EXPLORATION

EXPLORATION STRATEGY

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UME's exploration strategy is to build resources and reserves in order to maintain, and increase gold production over the medium term.

• Short-term Exploration and Development: maximize production from San Gregorio with a target production of 100,000 ounces per annum. The aim is to define and develop high grade resources to blend with existing resources, to maintain the current level of production over a three year period.

• Medium-term Exploration and Development: discover and define 2.5 million ounces of new resources over a five year period. The strategic targets to achieve this include:

• Near mine exploration in the San Gregorio District to develop a 10-year mine plan supported by a minimum reserve of 700,000 ounces.
  
  
• Discover and define a minimum resource of 500,000 ounces to justify the initial capital investment of a standalone operation away from the San Gregorio Mine.