Testata elettronica Vega

American Bonanza Gold Corp.Management’s Discussion and AnalysisFor the year ended December 31, 2011(Expressed in Canadian dollars, unless otherwise noted)This Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with the annualconsolidated financial statements of American Bonanza Gold Corp. (“the Corporation”) for the year endedDecember 31, 2011 and related notes thereto which have been prepared in accordance with International FinancialReporting Standards (“GAAP” or “IFRS” as issued by the International Accounting Standards Board (“IASB”)).Previously, the Corporation prepared its annual consolidated financial statements in accordance with CanadianGenerally Accepted Accounting Principles (“Canadian GAAP”). The Company’s 2010 comparatives in this MD&Ahave been restated and presented in accordance with IFRS. As the Company’s IFRS transition date was January 1,2010, 2009 comparative information included in this MD&A has not been restated. This MD&A contains “forwardlookingstatements” that are subject to risk factors set out in a cautionary note contained herein. All figures are inCanadian dollars unless otherwise noted.Additional information about the Corporation and its business and operations can be found in its continuousdisclosure documents. These documents, including the annual consolidated financial statements and theCorporation’s annual information form, are filed with Canadian securities regulatory authorities and are availableunder the Corporation’s profile at www.sedar.com.This MD&A has been prepared as of March 28, 2012.FORWARD-LOOKING STATEMENTSCertain statements contained in the following Management’s Discussion and Analysis (“MD&A”) constitutesforward-looking information within the meaning provided by Canadian securities laws. All statements other thanstatements of historical facts are forward looking information. The following information provided in thisManagement’s Discussion and Analysis includes statements regarding: the expected increase in head grades, thatconcentrate grades will improve with optimization of the processing plant and increased tonnages, that changes tothe gravity circuit will optimize recoveries, that the processing plant will adapt more readily to changing gradesresulting in greater gold recoveries, that the Corporation will be able to continue increasing throughput to theprocessing plant up to design levels, the tons mined will continue increasing to design levels, and that resourceexpansion drilling will commence in April 2012, the likelihood of profitable commercial mining, possible futurefinancings, rates and performance of mine and mill production, ground conditions for underground mining, thegranting of future key permits, estimated metal production and the timing thereof; capital cost estimates; thecommencement of mining at Copperstone; and sufficiency of capital set out under the heading “Outlook”. Althoughthe Corporation believes the expectations expressed in such forward-looking information are based on reasonableassumptions, such statements are not guarantees of future performance and actual results or developments maydiffer materially from those in the forward-looking statements. Forward looking information in this MD&A is basedon various assumptions including, but not limited to, the expectations and beliefs of management, the assumed longterm price of gold, the assumptions in the financial analysis prepared in connection with the feasibility report on theCopperstone Mine, that the Corporation will be able to access financing, the Corporation will be able to accessappropriate equipment and sufficient labour, that the Corporation’s capital and operating costs will not increasesignificantly, rock quality, gold recoveries, mine and mill equipment performance, civil stability, the maintenance ofthe current regulatory environment, the continuation of current labor markets, the experience of miners and plantstaff, and that mineral resource and reserve estimates are accurate and correct. These assumptions should beconsidered carefully by investors. Investors are cautioned not to place undue reliance on forward-lookinginformation or the assumptions on which the Corporation’s forward looking information is based. Factors that couldcause actual results to differ materially from those in forward-looking statements include the risk factors set outherein and in the Corporations history of losses; requirements for additional capital; dilution; loss of its materialproperties; interest rates increase; global economy; no history of production; future metals price fluctuations,speculative nature of exploration activities; unsuccessful exploration results, periodic interruptions to exploration,development and mining activities; environmental hazards and liability; industrial accidents; failure of exploration,- 2 -

