Operations

The Cuchara-Oscar Mine is the fourth underground silver mine taken from discovery to production at the Royal Mines of Zacualpan Silver District by the IMPACT team. Cuchara-Oscar encompasses a corridor of high grade silver veins located 2.5 kilometers east of the Guadalupe Production Centre. Mining is currently on the Marqueza, Santa Lucia and Oscar Veins with plans to expand production to other veins in the system including the Condesa, Resguardo and Maria de Jesus Veins..

The mine has three entrances: the Oscar and Pardo Mine entrances to access the upper levels of the veins and the Cuchara Mine entrance which provides access to a historic mine ramp that extends to a depth of 240 meters below surface and provides low cost access to lower levels of the mine complex.

History

The Cuchara Mine Complex is one of many historic mining camps located within IMPACT's extensive land holdings in the Royal Mines of Zacualpan Silver District. The first record of mining and processing in the Cuchara area dates back to 1597. The veins currently being mined and explored are extensions of those historic veins as well as new discoveries resulting from systematic field work in the area by IMPACT technical personnel.

Exploration

IMPACT's exploration team first intersected high grade silver veins at the Cuchara-Oscar in 2011 and at the Santa Lucia zone in 2009. Exploration is continuing on extensions to Cuchara area veins to the north, south and southwest.

Drill Program Highlights

First Phase Drill Highlights from the Cuchara-Oscar
See News Release dated October 20, 2011 for complete details

Drill Hole	Section	From (m)	To (m)	Intersection (m)	Silver (g/t)	Gold (g/t)	Lead (%)	Zinc (%)
Z11-35	18+50N	79.88	81.20	1.32	156	0.00	0.0	0.2
And		145.90	146.25	0.35	2,860	0.35	1.6	4.6
Z11-36	18+50N	203.30	205.63	2.33	109	0.11	1.0	1.6
Z11-37	18+50N	183.95	189.20	5.25	108	0.19	0.2	0.4
Including		183.95	186.08	2.13	178	0.40	0.4	0.8
Z11-38	18+50N	97.72	103.70	5.98	197	0.02	0.2	0.5
Including		100.47	100.92	0.45	1,310	0.11	1.3	4.0
Z11-39	19+00N	62.15	63.70	1.55	285	0.01	0.2	0.3
Z11-40	19+00N	59.45	61.45	2.00	165	0.01	0.1	0.4
And		120.25	124.75	4.50	136	0.08	0.3	0.9
Including		120.25	120.80	0.55	414	0.16	0.4	1.8
Z11-41	19+00N	72.35	74.05	1.70	64	0.00	0.1	0.6
Including		72.35	72.55	0.20	246	0.02	0.3	3.4
Z11-42	19+50N	32.40	39.90	7.50	76	0.09	0.2	0.6
Including		32.40	34.55	2.15	162	0.28	0.6	1.5
Z11-43	19+50N	5.05	6.18	1.13	69	0.01	0.1	0.2
Z11-44	19+50N	51.80	82.45	30.65	291	0.01	0.1	0.4
Including		51.80	59.25	7.45	780	0.02	0.4	1.1
Including		51.80	52.10	0.30	6,730	0.20	1.5	8.0
Including		55.50	55.95	0.45	4,240	0.06	2.1	6.8
Including		64.60	70.40	5.80	398	0.03	0.2	0.4
Including		68.25	68.95	0.70	1,290	0.06	0.2	1.3
And		139.45	146.80	7.35	244	0.07	0.5	0.9
Including		140.45	144.45	4.00	380	0.08	0.7	1.3

First Phase Drill Highlights from the Cuchara-Oscar - Continued
See News Release dated October 26, 2011 for complete details

Drill Hole	Section	From (m)	To (m)	Intersection (m)	Silver (g/t)	Gold (g/t)	Lead (%)	Zinc (%)
Z11-45	18+00N	118.30	118.60	0.30	530	0.02	0.2	0.2
And		130.20	132.50	2.30	119	0.00	0.1	0.4
Including		130.20	130.80	0.60	362	0.01	0.4	1.2
Z11-46	17+50N	92.10	97.75	5.65	1,007	0.07	0.5	1.1
Including		96.70	97.75	1.05	4,580	0.26	1.7	4.0
And		108.95	111.70	2.75	1,128	0.51	0.9	1.4
Including		109.70	110.80	1.10	2,630	0.40	0.8	2.2
And		135.65	137.60	1.95	111	0.01	0.1	0.5
Including		135.65	135.95	0.30	537	0.05	0.5	3.1
Z11-47	17+50N	116.60	122.40	5.80	122	0.01	0.1	0.2

Second Phase Drill Highlights from the Cuchara-Oscar
See News Release dated April 23, 2012 for complete details

Drill Hole	Section	From (m)	To (m)	Interval	Silver (g/t)	Gold (g/t)	Lead (%)	Zinc (%)
Z11-55	19+50N	21.80	22.85	1.05	435	0.01	0.15	0.24
Z11-61	19+50N	256.20	257.16	0.96	216	1.71	11.03	19.73
Z11-64	20+00N	36.60	43.20	6.60	223	0.08	0.18	0.52
including		36.60	37.40	0.80	1,270	0.23	0.86	1.66
and		137.25	138.25	1.00	468	0.13	1.67	1.28
Z11-69	20+00N	0.70	3.35	2.65	408	0.62	0.73	1.12
and		71.05	72.10	1.05	536	0.17	1.67	3.20
Z11-71	20+00N	97.60	98.60	1.00	234	0.74	11.25	13.55
Z11-74	20+50N	21.35	22.35	1.00	1,875	0.74	2.65	6.88
and		90.00	91.24	1.24	835	0.12	1.28	1.78
Z11-76	20+50N	42.53	56.45	13.92	80	0.98	1.03	1.44
including		42.53	44.24	1.71	220	0.41	1.76	1.57
including		46.79	48.29	1.50	299	0.35	3.22	5.72
including		53.96	56.45	2.49	71	4.79	1.84	1.66
Z11-78	20+50N	102.15	103.70	1.55	250	0.02	0.01	0.03
Z12-05	17+00N	92.50	97.60	5.10	234	0.05	0.14	0.49
including		95.55	96.55	1.00	444	0.12	0.26	0.92
Z12-06	18+00N	86.25	87.15	0.90	564	0.01	0.16	1.22
Z12-08	19+00N	22.36	45.75	23.39	115	0.02	0.12	0.36
including		22.36	23.85	1.49	510	0.06	0.36	1.27
including		44.50	45.75	1.25	297	0.08	0.36	0.87
Z12-09	19+00N	118.15	121.15	3.00	272	0.20	0.90	2.44
Z12-12	18+50N	153.45	153.95	0.50	346	0.03	0.242	0.88

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