Drilling results released during the quarter show that there are a few projects in Mexico that report spectacular gold intercepts. The best intercept by far was by Torex Gold with 28.40 m @ 40.48 gpt Au (or 1,150 gpt*m Au) on definition drilling at Media Luna in Guerrero. Other companies to report several intercepts of more than 100 gpt *m Au include Alamos Gold in Mulatos, GoGold Resources at Los Ricos South in Jalisco and Orla Mining on Camino Rojo Sulfide in Zacatecas. The variety of mineralization styles on the highest grade intercepts is striking: Media Luna is a skarn, Mulatos a high sulfidation epithermal system, Los Ricos South a structurally controlled intermediate sulfidation epithermal system and Camino Rojo a complex intrusion/skarn/intermediate sulfidation epithermal system.

The deposits that returned between 20 and 100 gpt *m Au report from mostly structurally controlled low or intermediate epithermal mineralization, like Vizsla’s Panuco project in Sinaloa, Prime Mining’s Los Reyes in Sinaloa, Bear Creek’s Mercedes in Sonora, GR Silver’s Plomosas in Sinaloa, Gold Resource’s Don Diego in Oaxaca, Guanajuato Silver’s San Ignacio in Guanajuato, Almadex’s San Pedro in Jalisco and GoGold’s Los Ricos North in Jalisco. The deposits styles returning between 10 and 20 gpt*m Au include intermediate sulfidation epithermal (El Tigre, San Marcial), orogenic gold (El Picacho), porphyry copper (Santo Tomás) and complex intrusive/skarn/intermediate sulfidation mineralization (Cordero).