Tahoe Resources Mineral Reserves as of January 1, 2018

Gold Location Ownership Proven Probable Proven & Probable
Tonnes (M) Grade (g/t) Metal (koz) Tonnes (M) Grade (g/t) Metal (koz) Tonnes (M) Grade (g/t) Metal (koz)
Bell Creek Canada 100% 0.5 3.90 68 1.9 4.12 246 2.4 4.07 315
Escobal Guatemala 100% 2.5 0.42 34 22.1 0.34 244 24.7 0.35 278
La Arena Perú 100% 0.3 0.38 3 43.7 0.40 565 44.0 0.40 568
Shahuindo Perú 100% 77.9 0.48 1,203 49.9 0.44 704 127.8 0.46 1,907
Timmins West Canada 100% 0.4 3.61 47 6.1 3.11 606 6.5 3.15 654
Total Gold Mineral Reserves 81.6 0.52 1,356 123.7 0.59 2,366 205.3 0.56 3,721
Silver Location Ownership Proven Probable Proven & Probable
Tonnes (M) Grade (g/t) Metal (koz) Tonnes (M) Grade (g/t) Metal (koz) Tonnes (M) Grade (g/t) Metal (koz)
Escobal Guatemala 100% 2.5 486 39,532 22.1 316 224,961 24.7 334 264,493
Shahuindo Perú 100% 77.9 6 14,756 49.9 5 8,384 127.8 6 23,140
Total Silver Mineral Reserves 80.4 21 54,288 72.1 101 233,345 152.5 59 287,633
Lead Location Ownership Proven Probable Proven & Probable
Tonnes (M) Grade (%) Metal (ktonnes) Tonnes (M) Grade (%) Metal (ktonnes) Tonnes (M) Grade (%) Metal (ktonnes)
Escobal Guatemala 100% 2.5 1.02 26 22.1 0.77 170 24.7 0.79 196
Total Lead Mineral Reserves 2.5 1.02 26 22.1 0.77 170 24.7 0.79 196
Zinc Location Ownership Proven Probable Proven & Probable
Tonnes (M) Grade (%) Metal (ktonnes) Tonnes (M) Grade (%) Metal (ktonnes) Tonnes (M) Grade (%) Metal (ktonnes)
Escobal Guatemala 100% 2.5 1.75 44 22.1 1.25 276 24.7 1.30 320
Total Zinc Mineral Reserves 2.5 1.75 44 22.1 1.25 276 24.7 1.30 320

