----

----

|   |  Large Accelerated Filer     [    ]       |  Accelerated Filer    [    ] |
|--------|---------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------|
|   |                                                                                                                      |                                                                      |
|   |  Non-Accelerated Filer       [    ]            |  Smaller Reporting Company    [X]                |

----

| Item 1.                                                | Financial Statements                                            | 3 - 6   |
|--------------------------------------------------------|-----------------------------------------------------------------|---------|
|                                                   | Notes to Financial Statements                                   | 7 - 17  |
| Item 2                                            | Management's Discussion and Analysis or Plan of Operation  | 18 - 37 |
| Item 4         | Controls and Procedures                                    | 38      |

| Item 1. | Legal Proceedings                                   | 39 |
|---------|-----------------------------------------------------|----|
| Item 2. | Changes in Securities                               | 39 |
| Item 3. | Default upon Senior Securities                      | 39 |
| Item 4. | Submission of Matters to a Vote of Security Holders | 39 |
| Item 5. | Other Information                                   | 39 |
| Item 6. | Exhibits and Reports on Form 8-K                    | 39 |

----

|                                                                                                      |   | 2011   |        |   | 2010   |   |
|-----------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
|                                                                                                      |   |   |        |   |   |   |
| ASSETS                                                                                                    |   |   |        |   |   |   |
| Current Assets:                                                                                           |   |   |        |   |   |   |
|   Cash and Cash Equivalents                                                                     |   | $      | 2,992,511   |   |   | $      | 1,277,065 |   |
|   Foreign Tax Receivable                                                                        |   |   | 416,366     |   |   |   | 255,384 |   |
|   Other Current Assets                                                                          |   |   | 271,045     |   |   |   | 269,518 |   |
|     Total Current Assets                                                              |   |   | 3,679,922   |   |   |   | 1,801,967 |   |
|                                                                                                      |   |   |        |   |   |   |   |   |
| Fixed Assets:                                                                                             |   |   |        |   |   |   |   |   |
|   Mining Camp Equipment and Fixtures (Net of Accumulated Depreciation of $637,877 and $617,645) |   |   | 974,417     |   |   |   | 362,882 |   |
|   Mining Properties (Net of Accumulated Amortization of $455,686 and $440,686)                  |   |   | 4,247,681   |   |   |   | 4,262,681 |   |
|     Total Fixed Assets                                                                |   |   | 5,222,098   |   |   |   | 4,625,563 |   |
|                                                                                                      |   |   |        |   |   |   |   |   |
| Other Assets:                                                                                             |   |   |        |   |   |   |   |   |
|   Note Receivable from Affiliate                                                                |   |   | 70,000      |   |   |   | 70,000 |   |
|   Deposits                                                                                      |   |   | 5,788       |   |   |   | 5,788 |   |
|     Total Other Assets                                                                |   |   | 75,788      |   |   |   | 75,788 |   |
|  TOTAL ASSETS                                                                                        |   | $      | 8,977,808   |   |   | $      | 6,503,318 |   |
|                                                                                                      |   |   |        |   |   |   |   |   |
| LIABILITIES AND EQUITY                                                                               |   |   |        |   |   |   |   |   |
| Current Liabilities:                                                                                      |   |   |        |   |   |   |   |   |
|   Accounts Payable                                                                              |   | $      | 9,127       |   |   | $      | 32,225 |   |
|   Accrued Expenses                                                                              |   |   | 54,139      |   |   |   | 64,772 |   |
| Total  Current Liabilities                                                                      |   |   | 63,266      |   |   |   | 96,997 |   |
|                                                                                                      |   |   |        |   |   |   |   |   |
| Long-Term Liabilities                                                                                     |   |   | 0           |   |   |   | 0 |   |
|                                                                                                      |   |   |        |   |   |   |   |   |
| Equity:Preferred Stock, $1.00 par value, 10,000 shares authorized                                         |   |   |        |   |   |   |   |   |
|  1,000 and 1,000 shares issued and outstanding                                                       |   |   | 1,000       |   |   |   | 1,000 |   |
| Common Stock, $0.01 par value, 12,500,000 shares authorized                                               |   |   |        |   |   |   |   |   |
|  9,919,903 and 9,763,220 shares issued and outstanding                                               |   |   | 99,189      |   |   |   | 97,632 |   |
|  Preferred Rights                                                                                    |   |   | 40,000      |   |   |   | 40,000 |   |
|  Additional Paid In Capital                                                                          |   |   | 35,613,352  |   |   |   | 31,011,472 |   |
|  Treasury Stock                                                                                      |   |   | 0           |   |   |   | 0 |   |
|  Common Stock Subscription Receivable                                                                |   |   | 0           |   |   |   | 0 |   |
|  Other Comprehensive Income                                                                          |   |   | (54,487     | )      |   |   | 405,948 |   |
|  Accumulated Deficit                                                                                 |   |   | (6,002,516  | )      |   |   | (6,002,516 | ) |
|  Accumulated Deficit Since Reentering the Development Stage                                          |   |   | (18,244,961 | )      |   |   | (17,223,915 | ) |
| Total DynaResource, Inc. Stockholders’ Equity                                                       |   |   | 11,451,577  |   |   |   | 8,329,621 |   |
|   Noncontrolling Interest                                                                       |   |   | (2,537,035  | )      |   |   | (1,923,300 | ) |
| TOTAL EQUITY                                                                                              |   |   | 8,914,542   |   |   |   | 6,406,321 |   |
|                                                                                                      |   |   |        |   |   |   |   |   |
| TOTAL LIABILITIES AND EQUITY                                                                              |   | $      | 8,977,808   |   |   | $      | 6,503,318 |   |

