First Quarter 2011 Highlights

(All figures are in U.S. dollars unless otherwise noted.)

 

--  Produced 1.7 million ounces of silver at an average cash production cost
    (net of by product zinc credits) of $10.93 per ounce.

--  Zinc production exceeded forecast at 3.2 million pounds.

--  Sold a record 2.1 million ounces of silver at a realized average price
    of $31.10 generating revenue of $60.1 million. This revenue included our
    first zinc concentrate sale of 4.6 million pounds.

--  Generated net earnings of $9.9 million or $0.12 per share.

--  Generated operating cash flows of $21.8 million or $0.27 per share.

--  Realized $17.1 million of net cash proceeds from the partial exercise by
    the underwriters of the overallotment option granted in conjunction with
    the initial public offering of Pretium Resources Inc.

--  Announced entering into an agreement to 100% consolidate our ownership
    interest in the high-grade gold and silver San Luis project in Peru.

--  Commissioned, on budget and on schedule, the tertiary crushing circuit
    at Pirquitas. Estimated crushing capacity is forecast to exceed 5,000
    tonnes per day.

--  Appointed Joe Phillips, Senior Vice President, Operations and
    Development. Additional appointments include Bruce Kennedy, General
    Manager, Pirquitas and James Moore, General Manager, San Luis.

--  Subsequent to the quarter, realized C$115 million of gross cash proceeds
    from the sale of 11.5 million units in Pretium Resources Inc.



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