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Silvermex Resources is a silver exploration and development company focused in the foremost mining regions of Mexico. Silvermex is developing silver resources at multiple projects which include a 16,279 hectare land concession that hosts 3 past producing silver/gold/lead/zinc mines. The Silvermex Resources Ltd. web site is at www.silvermexresources.com.
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This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2010-08-17.
The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.
| General Metric | Value on 2010-09-02 |
|---|---|
| In Situ Metal Value per Share (MVpSh) | US$9.52 |
| Average Ore Value per Tonne | US$90.79 |
| Metal Value Leverage (MVL) | 23.60 |
| Market Capitalization as a Percentage of Metal Value | 4.2% |
| Recent Closing Stock Price | C$0.425 [note 1] |
| Fully Diluted Share Count | 110.78 M [note 2] |
| Percentage In Situ Proven + Probable Reserve | 0% |
| Percentage In Situ Measured + Indicated Resource | 73% |
| Percentage In Situ Inferred Resource | 27% |
| Metric | Value on 2010-09-02 |
|---|---|
| Silver Reserves + Resources | 42.36 M oz |
| Average Silver Ore Grade | 113.4 g/t |
| Market Capitalization per oz of Silver In Situ | US$1.06 ( C$1.11 ) |
| Silver Equivalent Ounces Estimate | 53.57 M oz |
| Market Capitalization per oz of Silver Equivalent | US$0.83 ( C$0.88 ) |
Note 1: Conversion rate used: 1 Cnd$ = 0.949244 US$
Note 2: Fully diluted share count taken from Share Structure web page, viewed August 16, 2010.
All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.
| Metric / Metal | Gold | Silver | Lead | Zinc | ||
|---|---|---|---|---|---|---|
| Total Counts (reserves + resources) | 6.24 K oz | 42.36 M oz | 32.42 K t | 69.03 K t | ||
| Metal Prices in US$ (from 2010-09-02) | $1,251.30 per oz | $19.69 per oz | $0.96240 per lb | $0.94810 per lb | ||
| Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count | $0.07 | $7.53 | $0.62 | $1.30 | ||
| Percentage of Total Metal Value | 0.74% | 79.06% | 6.52% | 13.68% | ||
| Metal Value Percentage Proven + Probable | 0% | 0% | 0% | 0% | ||
| Metal Value Percentage Measured + Indicated | 51% | 77% | 57% | 57% | ||
| Metal Value Percentage Inferred | 49% | 23% | 43% | 43% | ||
The above metal value totals derive from the following projects.
| Project | Location | Metal Value per share (% total) | Gold | Silver | Lead | Zinc | PP% | MI% | I% |
|---|---|---|---|---|---|---|---|---|---|
| San_Marcial | Sonora, Mexico | $5.18 ( 54.4% ) | 22.39 M oz | 22.44 K t | 40.85 K t | 0 | 76% | 24% | |
| La_Frazada | Nayarit, Mexico | $2.31 ( 24.3% ) | 6.24 K oz | 8.55 M oz | 9.98 K t | 28.18 K t | 0 | 53% | 47% |
| Penasco_Quemado | Sonora, Mexico | $2.03 ( 21.3% ) | 11.42 M oz | 0 | 88% | 12% |
PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors
The La Frazada mine is located in the historic mining district of Real del Zopilote, in the state of Nayarit and along the south west margin of the Sierra Madre Occidental.
The principal mineralized zones which lie between 10 and 15 meters apart, are the La Jabalina and La Frazada Veins. These two parallel structures vary in width from 3 to 15 meters, [Source: company web site]
Latest NI43-101 Report: TECHNICAL REPORT AND PRELIMINARY MINERAL RESOURCE ESTIMATE FOR THE LA FRAZADA SILVER PROPERTY EL ZOPILOTE MINING DISTRICT NAYARIT, MEXICO
2009-01-19 (105 pages).
Updates: Silvermex Resources Presentation viewed May 2010.
Project Location: Nayarit, Mexico in the Sierra Madre Occidental mining region. View the La Frazada project on a Google Map.
