Our wholly-owned Candelaria Mine Project is located in the Candelaria Hills in west central Nevada. Candelaria is approximately 55 miles south of Hawthorne and approximately five miles west of Highway 95, which connects Reno to Las Vegas. Access to Candelaria is by paved road from Highway 95. The mine site is connected to the local power grid and has water wells and pumping equipment in place.

The Candelaria District developed into the richest silver district in the state of Nevada, following discovery of high grade veins in 1864. From 1864 until 1954, the property produced 22 million ounces of silver. The property was acquired by Occidental Minerals and later Nerco Minerals, who built a processing facility and operated the mine from 1980 until 1989. During that time they produced over 33 million ounces of silver. Kinross Candelaria Mining Company, an indirect wholly-owned subsidiary of Kinross Gold, purchased the Candelaria mine in 1994 and operated the mine until January 1999. Kinross produced over 13 million ounces of silver, bringing the total historical production for the property to over 68 million ounces of silver.

Mineralization within the district is confined to the Candelaria Shear. High grade veins form along contacts of intrusive dikes within the host volcanics. Lower grade, bulk tonnage mineralization extends as a halo from the veins into the surrounding shear zone. The main ore bodies vary in width from 24 to 37 meters averaging 109 to 128 grams of silver per ton.

Reclamation of the Candelaria Mine has been ongoing since 1998. The mine dumps were recontoured and seeded, and both of the heap leach piles were rinsed with fresh water and seeded. Other infrastructure has been removed, there are no significant environmental issues, and the substantial reclamation work meets all state and federal guidelines.


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