GoldMinerPulse Report on Impact Silver Corp.: (NI) 43-101 Metal Valuation Report

Impact Silver Corp. (IPT)

Company Web Site: www.impactsilver.com
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2009-12-05. 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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Recent Production
2008 : 2008 production: 213,876 oz silver, 257 t lead and 300 t zinc. Revenue per tonne: $86.03, direct cost $56.82.
2007 : 2007 production was 85K oz silver, 136 t lead and 244 t zinc.
Source(s):
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 Copper Lead Zinc
    Capire MX $2.62 0 94% 6% 21.55 K oz     5.59 M oz     0.00 K t     0.00 K t     0.00 K t
    Aurora1 MX $1.88 0 94% 6% 8.31 K oz     2.16 M oz     1.03 K t     5.92 K t     11.92 K t

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal Gold Silver Copper Lead Zinc
    Metal Totals 29.86 K oz     7.75 M oz     1.03 K t     5.92 K t     11.92 K t
    Metal Prices in US$ (from 2010-09-02) $1,251.30 per oz     $19.69 per oz     $3.46130 per lb     $0.96240 per lb     $0.94810 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $0.72     $2.92     $0.15     $0.24     $0.48
    Percentage of Total Metal Value 15.88%     64.84%     3.35%     5.34%     10.59%
    PP% | MI% | I% 0 | 94% | 6%     0 | 94% | 6%     0 | 94% | 6%     0 | 94% | 6%     0 | 94% | 6%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
    Metal Value per Share (MVpSh)    US$4.51
    Average Ore Value per Tonne    US$50.77
    Metal Value Leverage (MVL)    4.40
    Market Capitalization as % of Metal Value    22.8%
    Recent Stock Price    C$1.08   (TSX/TSXV close on 2010-09-02.)
Conversion rate used: 1 Cnd$ = 0.949244 US$ )
    Fully Diluted Share Count    52.23 M    ( See Impact Silver Corp., Share Structure web page (viewed December 2009). )
    PP% | MI% | I%    0 | 94% | 6%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade    0.2 g/t
    Market Capitalization
    per oz of Gold In Ground    $1,792.89   US$  |   1,888.75   C$
    Gold Eq Oz Estimate    188.07 K oz   ( 29.86 K oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent    $284.69   US$  |   299.92   C$
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    52 g/t
    Market Capitalization
    per oz of Silver In Ground    $6.91   US$  |   7.28   C$
    Silver Eq Oz Estimate    11.95 M oz   ( 7.75 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $4.48   US$  |   4.72   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
Impact Silver Corp. Presentation.
Impact Silver Corp. has current production at several mines for which NI 431-101 resource and reserve estimates have not been published.

Guadalupe Mine has been in continuous production since 1930s.

Chivo Mine in production since January 2008.

Gallega Mine in production since January 2007.

Mamatla exploration - drilling on advance targets to develop a NI 43-101.

Noche Buena full production planned for April 20101.

GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Impact Silver Corp. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Copper	Lead	Zinc
Capire	MX	$2.62	0	94%	6%	21.55 K oz	5.59 M oz	0.00 K t	0.00 K t	0.00 K t
Aurora1	MX	$1.88	0	94%	6%	8.31 K oz	2.16 M oz	1.03 K t	5.92 K t	11.92 K t

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal	Gold	Silver	Copper	Lead	Zinc
Metal Totals	29.86 K oz	7.75 M oz	1.03 K t	5.92 K t	11.92 K t
Metal Prices in US$ (from 2010-09-02)	$1,251.30 per oz	$19.69 per oz	$3.46130 per lb	$0.96240 per lb	$0.94810 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$0.72	$2.92	$0.15	$0.24	$0.48
Percentage of Total Metal Value	15.88%	64.84%	3.35%	5.34%	10.59%
PP% \| MI% \| I%	0 \| 94% \| 6%	0 \| 94% \| 6%	0 \| 94% \| 6%	0 \| 94% \| 6%	0 \| 94% \| 6%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
Metal Value per Share (MVpSh)	US$4.51
Average Ore Value per Tonne	US$50.77
Metal Value Leverage (MVL)	4.40
Market Capitalization as % of Metal Value	22.8%
Recent Stock Price	C$1.08 (TSX/TSXV close on 2010-09-02.) Conversion rate used: 1 Cnd$ = 0.949244 US$ )
Fully Diluted Share Count	52.23 M ( See Impact Silver Corp., Share Structure web page (viewed December 2009). )
PP% \| MI% \| I%	0 \| 94% \| 6%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade	0.2 g/t
Market Capitalization per oz of Gold In Ground	$1,792.89 US$ \| 1,888.75 C$
Gold Eq Oz Estimate	188.07 K oz ( 29.86 K oz are in ground)
Market Capitalization per oz of Gold Equilavent	$284.69 US$ \| 299.92 C$
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	52 g/t
Market Capitalization per oz of Silver In Ground	$6.91 US$ \| 7.28 C$
Silver Eq Oz Estimate	11.95 M oz ( 7.75 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$4.48 US$ \| 4.72 C$

See terms for more about GoldMinerPulse metrics.