Tahoe Resources Mineral Resources as of January 1, 2018

Gold Location Ownership Measured Indicated Measured & Indicated Inferred
Tonnes (M) Grade (g/t) Metal (koz) Tonnes (M) Grade (g/t) Metal (koz) Tonnes (M) Grade (g/t) Metal (koz) Tonnes (M) Grade (g/t) Metal (koz)
Bell Creek Canada 100% 1.2 4.43 167 4.1 4.27 569 5.3 4.31 736 3.0 4.36 415
Escobal Guatemala 100% 4.8 0.33 51 36.3 0.29 337 41.1 0.29 388 1.9 0.90 54
La Arena Perú 100% 0.3 0.38 3 49.6 0.40 640 49.9 0.40 643 0.4 0.32 4
Shahuindo Perú 100% 89.1 0.47 1,358 67.6 0.42 921 156.7 0.45 2,278 110.8 0.70 2,500
Timmins West Canada 100% 0.2 4.86 39 7.1 3.87 885 7.4 3.90 923 1.1 3.80 133
La Arena II Perú 100% 155.7 0.25 1,265 586.7 0.23 4,372 742.4 0.24 5,637 91.6 0.23 683
Fenn-Gib Canada 100% - - - 40.8 0.99 1,300 40.8 0.99 1,300 24.5 0.95 750
Whitney Canada 79% 1.0 7.02 218 2.3 6.77 491 3.2 6.85 709 1.0 5.34 171
Gold River Canada 100% - - - 0.7 5.29 117 0.7 5.29 117 5.3 6.06 1,028
Juby Canada 100% - - - 26.6 1.28 1,090 26.6 1.28 1,090 96.2 0.94 2,909
Marlhill Canada 100% - - - 0.4 4.52 57 0.4 4.52 57 - - -
Vogel Canada 100% - - - 2.2 1.75 125 2.2 1.75 125 1.5 3.60 169
Total Gold Mineral Resources 252.2 0.38 3,101 824.4 0.41 10,904 1,076.6 0.40 14,005 337.2 0.81 8,816
Silver Location Ownership Measured Indicated Measured & Indicated Inferred
Tonnes (M) Grade (g/t) Metal (koz) Tonnes (M) Grade (g/t) Metal (koz) Tonnes (M) Grade (g/t) Metal (koz) Tonnes (M) Grade (g/t) Metal (koz)
Escobal Guatemala 100% 4.8 374 58,104 36.3 271 316,520 41.1 283 374,624 1.9 180 10,746
Shahuindo Perú 100% 89.1 6 16,807 67.6 5 11,122 156.7 6 27,929 110.8 13 46,980
Total Silver Mineral Resources 93.9 25 74,911 103.9 98 327,642 197.8 63 402,552 112.7 16 57,726
Copper Location Ownership Measured Indicated Measured & Indicated Inferred
Tonnes (M) Grade (%) Metal (ktonnes) Tonnes (M) Grade (%) Metal (ktonnes) Tonnes (M) Grade (%) Metal (ktonnes) Tonnes (M) Grade (%) Metal (ktonnes)
La Arena II Perú 100% 155.7 0.37 580 586.7 0.35 2,046 742.4 0.35 2,626 91.6 0.17 158
Total Copper Mineral Resources 155.7 0.37 580 586.7 0.35 2,046 742.4 0.35 2,626 91.6 0.17 158
Lead Location Ownership Measured Indicated Measured & Indicated Inferred
Tonnes (M) Grade (%) Metal (ktonnes) Tonnes (M) Grade (%) Metal (ktonnes) Tonnes (M) Grade (%) Metal (ktonnes) Tonnes (M) Grade (%) Metal (ktonnes)
Escobal Guatemala 100% 4.8 0.68 33 36.3 0.62 224 41.1 0.62 257 1.9 0.22 4
Total Lead Mineral Resources 4.8 0.68 33 36.3 0.62 224 41.1 0.62 257 1.9 0.22 4
Zinc Location Ownership Measured Indicated Measured & Indicated Inferred
Tonnes (M) Grade (%) Metal (ktonnes) Tonnes (M) Grade (%) Metal (ktonnes) Tonnes (M) Grade (%) Metal (ktonnes) Tonnes (M) Grade (%) Metal (ktonnes)
Escobal Guatemala 100% 4.8 1.20 58 36.3 1.02 369 41.1 1.04 427 1.9 0.42 8
Total Zinc Mineral Resources 4.8 1.20 58 36.3 1.02 369 41.1 1.04 427 1.9 0.42 8
  1. Mineral Resource estimates are classified as Measured, Indicated or Inferred based on the confidence of the input data, geological interpretation and grade estimation parameters. The Mineral Resource estimates were prepared in accordance with NI 43-101 and classifications adopted by the CIM Council.
  2. Mineral Reserve estimates are based on known inputs that include metallurgical performance, taxation/royalty obligations, geologic and geotechnical characterization, operational costs, and other economic parameters. The Company is not currently aware of any known factors that are reasonably likely to have a negative material impact on the Company’s Mineral Reserves. The Mineral Reserve estimates were prepared in accordance with NI 43-101 and classifications adopted by the CIM Council.
  3. Mineral Resources are inclusive of Mineral Reserves.
  4. Bell Creek – The basis of the Mineral Resource and Mineral Reserve estimates for the Bell Creek mine is from NI 43-101 Technical Report, Updated Mineral Reserve Estimate for Bell Creek Mine, Hoyle Township, Timmins, Ontario, Canada, dated March 27, 2015. Mineral Resources and Mineral Reserves reported at January 1, 2018 were calculated by subtracting mining depletion through the end of 2017 from an updated resource model completed in May 2017. The Bell Creek Mineral Resources are reported as in situ resources using a gold cut-off grade of 2.2 g/t. Mineral Reserves were calculated by applying the life-of-mine plan at January 1, 2018 to the Measured and Indicated Mineral Resources using a long-term gold price of $1,275/oz and reported at a gold cut-off grade of 2.3 g/t. Mineral Reserves are supported by a mine plan that features variable stope thicknesses designed on the Mineral Resource model using operating costs of $87.42 per tonne ore with 95% mining recovery, external dilution of 16% and metallurgical recovery of 94.5%.