4Caratteristiche funzionaliQueste caratteristiche si riferiscono alla versione piùcompleta.Visualizzazioni• Tutte le visualizzazioni sono a mezzo display LCD(retroilluminati con schermo elettroluminescente)• In alto a sinistra:- totalizzatore azzerabile quantità erogatacompensata o non (nelle unità desiderate)- 6 digit + punto decimale- altezza cifre 25,4 mm• In alto a destra:- due totalizzatori non azzerabili delle quantità erogate,compensata e non- 8 digit- altezza cifre 9 mm• In basso a sinistra:- quantità predeterminata- 6 digit- altezza cifre 17,8 mm• in basso a destra:- portata istantanea e media, temperatura istantaneae media- 6 digit- altezza cifre 12,7 mmDurante la fase di programmazione compaiono, suidisplay, frasi o parole che facilitano le operazioni.Così pure vengono visualizzate informazioni diagnostiche.PredeterminazioneAvviene tramite controllo di valvola predeterminatricea due stadi realizzando:• partenza in basso flusso• rallentamento e chiusura finale• anticipo sulla chiusura finale (per compensare l’inerziadella valvola)Un comando ausiliario è disponibile per l’avvio di unapompa.È pure possibile il controllo di una valvola “Multistep”,che consente la regolazione della portata a valoriprefissati.Compensazione in temperatura• Rilevazione della temperatura: tramite termoresistenza Pt100 secondo Norme IEC 751-DIN43760-BS1904• Temperatura di riferimento: tipicamente 15°C per prodottipetroliferi. Altri valori su richiesta.• Metodo di calcolo: secondo Norme ASTM S. 1250, APIStandard D2540 e IP200.• Campo di temperatura del prodotto: –40°C ÷ +110°C• Campo di densità a 15°C: 500 ÷ 1100 kg/m 3• Autocalibrazione mediante resistenza campione interna.• Visualizzazione e predeterminazione di:- quantità non compensata- quantità compensata- pesoTastiera• Da sinistra:• RESET ():- azzera il totalizzatore parziale-() durante la predeterminazione sposta verso sinistrala cifra impostata• Q/T (+1):- commuta la visualizzazione della portata in quelladella temperatura- (+1) incrementa il valore delle cifre da impostare• PRESET:- abilita la fase di predeterminazione• START/STOP:- comanda o arresta l’erogazioneL’azionamento contemporaneo dei primi due pulsantipermette, tramite il codice di accesso, la programmazioneinterna.L’azionamento dei pulsanti dà un riscontro acustico(“beep”) e visivo (punti lampeggianti sul display in basso asinistra).Memoria dei datiLa memorizzazione dei dati è assicurata tramite i seguentidispositivi:• memorie EPROM (programma)• memoria E 2 PROM (parametri)• memoria RAM tamponate (dati correnti di processo)• totalizzatori autoalimentati con batteria interna propria.Anche in caso di mancanza di alimentazione VEGA grazieal suo basso consumo, può funzionare in completaautonomia per concludere le operazioni iniziate.Function characteristicsThese characteristics refer to the most completeversion.Read out• All displays are LCDs (in backlighted option withelectroluminescent screen)• Top left:- resettable totalizer, quantity delivered compensatedor not (in the required units)- 6 digits plus decimal point- height of figures 25.4 mm• Top right:- two non-resettable totalizers measuring thecompensated and not compensated quantity delivered- 8 digits- height of figures 9 mm• Bottom left:- preset quantity- 6 digits- height of figures 17,8 mm• Bottom right:- instantaneous and average flow rate and instantaneoustemperature- 6 digits- height of figures 12,7 mmDuring the programming operations, statements or wordsare displayed to facilitate operations, as well as diagnosticdata.PresettingIt is performed via two-stage preset valve by actuating:• low flow start• slowing down and final closing• advance on final closing (to compensate valve inertia)An auxiliary control is available for starting up a pump.As well is possible to control a “Multistep” valve, whoallows to regulate flow rate at prefixed values.Temperature compensation• Temperature detecting: via thermoresistor Pt 100 toIEC 751-DIN43760-BS1904 regulations• Reference temperature: typically 15°C for petroleumproducts. Other values by request.• Method of calculation: to ASTM S. 1250, API StandardD2540 and IP200 regulations.• Product temperature range: –40°C ÷ +110°C• Density range at 15°C: 500 ÷ 1100 kg/m 3• Self-calibration via built-in sample resistor• Display and presetting of:- uncompensated quantity- compensated quantity- weightKeyboard• From left:• RESET ():- resets the resettable totalizer-() during presetting it displaces the setted figureleftwards• Q/T (+1):- switches from flow rate to temperature read out- (+1) increases the value of the figures to be preset• PRESET:- enables the presetting phase• START/STOP:- starts and stops deliveryBy pressing the first two pushbuttons simultaneously,internal programming via access code may be effected.Pressure on the pushbuttons actuates a beep and flashingdots on the bottom left display.Data storeData storage is assured by means of the following devices:• EPROM memory (programme)• E 2 PROM memory (parameters)• battery back-up RAM memory (process current data)• self-powered totalizer with internal battery.VEGA runs even in case of a power failure to concludeoperations it has started.

