Centauro - La Herradura gold mine

La Herradura is composed by an open pit mine, heap leach and a Merrill Crowe processing. The extension of the Centauro pit (previously Mega Centauro) is considered the natural evolution of the mine. During 2015, the company progressed in the development of the optimal pit design which is being evaluated. This US$155 million project is expected to commence production in 2019. The underground project, called Centauro Deep, is expected to be in operation by 2020 at a remaining capital cost of US$200 million (as of end 2015) and is expected to produce an annual average of 225 kilo ounces of gold. The accompanying analysis includes production from both the open pit and the proposed underground operation.