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MANAGEMENT’S DISCUSSION AND ANALYSIS
DRIVING GROWTH FROM WITHIN
• risks related to the integration of businesses and assets acquired by the Company;
• risks associated with potential legal proceedings;
• changes in national and local government legislation, taxation, controls, regulations and political or economic
developments in countries in which the Company does or may carry on business;
• fluctuations in metal prices;
• risks associated with entering into commodity forward and option contracts for base metals production;
• environmental matters including potential liability claims;
• reliance on key personnel;
• potential conflicts of interest involving the Company’s directors and officers;
• property title matters;
• dilution from further equity financing;
• currency exchange rate fluctuations;
• adequacy of insurance coverage;
• sufficiency of monies allotted for land reclamation ; and
• potential legal proceedings;
as well as those factors referred to in the “Risks and Uncertainties” section in this MD&A and in the “Risk Factors”
section in the Company’s Annual Information Form filed with the Canadian Securities Administrators and the U.S. Securities
and Exchange Commission and available at
and
. Although the Company has
attempted to identify important factors that could cause actual actions, events or results to differ materially from those
described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from
those anticipated, estimated or intended.
Forward-looking Statements contained in this MD&A are based on the assumptions, beliefs, expectations and opinions
of management, including but not limited to:
• all required third party contractual, regulatory and governmental approvals will be obtained for the exploration,
development, construction and production of its properties;
• there being no significant disruptions affecting operations, whether relating to labor, supply, power, damage to
equipment or other matter;
• permitting, construction, development and expansion proceeding on a basis consistent with the Company’s
current expectations;
• expected trends and specific assumptions regarding metal prices and currency exchange rates;
• prices for and availability of fuel, electricity, parts and equipment and other key supplies remaining consistent
with current levels;
• production forecasts meeting expectations;
• the accuracy of the Company’s current mineral resource and reserve estimates;
and such other assumptions as set out herein. Forward-looking Statements are made as of the date of this MD&A and
the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information,
future events or results or otherwise, except as required by law. There can be no assurance that Forward-looking
Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance on Forward-looking Statements.
