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SILVERCREST MINES RECEIVES US$12 MILLION
FUNDING UNDER GOLD PURCHASE AGREEMENT
WITH SANDSTORM RESOURCES LTD.
Sandstorm has agreed to purchase 20% of the life of mine gold production from SilverCrest's Santa Elena project (the "Santa Elena Project"), located in Mexico, for US$12 million upfront in cash plus (a) ongoing per ounce payments equal to the lesser of (i) US$350 (which approximates SilverCrest's cash cost of production) (subject to an increase equal to 1% per annum commencing on the third anniversary of the date that the Santa Elena Project begins commercial production), and (ii) the then prevailing market price per ounce of gold, and (b) the issuance of 3,500,000 common shares of Sandstorm as part of the upfront consideration. Reference is made to SilverCrest's news releases dated May 15 and April 24, 2009 for further details of the transaction.
This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-08-15.
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 2013-05-23 |
|---|---|
| In Situ Metal Value per Share (MVpSh) | US$18.77 |
| Average Ore Value per Tonne | US$96.21 |
| Metal Value Leverage (MVL) | -no stock price- |
| Market Capitalization as a Percentage of Metal Value | - price unavailable |
| Recent Closing Stock Price | C$ [note 1] |
| Fully Diluted Share Count | 76.23 M [note 2] |
| Percentage In Situ Proven + Probable Reserve | 46% |
| Percentage In Situ Measured + Indicated Resource | 15% |
| Percentage In Situ Inferred Resource | 39% |
| Metric | Value on 2013-05-23 |
|---|---|
| Silver Reserves + Resources | 35.75 M oz |
| Average Silver Ore Grade | 74.8 g/t |
| Market Capitalization per oz of Silver In Situ | US$0.00 ( C$0.00 ) |
| Silver Equivalent Ounces Estimate | 63.14 M oz |
| Market Capitalization per oz of Silver Equivalent | US$0.00 ( C$0.00 ) |
Note 1: Conversion rate used: 1 Cnd$ = 0.971426 US$
Note 2: See March 31, 2011 financial statement.
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) | 445.61 K oz | 35.75 M oz | ||||
| Metal Prices in US$ (from 2013-05-23) | $1,392.90 / oz | $22.66 / oz | $0.92280 / lb | $0.82380 / lb | ||
| Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count | $8.14 | $10.63 | $0.00 | $0.00 | ||
| Percentage of Total Metal Value | 43.38% | 56.62% | 0.00% | 0.00% | ||
| Metal Value Percentage Proven + Probable | 63% | 33% | 0% | 0% | ||
| Metal Value Percentage Measured + Indicated | 14% | 16% | 0% | 0% | ||
| Metal Value Percentage Inferred | 24% | 51% | 0% | 0% | ||
The above metal value totals derive from the following projects.
| Project | Location | Metal Value per share (% total) | Average Ore Value US$/t | Gold | Silver | Lead | Zinc | PP% | MI% | I% |
|---|---|---|---|---|---|---|---|---|---|---|
| Santa Elena | Sonora, Mexico | $13.92 ( 74.2% ) | US$138.49 | 429.76 K oz | 20.43 M oz | 62% | 15% | 23% | ||
| Cruz De Mayo | Sonora, Mexico | $4.84 ( 25.8% ) | US$51.25 | 15.85 K oz | 15.32 M oz | 0 | 15% | 85% |
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
Latest NI43-101 Report: NI 43-101 Technical Report
Reserve Update for the Santa Elena Open Pit and
Preliminary Assessment for the Santa Elena and Cruz de Mayo Expansion Project
2011-05-11 (216 pages).
Project Location: Sonora, Mexico.
Average Ore Value (all estimate types): US$51.25
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.04 | 2.20 K oz | 0.060 g/t | 1.14 M t |
| Silver | $0.70 | 2.36 M oz | 64.200 g/t | 1.14 M t |
Estimate notes: See Table 3 Santa Elena & Cruz De Mayo Gold and Silver Resources and Reserves on p. 17 of 216 in the May 2011 Technical Report.
based on a silver cut-off grade of 30 g/t.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $0.25 | 13.65 K oz | 0.070 g/t | 6.07 M t |
| Silver | $3.85 | 12.97 M oz | 66.500 g/t | 6.07 M t |
Estimate notes:
Latest NI43-101 Report: NI 43-101 Technical Report
Reserve Update for the Santa Elena Open Pit and
Preliminary Assessment for the Santa Elena and Cruz de Mayo Expansion Project
2011-05-11 (216 pages).
Project Location: Sonora, Mexico.
Average Ore Value (all estimate types): US$138.49
Probable
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $5.10 | 279.02 K oz | 1.810 g/t | 4.79 M t |
| Silver | $3.48 | 11.70 M oz | 75.900 g/t | 4.79 M t |
Estimate notes: See Table 3 Santa Elena & Cruz De Mayo Gold and Silver Resources and Reserves on p. 17 of 216 in the May 2011 Technical Report.
cut-off grade of 0.38 g/t gold equivalent
Indicated
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $1.07 | 58.31 K oz | 1.830 g/t | 991.10 K t |
| Silver | $1.03 | 3.48 M oz | 109.100 g/t | 991.10 K t |
Estimate notes: Underground resource.
Inferred
| Metal | MVpSh | Contained Metal Quantity | Ore Grade | Ore Quantity |
|---|---|---|---|---|
| Gold | $1.69 | 92.43 K oz | 1.530 g/t | 1.88 M t |
| Silver | $1.56 | 5.25 M oz | 86.900 g/t | 1.88 M t |
Estimate notes: