GoldMinerPulse.com -- Genco Resources Ltd.: (NI) 43-101 Metal Valuation Report

Genco Resources Ltd. (GGC)

Company Web Site: www.gencoresources.com
(NI) 43-101 reports from projects located in: Mexico (MX)
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-03-08. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-10.
External Links: Yahoo News and Quotes  |  Yahoo Message Board  |  StockCharts  |  Stockhouse  |  Canadian Insider Trading
More External Links:

Blog -- Genco Land Holdings: further evidence for an extraordinary future price increase.  |

Blog -- Estimating Genco Resources Fair Market Valuation  |

Genco Increases Mining Reserves 415% To 47 Million Silver Equivalent Ounces (January 29, 2010)  |

Genco Announces Completion Of Feasibility Study, December 16, 2009.

Projected pre-production capital costs for the construction of a new mill and mine development are US$148.7 million, which includes taxes, contingencies and working capital totaling US$40.4 million. Estimated pre-tax cash flows over the initial 9-year project life are US$125.2 million after capital recovery, resulting in a pre-tax 20% internal rate of return. The provisional time for project pay back is 3.6 years at the study's metal price averages. The estimated net present value of the project is US$74.8 million using a 5% discount rate. The study used average metal prices of US$14 per ounce for silver and US$800 per ounce for gold for all cash flow and pay back estimates.
Recent Production
2010 : Mine is reopening in 2010 after 13M+ illegal shutdown.
2009 : La Guitarra mine production since 1993 was 1,048,925 tonnes at average grades of 278 g Ag/t and 3.73 g Au/t.
Source(s): See p. 57 of 75 (NI) 43-101 report dated June 2008.
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-10
Project/Deposit CC MVpSh PP% MI% I% Gold Silver
    La Guitarra MX $27.92 24% 4% 72% 1.04 M oz     142.46 M oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-10
Metric / Metal Gold Silver
    Metal Totals 1.04 M oz     142.46 M oz
    Metal Prices in US$ (from 2010-03-10) $1,107.10 per oz     $16.99 per oz
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $8.97     $18.95
    Percentage of Total Metal Value 32.13%     67.87%
    PP% | MI% | I% 26% | 5% | 69%     23% | 4% | 73%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-10
    Metal Value per Share (MVpSh)    US$27.92
    Average Ore Value per Tonne    US$149.54
    Metal Value Leverage (MVL)    75.37
    Market Capitalization as % of Metal Value    1.3%
    Recent Stock Price    C$0.38   (TSX/TSXV close on 2010-03-10.)
Conversion rate used: 1 Cnd$ = 0.974756 US$ )
    Fully Diluted Share Count    127.75 M    ( Fully diluted share count is estimated as the Shares Issued + Warrants & Options on Genco Resources Ltd, Share Structure web page (veiewed March 8, 2010) plus the shares and warrants to be added through the Genco's Third Tranche Of $4.5 Million Placement Oversubscribed March 08, 2010 News Release. )
    PP% | MI% | I%    24% | 4% | 72%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade    1.35 g/t
    Market Capitalization
    per oz of Gold In Ground    $45.72   US$  |   46.90   C$
    Gold Eq Oz Estimate    3.22 M oz   ( 1.04 M oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent    $14.69   US$  |   15.07   C$
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    185.8 g/t
    Market Capitalization
    per oz of Silver In Ground    $0.33   US$  |   0.34   C$
    Silver Eq Oz Estimate    209.91 M oz   ( 142.46 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $0.23   US$  |   0.23   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
Genco Appoints Goodman to Board of Directors
Mr. Goodman commented, "I am very pleased to have been invited to join Genco's Board of Directors. I have always believed in the quality of La Guitarra Mine, the Company's principal asset. I look forward to working with colleagues on a strong Board to help Genco realize its full potential, and thus create substantial value for shareholders."
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Genco Resources Ltd. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver
La Guitarra	MX	$27.92	24%	4%	72%	1.04 M oz	142.46 M oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-10
Metric / Metal	Gold	Silver
Metal Totals	1.04 M oz	142.46 M oz
Metal Prices in US$ (from 2010-03-10)	$1,107.10 per oz	$16.99 per oz
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$8.97	$18.95
Percentage of Total Metal Value	32.13%	67.87%
PP% \| MI% \| I%	26% \| 5% \| 69%	23% \| 4% \| 73%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-10
Metal Value per Share (MVpSh)	US$27.92
Average Ore Value per Tonne	US$149.54
Metal Value Leverage (MVL)	75.37
Market Capitalization as % of Metal Value	1.3%
Recent Stock Price	C$0.38 (TSX/TSXV close on 2010-03-10.) Conversion rate used: 1 Cnd$ = 0.974756 US$ )
Fully Diluted Share Count	127.75 M ( Fully diluted share count is estimated as the Shares Issued + Warrants & Options on Genco Resources Ltd, Share Structure web page (veiewed March 8, 2010) plus the shares and warrants to be added through the Genco's Third Tranche Of $4.5 Million Placement Oversubscribed March 08, 2010 News Release. )
PP% \| MI% \| I%	24% \| 4% \| 72%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade	1.35 g/t
Market Capitalization per oz of Gold In Ground	$45.72 US$ \| 46.90 C$
Gold Eq Oz Estimate	3.22 M oz ( 1.04 M oz are in ground)
Market Capitalization per oz of Gold Equilavent	$14.69 US$ \| 15.07 C$
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	185.8 g/t
Market Capitalization per oz of Silver In Ground	$0.33 US$ \| 0.34 C$
Silver Eq Oz Estimate	209.91 M oz ( 142.46 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$0.23 US$ \| 0.23 C$

