Located in Bahia State in northeast Brazil, the Fazenda Brasileiro underground gold mine has been in operation for over 20 years, and has consistently replaced its mineral reserves as they have been mined. Recent discoveries include the Lagoa do Gato and CLX2 zones, the latter being easily and immediately accessible from existing mine workings, suggesting there is potential to continue this trend. These discoveries in 2010 will be evaluated for mineral resource increases and extension drilling confirms the continuity of mineralization in both areas. Ore is processed in a 3,500 tonnes per day carbon-in-pulp plant.

Production	2010	2011E	2012E
Gold (oz.)	70,084	60-80,000	60-70,000
Cash cost (per oz.)	$628

Mineral Reserves and Mineral Resources

Gold 176,000 oz. proven & probable + 472,000 oz. measured & indicated