text: Summary 
  
  The Nueva Esperanza Project is 100% owned 
  by Kingsgate since February 2012. Nueva 
  Esperanza is located in the Maricunga Gold Belt 
  near Copiapó, a regional mining centre in 
  Northern Chile. The silver-rich mineralisation is 
  hosted by the Esperanza high-sulphidation 
  epithermal alteration system associated with 
  the Cerros Bravos volcanic complex. 
  
  The project consists of three well-defined miner- 
  alised deposits and a number of undeveloped 
  exploration targets. The main deposits are 
  Arqueros, Chimberos and Teterita. Arqueros was 
  previously mined on a limited scale by under- 
  ground methods and Chimberos was exploited 
  as an open pit mine, delivering about 40 million 
  ounces of silver in 1998/99. All three deposits 
  currently have a combined Mineral Resources of 
  about 93 million ounces of silver equivalent or 
  1.6 million ounces of gold equivalent (EQ60)1. 
  
  A feasibility study for a decision to mine the 
  Arqueros portion of Nueva Esperanza was 
  completed in late 2012, demonstrating that open 
  pit mining at two million tonnes per year and 
  processing by milling and agitation leaching in 
  cyanide was technically feasible. Work remained 
  to integrate the Teterita and Chimberos deposits 
  into the project, as well as to test lower cost 
  options for processing. Continued metallurgical 
  testwork has shown that mineralisation from all 
  three deposits by heap leaching is technically and 
  economically feasible and the preferred alterna- 
  tive for development. 