Pulacayo Project Feasibility Study - Apogee Silver

Pulacayo 1 000 t/d Phase I Feasibility Study - NI 43-101 Technical Report
090644-3-0000-20-IFI-100
11PUD226 740,190.7 7,744,472.6 4,331.8 740,189.3 7,744,472.2 4,318.9 1.5 0.4 12.9
11PUD249 740,647.5 7,744,387.0 4,294.3 740,644.6 7,744,388.6 4,282.8 2.9 -1.6 11.5
11PUD247 740,701.4 7,744,397.1 4,294.8 740,699.6 7,744,396.9 4,283.1 1.8 0.2 11.7
11PUD250 740,794.4 7,744,452.0 4,298.4 740,794.8 7,744,452.8 4,285.6 -0.4 -0.7 12.8
11PUD257 740,901.8 7,744,320.2 4,260.9 740,900.6 7,744,321.7 4,248.1 1.2 -1.5 12.8
11PUD260 740,951.2 7,744,301.3 4,250.1 740,951.8 7,744,302.0 4,239.0 -0.6 -0.7 11.1
11PUD261 740,949.8 7,744,257.9 4,245.5 740,949.1 7,744,262.4 4,234.5 0.8 -4.5 11.0
13 MINERAL PROCESSING AND METALLURGICAL TESTING
To date, four metallurgical programs are complete and a fifth (variability testing) is underway.
Resource Development Inc. (RDi), Denver, USA in 2003, conducted the first program, the
second by UTO (Universidad Técnica de Oruro), Oruro, La Paz, Bolivia in 2009. ED&ED
Ingeniería y Servicios, Lima, Peru completed the third program in 2011 and the fourth
program was conducted by UTO and Maelgwyn Mineral Services (MMSA) Laboratory in
South Africa during the 2012. Maelgwyn Mineral Services (MMSA) is currently conducting the
fifth variability program
In summary, the following test work programs were undertaken and completed:
Program by RDi (2003) on the first sample set (stage 1).
Program by UTO (2011) on the second sample set (stage 2).
Program by ED&ED (2011) on the third sample set (stage 3).
Program by UTO and Maelgwyn (2012) on the fourth sample set and the fifth
sample set, respectively (stage 4).
Paste thickening test work by FLSmidth on stage 3 tailings samples (2011).
Lead and zinc concentrate assays by SGS (2012).
Concentrate filtration test work by Andritz (2012).
This section of the report summarizes the outcomes and findings of the metallurgical
programs. The test work results used in the Technical-Financial Model
13.1 Resource Development Inc (RDi) Metallurgical Test Program (Stage 1)
In 2002, RDi in USA, received material from the Pulacayo Project (nine boxes, 120 kg).
Individual drill intervals were combined to generate a single bulk composite sample. This
sample was prepared out of a set of drill core intervals provided (drill holes PuD005 and
PuD006).
RDi undertook preliminary metallurgical test work to evaluate the silver and sulfide base
metals recovery potential utilizing the composite sample from the Pulacayo property in
Bolivia. This test work included:
TWP Sudamérica S.A. Av. Encalada 1257 Of. 801, Santiago de Surco Lima 33, Perú (51-1) 4377473
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