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SHAFTER SILVER PROPERTY

Presidio County Texas


In July 2008, Aurcana completed the 100% acquisition of the Shafter Silver Project from Silver Standard. In June 2009 the Company announced positive Pre-feasibility Study followed by a positive feasibility study in September 2010.

In January 2011, Aurcana commenced an 18-month construction program and has received the final permit required to commence production in November 2011.

The operation at Shafter Project was started in December 2012.

Overview

Aurcana owns 100% of the Shafter silver deposit located in Presidio County, southwest Texas.

The Shafter silver project is 375 km southeast of El Paso, in Presidio County, southwest Texas, within a historic mining district. The site has excellent infrastructure, both in terms of year-round access via a paved highway, upgraded utility power and mine site facilities.

Silver from the Presidio Mine was mined from 1883 until 1942 when it was closed due to declining silver prices and the War Act. In the late 1970’s Gold Fields discovered a previously unknown deep extension to the Presidio, which remains un-mined and is the primary objective of Aurcana’s development plans.

In 2008 Aurcana acquired the Shafter Silver Project and in 2011 commenced re-development of underground access as well as construction of mill and mine facilities. In December 2013 the operation was put on care and maintenance. Since that time Aurcana has re-estimated the silver resources at Shafter, completed in-house reviews of the technical aspects of the deposit and examined several scenarios that may lead to an eventual re-start of operations.

In January 2016 an updated mineral resource estimate was released.

In September 2016 a Preliminary Economic Assessment was released.

The scientific and technical information contained herein has been reviewed and approved by J. Blackwell (P.Geo), a Qualified Person as defined by NI 43-101 and a director of Aurcana.

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