----

|                                                                                                                                             |   |        2011 |            |   |        2010 |   |       |   Cumulative Since  Reentering the  Exploration   Stage  (Jan 1, 2007)   through   March 31,   2011 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|-----------------|--------|------------------------------------------------|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |
| REVENUES                                                                                                                                         |   | $                                              | 0               |   |                                           | $      | 94,544     |                                                                                                                                             |   | $ | 346,736 |   |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| EXPLORATION COSTS (exclusive of depreciation          and amortization shown separately below) |   |                                           |  1,663,036 |   |                                           |   | 731,793    |                                                                                                                                             |   |   | 13,449,925 |   |
| GROSS PROFIT (DEFICIT)                                                                                                                           |   |                                           | (1,663,036      | )      |                                           |   | (637,249   | )                                                                                                                                                |   |   | (13,103,189 | ) |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| OPERATING EXPENSES                                                                                                                               |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
|   Depreciation and Amortization                                                                                                        |   |                                           | 35,232          |   |                                           |   | 37,340     |                                                                                                                                             |   |   | 627,151 |   |
|   Stock Issued for Services                                                                                                                 |   |                                           | 93,181          |   |                                           |   | 0          |                                                                                                                                             |   |   | 1,680,556 |   |
|   General and Administrative                                                                                                           |   |                                           | 318,262         |   |                                           |   | 335,538    |                                                                                                                                             |   |   | 4,976,983 |   |
|   TOTAL OPERATING EXPENSES                                                                                                             |   |                                           | 446,675         |   |                                           |   | 372,878    |                                                                                                                                             |   |   | 7,284,690 |   |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| NET OPERATING INCOME (LOSS)                                                                                                                      |   |                                           | (2,109,711      | )      |                                           |   | (1,010,127 | )                                                                                                                                                |   |   | (20,387,879 | ) |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| OTHER INCOME (EXPENSE)                                                                                                                           |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
|   Portfolio Income                                                                                                                     |   |                                           | 297             |   |                                           |   | 998        |                                                                                                                                             |   |   | 20,537 |   |
|   Currency Translation Gain (Loss)                                                                                                     |   |                                           | 474,633         |   |                                           |   | 226,489    |                                                                                                                                             |   |   | (686,102 | ) |
|   Other Income                                                                                                                         |   |                                           | 0               |   |                                           |   | 0          |                                                                                                                                             |   |   | 2,987 |   |
| TOTAL OTHER INCOME (EXPENSE)                                                                                                                     |   |                                           | 474,930         |   |                                           |   | 227,487    |                                                                                                                                             |   |   | (662,578 | ) |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| NET INCOME (LOSS) BEFORE INCOME TAXES                                                                                                            |   |                                           | (1,634,781      | )      |                                           |   | (782,640   | )                                                                                                                                                |   |   | (21,050,457 | ) |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| Provision for Income Taxes (Expense) Benefit                                                                                                     |   |                                           | 0               |   |                                           |   | 0          |                                                                                                                                             |   |   | 38,259 |   |
|  NET INCOME (LOSS)                                                                                                                          |   | $                                              | (1,634,781      | )      |                                           | $      | (782,640   | )                                                                                                                                                |   | $ | (21,012,198 | ) |
| Net Loss Attributable to Non-Controlling Interest                                                                                                |   |                                           | 724,230         |   |                                           |   | 162,434    |                                                                                                                                             |   |   | 2,647,530 |   |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| NET LOSS ATTRIBUTABLE TO DYNARESOURCE, INC. COMMON SHAREHOLDERS                                                                                  |   |                                           | (910,551        | )      |                                           |   | (620,206   | )                                                                                                                                                |   |   | (18,364,668 | ) |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| Unrealized Loss on Securities Held for Sale                                                                                                      |   |                                           | 0               |   |                                           |   | 0          |                                                                                                                                             |   |   | (735,760 | ) |
| Unrealized Currency Translation Gain (Loss)                                                                                                      |   |                                           | 0               |   |                                           |   | 0          |                                                                                                                                             |   |   | 1,067,663 |   |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| TOTAL COMPREHENSIVE INCOME (LOSS)                                                                                                                |   |                                           | (910,551        | )      |                                           |   | (620,206   | )                                                                                                                                                |   |   | (18,032,765 | ) |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| Comprehensive Loss (Income) Attributable to Non-Controlling                                                                                      |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| Interest                                                                                                                                         |   |                                           | (110,495        | )      |                                           |   | (50,054    | )                                                                                                                                                |   |   | (141,750 | ) |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| COMPREHENSIVE LOSS ATTRIBUTABLE TO                                                                                                               |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| DYNARESOURCE, INC. COMMON SHAREHOLDERS                                                                                                           |   | $                                              | (1,021,046      | )      |                                           | $      | (670,260   | )                                                                                                                                                |   | $ | (18,174,515 | ) |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| EARNINGS PER SHARE, Basic and  Diluted                                                                                                 |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| Weighted Average Shares Outstanding Basic and Diluted                                                                                            |   |                                           | 9,833,388       |   |                                           |   | 9,408,360  |                                                                                                                                             |   |   |   |   |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
| Income (Loss) per Common Share, Basic and Diluted                                                                                                |   | $                                              | (0.09           | )      |                                           | $      | (0.07      | )                                                                                                                                                |   |   |   |   |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |
|                                                                                                                                             |   |                                           |            |   |                                           |   |       |                                                                                                                                             |   |   |   |   |