  5. Escobal – The basis of the Mineral Resource and Mineral Reserve estimates for the Escobal mine is from Escobal Mine Guatemala NI 43-101 Feasibility Study, dated November 5, 2014. Mineral Resources and Mineral Reserves reported at January 1, 2018 were calculated by subtracting mine depletion volumes from the Mineral Resource and Mineral Reserve estimates stated in the aforementioned technical report. Mineral Resources are reported using a 100 g/t silver-equivalent cut-off grade calculated using metal prices of $20.00/oz, silver, $1,300.00/oz gold, $1.00/lb lead and $1.10/lb zinc. Mineral Reserves as of January 1, 2018 were calculated by applying an updated mine plan to the Mineral Resource estimate stated in the Escobal Feasibility Study taking into account mining depletion through the end of 2017. Cut-off grades to define the January 1, 2018 Mineral Reserves were calculated from the NSR value of the resource model blocks contained within the life-of-mine plan minus the production cost to account for variability in mining method and metallurgical response. Metal prices used to determine the NSR value were $20.00 per ounce silver, $1,300.00 per ounce gold, $1.00 per pound lead and $1.10 per pound zinc. Actual mining, processing and general and administrative (G&A) costs, metallurgical performance and smelter contract rates from the Escobal Mine were used to derive operating costs used in the reserve calculation.
  6. La Arena – The basis of the Mineral Resource and Mineral Reserve estimates for the La Arena mine is from Technical Report on the La Arena Project, Peru, dated February 20, 2018 with an effective date of January 1, 2018. Mineral Resources and Mineral Reserves reported at January 1, 2018 were calculated by applying the mine topographic surface at January 1, 2018 to an updated Mineral Resource estimate completed July 1, 2017. Mineral Resources are reported at a cut-off grade of 0.10 g/t Au within an optimized undiscounted cash flow pit shell using a metal price of $1,400/oz Au and actual costs experienced at the La Arena Mine. Mineral Reserves for the La Arena mine are reported at a 0.10 g/t gold cut-off grade and have been constrained to the final pit design based on an optimized pit shell using $1,200 per ounce gold and actual operating costs incurred. As the resource block model is a diluted block model, no additional dilution or mining losses were applied. The life-of-mine strip ratio is 1.9 (waste:ore).
  7. Shahuindo – The basis of the Mineral Resource and Mineral Reserve estimates for the Shahuindo mine is from the NI 43-101 Technical Report on the Shahuindo Mine, Cajabamba, Peru, dated January 25, 2016. Mineral Resources and Mineral Reserves reported at January 1, 2018 were calculated by applying the mine topographic surface at January 1, 2018 to an updated Mineral Resource estimate completed July 1, 2017. The Shahuindo Mineral Resources are reported using a gold cut-off grade for oxide material of 0.15 g/t. Oxide resources are reported within a $1,400/oz gold optimized pit shell. The sulfide Mineral Resources at Shahuindo are classified entirely as Inferred due to limited metallurgical characterization and wider drill spacing than in the oxide portion of the deposit. There have been no economic or mining studies of the sulfide portion of the Shahuindo deposit completed to date; the Inferred sulfide Mineral Resource is reported at a 0.5 g/t gold-equivalent cut-off grade using a silver-to-gold ratio of 80. Oxide Mineral Reserves are reported at a 0.18 g/t gold cut-off grade and have been constrained to the final pit design based on an optimized pit shell using US$1,200/oz gold and actual operating costs incurred. The Mineral Reserves were calculated from Measured and Indicated oxide Mineral Resources only and include 5% dilution and mining losses of 2%. The life-of-mine strip ratio is 1.1 (waste:ore). There are no sulfide Mineral Reserves reported for Shahuindo.
  8. Timmins West – The basis of the Timmins West Mine Mineral Resource and Mineral Reserve estimates is from NI 43-101 Technical Report, Timmins West Mine, Timmins, Ontario, Canada, dated September 20, 2017.  Mineral Resources and Mineral Reserves for the Timmins West Mine reported at January 1, 2018 were calculated by subtracting mining depletion through the end of 2017 from an updated resource model completed in May 2017. The Timmins West Mine Mineral Resources are reported as in situ resources using a gold cut-off grade of 1.5 g/t. Mineral Reserves were calculated by applying the life-of-mine plan at January 1, 2018 to the Measured and Indicated Mineral Resources using a gold price of $1,275/oz and a gold cut-off grade of 2.0 g/t. Mineral Reserves are supported by a mine plan that features variable stope thicknesses designed on the updated Mineral Resource model using operating costs of US$78.64 per tonne ore with 95% mining recovery, external dilution of 15% and metallurgical recovery of 97%.
