--  Material mined from the Drinkwater Pit totalled 387,568 tons grading
    0.066 ounces per ton (OPT) gold(i), equivalent to 2.26 grams per tonne
    (g/t) gold. 
--  Reprocessed gold-bearing material left on the heap leach pad by the
    prior operator totalled 328,027 tons grading 0.027 OPT gold(i) (0.93 g/t
    gold) with an estimated recovery of 45%. 
--  Material crushed and placed on the leach pad totalled 715,595 tons
    grading 0.050 OPT gold(i) (1.71 g/t gold). 
--  End of year stockpile balance totalled 1,500 tons grading 0.050 OPT
    gold(i) (1.71 g/t gold). 
--  The established stable recovery rate of gold exceeded 65% by year end. 
--  Shipments of loaded carbon totalled 121 tons with an average grade of
    106.539 OPT gold (3,652.76 g/t gold) and 60.205 OPT silver(i) (2064.17
    g/t silver). 
--  In total, 8,125 ounces of gold and 4,843 ounces of silver were sold at
    an average realized price of US$1,619 per ounce gold and US$34 per ounce
    silver.

 

--  Increased reclamation bonding on the Mineral Ridge property by US$3.6M
    to US$7.7M. 
--  Received all major environmental permits necessary to commence mining
    and processing operations; 2011 operations maintained full compliance
    with all regulatory agencies. 
--  January: Commenced re-processing of material left on leach pad by
    previous operator. 
--  March: Leach solution applied to the newly stacked old material left on
    the pad. 
--  April: First shipment of loaded carbon shipped for the recovery of
    precious metals. 
--  May: Resumed mining operations in the Drinkwater Pit. 
--  Implementation of QA/QC program for blast holes to improve grade
    control. 
--  Development and implementation of stringent ore control procedures
    reduced the calculated mined ore dilution to 9.2% from initial 17.8%. 
--  Testing of crushing composites completed by AMEC to support increasing
    the capacity of the current leach pad; technical report to be submitted
    to the Nevada Bureau of Land Management in the near term. 
--  Initiated baseline studies (including biological and cultural resource
    investigations) in support of future permitting activities to authorize
    exploration drilling in target areas outside of the current permit
    boundary. 
--  Completed 55,940 feet (17,051 metres) of surface drilling, 85% of which
    lies outside of the area included in the June 2010 NI 43-101 compliant
    resource estimate for the Mineral Ridge project. 
--  Initiated Mary Zone pre-stripping in December for development start up
    in January 2012 and open pit mining operations in Q2 2012.  
--  Loan repayments to Waterton Global Value, L.P. ("Waterton") totalled
    US$2,499,999. 
--  Under an amended operating agreement with Golden Phoenix, the Company
    increased its current right to cash distributions from the Mineral Ridge
    project from 70% to 80% effective August 2011, while maintaining a 70%
    interest in the property. 
--  Over 14.6 million warrants were exercised during the year at an average
    strike price of $0.59 for proceeds of approximately $8.6 million.