----

|                                                  |   |       Preferred |   |   |       Common |   |   |       Preferred |   |   |           Additional     Paid In |   |   |             Treasury |   |   |           Other       Compre-      hensive |   |   |                Accumulated |   |   |              Deficit Since        Reentering the Exploration |   |   |    |     |
|-------------------------------------------------------|--------|-----------------------------------------------|--------|--------|--------------------------------------------|--------|--------|-----------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|----------|
|                                                  |   | Shares                                        |   |   | Amount                                     |   |   | Shares                                        |   |   | Amount                                                                                            |   |   | Rights                                                                      |   |   |     Capital                                                                                                                     |   |   |        Stock                                                       |   |   | Income                                                                                                                                                 |   |   | Deficit |     |   | Stage |   |   | Totals |   |
| Stockholders’ Equity, January 1, 2010           |   |                                          | 1,000  |   |                                       | $      | 1,000  |                                          |   |   | 9,374,303                                                                                         |   |   | $                                                                           | 93,743 |   |                                                                                                                                           | $      | 40,000 |                                                                                             |   | $      | 25,475,425                                                                                                                                             |   |   | $       | (2,385   | ) |   | $ | 1,405,537 |   |   | $ | (6,002,516 | ) |   | $ | (12,851,441 | ) |   | $ | 8,159,363 |   |
|                                                  |   |                                          |   |   |                                       |   |   |                                          |   |   |                                                                                              |   |   |                                                                        |   |   |                                                                                                                                           |   |   |                                                                                             |   |   |                                                                                                                                                   |   |   |    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of Common Shares                                 |   |                                          |   |   |                                       |   |   |                                          |   |   | 124,244                                                                                           |   |   |                                                                        | 1,242  |   |                                                                                                                                           |   |   |                                                                                             |   |   | 433,460                                                                                                                                                |   |   |    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 434,702 |   |
| Issuance of Common Shares for Services                |   |                                          |   |   |                                       |   |   |                                          |   |   | 264,673                                                                                           |   |   |                                                                        | 2,647  |   |                                                                                                                                           |   |   |                                                                                             |   |   | 898,790                                                                                                                                                |   |   |    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 901,437 |   |
| Treasury Stock Purchased                              |   |                                          |   |   |                                       |   |   |                                          |   |   |                                                                                              |   |   |                                                                        |   |   |                                                                                                                                           |   |   |                                                                                             |   |   |                                                                                                                                                   |   |   |    | (141,689 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (141,689 | ) |
| Treasury Stock Sold                                   |   |                                          |   |   |                                       |   |   |                                          |   |   |                                                                                              |   |   |                                                                        |   |   |                                                                                                                                           |   |   |                                                                                             |   |   | 71,787                                                                                                                                                 |   |   |    | 144,074  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 215,861 |   |
| Other Comprehensive Income                            |   |                                          |   |   |                                       |   |   |                                          |   |   |                                                                                              |   |   |                                                                        |   |   |                                                                                                                                           |   |   |                                                                                             |   |   |                                                                                                                                                   |   |   |    |     |   |   |   | (999,589 | ) |   |   |   |   |   |   |   |   |   |   | (999,589 | ) |
| DynaMexico Earn In                                    |   |                                          |   |   |                                       |   |   |                                          |   |   |                                                                                              |   |   |                                                                        |   |   |                                                                                                                                           |   |   |                                                                                             |   |   | 4,132,010                                                                                                                                              |   |   |    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4,132,010 |   |
| Net  Income (Loss)                          |   |                                          |   |   |                                       |   |   |                                          |   |   |                                                                                              |   |   |                                                                        |   |   |                                                                                                                                           |   |   |                                                                                             |   |   |                                                                                                                                                   |   |   |    |     |   |   |   |   |   |   |   |   |   |   |   | (4,372,474 | ) |   |   | (4,372,474 | ) |
| Stockholders’ Equity, December 31, 2010         |   |                                          | 1,000  |   |                                       | $      | 1,000  |                                          |   |   | 9,763,220                                                                                         |   |   | $                                                                           | 97,632 |   |                                                                                                                                           | $      | 40,000 |                                                                                             |   | $      | 31,011,472                                                                                                                                             |   |   | $       | 0        |   |   | $ | 405,948 |   |   | $ | (6,002,516 | ) |   | $ | (17,223,915 | ) |   | $ | 8,329,621 |   |
|                                                  |   |                                          |   |   |                                       |   |   |                                          |   |   |                                                                                              |   |   |                                                                        |   |   |                                                                                                                                           |   |   |                                                                                             |   |   |                                                                                                                                                   |   |   |    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of Common Shares                                 |   |                                          |   |   |                                       |   |   |                                          |   |   | 136,066                                                                                           |   |   |                                                                        | 1,361  |   |                                                                                                                                           |   |   |                                                                                             |   |   | 508,895                                                                                                                                                |   |   |    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 510,256 |   |
| Issuance of Common Shares for Services                |   |                                          |   |   |                                       |   |   |                                          |   |   | 19,617                                                                                            |   |   |                                                                        | 196    |   |                                                                                                                                           |   |   |                                                                                             |   |   | 92,985                                                                                                                                                 |   |   |    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 93,181 |   |
| Treasury Stock Purchased                              |   |                                          |   |   |                                       |   |   |                                          |   |   |                                                                                              |   |   |                                                                        |   |   |                                                                                                                                           |   |   |                                                                                             |   |   |                                                                                                                                                   |   |   |    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 0 |   |
| Treasury Stock Sold                                   |   |                                          |   |   |                                       |   |   |                                          |   |   |                                                                                              |   |   |                                                                        |   |   |                                                                                                                                           |   |   |                                                                                             |   |   |                                                                                                                                                   |   |   |    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 0 |   |
| Other Comprehensive Income                            |   |                                          |   |   |                                       |   |   |                                          |   |   |                                                                                              |   |   |                                                                        |   |   |                                                                                                                                           |   |   |                                                                                             |   |   |                                                                                                                                                   |   |   |    |     |   |   |   | (460,435 | ) |   |   |   |   |   |   |   |   |   |   | (460,435 | ) |
| DynaMexico Earn In                                    |   |                                          |   |   |                                       |   |   |                                          |   |   |                                                                                              |   |   |                                                                        |   |   |                                                                                                                                           |   |   |                                                                                             |   |   | 4,000,000                                                                                                                                              |   |   |    |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 4,000,000 |   |
| Net  Income (Loss)                          |   |                                          |   |   |                                       |   |   |                                          |   |   |                                                                                              |   |   |                                                                        |   |   |                                                                                                                                           |   |   |                                                                                             |   |   |                                                                                                                                                   |   |   |    |     |   |   |   |   |   |   |   |   |   |   |   | (1,021,046 | ) |   |   | (1,021,046 | ) |
| Stockholders’ Equity, March  31, 2011 |   |                                          | 1,000  |   |                                       | $      | 1,000  |                                          |   |   | 9,918,903                                                                                         |   |   | $                                                                           | 99,189 |   |                                                                                                                                           | $      | 40,000 |                                                                                             |   | $      | 35,613,352                                                                                                                                             |   |   | $       | 0        |   |   | $ | (54,487 | ) |   | $ | (6,002,516 | ) |   | $ | (18,244,961 | ) |   | $ | 11,451,577 |   |