Aurora1 - ^top^

(NI) 43-101 Report:

Title: REPORT ON MINERAL RESOURCES OF THE CAPIRE-AURORA1 PROJECT MAMATLA MINERAL DISTRICT, MEXICO
Date: 2009-11-10 (189 pages)

Project Location: Guerrero, Mexico

Map View: View the Capire-Aurora1 deposit on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.19    7.86 K oz     0.201      1.22 M t
   Silver $0.77    2.04 M oz     52.070      1.22 M t
   Copper $0.14    0.97 K t       800.000      1.22 M t
   Lead $0.23    5.59 K t       4,600.000      1.22 M t
   Zinc $0.45    11.19 K t       9,200.000      1.22 M t
Estimate notes: See Aurora1 Zone - Measured and Indicated Resource Report on p. 16 of 189 of the NI 43-101 report dated November 2009.
Grand Total / Avg figures used.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.19	7.86 K oz	0.201	1.22 M t
Silver	$0.77	2.04 M oz	52.070	1.22 M t
Copper	$0.14	0.97 K t	800.000	1.22 M t
Lead	$0.23	5.59 K t	4,600.000	1.22 M t
Zinc	$0.45	11.19 K t	9,200.000	1.22 M t
Estimate notes: See Aurora1 Zone - Measured and Indicated Resource Report on p. 16 of 189 of the NI 43-101 report dated November 2009. Grand Total / Avg figures used.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.01    0.46 K oz     0.166      85.84 K t
   Silver $0.05    129.40 K oz     46.890      85.84 K t
   Copper $0.01    0.06 K t       700.000      85.84 K t
   Lead $0.01    0.33 K t       3,800.000      85.84 K t
   Zinc $0.03    0.74 K t       8,600.000      85.84 K t
Estimate notes: See Aurora1 Zone - Inferred Resource Report on p. 17 of 189 of the NI 43-101 report dated November 2009.
Grand Total / Avg figures used.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.01	0.46 K oz	0.166	85.84 K t
Silver	$0.05	129.40 K oz	46.890	85.84 K t
Copper	$0.01	0.06 K t	700.000	85.84 K t
Lead	$0.01	0.33 K t	3,800.000	85.84 K t
Zinc	$0.03	0.74 K t	8,600.000	85.84 K t
Estimate notes: See Aurora1 Zone - Inferred Resource Report on p. 17 of 189 of the NI 43-101 report dated November 2009. Grand Total / Avg figures used.

Capire - ^top^

(NI) 43-101 Report:

Title: REPORT ON MINERAL RESOURCES OF THE CAPIRE-AURORA1 PROJECT MAMATLA MINERAL DISTRICT, MEXICO
Date: 2009-11-10 (189 pages)

Project Location: Guerrero, Mexico

Map View: View the Capire-Aurora1 deposit on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.48 20.23 K oz 0.202 3.11 M t
Silver $1.97 5.24 M oz 52.310 3.11 M t
Estimate notes: See Capire Zone - Measured + Indicated Resource Report on p. 15 of 189 of the NI 43-101 report dated November 2009.
Grand Total / Avg figures used.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.48	20.23 K oz	0.202	3.11 M t
Silver	$1.97	5.24 M oz	52.310	3.11 M t
Estimate notes: See Capire Zone - Measured + Indicated Resource Report on p. 15 of 189 of the NI 43-101 report dated November 2009. Grand Total / Avg figures used.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.03 1.32 K oz 0.188 218.62 K t
Silver $0.13 347.29 K oz 49.410 218.62 K t
Estimate notes: See Capire Zone - Inferred Resource Report on p. 16 of 189 of the NI 43-101 report dated November 2009.
Grand Total / Avg figures used.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.03	1.32 K oz	0.188	218.62 K t
Silver	$0.13	347.29 K oz	49.410	218.62 K t
Estimate notes: See Capire Zone - Inferred Resource Report on p. 16 of 189 of the NI 43-101 report dated November 2009. Grand Total / Avg figures used.