GoldMinerPulse Report on Esperanza Silver Corporation: (NI) 43-101 Metal Valuation Report

Esperanza Silver Corporation (EPZ)

Company Web Site: www.esperanzasilver.com
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-04-19. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-09-02.
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GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-09-02
Project/Deposit CC MVpSh PP% MI% I% Gold Silver
    Cerro Jumil MX $23.11 0 58% 42% 1.01 M oz     6.52 M oz
    San Luis PE $2.09 0 99% 1% 71.46 K oz     1.86 M oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal Gold Silver
    Metal Totals 1.08 M oz     8.38 M oz
    Metal Prices in US$ (from 2010-09-02) $1,251.30 per oz     $19.69 per oz
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $22.46     $2.74
    Percentage of Total Metal Value 89.14%     10.86%
    PP% | MI% | I% 0 | 65% | 35%     0 | 27% | 73%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
    Metal Value per Share (MVpSh)    US$25.20
    Average Ore Value per Tonne    US$38.82
    Metal Value Leverage (MVL)    15.80
    Market Capitalization as % of Metal Value    6.3%
    Recent Stock Price    C$1.68   (TSX/TSXV close on 2010-09-02.)
Conversion rate used: 1 Cnd$ = 0.949244 US$ )
    Fully Diluted Share Count    60.30 M    ( Fully diluted share count taken from Esperanza Silver Corporation, Share Structure web page viewed April 2010. )
    PP% | MI% | I%    0 | 61% | 39%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade    0.86 g/t
    Market Capitalization
    per oz of Gold In Ground    $88.84   US$  |   93.60   C$
    Gold Eq Oz Estimate    1.21 M oz   ( 1.08 M oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent    $79.20   US$  |   83.43   C$

See terms for more about GoldMinerPulse metrics.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Esperanza Silver Corporation is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver
Cerro Jumil	MX	$23.11	0	58%	42%	1.01 M oz	6.52 M oz
San Luis	PE	$2.09	0	99%	1%	71.46 K oz	1.86 M oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal	Gold	Silver
Metal Totals	1.08 M oz	8.38 M oz
Metal Prices in US$ (from 2010-09-02)	$1,251.30 per oz	$19.69 per oz
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$22.46	$2.74
Percentage of Total Metal Value	89.14%	10.86%
PP% \| MI% \| I%	0 \| 65% \| 35%	0 \| 27% \| 73%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
Metal Value per Share (MVpSh)	US$25.20
Average Ore Value per Tonne	US$38.82
Metal Value Leverage (MVL)	15.80
Market Capitalization as % of Metal Value	6.3%
Recent Stock Price	C$1.68 (TSX/TSXV close on 2010-09-02.) Conversion rate used: 1 Cnd$ = 0.949244 US$ )
Fully Diluted Share Count	60.30 M ( Fully diluted share count taken from Esperanza Silver Corporation, Share Structure web page viewed April 2010. )
PP% \| MI% \| I%	0 \| 61% \| 39%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade	0.86 g/t
Market Capitalization per oz of Gold In Ground	$88.84 US$ \| 93.60 C$
Gold Eq Oz Estimate	1.21 M oz ( 1.08 M oz are in ground)
Market Capitalization per oz of Gold Equilavent	$79.20 US$ \| 83.43 C$

See terms for more about GoldMinerPulse metrics.

Cerro Jumil - ^top^

(NI) 43-101 Report:

Title: Cerro Jumil Project, Mexico NI 43-101 Technical Report
Date: 2008-09-30 (116 pages)

Project Location: Morelos, Mexico / Mining Region: Sierra Madre del Sur

Map View: View the Cerro Jumil project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $13.17 634.75 K oz 0.850 g/t 23.23 M t
Silver $0.15 448.06 K oz 0.600 g/t 23.23 M t
Estimate notes: See Table 17.6 Cerro Jumil Resources Reported at 0.3 g/t Gold Equivalent Cutoff on p. 103 of 106 in the NI 43-101 dated September 2008.
0.3 g/t gold cut-off.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$13.17	634.75 K oz	0.850 g/t	23.23 M t
Silver	$0.15	448.06 K oz	0.600 g/t	23.23 M t
Estimate notes: See Table 17.6 Cerro Jumil Resources Reported at 0.3 g/t Gold Equivalent Cutoff on p. 103 of 106 in the NI 43-101 dated September 2008. 0.3 g/t gold cut-off.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $7.81 376.14 K oz 0.740 g/t 15.81 M t
Silver $1.98 6.07 M oz 11.940 g/t 15.81 M t
Estimate notes: See notes for Measured + Indicated.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$7.81	376.14 K oz	0.740 g/t	15.81 M t
Silver	$1.98	6.07 M oz	11.940 g/t	15.81 M t
Estimate notes: See notes for Measured + Indicated.

San Luis - ^top^

(NI) 43-101 Report:

Title: Updated Mineral Resource Estimate San Luis Project, Ancash Department, Perú
Date: 2009-01-09 (158 pages)

Updates: See Silver Standard Mineral Reserves and Resources Web page (viewed July, 2009).

Project Location: Yungay Province, Peru

Map View: View the San Luis Silver Standard Resources and Esperanza Silver joint venture on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.27 13.23 K oz 34.300 g/t 60.00 K t
Silver $0.10 292.29 K oz 757.600 g/t 60.00 K t
Estimate notes:
Resource quantities adjusted for ownership percentage of 20.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.27	13.23 K oz	34.300 g/t	60.00 K t
Silver	$0.10	292.29 K oz	757.600 g/t	60.00 K t
Estimate notes: Resource quantities adjusted for ownership percentage of 20.0%.

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.19 57.51 K oz 20.800 g/t 430.00 K t
Silver $0.50 1.53 M oz 555.000 g/t 430.00 K t
Estimate notes:
Resource quantities adjusted for ownership percentage of 20.0%.
6 g/t gold equivalent cut-off.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.19	57.51 K oz	20.800 g/t	430.00 K t
Silver	$0.50	1.53 M oz	555.000 g/t	430.00 K t
Estimate notes: Resource quantities adjusted for ownership percentage of 20.0%. 6 g/t gold equivalent cut-off.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.01 0.72 K oz 5.600 g/t 20.00 K t
Silver $0.01 36.32 K oz 282.400 g/t 20.00 K t
Estimate notes: See Table 17-17: San Luis Mineral Resources on p. 85 of 158 in the (NI) 43-101 dated January 2009.
Resource quantities adjusted for ownership percentage of 20.0%.
6 g/t gold equivalent cut-off.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.01	0.72 K oz	5.600 g/t	20.00 K t
Silver	$0.01	36.32 K oz	282.400 g/t	20.00 K t
Estimate notes: See Table 17-17: San Luis Mineral Resources on p. 85 of 158 in the (NI) 43-101 dated January 2009. Resource quantities adjusted for ownership percentage of 20.0%. 6 g/t gold equivalent cut-off.