----

|                                                                    |   |        2011 |       |   |        2010 |   |       |         Cumulative Since       Reentering the Development Stage        (January 1, 2007)      through        March 31, 2011 |   |
|-------------------------------------------------------------------------|--------|------------------------------------------------|------------|--------|------------------------------------------------|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|  CASH FLOWS FROM OPERATING ACTIVITIES                              |   |                                           |       |   |                                           |   |       |                                                                                                                                                                                                                                                                              |   |
| Net Income (Loss)                                                       |   | $                                              | (1,634,781 | )      |                                           | $      | (1,009,129 | )                                                                                                                                                                                                                                                                                 |   | $ | (21,012,208 | ) |
| Adjustments to reconcile net loss to cash used by operating activities: |   |                                           |       |   |                                           |   |       |                                                                                                                                                                                                                                                                              |   |   |   |   |
|   Issuance of Common Stock for Services                       |   |                                           | 93,181     |   |                                           |   | 0          |                                                                                                                                                                                                                                                                              |   |   | 1,680,556 |   |
|   Issuance of Preferred Stock for Services                    |   |                                           | 0          |   |                                           |   | 0          |                                                                                                                                                                                                                                                                              |   |   | 1,000 |   |
|   Depreciation and Amortization                               |   |                                           | 35,232     |   |                                           |   | 37,340     |                                                                                                                                                                                                                                                                              |   |   | 627,151 |   |
|   Loss on Disposition of Assets                               |   |                                           | 0          |   |                                           |   | 0          |                                                                                                                                                                                                                                                                              |   |   | 28,006 |   |
| Change in Operating Assets and Liabilities:                             |   |                                           |       |   |                                           |   |       |                                                                                                                                                                                                                                                                              |   |   |   |   |
|   Decrease in Accounts Receivable                             |   |                                           | 0          |   |                                           |   | 0          |                                                                                                                                                                                                                                                                              |   |   | 199,143 |   |
|   (Increase) in Foreign Tax Receivable                        |   |                                           | (160,982   | )      |                                           |   | (2,878     | )                                                                                                                                                                                                                                                                                 |   |   | (367,161 | ) |
|   (Increase) in Other Current Assets                          |   |                                           | (1,527     | )      |                                           |   | (25,616    | )                                                                                                                                                                                                                                                                                 |   |   | (104,852 | ) |
|   (Increase) in Deposits                                      |   |                                           | 0          |   |                                           |   | (25        | )                                                                                                                                                                                                                                                                                 |   |   | (5,788 | ) |
|   (Decrease) in Accounts Payable                              |   |                                           | (23,098    | )      |                                           |   | (13,282    | )                                                                                                                                                                                                                                                                                 |   |   | (32,277 | ) |
|   (Decrease) Increase in Accrued Expenses                     |   |                                           | (10,633    | )      |                                           |   | (9,880     | )                                                                                                                                                                                                                                                                                 |   |   | (49,997 | ) |
|   (Decrease) in Deferred Tax Liability                        |   |                                           | 0          |   |                                           |   | 0          |                                                                                                                                                                                                                                                                              |   |   | (38,259 | ) |
| CASH FLOWS (USED IN) OPERATING ACTIVITIES                               |   |                                           | (1,702,608 | )      |                                           |   | (1,023,470 | )                                                                                                                                                                                                                                                                                 |   |   | (19,074,686 | ) |
|                                                                    |   |                                           |       |   |                                           |   |       |                                                                                                                                                                                                                                                                              |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                    |   |                                           |       |   |                                           |   |       |                                                                                                                                                                                                                                                                              |   |   |   |   |
| Purchase of Fixed Assets                                                |   |                                           | (631,767   | )      |                                           |   | (27,081    | )                                                                                                                                                                                                                                                                                 |   |   | (1,028,560 | ) |
| Retirement of Fixed Assets                                              |   |                                           | 0          |   |                                           |   | 0          |                                                                                                                                                                                                                                                                              |   |   | 20,148 |   |
| Conversion of Note Receivable to Equity                                 |   |                                           | 0          |   |                                           |   | 0          |                                                                                                                                                                                                                                                                              |   |   | 750,000 |   |
| Investment in Affiliate                                                 |   |                                           | 0          |   |                                           |   | (250,000   | )                                                                                                                                                                                                                                                                                 |   |   | (70,000 | ) |
| Note Receivable to Affiliate                                            |   |                                           | 0          |   |                                           |   | 0          |                                                                                                                                                                                                                                                                              |   |   | (750,000 | ) |
| CASH FLOWS (USED IN) INVESTING ACTIVITIES                               |   |                                           | (631,767   | )      |                                           |   | (277,081   | )                                                                                                                                                                                                                                                                                 |   |   | (1,078,412 | ) |
|                                                                    |   |                                           |       |   |                                           |   |       |                                                                                                                                                                                                                                                                              |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                    |   |                                           |       |   |                                           |   |       |                                                                                                                                                                                                                                                                              |   |   |   |   |
| Proceeds from DynaMexico Earn In                                        |   |                                           | 4,000,000  |   |                                           |   | 900,000    |                                                                                                                                                                                                                                                                              |   |   | 17,674,995 |   |
| Proceeds from Sale of Common Stock                                      |   |                                           | 510,256    |   |                                           |   | 205,325    |                                                                                                                                                                                                                                                                              |   |   | 4,607,550 |   |
| Repurchase of Common Stock Options                                      |   |                                           | 0          |   |                                           |   | 0          |                                                                                                                                                                                                                                                                              |   |   | (10,000 | ) |
| Other Comprehensive Income (Loss)                                       |   |                                           | (460,435   | )      |                                           |   | (44,728    | )                                                                                                                                                                                                                                                                                 |   |   | (47,672 | ) |
| Purchase of Treasury Stock                                              |   |                                           | 0          |   |                                           |   | 0          |                                                                                                                                                                                                                                                                              |   |   | (372,479 | ) |
| Sale of Treasury Stock                                                  |   |                                           | 0          |   |                                           |   | 0          |                                                                                                                                                                                                                                                                              |   |   | 472,375 |   |
| CASH FLOWS PROVIDED BY FINANCING ACTIVITIES                             |   |                                           | 4,049,821  |   |                                           |   | 1,060,597  |                                                                                                                                                                                                                                                                              |   |   | 22,324,769 |   |
| NET INCREASE (DECREASE) IN CASH                                         |   |                                           | 1,715,446  |   |                                           |   | (239,954   | )                                                                                                                                                                                                                                                                                 |   |   | 2,171,671 |   |
|                                                                    |   |                                           |       |   |                                           |   |       |                                                                                                                                                                                                                                                                              |   |   |   |   |
| CASH AT BEGINNING OF PERIOD                                        |   |                                           | 1,277,065  |   |                                           |   | 1,640,508  |                                                                                                                                                                                                                                                                              |   |   | 820,840 |   |
|  CASH AT END OF PERIOD                                             |   | $                                              | 2,992,511  |   |                                           | $      | 1,400,554  |                                                                                                                                                                                                                                                                              |   | $ | 2,992,511 |   |
|                                                                    |   |                                           |       |   |                                           |   |       |                                                                                                                                                                                                                                                                              |   |   |   |   |
|  SUPPLEMENTAL DISCLOSURES                                          |   |                                           |       |   |                                           |   |       |                                                                                                                                                                                                                                                                              |   |   |   |   |
| Non-Cash Issuance of Common Shares for Services                         |   | $                                              | 93,181     |   |                                           | $      | 0          |                                                                                                                                                                                                                                                                              |   | $ | 1,680,556 |   |
| Non-Cash Issuance of Preferred Shares for Services                      |   | $                                              | 0          |   |                                           | $      | 0          |                                                                                                                                                                                                                                                                              |   | $ | 1,000 |   |
| Cash Paid During the Year for Interest Expense                          |   | $                                              | 0          |   |                                           | $      | 0          |                                                                                                                                                                                                                                                                              |   | $ | 0 |   |
| Non-Cash Dividend of Property                                           |   | $                                              | 0          |   |                                           | $      | 0          |                                                                                                                                                                                                                                                                              |   | $ | 129,822 |   |

