The Gualcamayo mine, located in San Juan province, is an open pit, heap leach operation encompassing three substantial zones of gold mineralization (QDD, AIM and QDD Lower West). An expansion of the operation, to be completed by mid-2013, is expected to increase sustainable production to approximately 200,000 gold ounces per year beginning in 2014.

The increase in production will result from the transition of mining to the Phase III section of the QDD Main pit, starting in mid-2013, as well as from the start-up of the AIM open pit and the development of the QDD Lower West underground operation. Recent exploration indicating increasing amounts of sulphide ore in mineral resources prompted a scoping study that is evaluating milling this higher grade material rather than treating it by heap leaching.

Mineral Reserves and Mineral Resources (as at Dec. 31, 2012)