de la Plata Measured 0.0 0 0.00 0 0
------------------------------------------------------
Indicated 28.2 173 0.08 157 49
------------------------------------------------------
Meas. + Ind. 28.2 173 0.08 157 49
------------------------------------------------------
Inferred 1.0 86 0.09 3 2
----------------------------------------------------------------------------
Valle Esperanza Measured 0.0 0 0.00 0 0
------------------------------------------------------
Indicated 11.6 179 0.20 67 51
------------------------------------------------------
Meas. + Ind. 11.6 179 0.20 67 51
------------------------------------------------------
Inferred 9.8 131 0.33 41 73
----------------------------------------------------------------------------
Total Measured 13.0 155 1.50 65 432
------------------------------------------------------
Indicated 117.6 132 0.72 539 1,862
------------------------------------------------------
Meas. + Ind. 130.7 144 0.80 604 2,294
------------------------------------------------------
Inferred 31.4 102 0.40 103 275
----------------------------------------------------------------------------


----------------------------------------------------------------------------
Navidad April 2009 Mineral Resource (50 g/t Ag only cut-off grade)
----------------------------------------------------------------------------
Deposit Classification Tonnes Cu Cu
(Mt) (%) (Mlb)
----------------------------------------------------------------------------
Loma de la Plata Measured 0.0 0 0
------------------------------------------------------
Indicated 28.2 0.05 33
------------------------------------------------------
Meas. + Ind. 28.2 0.05 33
------------------------------------------------------
Inferred 1.0 0.05 1
----------------------------------------------------------------------------


Notes:

The most likely cut-off grade for these deposits is not known at this time and must be confirmed by the appropriate economic studies. The estimated metal content does not include any consideration of mining, mineral processing, or metallurgical recoveries. Tonnes, ounces, and pounds have been rounded and this may have resulted in minor discrepancies. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. No Mineral Reserves have been estimated. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.



----------------------------------------------------------------------------
Navidad April 2009 Mineral Resource (50 g/t AgEQ cut-off grade,
US$ 10/oz Ag and US$0.70/lb Pb)
----------------------------------------------------------------------------
Deposit Classification Tonnes AgEQ Ag Pb Ag Pb
(Mt) (g/t) (g/t) (%)(Moz) (Mlb)
----------------------------------------------------------------------------
Calcite Hill NW Measured 0 0 0 0 0 0
-------------------------------------------------------
Indicated 8.7 154 138 0.32 39 62
-------------------------------------------------------
Meas. + Ind. 8.7 154 138 0.32 39 62
-------------------------------------------------------
Inferred 1.1 103 70 0.67 3 16
----------------------------------------------------------------------------
Calcite Hill Measured 0 0 0 0 0 0
-------------------------------------------------------
Indicated 18.7 122 95 0.55 57 229
-------------------------------------------------------
Meas. + Ind. 18.7 122 95 0.55 57 229
-------------------------------------------------------
Inferred 5.0 113 95 0.37 15 40
----------------------------------------------------------------------------
Navidad Hill Measured 0 0 0 0 0 0
-------------------------------------------------------
Indicated 8.6 108 88 0.41 24 78
-------------------------------------------------------
Meas. + Ind. 8.6 108 88 0.41 24 78
-------------------------------------------------------
Inferred 11.2 93 70 0.49 25 121
----------------------------------------------------------------------------
Connector Zone Measured 8.9 127 105 0.46 30 90
-------------------------------------------------------
Indicated 6.0 98 86 0.25 17 32
-------------------------------------------------------
Meas. + Ind. 14.8 116 98 0.37 47 123
-------------------------------------------------------
Inferred 2.0 86 65 0.43 4 19
----------------------------------------------------------------------------
Galena Hill Measured 7.4 284 162 2.53 39 411
-------------------------------------------------------
Indicated 54.3 177 100 1.61 174 1927
-------------------------------------------------------
Meas. + Ind. 61.6 190 107 1.72 213 2338
-------------------------------------------------------
Inferred 3.7 98 45 1.11 5 89
----------------------------------------------------------------------------
Barite Hill Measured 0 0 0 0 0 0
-------------------------------------------------------
Indicated 17.7 98 70 0.59 40 229
-------------------------------------------------------
Meas. + Ind. 17.7 98 70 0.59 40 229
-------------------------------------------------------
Inferred 20.9 81 44 0.76 30 352
----------------------------------------------------------------------------
Loma de la Plata Measured 0 0 0 0 0 0
-------------------------------------------------------
Indicated 30.0 170 165 0.10 159 67
-------------------------------------------------------
Meas. + Ind. 30.0 170 165 0.10 159 67
-------------------------------------------------------
Inferred 2.0 76 55 0.44 4 20
----------------------------------------------------------------------------
Valle Esperanza Measured 0 0 0 0 0 0
-------------------------------------------------------
Indicated 12.7 177 167 0.21 68 60
-------------------------------------------------------
Meas. + Ind. 12.7 177 167 0.21 68 60
-------------------------------------------------------
Inferred 11.6 134 117 0.36 44 91
----------------------------------------------------------------------------
Total Measured 16.2 198 131 1.40 69 501
-------------------------------------------------------
Indicated 156.6 152 115 0.78 578 2,684
-------------------------------------------------------
Meas. + Ind. 172.9 157 116 0.84 647 3,185
-------------------------------------------------------
Inferred 57.5 98 70 0.59 129 750
----------------------------------------------------------------------------