5Funzione di ”wake-up”Consente il conteggio di quantitàerogate anche in caso di assenzadi alimentazioneOrologio/calendarioData, ora, minuti, secondi, vengono automaticamenteaggiornati e possono essere trasmessi (al computer o a unastampante).Sigilli metrici e fiscaliUna particolare “chiave hardware” permette di accedere,durante la fase di programmazione, a tutti quei parametriche hanno influenza su aspetti metrici e/o fiscali (ad es. ilfattore di calibrazione, o l’unità di misura).Questa “chiave”, azionabile dall’esterno, può esseresigillata.Anche l’accesso all’elettronica interna può, naturalmente,essere sigillato.Versioni speciali• Per: - impiego su autobotti- impiego su linee di trasferimento fiscali- comando di valvola digitale “Multistep”- comando di dispositivi di additivazione• Altre su specifica richiesta del cliente, sfruttando l’elevataflessibilità del software.Calibrazione e linearizzazione della curva di errore• Calibrazione:mediante introduzione di un fattore di moltiplicazione di6 cifre con virgola mobile.• Linearizzazione:tramite introduzione di un massimo di 10 puntinel campo di portata del misuratore, liberamente scelti, edei rispettivi errori.Viene misurata istantaneamente la portata, interpolatolinearmente l’errore e calcolato il volume corretto.Nei due grafici sottostanti sono rappresentaterispettivamente una tipica curva di errore e la curvarisultante, corretta.”Wake-up” functionAllows the counting of deliveredquantities even in case of powersupply failureReal time clockDate , hours, minutes, seconds, are automatically up-todatedand can ben trasmitted (to a computer or a printer).Metric and custom sealsA particular “hardware key” allow to enter all theparameters having Weight and Measure or fiscalimplications (for example calibration factor, or themeasurement unit).This “key”, operated from outside, can be sealed.Even the access to the internal electronic circuits can besealed.Special versions• For: - use on tank trucks- fiscal custody line- digital “Multistep” valve control- additive device control• Customized versions which take advantage of thesoftware’s high flexibility.Calibration and linearization of the error curve• Calibration:via introduction of a multiplication factor of 6 figures withfloating point.• Linearization:via introduction of a maximum of 10 points chosen at willin the meter’s flow range, and of the relevant errors. Theflow rate in measured instantly, the error is interpolatedlinearly and the correct volume is calculated.In the below grafics are shown respectively a typical errorcurve and the resulting corrected curve.Tipica curva di errore / Typical error curveCurva di errore corretta / Corrected error curveControlli diagnosticiParticolare cura è stata posta in tali controlli, fondamentaliin uno strumento utilizzabile metricamente e fiscalmente.• Allarmi di controllo del processo:- mancanza impulsi entro un certo tempo dopo loSTART- minima e massima portata- mancata chiusura della valvola• Allarmi di autodiagnosi del sistema:- efficienza dei display (controllo automatico di ognisingolo segmento)- controllo della CPU (Watch dog)- controllo della ROM- controllo della RAM- controllo alimentazione (power fail)- controllo termoresistenza- controllo alimentazione encoder- controllo canali dell’encoderMisura della portata• Metodo- misura di frequenza mediata con appositoalgoritmo per evitare gli errori di apprezzamento.• Lettura:- nelle unità ingegneristiche scelte, al minuto primo• Soglie di allarmi per minima e massima portata,liberamente impostabili.Diagnostic checksSpecial care has been taken in these checks, which arefundamental in an instrument fot metric and fiscal use.• Process control alarms:- no pulse within a set time after START- minimum and maximum flow rate- valves fail to close• Sistem self-diagnosis alarms:- efficiency of the displays (automatic check of eachsingle segment)- CPU watchdog control- ROM control- RAM control- power supply control (power failure)- thermoresistor control- encoder feeding control- encoder channels controlFlow rate measuring• Method- frequency measure mediated with a suitablealgorithm to avoid appreciation errors.• Reading:- in the chosen engineering units, per minure• Allarm threshold for minimum and maximum flow rate,freely settable.

