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El Peñón, Chile – The further delineation of the sub-parallel Victoria vein system, within the Pampa Augusta Victoria vein system, with some significant near surface gold and silver values. The Victoria vein system is now described as a near surface, oxidized, high grade core of mineralization occurring over 400 metres along strike and 100 metres down dip and remains open along strike and down dip.
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Chapada, Brazil – Significant gold and copper mineralization has been discovered at Corpo
Sul, southwest of and on strike with the main Chapada pit, and the previously discovered Suruca deposit to the northeast of the pit. Copper and gold mineralization has now been identified at Chapada along a strike length of almost 12 kilometres.
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Jacobina, Brazil –The continued confirmation of grades that are higher than the current mineral reserve grade of 2.5 grams per tonne (g/t) gold.
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Mercedes, Mexico – The continued confirmation of higher than average grades at Lagunas Norte and significant widths at Diluvio which are expected to increase mineral resources.
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Pilar, Brazil – The extension of mineralization, opening up exploration potential towards Tres Buracos to the north for over 2.0 kilometres, as well as the extension of mineralization for 2.6 kilometres down dip of the current resource. These extensions are expected to rapidly add further mineral resource growth at the project.
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Fazenda Nova, Brazil – A new discovery, Arco Sul, located just south of the decommissioned Fazenda Nova mine in Goiás State, Brazil. To date, drilling has delineated high grade gold values along almost one kilometre of strike length.
The company’s exploration budget was increased by approximately 25% to $105 million which was announced in May, 2011. This increase partially resulted from the significant cash flow being generated by the Company and the success of the 2010 program as well as the success already achieved in 2011.
Exploration will continue to focus on mineral resource discovery and development as well as mineral reserve growth at existing operations, development projects and on new discoveries to continue developing the company’s project pipeline. A total of 420,000 metres of drilling at 20 projects will be completed as part of the 2011 program.
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