See terms for more about GoldMinerPulse metrics.

La Guitarra - ^top^

(NI) 43-101 Report:

Title: REVIEW OF RESOURCES AND RESERVES LA GUITARRA MINE TEMASCALTEPEC, MEXICO
Date: 2008-06-25 (75 pages)

Updates: See Genco Increases Mining Reserves 415% To 47 Million Silver Equivalent Ounces, January 29, 2010.

Project Location: Temascaltepec, Mexico / Mining Region: Sierra Madre Occidental

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.89 102.56 K oz 1.460 g/t 2.19 M t
Silver $1.95 14.68 M oz 209.000 g/t 2.19 M t
Estimate notes: Underground reserves from Genco Increases Mining Reserves 415% To 47 Million Silver Equivalent Ounces, January 29, 2010.
Reserves calacuted using a 135 equivalent silver grams per tonne cut-off, a 20% dilution factor at zero grades.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.89	102.56 K oz	1.460 g/t	2.19 M t
Silver	$1.95	14.68 M oz	209.000 g/t	2.19 M t
Estimate notes: Underground reserves from Genco Increases Mining Reserves 415% To 47 Million Silver Equivalent Ounces, January 29, 2010. Reserves calacuted using a 135 equivalent silver grams per tonne cut-off, a 20% dilution factor at zero grades.

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.43 164.55 K oz 0.750 g/t 6.82 M t
Silver $2.36 17.77 M oz 81.000 g/t 6.82 M t
Estimate notes: Open pit reserves from Genco Increases Mining Reserves 415% To 47 Million Silver Equivalent Ounces, January 29, 2010.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.43	164.55 K oz	0.750 g/t	6.82 M t
Silver	$2.36	17.77 M oz	81.000 g/t	6.82 M t
Estimate notes: Open pit reserves from Genco Increases Mining Reserves 415% To 47 Million Silver Equivalent Ounces, January 29, 2010.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.47 54.76 K oz 0.790 g/t 2.16 M t
Silver $0.73 5.48 M oz 79.000 g/t 2.16 M t
Estimate notes: Open pit resource from Genco Increases Mining Reserves 415% To 47 Million Silver Equivalent Ounces, January 29, 2010.
Cut-off 45 g/t Ag Eq. Measured + Indicated, exclusive of Proven + Probable estimated by reducing the total M + I open pit resources by the Proven + Probable ore tonne.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.47	54.76 K oz	0.790 g/t	2.16 M t
Silver	$0.73	5.48 M oz	79.000 g/t	2.16 M t
Estimate notes: Open pit resource from Genco Increases Mining Reserves 415% To 47 Million Silver Equivalent Ounces, January 29, 2010. Cut-off 45 g/t Ag Eq. Measured + Indicated, exclusive of Proven + Probable estimated by reducing the total M + I open pit resources by the Proven + Probable ore tonne.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.75 86.26 K oz 1.000 g/t 2.68 M t
Silver $0.86 6.47 M oz 75.000 g/t 2.68 M t
Estimate notes: Open pit resource from Genco Increases Mining Reserves 415% To 47 Million Silver Equivalent Ounces, January 29, 2010.
Cut-off 45 g/t eAg.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.75	86.26 K oz	1.000 g/t	2.68 M t
Silver	$0.86	6.47 M oz	75.000 g/t	2.68 M t
Estimate notes: Open pit resource from Genco Increases Mining Reserves 415% To 47 Million Silver Equivalent Ounces, January 29, 2010. Cut-off 45 g/t eAg.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $5.43 626.94 K oz 1.950 g/t 10.00 M t
Silver $13.04 98.06 M oz 305.000 g/t 10.00 M t
Estimate notes: Underground resources from Genco Increases Mining Reserves 415% To 47 Million Silver Equivalent Ounces, January 29, 2010.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.43	626.94 K oz	1.950 g/t	10.00 M t
Silver	$13.04	98.06 M oz	305.000 g/t	10.00 M t
Estimate notes: Underground resources from Genco Increases Mining Reserves 415% To 47 Million Silver Equivalent Ounces, January 29, 2010.


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