Cerro Dolores

Disclaimer

There are no resources or reserves on the Cerro Dolores property that have been prepared by standards outlined in NI 43-101. Luismin had prepared a reserve estimate in 1998 based on underground development and drilling. Those resource estimates do not follow the required disclosure for reserves and resources as outlined in National Instrument 43-101 as they were prepared in the 1980's prior to NI 43-101. The historic resource figures generated by Luismin have not been redefined to conform to the CIM approved standards as required in NI 43-101. The resource estimates have been obtained by sources believed reliable and are relevant but cannot be verified. No effort has been made to refute or confirm these estimates and they can only be described as historical estimates.

El Transito Deposit

This deposit was chosen for initial attention by Starcore because it has an established ore reserve and appears amenable for low-cost, fast track production. Subjected to significant exploration and underground development costing $2.4 USD million, the property also has a positive Prefeasibility Study prepared by a major independent engineering consulting firm. Of the mineral resource base of 552769 tonnes grading 11.2 oz/tonne silver, 2.6% lead, and 5.3% zinc, a large portion appears to be amenable to open pit mining methods

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Industrias Luismin Cerro Dolores Mineral Resources El Transito Mine
Category	Metric tons	Width (m)	Silver (gpt)	Lead(%)	Zinc(%)
Proven	130424	4.2	251	2.36	7.53
Probable	168333	4.3	266	3.31	7.23
Drill Indicated	254012	2.6	453	2.28	2.94
Total	552769		348	2.62	5.33
Reference: Prefeasibility Study Cerro Dolores Project, Pincock Allen Holt (1988)