1 Forward Look i ng STATEMEN TS Ce r tai n i nformat i on i nc l uded i n th i s pr es entati on c on s ti tut es forw ar d l oo ki ng s tatem ents w i th i n th e m ea ni ng of th e s afe har bor pr ov i s i on s of th e Un i ted States P r i v ate Se c ur i ti e s L i ti gati on Re form A c t of 1995 and Ca nadi an s ec ur i ti e s l aw s Th e w ords exp ec t be l i ev e w i l l i nt end es ti m ate fore c as t and s i m i l ar exp r es s i on s i denti fy forw ar d l oo ki ng s tatem ents Suc h s tatem ents i nc l ude w i th out l i m i tati on any i nformat i on as to our futur e exp l orati on fi nanc i al or oper ati ng pe r formanc e i nc l udi ng th e Com pa ny s forw ar d l oo ki ng pr od uc ti on gui danc e pr ojec ted c ap i tal exp endi tur e s oper ati ng c ost es ti m ates pr ojec t ti m el i nes m i ni ng and m i l l i ng r ates th e m etho ds by w hi c h ore w i l l be extra c ted pr ojec ted gr ade s m i l l r ec ov e r i es and ot her s tatem ents th at exp r es s m anag ement s exp ec tati on s or es ti m ates of futur e pe r formanc e F orw ar d l oo ki ng s tatem ents ar e nec es s ar i l y ba s ed up on a num be r of fac to r s and as s umpti on s th at w hi l e c on s i der ed re ason abl e by m anagem ent are i nh er ent l y sub j ec t to si gn i fi c ant bus i ness ec o no m i c and c o m peti ti v e un c er tai nt i e s and c on ti ngenc i es Th e fac to r s and as s umpti on s c on tai ned i n th i s pr es entati on w hi c h m ay pr ov e to be i nc orr ec t i nc l ude bu t ar e no t l i m i ted to m etal pr i c es as s umpti on s Ca nadi an and U S do l l ar exc hange r ate as s umpti on s th at th er e w i l l be no s i gni fi c ant di s r up ti on s aff ec ti ng oper ati on s th at pr i c es for key m i ni ng and c on s truc ti on s up pl i e s i nc l udi ng l ab our and tra nsp ortati on c osts w i l l r emai n c on s i s tent w i th th e Com pa ny s exp ec tati on s th at th e Com pa ny s c ur r e nt es ti m ates of m i ner al r es er v e s and r es our c e s ar e ac c ur a te and th at th er e ar e no m ater i al del ays i n th e ti m i ng of on goi ng dev el opm ent pr ojec ts Th e forw ar d l oo ki ng s tatem ents ar e no t gua r a nt ee s of futur e pe r formanc e Th e Com pa ny c auti on s th e r ea der th at s uc h forw ar d l oo ki ng s tatem ents i nv ol v e kn ow n and unkn ow n r i s ks th at m ay c aus e th e ac tual r es ul ts to be m ater i al l y di ffe r ent fr om th ose expr es s e d or i m pl i ed by th e forw ar d l oo ki ng s tatem ents Suc h r i s ks i nc l ude bu t ar e no t l i m i ted to th e pos s i bi l i ty th at m etal pr i c es fore i gn exc hange r ates or oper ati ng c osts m ay di ffe r fr om m anag ement s exp ec tati on s unc er tai nt y of m i ner al r es er ves and r es ourc es i nhere nt r i s ks as s oci ated w i th m i ni ng and pr oce s s i ng th e r i s k th at th e L ac de s I l es m i ne m ay no t pe r form as pl anned and th at th e Offs et Zo ne and ot her pr oper ti es m ay no t be s uc c es s fu l l y dev el oped and unc er tai nt y of th e ab i l i ty of th e Com pa ny to obtai n fi nanc i ng for futur e exp l orati on and dev el opm ent F or m ore detai l s on th e fac to r s as s umpti on s and r i s ks s ee th e Com pa ny s m ost r ec ent F orm 40 F A nnual I nformat i on F orm on fi l e w i th th e U S Se c ur i ti e s and E xc hange Com m i s s i on and Ca nadi an pr ov i nc i al s ec ur i ti e s r eg ul a to r y autho r i ti es Th e Com pa ny di s c l ai m s any o bl i gat i o n to updat e o r re v i se any fo rw ard l o o k i ng statem ent s w het her as a re sul t o f new i nfo rmat i o n ev ent s o r ot her w i s e exc ep t as exp r es s l y r eq ui r ed by l aw Re ade r s ar e c auti on ed no t to pu t undue r el i anc e on th es e forw ar d l oo ki ng s tatem ents A l l do l l ar amo unts ar e i n Ca nadi an c ur r e nc y unl es s ot her w i s e s tated al l r ef er enc es to pr od uc ti on r ef er to pa y ab l e pr od uc ti on and al l r ef er e nc e to to nnes r ef er to m etr i c to nnes US i nves to r s ar e enc oura ge d to r ef er to th e Cauti on ar y No te to US I nves to r s Conc er ni ng E s ti m ates of M ea s ur ed I ndi c ated and I nfer r ed Re s ourc es i n th e ap pe ndi x