----

|  DYNARESOURCE, INC.(An Exploration Stage Company)Notes to the Consolidated Financial StatementsMarch 31, 2011(Unaudited) |
|-------------------------------------------------------------------------------------------------------------------------------|

----

|                                                       | March 31, 2011  |   |
|------------------------------------------------------------|----------------------|--------|
| Current exchange rate:                                     | Pesos                |   |   | 11.93 |   |
|                                                       |                 |   |   |   |   |
| Weighted average exchange rate for the three months ended: | Pesos                |   |   | 12.06 |   |

----

|                                                       | March 31, 2010                                                                                                |   |
|------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|--------|
| Current exchange rate:                                     | Pesos                                                                                                              |   |   | 12.42 |   |
|                                                       |                                                                                                               |   |   |   |   |
| Weighted average exchange rate for the three months ended: |                    Pesos |   |   | 12.80 |   |

| · |   | estimated recoverable ounces of gold, silver or other precious minerals;                     |                     |
|--------|--------|----------------------------------------------------------------------------------------------|--------------------------|
| · |   | estimated future commodity prices;                                                           |                     |
| · |   | estimated expected future operating costs, capital expenditures and reclamation expenditures |      |

----

----

|                               |   | March 31, |      |   | December 31, |   |
|------------------------------------|--------|-----------|-----------|--------|--------------|--------|
|                               |   | 2011      |      |   | 2010         |   |
|                               |   |      |      |   |         |   |
| Mining camp equipment and fixtures |   | $         | 1,177,347 |   |         | $      | 546,636 |   |
| Transportation equipment           |   |      | 268,253   |   |         |   | 268,253 |   |
| Lab equipment                      |   |      | 14,306    |   |         |   | 14,306 |   |
| Machinery and equipment            |   |      | 30,514    |   |         |   | 30,514 |   |
| Office furniture and fixtures      |   |      | 76,895    |   |         |   | 76,895 |   |
| Office equipment                   |   |      | 12,729    |   |         |   | 11,673 |   |
| Computer equipment                 |   |      | 32,250    |   |         |   | 32,250 |   |
|     Sub-total  |   |      | 1,612,294 |   |         |   | 980,527 |   |
| Less: Accumulated depreciation     |   |      | (637,877  | )      |         |   | (617,645 | ) |
|     Total      |   | $         | 974,417   |   |         | $      | 362,882 |   |
|                               |   |      |      |   |         |   |   |   |

|                                                               |   | March 31, |      |   | December 31, |   |
|--------------------------------------------------------------------|--------|-----------|-----------|--------|--------------|--------|
|                                                               |   | 2011      |      |   | 2010         |   |
|  San Jose de Gracia (“SJG”):                      |   |      |      |   |         |   |
|  Mining Concessions                                           |   | $         | 4,703,367 |   |         | $      | 4,703,367 |   |
|       Less: Accumulated Amortization |   |      | (455,686  | )      |         |   | (440,686 | ) |
|                                                               |   |      |      |   |         |   |   |   |
|  Total Mining Properties                                      |   | $         | 4,247,681 |   |         | $      | 4,262,681 |   |

