The Rio Blanco project consists of four mining concessions (San Luis A2, Miguir, Canoas and Canoas I. The mining design is an underground mining operation.
Currently estimated proven and probable reserves of approximately 600,000 ounces of gold and 4.3 million ounces of silver (2.1 Mt grading 8.8 g/t gold and 62 g/t silver at a cut-off grade of 4.0 g/t gold). Projected average annual production at Rio Blanco is approximately 70,000 ounces of gold and 400,000 ounces of silver over a 7.5 year mine life.
Early in 2011, the Company received approval from the Ecuadorian government to recommence exploration activities. The Company is planning to initiate operating works around the first calendar quarter of 2014.