6Caratteristiche elettricheAlimentazioneeassorbimentoIngressiUsciteComunicazioneserialeEmettitored’impulsiincorporatoMorsettiereingresso/uscita- 115/130 - 230/240 VAC ± 10%50/60 Hz (25VA max)- 24VDC ± 10% (25 W max)Digitali: n. 12 da switch, collettoreaperto o proximity Namur.Disaccoppiamento ottico. Utilizzabilitipicamente per gestione consensi.Analogici: n. 1 da termoresistenzaPt 100 (solo per versione compensatrice)Impulsivi: n. 2 canali di conteggio(fmax=1KHz) con confronto,da encoders, proximity Namur oamplificati, contatti.Di potenza: n. 2 solid state relays30÷250VAC/2A max per valvole e n. 1elettromeccanico 250V/5A per pompan. 1 relè elettromeccanico 250VAC/2Amax per allarmeDigitali: n. 8 transistor open collectorPNP 12V/30 mA max (ad es. per uscitaimpulsi e reset a un totalizzatoreremoto o ad un dispositivo diadditivazione)Interfacce di trasmissione:N. 2 linee di comunicazione serialecommutabili in EIA RS 232 C oRS 485 o RS 422.Collegamento in “multipoint” inRS 422 o RS 485 (v. fig. 3).I parametri di comunicazione (numerocaratteri, parità etc.) sonoprogrammabili a tastiera.Risoluzione 100 impulsi/giroDoppio canale di impulsi sfasati di90° elettriciVelocità massima dell’albero=600 g/'•••••Morsetti a vite per filo da 2,5mm 2 ,sfilabili dal circuito stampato peragevolare le operazioni di cablaggio.Chiave di polarizzazione per evitareinserimenti erratiElectrical characteristicsPower supplyandconsumptionInputsOutputsSerialcommunicationBuilt-in pulsetransmitterInput/Outputterminalboards- 115/130 - 230/240 VAC ± 10%50/60 Hz (25VA max)- 24VDC ± 10% (25 W max)• Digitals: n° 12 from switch, opencollector or proximity Namur. Opticalcoupling. Typically utilizable forinterloks management.• Analogic: n° 1 from thermoresistorPt 100 (only for compensating version)• Pulses: n° 2 counting channels(fmax=1KHz) with comparison, fromencoders, Namur or amplifiedproximity, contacts, magnetic pickups.• Power: n° 2 solid state relays30÷250VAC/2A max for valves andone electromechanical 250V/5Afor pump)n° 1 electromechanical relay• 250VAC/2A max for alarmDigital: n° 8 open collector transistorsPNP 12V/30 mA max (for example forpulse output and reset to remote totalize)Transmission interfaces:N. 2 serial communication interfaces,switchable on EIA RS 232 C orRS 485 or RS 422.Multipoint connection by using RS 485/422 Keyboard programmable dialogprotocol (see fig. 3).Keyboard - programmable dialogprotocol.Resolution 100 pulses/rev.Double channel of 90° shifted electricpulses. Shaft max speed=600 rpmScrew terminals for 2.5mm 2 wireremovable from the printed circuit foreasier wiring operations. Polarizationkey to avoid errors.Esempio di collegamento in Multipoint di testate VegaAn example of Multipoint connection of Vegafig. 3

Year ended December 31, 2011For the year ended December 31, 2011, the Corporation had a net loss of $5,392,433 or $0.03 per share compared toa net loss of $6,164,028 or $0.05 per share with the corresponding period in 2010.A significant component of the current year’s loss was related to stock-based compensation expense of $3,113,349(2010 – $nil) as a result of options granted in 2011.Management fees, consulting and salaries for the year were $1,016,187 (2010 – $292,590). The increase resultedfrom changes in the allocation of project expenditures.Investor relation expenses increased during the year to $347,723 (2010 - $208,223). The change was the result ofincreases in investor relations spending and business activities related to the start up of the Copperstone project.This also increased legal and accounting expenses during the year to $197,666 (2010 - $134,928).The loss on sale of marketable