----

|                                                                                  |   | 2011    |            |   | 2010   |   |
|---------------------------------------------------------------------------------------|--------|---------|-----------------|--------|--------|--------|
| Prior Year                                                                       |   | $  | 5,147,021  |   |   |   | 3,244,101 |   |
| Tax Benefit for Current Year                                                          |   |    | 717,201         |   |   |   | 1,902,920 |   |
| Total Deferred Tax Asset                                                              |   |    | 5,864,222       |   |   |   | 5,147,021 |   |
|           Less: Valuation Allowance |   |    | (5,864,222      | )      |   |   | (5,147,021 | ) |
|          Net Deferred Tax Asset          |   | $       | 0               |   |   | $      | 0 |   |

----

| Phase | On or before       | Amount of Fundsto be deposited toDynaMexico (ForSJG Expenditures) | Interest Earned (by Goldgroup inDynaMexico) | CumulativeInterest Earned (by Goldgroup in DynaMexico) |
|-------|--------------------|-------------------------------------------------------------------|--------------------------------------------------|------------------------------------------------------------------|
| 1.    | June 15, 2007      | $1,000,000                                                        | 0%                                               | 0%                                                               |
| 2.    | March 15, 2008     | $2,000,000                                                        | 15%                                              | 15%                                                              |
| 3.    | September 15, 2009 | $3,000,000                                                        | 10%                                              | 25%                                                              |
| 4.    | March 15, 2011     | $12,000,000                                                       | 25%                                              | 50%                                                              |

|   | a.       | Two (2) members of DynaResource; K.D. Diepholz, Chairman/CEO of DynaResource as President; and, Charles E. Smith; CFO of DynaResource; |
|--------|----------|----------------------------------------------------------------------------------------------------------------------------------------|
|   | b.  | One (1) member of Goldgroup; Keith Piggott, CEO of Goldgroup.                                                                          |

----

|   | a.       | Two (2) members of Goldgroup; Keith Piggott, CEO of Goldgroup as Chairman;  and, John Sutherland, CFO of Goldgroup; |
|--------|----------|--------------------------------------------------------------------------------------------------------------------------|
|   | b.  | One (1) member of DynaResource; K.D. Diepholz, Chairman/CEO of DynaResource;                                             |
|   | c   | Members of the Management committee may be changed as subsequently agreed.                                          |

| · | Mineras de DynaResource “(Mineras Dyna”) is the exclusive operating entity at San Jose de Gracia (“SJG”), pursuant to the operating agreement with DynaResource de Mexico (“DynaMexico”); |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | DynaMexico owns the SJG Property and Concessions 100%, and all data and information pursuant thereto;  any information disseminated regarding SJG must be disclosed as from DynaMexico; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | The SJG Management Committee is not a legal entity and has no authority or ability to sign contracts or incur obligations or liabilities to DynaMexico, MinerasDyna, or DynaResource Operaciones (“DynaOperaciones”); |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | The SJG Management Committee does not have the authority to act for or represent DynaMexico, MinerasDyna, DynaOperaciones, or the SJG Property; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| · | All personnel must be employed or contracted through MinerasDyna or DynaOperaciones and be accountable to the employing/contracting entity. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|  Year Ended December 31 |   | Amount  |                                                                                                                                                                                                                |
|------------------------------|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                         |   |    |                                                                                                                                                                                                                |
|  2011                   |   |  $ | 19,687                                                                                                                                                                                                              |   |
|  2012                   |   |    |                                    0 |   |
|                         |   | $       | 19,687                                                                                                                                                                                                              |   |

|                                                           |   | March 31, |       |    | December 31, |   |
|----------------------------------------------------------------|--------|-----------|------------|---------|--------------|--------|
|                                                           |   | 2011      |       |    | 2010         |   |
| Beginning balance                                              |   | $         | (1,923,300 | )       |         | $      | (1,044,744 | ) |
| O     Operating income (loss)         |   |      | (724,230   | )  |         |   | (804,511 | ) |
| Other comprehensive income (loss)                              |   |      | 110,495    |    |         |   | (74,045 | ) |
|         Ending balance |   | $         | (2,537,035 | )       |         | $      | (1,923,300 | ) |

----

|                                                                      |   | Fair Value Measurement at March 31, 2011 Using: |      |
|---------------------------------------------------------------------------|--------|-------------------------------------------------|-----------|
|                                                                      |   | March 31,2011                                   |      |   | Quoted Prices InActive MarketsFor Identical Assets(Level 1) |   |   | Significant OtherObservableInputs(Level 2) |   |   | SignificantUnobservableInputs(Level 3) |   |
|         Assets:                   |   |                                            |      |   |   |   |   |   |   |   |   |   |
|         Cash and Cash Equivalents |   | $                                               | 2,992,511 |   |   | $ | 2,992,511 |   |   | $ | - |   |   | $ | - |   |
|         Investment in Affiliate   |   |                                            | 70,000    |   |   |   | - |   |   |   | - |   |   |   | 70,000 |   |
|                                                                      |   | $                                               | 3,062,511 |   |   | $ | 2,992,511 |   |   | $ | - |   |   | $ | 70,000 |   |

|                                                                      |   | Fair Value Measurement at December 31, 2010 Using: |      |
|---------------------------------------------------------------------------|--------|----------------------------------------------------|-----------|
|                                                                      |   | December 31,2010                                   |      |   | Quoted Prices InActive MarketsFor Identical Assets(Level 1) |   |   | Significant OtherObservableInputs(Level 2) |   |   | SignificantUnobservableInputs(Level 3) |   |
|         Assets:                   |   |                                               |      |   |   |   |   |   |   |   |   |   |
|         Cash and Cash Equivalents |   | $                                                  | 1,277,065 |   |   | $ | 1,277,065 |   |   | $ | - |   |   | $ | - |   |
|         Investment in Affiliate   |   |                                               | 70,000    |   |   |   | - |   |   |   | - |   |   |   | 70,000 |   |
|                                                                      |   | $                                                  | 1,347,065 |   |   | $ | 1,277,065 |   |   | $ | - |   |   | $ | 70,000 |   |

