Pulacayo Project Feasibility Study - Apogee Silver

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Pulacayo 1 000 t/d Phase I Feasibility Study - NI 43-101 Technical Report 090644-3-0000-20-IFI-100 Acceptance of the Public Consultation, on the month of December 2012. The Pulacayo Mining Project has been endorsed for implementation by the 22 communities and two existing committees in the project area. Delivery of the Study of Environmental Impact Assessment - Specific Analytical (EEIA-AE) to the Ministry of Mining and Metallurgy as the first requirement for obtaining the environmental license of Pulacayo Mining Project. It is important to note that the authorization to be received will be updated in the future to process 1000 tons of ore per day. 20.7 Social, Community and Cultural Aspects The Article 162 of the Regulations for the Prevention and Environmental Control (RPCA) indicates that at the stage of identification of impacts to be considered in an EEIA, a Public Consultation shall be organized to take into account comments, suggestions and recommendations of the public who may be affected by the implementation of the project, work or activity. In October of 2012 the socialization of the Pulacayo Mining Project was conducted, performing the query at 2 ayllus where the project Pulacayo Mining is located, within the ayllus, the query was made to 22 communities and two commissions, the detail of the commissions and communities visited is: a) Ayllu Aransaya: (Community Huanchaca, Comunity Tolapampa, Challa-Jankoyo, Totora K, Sivingani, Chifluyo, Ubina, Parkajsi, Arislaka, Vila Villque, Cerdas, Sullchi, Noel Mariaca, Calerias y Jamachuma) b) Ayllu Urinsaya: (Escara, Kulla, Lequepata, Jaruma, Chita, Oro Ingenio, Colchani y Chacala) Both in the socialization and in the process of Public Consultation, it was explained the scope of Pulacayo Mining Project, potential environmental impacts that could arise with the implementation of the mining operation and how these will be mitigated to prevent damage to the surrounding communities. In the public consultation process undertaken in December 14th of 2012, which has received the support of all the communities involved, having been present for validation the original authorities and authorities representing ayllus ministries and municipalities involved. 20.8 Agreements with Institutions ASC Bolivia LDC has a joint venture agreement with Minera Pulacayo Cooperative Ltd. who is the lessee by the Mining Corporation of Bolivia (COMIBOL) of mining concessions Pulacayo, Galeria General, Porvenir and Huanchaca concessions where the Pulacayo Mining Project will operate. Under the joint venture agreement between ASC Bolivia LDC and Pulacayo Mining Cooperative Ltd., the incorporation of the Company Apogee Minerals Bolivia S.A. was agreed, having the express permission of the Cooperative and the Mining Corporation of Bolivia (COMIBOL). TWP Sudamérica S.A. Av. Encalada 1257 Of. 801, Santiago de Surco Lima 33, Perú (51-1) 4377473 Page 253
Pulacayo 1 000 t/d Phase I Feasibility Study - NI 43-101 Technical Report 090644-3-0000-20-IFI-100 20.9 Recommendations The recommendations on the Pulacayo Mining Project are aimed at: Keeping the communities and native authorities and the ones of the ayllus informed regularly about the progress and gradual changes of the mining project. Comply with the Section 151 of Regulation on Prevention and Environmental Control (RPCA) which states that the legal representative shall submit to the Competent Environmental Authority, technical annual reports that show the progress and the environmental situation of the project. Conduct a thorough inspection to the Environmental Mitigation Plans in order to reduce the probabilities of environmental incidents within areas of influence of the mining project, also make changes and updates to the plans when required. 21 CAPITAL AND OPERATING COSTS The Pulacayo Pb-Zn-Ag Project scope covered in this Feasibility Study (FS) is based on the construction of a greenfield facility having a nominal ore processing capacity of 1,000 t/d. The Capital and Operating Cost estimates related to the underground mine, concentrator, and site infrastructure, have been developed by a number of independent consultants and integrated by TWP. The capital and operating costs for the Pulacayo Project have been prepared in accordance with standard industry practices for this level of study and to a level of definition and intended accuracy of ± 15% 21.1 Capital Cost Estimate 21.1.1 Summary of Total Capital Cost The capital cost estimates have been split into two categories: Initial (upfront) and sustaining (ongoing) capital costs. The split between initial capital and sustaining capital was chosen as month 26 of the project. Hence all capital required from month 27 is classified as sustaining capital. This was the suggestion of the Mining QP, J Porter, with the justification that at this point the cumulative losses (earnings before taxes and depreciation) became zero. In month 26, the concentrator is not complete and so there is approximately $1.4million of capital outstanding to complete the process plant. The sustaining capital is carried over operating year 3 through year 13 (6 months, 12.5 years). Table 21.1 presents the total estimated initial and sustaining capital costs for the Project. All cost estimates are expressed in constant US Dollars. The estimated capital cost (upfront and sustaining) to design, construct, install and commission the facilities is USD 87 087 734 (see Table 21.1). This amount covers the direct costs of executing the project, plus indirect costs associated with construction management and commissioning. Base pricing is second quarter (Q2), 2012 American dollars (USD), with no allowance for inflation and escalation beyond that time. TWP Sudamérica S.A. Av. Encalada 1257 Of. 801, Santiago de Surco Lima 33, Perú (51-1) 4377473 Page 254
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Pulacayo Project Feasibility Study - Apogee Silver

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