Paciência Complex

The Paciência Complex was placed on care and maintenance in May 2012. The complex is located 80 kilometres by tarmac road southwest of Belo Horizonte and close to the Company’s two operating assets (Caeté and MTL Complexes) in the prolific Iron Quadrangle of Minas Gerais. The complex includes two underground gold mines, Santa Isabel and Margazao, and a processing plant with capacity to treat approximately 1,800 tpd, located within approximately 9,000 hectares of contiguous permitted mining tenements. The plant was commissioned in April 2008 and commercial production was declared in December 2008. Total production through May 2012 was about 154,000 ounces of gold, based on about 1,755,000 ore tonnes processed, averaging a gold grade of 3.06 g/t and a recovery of about 89%.