----

----

|   | · | In Phase I of the Earn In Agreement,  approximately 3,400 meters drilling was accomplished in 22 core drill holes (SJG 07-01 to SJG 07-22); as well as geochemical sampling and mapping, and data consolidation into Surpac Software. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In Phase II of the Earn In Agreement, approximately 5,500 meters was completed in 23 core drill holes (SJG 07-23 to 07-45). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   | · | In Phase III of the Earn In Agreement, approximately 15,150 meters was completed in 56 core drill holes (SJG 08-46 to SJG 08-101). |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In Phase IV of the Earn In Agreement, and at December 31, 2008, approximately 5,950 meters were completed in 25 core drill holes (through SJG 08-126). |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Continuing with Phase IV of the Earn In Agreement, in 2009 and at December 31, 2009, an additional 4,000 Meters was completed in 21 Drill Holes (through SJG 09-147.) |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Continuing with Phase IV of the Earn In Agreement in 2010, and at March 31, 2010, an additional 6,167 Meters drilling was completed in 21 Drill Holes (SJG 2010 148 – 168).  At March 31, 2010, a total of 40,167 Meters drilling had been completed in 168 core drill holes, financed pursuant to the Earn In Agreement. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Continuing with Phase IV of the Earn In Agreement in 2010, and at June 30, 2010, an additional 5,382 Meters drilling was completed in 20 Drill Holes (SJG 2010 169 – 188).  At June 30, 2010, a total of 45,549 Meters drilling has been completed in 188 core drill holes, financed pursuant to the Earn In Agreement. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | For the period of July – September, Drilling activity is suspended for the wet season.  During the quarter, Assays of drilling results are updated; the Block Model in Surpac is updated; and exploration plans are developed and programmed for start in October. And, the next 18,500 meter drill program commenced in October. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Continuing with Phase IV of the Earn In Agreement in 2010, and at December 31, 2010, an additional 10,882 Meters drilling was completed in 51 Drill Holes (SJG 2010 189 – 239). |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

----

|   | · | Continuing with Phase IV of the Earn In Agreement in 2011, and at March 31, 2011, an additional 12,310. Drilling was completed in 59 Drill Holes (SJG 240 – 298.)  At March 31, 2011, a Total of 68,741 Meters drilling has been completed in 298 core drill holes financed pursuant to the Earn In Agreement. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Tajo Verde: | Strike Length of 270 M and down dip of 180 M; Strike of 800 M including Drill Hole # 97-55; with selected intercepts of: |
|--------|-------------|--------------------------------------------------------------------------------------------------------------------------|

|   | La Purisima: | Historical Production of 470,000 Oz. Au, at average grade of 66.7 g/t;  Strike Length of 720 M. and down dip extension of 420 M.; with selected intercepts of: |
|--------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | La Prieta: | Historical Production of 215,000 Oz. Au., at average grade of 28 g/t au; Dimensions of 100 M. by 50 M.; Future resource yet to be defined; |
|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | San Pablo: | Geological Mapping located a new drill target approximately 600 meters to the east – southeast of San Pablo.  This area was determined to be the northeast portion of the San Pablo Ore body; which had been displaced by a combination of post-mineral strike-slip and normal faulting; also indicating the potential for a “Pipe Feeder”.  This area will be expected to add significant resources to the mineable ore body at San Pablo; |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Tajo Verde: | Transpressive strike-slip faults that bound this area are determined to be the same faults that control the mineralization in La Purisima and Tajo Verde.  This area also coincides with gaps left from previous drilling campaigns and also a gap in the underground workings. |
|--------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Follow up Drilling at Major Target Areas: |
|--------|-------------------------------------------|

| Tres Amigos: | Down dip extension; extension southwest through La Cecena, Los Hilos; Extension Northeast across Orange Tree; |
|--------------|---------------------------------------------------------------------------------------------------------------|

|   | La Union: | Extension along strike and down dip; |
|--------|-----------|--------------------------------------|

|   | La Purisima: | Extension along strike and down dip; |
|--------|--------------|--------------------------------------|

|                 Palos Chinos: | Extension along strike and down dip; |
|----------------------------------------------------------------------------------------------------------|--------------------------------------|

|   | La Prieta: | to be defined; |
|--------|------------|----------------|

|   | · | SJG 07-07: | 5 M. of 10.07 g/t., Including 2 M. of 24.55 g/t.; With Credits; |
|--------|--------|------------|-----------------------------------------------------------------|

|   | · | SJG 07-08: | 7.2 M. of 2.64 g/t., Including 3.8 M. of 4.77 g/t., Including 2.3 M. of 7.258g/t.; |
|--------|--------|------------|------------------------------------------------------------------------------------|

|   | · | SJG 07-09: | 2.1 M. of 7.2 g/t.;  And, Deeper Zone of 5.50 M. of 4.94 g/t., Including 3.15 M. of 8.33 |
|--------|--------|------------|----------------------------------------------------------------------------------------------------|

|   | · | SJG 07-12: | 7.1 M. of 6.40 g/t., Including 4.2 M. of 10.39 g/t., And, Including 1.1 M. of 15.63 g/t.; |
|--------|--------|------------|-------------------------------------------------------------------------------------------|

|   | · | SJG 07-23: | 7 M. of 2.11 g/t., Including 1.4 M. of 9.16 g/t., with Copper Credits; |
|--------|--------|------------|------------------------------------------------------------------------|