  9. La Arena II – The basis of the Mineral Resource estimate for the La Arena II project is from Technical Report on the La Arena Project, Peru, dated February 20, 2018 with an effective date of January 1, 2018. Mineral Resources for the La Arena II project are reported within an optimized undiscounted cash flow pit shell using metal prices of $4.00 per pound copper and $1,500 per ounce gold and operating cost and metallurgical recovery parameters developed for the La Arena II PEA. Oxide Mineral Resources are reported using a 0.10 g/t gold cut-off grade; sulfide Mineral Resources are reported using a 0.18% copper-equivalent cut-off grade calculated using $4.00 per pound copper and $1,500 per ounce gold.
  10. Fenn-Gib – The Mineral Resource Estimate for the Fenn-Gib project is from Fenn-Gib Resource Estimate Technical Report, Timmins Canada, dated November 17, 2011, with an effective date of November 17, 2011. Nearly all of the Indicated Mineral Resources and approximately 90% of Inferred Mineral Resources are reported within a $1,190/oz gold pit shell using a gold cut-off grade of 0.50 g/t, operating costs of US$13.00/tonne ore and process recovery of 85%. The remaining Indicated and Inferred Mineral Resources which are occur below the pit limits are reported using a gold cut-off grade of 1.5 g/t. There are no Measured Mineral Resources nor Mineral Reserves reported for the Fenn-GIb property.
  11. Whitney – The Mineral Resource estimate for the Whitney project is from Technical Report and Resource Estimate on the Upper Hallnor, C-Zone, and Broulan Reef Deposits, Whitney Gold Property, Timmins Area, Ontario, Canada, dated February 26, 2014. Mineral Resources are reported using a gold cut-off grade of 3.0 g/t, which was derived using a gold price of $1,200/oz, operating costs of $96.75/tonne milled, mining dilution of 20% and process recovery of 95%. There are no Mineral Reserves reported for the Whitney property.
  12. Gold River – The Mineral Resource estimate for the Gold River project is from Technical Report on the Update of Mineral Resource Estimate for the Gold River Property, Thorneloe Township, Timmins, Ontario, Canada, dated April 5, 2012, with an effective date of April 5, 2012. Mineral Resources are reported using a gold cut-off grade of 2.0 g/t, which was derived using a gold price of $1,200/oz, operating costs of $82.00/tonne milled and process recovery of 85%. A minimum thickness of two meters was used to constrain the reported Mineral Resources. There are no Measured Mineral Resources nor Mineral Reserves reported for the Whitney property.
  13. Juby – The Mineral Resource estimate for the Juby project is from Technical Report on the Updated Mineral Resource Estimate for the Juby Gold Project, Tyrrell Township, Shining Tree Area, Ontario, dated February 24, 2014, with an effective date of February 24, 2014. Mineral Resources are reported as in situ resources using a gold cut-off grade of 0.40 g/t. There are no Measured Mineral Resources nor Mineral Reserves reported for the Juby property.
  14. Marlhill – The Marlhill Mineral Resource estimate is from Technical Report on the Marlhill Project, Hoyle Township, Timmins, Ontario, Canada, March 1, 2011, with an effective date of March 1, 2011. Mineral Resources are reported as in situ resources using a gold cut-off grade of 0.2.9 g/t and a minimum width of two meters. The cut-off grade was determined using a gold price of $1,125/oz, operating costs of C$100/tonne and metallurgical recovery of 90%. There are no Measured or Inferred Mineral Resources nor Mineral Reserves reported for the Marlhill property.
  15. Vogel – The Vogel/Schumacher Mineral Resource estimate is from Technical Report on the Initial Mineral Resource Estimate for the Vogel/Schumacher Deposit, Bell Creek Complex, Hoyle Township, Timmins, Ontario, Canada, June 14, 2011, with an effective date of June 14, 2011. Mineral Resources are reported at a gold cut-off grade of 0.63 g/t inside an optimized pit shell developed using a gold price of $1,150/oz, operating costs of $24.75/tonne and process recovery of 95%. Additional Mineral Resources which occur below the pit shell are reported using a gold cut-off grade of 2.9 g/t. There are no Measured Mineral Resources nor Mineral Reserves reported for the Vogel/Schumacher property.