Notes:

The most likely cut-off grade for this deposit is not known at this time and must be confirmed by the appropriate economic studies. Silver equivalent grade values are calculated without consideration of variable metal recoveries for silver and lead. In November 2007, three year rolling average metals prices of US$10.00/oz and lead price of US$0.70/lb were used to derive an equivalence formula of AgEQ equals Ag + (Pb x 10,000 / 208). The estimated metal content does not include any consideration of mining, mineral processing, or metallurgical recoveries. Tonnes, ounces, and pounds have been rounded and this may have resulted in minor discrepancies. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. No Mineral Reserves have been estimated. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

To view the Navidad Project map, please visit the following link: http://media3.marketwire.com/docs/navidadprojectapril2009.pdf.



----------------------------------------------------------------------------
Navidad December 2007 Mineral Resource (50 g/t AgEQ cut-off grade,
US$ 10/oz Ag and US$0.70/lb Pb)
----------------------------------------------------------------------------
Deposit Classification Tonnes AgEQ Ag Pb Ag Pb
(Mt) (g/t) (g/t) (%)(Moz) (Mlb)
----------------------------------------------------------------------------
Calcite Hill NW Measured 0 0 0 0 0 0
-------------------------------------------------------
Indicated 14.6 107 80 0.57 37 182
-------------------------------------------------------
Meas. + Ind. 14.6 107 80 0.57 37 182
-------------------------------------------------------
Inferred 11 76 40 0.75 14 181
----------------------------------------------------------------------------
Calcite Hill Measured 0 0 0 0 0 0
-------------------------------------------------------
Indicated 15.4 133 98 0.71 49 242
-------------------------------------------------------
Meas. + Ind. 15.4 133 98 0.71 49 242
-------------------------------------------------------
Inferred 4 91 76 0.31 10 27
----------------------------------------------------------------------------
Navidad Hill Measured 8.5 142 117 0.51 32 96
-------------------------------------------------------
Indicated 5.9 96 85 0.24 16 31
-------------------------------------------------------
Meas. + Ind. 14.4 123 104 0.4 48 127
-------------------------------------------------------
Inferred 2.7 96 79 0.36 7 21
----------------------------------------------------------------------------
Connector Zone Measured 0 0 0 0 0 0
-------------------------------------------------------
Indicated 8.1 112 93 0.4 24 71
-------------------------------------------------------
Meas. + Ind. 8.1 112 93 0.4 24 71
-------------------------------------------------------
Inferred 3.5 114 98 0.34 11 27
----------------------------------------------------------------------------
Galena Hill Measured 7.3 323 188 2.81 44 451
-------------------------------------------------------
Indicated 52.3 165 88 1.6 148 1,842
-------------------------------------------------------
Meas. + Ind. 59.6 184 100 1.74 192 2,293
-------------------------------------------------------
Inferred 10.1 118 67 1.05 22 235
----------------------------------------------------------------------------
Barite Hill Measured 0 0 0 0 0 0
-------------------------------------------------------
Indicated 6.5 194 176 0.38 37 54
-------------------------------------------------------
Meas. + Ind. 6.5 194 176 0.38 37 54
-------------------------------------------------------
Inferred 0.4 104 44 1.26 1 12
----------------------------------------------------------------------------
Loma de la Plata Measured 0 0 0 0 0 0
-------------------------------------------------------
Indicated 9.1 229 225 0.09 66 19
-------------------------------------------------------
Meas. + Ind. 9.1 229 225 0.09 66 19
-------------------------------------------------------
Inferred 17.3 164 159 0.11 89 43
----------------------------------------------------------------------------
Total Measured 15.8 226 150 1.57 76 547
-------------------------------------------------------
Indicated 111.9 152 105 0.99 377 2,440
-------------------------------------------------------
Meas. + Ind. 127.7 161 110 1.06 453 2,988
-------------------------------------------------------
Inferred 49 121 97 0.5 153 546
----------------------------------------------------------------------------


Notes:

The most likely cut-off grade for this deposit is not known at this time and must be confirmed by the appropriate economic studies.

Silver equivalent grade values are calculated without consideration of variable metal recoveries for silver and lead.

In November 2007, three year rolling average metals prices of US$10.00/oz silver and a lead price of US$0.70/lb were used to derive an equivalence formula of AgEQ equals Ag + (Pb x 10,000 / 208).

The estimated metal content does not include any consideration of mining, mineral processing, or metallurgical recoveries. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

Tonnes, ounces, and pounds have been rounded and this may have resulted in minor discrepancies.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. No Mineral Reserves have been estimated.


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