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 The percentage considered for the present study has been set as 10% over the LOM Initial CAPEX. 21.1.1.5 Assumptions and Exclusions Assumptions The following assumptions were made in preparing the estimate: Construction work is based on unit and fixed price contracts (no cost plus or time and materials arrangements) Budget quotes from vendors for equipment and materials are valid to within ± 5% of the purchase price Cement, aggregate and sand will be available locally to produce concrete Soil conditions will be adequate for foundation bearing pressures Construction activities will be carried out in a continuous program Labor productivities have been validated with input from experienced contractors Bulk materials such as rebar, structural steel and plate, cable, cable tray and piping are all readily available in the scheduled timeframe. Capital equipment is available in the timeframes shown since availability has been verified by suppliers Project Currency All capital costs are expressed in Q2, 2012 United States Dollars (USD). Costs submitted in other currencies have been converted to USD by using the rate of exchange quoted by Vendors. No provision has been made for any taxes or fees applicable to currency charges or for forward cover insurance during the project. Accuracy The capital cost estimate for the underground mine, process plant, tailings storage facility and infrastructure has been prepared to a level of ± 15%. Exclusions The following items are not included or covered by the estimates of the capital cost estimates: Owner sunk costs (acquired equipment, platforms built, exploration works performed, exploration tunnel and drifts constructed, etc.) Changes in the design and technical specifications Modifications in the land conditions Costs of complementary studies Additional requirements for permits and licenses TWP Sudamérica S.A. Av. Encalada 1257 Of. 801, Santiago de Surco Lima 33, Perú (51-1) 4377473 Page 265
Pulacayo 1 000 t/d Phase I Feasibility Study - NI 43-101 Technical Report 090644-3-0000-20-IFI-100 Exploration or sampling costs Working Capital Costs to accelerate the construction schedule (additional costs for accelerated deliveries of equipment, materials and services resultant from a change in project schedule) Royalties Financial costs and interests Refundable taxes and duties Land acquisition Warehouse inventories (other than these supplied in first fills) Risk due to the political and social situation, change in the government politics, work conflicts, delays in obtaining operating permit, etc. Mine reclamation costs Mine closure costs Salvage values Permitting costs Currency fluctuations Allowance for lost time due to force majeure Owner’s cost (except as provided by the Client) Community relations Escalation Schedule delays and associated costs 21.1.3 Sustaining Capital Cost Estimate Sustaining capital over the mine life totals 41 138 956 USD and includes: On-going tailings storage facility development (capacity upgrade) Mine capital development Mine capital equipment replacement Mine auxiliary services Backfill system (underground reticulation system) Transport costs (freight, taxes and insurance) Purchasing management and capital spares TWP Sudamérica S.A. Av. Encalada 1257 Of. 801, Santiago de Surco Lima 33, Perú (51-1) 4377473 Page 266
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Pulacayo Project Feasibility Study - Apogee Silver

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