Reserves & Resources

Download item year list 2018
Date Download Description

Technical Disclosure

Qualified Person Statement

Tom Fudge, Vice President Operations and Qualified Person as defined in National Instrument 43-101 has reviewed and approved the scientific and technical information contained on this website.

Data Verification

Detailed descriptions and results of Tahoe’s exploration drilling, sampling and analytical procedures, quality assurance and quality control programs, resource estimation methodology, reserve calculations, engineering studies, and project financial analyses for the Escobal, La Arena, Shahuindo, Timmins West, and Bell Creek mines, as well as exploration and development properties, can be found in the following NI 43-101 technical reports which are available on this website and under the Company’s profile on SEDAR at www.sedar.com or EDGAR at www.sec.gov/edgar.

Escobal Mine Guatemala NI 43-101 Feasibility Study, dated November 5, 2014 with effective dates of January 23, 2014 for the mineral resource estimate and July 1, 2014 for the mineral reserve estimate.

Technical Report on the La Arena Project, Peru, dated February 20, 2018 with an effective date of January 1, 2018.

Technical Report on the Shahuindo Mine, Cajabamba, Peru, dated January 25, 2016, with effective dates of April 15, 2015 for the mineral resource estimate and November 1, 2015 for the mineral reserve estimate.

NI 43-101 Technical Report, Timmins West Mine, Timmins, Ontario, Canada, dated September 20, 2017 with an effective date of May 15, 2017.

NI 43-101 Technical Report, Updated Mineral Reserve Estimate for Bell Creek Mine, Hoyle Township, Timmins, Ontario, Canada, dated March 27, 2015 with an effective date of December 31, 2014.

Technical Report and Resource Estimate on the Upper Hallnor, C-Zone, and Broulan Reef Deposits, Whitney Gold Property, Timmins Area, Ontario, Canada, dated February 26, 2014 with an effective date of January 14, 2014, prepared for Temex Resources Corp.

Technical Report on the Update of Mineral Resource Estimate for the Gold River Property, Thorneloe Township, Timmins, Ontario, Canada, dated April 5, 2012 with an effective date of January 17, 2012, prepared for Lake Shore Gold Corp. and West Timmins Mining Inc.

Technical Report on the Updated Mineral Resource Estimate for the Juby Gold Project, Tyrrell Township, Shining Tree Area, Ontario, dated February 24, 2014 with an effective date of February 24, 2014, prepared for Temex Resources Corp.

Fenn-Gib Resource Estimate Technical Report, Timmins Canada, dated December 23, 2011 with an effective date of November 17, 2011, prepared for Lake Shore Gold Corp.

Technical Report on the Marhill Project, Hoyle Township, Timmins, Ontario, Canada, dated March 1, 2011 with an effective date of March 1, 2011, prepared for Lake Shore Gold Corp.

Technical Report on the Initial Mineral Resource Estimate for the Vogel/Schumacher Deposit, Bell Creek Complex, Hoyle Township, Timmins, Ontario, Canada, dated June 14, 2011 with an effective date for the mineral resource estimate of May 2, 2011.

Cautionary Note to Investors in the United States Regarding Reserves and Resources

The Mineral Resource and Mineral Reserve estimates contained in this website have been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws and use terms that are not recognized by the United States Securities and Exchange Commission (“SEC”). Canadian reporting requirements for disclosure of mineral properties are governed by NI 43-101. The definitions used in NI 43-101 are incorporated by reference from the CIM Definition Standards adopted by CIM Council on May 10, 2014 (the “CIM Definition Standards”). U.S. reporting requirements are governed by the SEC Industry Guide 7 (“Industry Guide 7”) under the United States Securities Act of 1933, as amended. These reporting standards have similar goals in terms of conveying an appropriate level of confidence in the disclosures being reported, but embody difference approaches and definitions. For example, the terms “Mineral Reserve”, “Proven Mineral Reserve” and “Probable Mineral Reserve” are Canadian mining terms as defined in in NI 43-101, and these definitions differ from the definitions in Industry Guide 7. Under Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. Further, under Industry Guide 7, mineralization may not be classified as “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.

While the terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in and required to be disclosed by NI 43-101, these terms are not defined terms under Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. United States readers are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In addition, “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. A significant amount of exploration must be completed in order to determine whether an Inferred Mineral Resource may be upgraded to a higher category. Under Canadian regulations, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. United States readers are cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations if such disclosure includes the grade or quality and the quantity for each category of Mineral Resource and Mineral Reserve; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures.

Accordingly, information contained in this website containing descriptions of the Tahoe’s mineral deposits may not be comparable to similar information made public by United States companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.