securities related to the sale of the Balmoral shares. In November 2010 theCorporation signed a definitive agreement with Balmoral Resources Ltd. (“Balmoral”) for the sale of theCorporation’s eastern Canadian exploration properties. In consideration for the properties, Balmoral made a onetimecash payment to Bonanza of $3.7 million dollars and issued 4.5 million common shares of Balmoral to theCorporation valued at $1.15 per share or $5,175,000 in total on that date. On September 13, 2011, these shares weresold at $1.10 per share, resulting in a realized loss of $225,000. A commission of $49,510 was paid for the saleresulting in a total loss of $274,510.Exploration expenses for the year were $272,275 (2010 – $283,594) primarily related to all costs associated withmaintaining the Corporation’s exploration offices in Reno, Nevada.Business development costs decreased in the year to $167,681 compared to $257,916 in 2010. The decrease wasdue to the Copperstone project nearing production and a reduction in the requirements for business developmentservices.Interest income increased by $67,150 compared to 2010. The increase in interest income relates to a higher cashbalances on hand during the year relating to financing.Other income of $33,174 during 2011 relates to adjustment of credits for mineral properties disposed in the prioryear.In 2010, there was a mineral property write down of $3,724,821 relating to the impairment of several explorationprojects. The Corporation assessed all mineral property, plant and equipment at December 31, 2011 and noindications of impairment or recovery existed.LIQUIDITY AND CAPITAL RESOURCESAs at December 31, 2011, the Corporation had cash and cash equivalents of $1,822,511 and a working capitaldeficiency of $1,265,503 compared with a working capital position of $7,979,474 as at December 31, 2010. Currentyear change in working capital was the result of successful financing of $23,526,019 net proceeds by issuance ofcommon shares. Use of funds for operating activities in the period totalled $2,983,135 (December 31, 2010 –$905,254). Use of funding for exploration expenditures at Copperstone and other properties and towards theprocessing plant and development of the Copperstone mine totalled $25,085,629 (2010 – $2,853,338).Subsequent to December 31, 2011, the Corporation completed a USD $6 million gold prepayment facility whichremoved the Corporation’s working capital deficiency. The Corporation has sufficient funding to meet its operatingand capital expenditure requirements through to production without raising additional capital as of March 28, 2012.- 7 -

Isoil Impianti Spa si riserva di apportare migliorie ai propriprodotti. Pertanto le specifiche qui descritte possono variare senzaobbligo alcuno di informare l’utilizzatore, che può verificarnel’aggiornamento presso il costruttore. Il costruttore declina ogniresponsabilità dall’uso di specifiche non aggiornate.Isoil Impianti spa - ItalySede e stabilimentoHead office and factory24061 Albano S. Alessandro (BG)74, via Madonna delle RoseTel. +39 035 4239011Fax +39 035 582078E-mail: albano@isoil.itWeb: www.isoil.comIsoil Impianti Spa reserves to improve its own products. Thereforespecifications contained herein are subject to change withoutprevious notice and the user should verify their validity with themanufactured. The manufacturer assumes no responsibility for theuse of specifications wich may have been modified.Uffici commercialiSales office20092 Cinisello Balsamo (MI)27, via F.lli GracchiTel. +39 02 66027.1Fax +39 02 66012457E-mail: commerciale@isoil.itsales@isoil.it I M P I A N T IMod. VEGA - 7/0000 - 12/01 - LEAFLET V1