Company Web Site: www.mexicansilvermines.com

(NI) 43-101 reports from projects located in: Peru (PE)

This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2009-05-25. 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

More External Links: Rio Alto Merger Conference Call Transcript, May 28, 2009  |  Canadian Insider Trading  |  

Mexican Silver Mines Ltd. Completes Acquisition of Rio Alto Mining Limited, June 29, 2009.

Recent Production

• 2009 : CAUTION -- PLEASE READ.
  This report has been updated assuming that the Rio Alto merger, as discussed on the Mexican Silver Mines Webcast from Thursday, May 28, 2009 will be completed (completed June 29, 2009). After the merger is completed, the company is forecasting gold production within 18 months. This valuation report has been prepared assuming that
  • Mexican Silver Mines and Rio Alto complete their merge (completed June 29, 2009).
  • Mexican Silver Mines exercies options to aquire 100% of the La Arena project from IAMGold.
  
  
  

Source(s):

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-10

Project	CC	MVpSh	PP%	MI%	I%	Gold	Copper
La Arena	PE	$175.82	0	62%	38%	3.80 M oz	1.34 M t
GoldMinerPulse Metrics - Total All Projects by Metal
Metric / Metal						Gold	Copper
Metal Totals						3.80 M oz	1.34 M t
Metal Prices in US$ (from 2010-03-10)						$1,107.10 per oz	$3.34750 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)						$52.57	$123.25
Percentage of Total Metal Value						29.90%	70.10%
PP% | MI% | I%						0 | 68% | 32%	0 | 59% | 41%
GoldMinerPulse Metrics - Total of All Metals and All Projects using prices at TSX/TSXV close on 2010-03-10
Metal Value per Share (MVpSh)						$175.82   US$
Metal Value Leverage (MVL)						-no stock price-
Recent Stock Price						$   C$   (TSX/TSXV close on 2010-03-10. Conversion rate used: 1 Cnd$ = 0.974756 US$ )
Fully Diluted Share Count						80.00 M    ( Fully diluted share count after merger is taken from slide 10 of the May 28th conference call. )
PP% | MI% | I%						0 | 62% | 38%
Market Capitalization     per oz of Gold In Ground						$0.00   US$  |   0.00   C$
Gold Eq Oz Estimate						12.70 M oz   ( 3.80 M oz are in ground)
Market Capitalization     per oz of Gold Equilavent						$0.00   US$  |   0.00   C$
Recent London Prices for Metals in Mexican Silver Mines Ltd. (NI) 43-101-Compliant Reserve and/or Resource Estimates
						Gold	Copper
See terms for more about GoldMinerPulse metrics.

Additional Notes:

La Arena Reserves and Resources    -    The (NI) 43-101 report, Table 1.8_2 on p. 15 of 156 shows approximately 2M oz of gold and 1.27B lbs of copper as a probable reserve which are a subset of the indicated mineral resources shown in Table 1.7_1 on p. 13 of 156. Since the inferred resources also include the probable reserves, GoldMinerPulse has only reported the larger indicated resource.

Based on the plans reported around the expected Rio Alto merger, an update (NI) 43-101 is expected during the summer of 2009.

 

GoldMinerPulse Coverage Status:

• GoldMinerPulse coverage of Mexican Silver Mines Ltd. has started but is not complete.

(NI) 43-101 Report:

Title: La Arena Project, Peru Technical Report
Date: 2008-06 (0 pages)

Project Location: La Libertad, Peru

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$9.29	671.31 K oz	0.360 g/t	58.00 M t
Silver	$0.04	167.83 K oz	0.090 g/t	58.00 M t
Estimate notes: See Oxide row in Table 1.7_1 on p. 13 of 156 in the (NI) 43-101 dated June 2008. Cuttoff is 0.15g/t Au. This Valuation Report is prepared assuming that Mexican Silver Mines and Rio Alto merge. Mexican Silver Mines exercies its options to aquire 100% of the La Arena project from IAMGold.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.21	15.30 K oz	0.280 g/t	1.70 M t
Silver	$0.00	19.13 K oz	0.350 g/t	1.70 M t
Estimate notes: See Oxide Material row in Table 1.7_1 on p. 13 of 156 in the (NI) 43-101 dated June 2008. Cuttoff is 0.15 g/t Au.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$26.43	1.91 M oz	0.270 g/t	220.00 M t
Copper	$73.06	792.00 K t	3,600.000 g/t	220.00 M t
Estimate notes: See Secondary & Primary Material row in Table 1.7_1 on p. 13 of 156 in the (NI) 43-101 dated June 2008. Cuttoff is 0.1% Cu.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$16.64	1.20 M oz	0.220 g/t	170.00 M t
Copper	$50.18	544.00 K t	3,200.000 g/t	170.00 M t
Estimate notes: See Secondary & Primary Material row in Table 1.7_1 on p. 13 of 156 in the (NI) 43-101 dated June 2008. Cuttoff is 0.1% Cu.