Measured
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.02 | 1.92 K oz | 0.197 g/t | 303.80 K t |
| Silver | $0.45 | 2.54 M oz | 259.750 g/t | 303.80 K t |
| Lead | $0.05 | 2.67 K t | 8,800.000 g/t | 303.80 K t |
| Zinc | $0.14 | 7.17 K t | 23,600.000 g/t | 303.80 K t |
Estimate notes: Silvermex Resources Presentation slide 4 of 38.
60 g/t Silver Cut-Off
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.01 | 1.26 K oz | 0.141 g/t | 278.90 K t |
| Silver | $0.38 | 2.16 M oz | 240.460 g/t | 278.90 K t |
| Lead | $0.05 | 2.40 K t | 8,600.000 g/t | 278.90 K t |
| Zinc | $0.13 | 7.03 K t | 25,200.000 g/t | 278.90 K t |
Estimate notes: See Measured note.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.03 | 3.05 K oz | 0.178 g/t | 533.70 K t |
| Silver | $0.69 | 3.86 M oz | 224.880 g/t | 533.70 K t |
| Lead | $0.09 | 4.91 K t | 9,200.000 g/t | 533.70 K t |
| Zinc | $0.26 | 13.98 K t | 26,200.000 g/t | 533.70 K t |
Estimate notes: See Measured note.
The Penasco Quemado project totals 20,000 hectares located in north-central Sonora, Mexico. An update to the technical report for this project is pending. [Source: company web site]
Latest NI43-101 Report: UPDATED NI 43-101 TECHNICAL REPORT
AND
RESOURCE ESTIMATE
FOR THE
PEŅASCO QUEMADO SILVER PROPERTY
MAGDALENA - TUBUTAMA MINING DISTRICT
SONORA, MEXICO
2006-03-09 (160 pages).
Updates: Silvermex Resources Presentation viewed May 2010 plus update spreadsheet provided by company.
Project Location: Sonora, Mexico in the Sierra Madre Occidental mining region. View the Penasco Quemado silver property on a Google Map.
Measured
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $0.46 | 2.59 M oz | 111.600 g/t | 722.66 K t |
Estimate notes: See Silvermex Resources Presentation slice 4 of 38.
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $1.33 | 7.46 M oz | 98.600 g/t | 2.35 M t |
Estimate notes: See Measured note.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $0.24 | 1.37 M oz | 71.200 g/t | 597.05 K t |
Estimate notes: See Measured note.
The Rosario mining concession totals 16,279 hectares in south east Sinaloa, Mexico. The mining concession represents a high priority mining district and consolidates three past producing mines: Plamosas, San Juan, and San Marcial. Extensive infrastructure is in place at Rosario, including a fully functional mining camp facility at the Plamosas mine. Facilities and infrastructure at Rosario include 20 year surface rights agreement in good standing, 30 year water use permit, tailings dam, 60 km - 33 KV power line, 120 man camp, infirmary, offices, shops and warehouses, and assay lab. [Source: company web site]
Latest NI43-101 Report: UPDATED NI 43-101 TECHNICAL REPORT
FOR THE
SAN MARCIAL PROPERTY
LA RASTRA MINING DISTRICT
SINALOA, MEXICO
2008-11-05 (112 pages).
Updates: Silvermex Resources Presentation viewed May 2010. Note: historic reserves and resources are NOT included in this report.
Project Location: Sonora, Mexico in the Simaloa Madre Occidental mining region. View the Rosario mill and the mountain road to the approximate location of the San Marcial mine on a Google Map.
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $3.20 | 18.02 M oz | 149.200 g/t | 3.76 M t |
| Lead | $0.26 | 13.52 K t | 3,600.000 g/t | 3.76 M t |
| Zinc | $0.47 | 25.17 K t | 6,700.000 g/t | 3.76 M t |
Estimate notes: Silvermex Resources Presentation slice 4 of 38.
30 g/t Silver cut-off grade
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Silver | $0.78 | 4.37 M oz | 44.210 g/t | 3.08 M t |
| Lead | $0.17 | 8.92 K t | 2,900.000 g/t | 3.08 M t |
| Zinc | $0.30 | 15.68 K t | 5,100.000 g/t | 3.08 M t |
Estimate notes: See Indicated notes.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|
Estimate notes: Approximate location of the San Marcial mine documented.
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