Pulacayo, Bolivia Production from 1883-1959 over 600 million ounces of silver (2nd largest silver mine in Bolivian History) T oday (43-101* Underground Opportunity) 31.6m ounces of silver Avg. grade 90 g/t Cut-off of US$40 NSR 750 metres of strike drilled to date of 2.7 km historical strike 2011 Plan 2 drilling rigs on site now 20,000 metres to be drilled by August Extending along strike both East and West Assessment of Toll milling high grade ore (Q1) Preliminary Economic Assessment (2010) Develop high grade underground mine using “bulk” mining methods (sub level open stoping) and existing development use conventional flotation flow sheet to produce zinc-silver and lead silver concentrates Capex of US $69.4 m to build an 1800 tpd. mill Cost per ounce of silver: US $5.50 (net of Lead and Zinc inputs) Average annual silver equivelant production of 4.6 million ounces Highlights Silver focus Proven world class districts: Bolivia & Chile Advanced stage: (Pulacayo & Paca) NI 43-101 Resources Preliminary Economic Analysis Excellent leverage to Zinc & Lead Part of the Forbes & Manhattan Group of Companies: Technical and financial expertise to support the project at every stage Proven record of building assets and companies: (ex: Cons.Thompson & Desert Sun) Capitalization Symbol: (TSX:V) APE Shares O/S: 185.6m Price: $0.36 Market Cap: $67m Cash (As at Dec 31, 2010): $6.6m Fully Diluted S/O: 279 m Ave Exer. Price of Warr/Options: $0.21 Cash Rec’d if Warr ./ Options Exer.: $20 m Drilling Budget for 2011: $2.7m (20,000 metres) Avg. Daily Volume 3 mth 1,060,000 Advanced Silver Projects World Class Silver Districts A Member of the Forbes & Manhattan Group of Companies TSX-V: APE Pg. 1 *Joaquin Merino, a qualified person, as defined under NI 43-101 has reviewed and approved the scientific and technical information contained in this presentation.
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Pulacayo, Bolivia
Production from 1883-1959 over 600 million ounces of silver(2nd largest silver mine in Bolivian History)
Today (43-101* Underground Opportunity)
31.6m ounces of silver
Avg. grade 90 g/t
Cut-off of US$40 NSR
750 metres of strike drilled to date of 2.7 km historical strike
2011 Plan
2 drilling rigs on site now
20,000 metres to be drilled by August
Extending along strike both East and West Assessment of Toll milling high grade ore (Q1)
Preliminary Economic Assessment (2010)
Develop high grade underground mine using “bulk” miningmethods (sub level open stoping) and existing development
use conventional flotation flow sheet to produce zinc-silverand lead silver concentrates
Capex of US $69.4 m to build an 1800 tpd. mill
Cost per ounce of silver: US $5.50 (net of Lead and Zincinputs)
Average annual silver equivelant production of 4.6 millionounces
Highlights Silver focus
Proven world class districts: Bolivia& Chile
Advanced stage: (Pulacayo & Paca) NI 43-101 Resources
Preliminary Economic Analysis
Excellent leverage to Zinc & Lead
Part of the Forbes & ManhattanGroup of Companies:
Technical and financialexpertise to support the project atevery stage
Proven record of buildingassets and companies:(ex: Cons.Thompson & Desert Sun)
CapitalizationSymbol: (TSX:V) APE
Shares O/S: 185.6m
Price: $0.36
Market Cap: $67m
Cash (As at Dec 31, 2010): $6.6m
Fully Diluted S/O: 279m
Ave Exer. Price of Warr/Options: $0.21
Cash Rec’d if Warr./ Options Exer.: $20 m
Drilling Budget for 2011: $2.7m(20,000 metres)
Avg. Daily Volume 3 mth 1,060,000
Advanced Silver ProjectsWorld Class Silver Districts
A Member of the Forbes & Manhattan Group of Companies TSX-V: APE Pg. 1
*Joaquin Merino, a qualified person, as defined underNI 43-101 has reviewed and approved the scientific andtechnical information contained in this presentation.
Cachinal, Chile Located in Paleocene Gold Belt (host to world class epithermal and
porphyry deposits): letter of intent toacquire
43-101 Underground Opportunity 21.3m Oz of silver avg. grade 102 g/t Ag Cut-Off 40g/t Ag equivalent on Open
Pit Resources & 150 g/t Agequivalent on Underground Resources.
A Member of the Forbes & Manhattan Group of Companies Pg. 2
Pulacayo Deposit Expansion Potential
March, 2011
Former CEO of Yorkton Securities, Vice Chairman of NeuLion Inc.,former Chairman of the TSX:V.
Former Global Manager Nickel/PGM’s at Noranda-Falconbridge-Xstrata
Professional Engineer with 25 years experience in mine engineering, mineoperations, corporate and project finance & CEO of Forbes & Manhattan.
23 years in the mineral resource industry, most recently as VPExploration of Gold Eagle Mines Ltd. 15 years with Noranda
20 years of financial industry experience, formerly MD Head of Equity CapitalMarkets for Macquarie. Formerly on the Board of Directors for Orion Securities.
20 years of engineering experience in mine operations anddevelopment projects in both Peru and Canada.
Mining Engineer with close to 20 years experience in coal, platinumand gold mining industry
15 years experience in exploration and underground mine geology.