|   | · | SJG 07-26: | 3.7 M. of 2.45 g/t. (3.55 g/t. AU Equivalent), Including 1.9 M of 4.054 g/t.; And, 8.4 M.of 8.43 g/t., Including 4.1 M. of 16.82 g/t., with Copper Credits, And, Including 1.9 M. of34.433 g/t; |
|--------|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | SJG 07-27: | 6.1 M. of 13.16 g/t. (15.40 g/t. AU Equivalent), Including 3.8 M. of 19.25 g/t., AndIncluding 1.95 M. of 21.789 g/t., Including 1.8 M. of 17.646 g/t; |
|--------|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 07-28: | 5.3 M. of 2.05 g/t. (2.29 g/t. AU Equivalent), Including 2.3 M. of 3.902 g/t., with ZincCredits, Including 1.1 M. of 5.4 g/t; |
|--------|--------|------------|-------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 07-29: | 1.2 M. of 6.331g/t., with Copper Credits; 1.7 M. of 26.235 g/t., with Copper Credits;And, 1.4 M. of 2.707 g/t; |
|--------|--------|------------|----------------------------------------------------------------------------------------------------------------|

|   | · | SJG 07-30: | 1.6 M. of 5.98 g/t. (6.50 g/t AU Equivalent), with Copper and Zinc Credits;  .9 M. of 4.22g/t. (6.35 g/t. AU Equivalent), with Copper Credits; |
|--------|--------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 07-31: | 8.30 M. of 49.50 g/t., Or, 7.5 M. of 53.98 g/t.; Including 5.35 M. of 75.695 g/t.;Including 3.8 M. of 106.77 g/t; Including 1.5 M. of 240.61 g/t; with Copper and ZincCredits; |
|--------|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 07-34: | 2.2 M. of 1.028 g/t.; |
|--------|--------|------------|-----------------------|

|   | · | SJG 08-48: | 13.60 M. of 3.09 g/t., Or, 11.04 M. of 3.840 g/t.; Including 3.68 M. of 6.62 g/t.;  And |
|--------|--------|------------|---------------------------------------------------------------------------------------------------|

|   | · | SJG 08-51: | 14.20 M. of 14.91 g/t., Including 10.78 M. of 19.44 g/t.; Or Including 9.05 M. of 23.12g/t.; And, Including 3.50 M. of 42.32 g/t; with Copper Credits; |
|--------|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-60: | 9.1 M. of 5.02 g/t., Including 7.1 M. of 6.27 g/t., And, Including 2.2 M. of 17.315 g/t andIncluding 1 M. of 26.8 g/t; with Copper Credits; |
|--------|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-89: | 3.8 M. of 2.64 g/t., Including 1.3 M. of 4.520 g/t; |
|--------|--------|------------|-----------------------------------------------------|

|   | · | SJG 08-90: | 6.7 M. of 3.564 g/t, Including 1.2 M. 0f 11.69 g/t;, And, Including .6 M. of 16.18 g/t;Including .6 M of 7.210 g/t; with Credits; |
|--------|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-91: | 2 M. of 17.530 g/t.; |
|--------|--------|------------|----------------------|

|   | · | SJG 08-92: | 4.2 M. – 6.10 g/t;  Including 1 M. of 23.314 g/t;  And, 4.1 M. of 1.38 g/t;  Including 2.3M. of 2.1 g/t; And, 4.9 M. of 3.02 g/t., Including .4 M. of 30.445 g/t; And, .5 M. of14.719 g/t; |
|--------|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-93: | 5.8 M., Including .4 M of 28.53 g/t; |
|--------|--------|------------|--------------------------------------|

|   | · | SJG 08-96: | 2.1 M. of 2.22 g/t., Including .55 M. of 4.750 g/t; |
|--------|--------|------------|-----------------------------------------------------|

|   | · | SJG 08-97: | 4.3 M. of 8.68 g/t;, Including 2.1 M. of 17.05 g/t; with Copper and Zinc Credits; |
|--------|--------|------------|-----------------------------------------------------------------------------------|

|   | · | SJG 08-98: | .5 M. of 2.165 g/t.; |
|--------|--------|------------|----------------------|

|   | · | SJG 09-131: | 1.10 M. of 28.25 g/t (29.16 AU Equivalent); 1.75 M. of 7.18 g/t (9.27 AU Equivalent);1.30 M. of 6.97 g/t (7.75 AU Equivalent); |
|--------|--------|-------------|--------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 09-132: | .50 M. of 7.1 g/t (11.20 AU Equivalent); 2.05 M of 4.08 g/t (4.97 AU Equivalent); .50 M.of 2.86 g/t (4.05 AU Equivalent); |
|--------|--------|-------------|---------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 09-133: | 6.25 M. of 6.49 g/t (6.83 Au Equivalent), including 1.55 M. of 24.23 g/t; 2.07 M. of 3.57g/t (3.78 AU Equivalent); |
|--------|--------|-------------|--------------------------------------------------------------------------------------------------------------------|

----

|   | · | SJG 09-134: | 55 M. of 2.105 g/t (3.04 Au Equivalent); 2.48 M. of 4.33 g/t (5.11 Au Equivalent); .80M. of 3.37 g/t (3.74 Au Equivalent); |
|--------|--------|-------------|----------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 09-135: | 4.42 M. of 3.63 g/t (5.35 AU Equivalent), including 1 M. of 8.96 g/t.; |
|--------|--------|-------------|------------------------------------------------------------------------|

|   | · | SJG 09-136: | 2 M. of .611 g/t (.71 AU Equivalent); |
|--------|--------|-------------|---------------------------------------|

|   | · | SJG 09-138: | 5.46 M. of 4.97 g/t (5.35 AU Equivalent), including 2.97 M. of 8.80 g/t.; |
|--------|--------|-------------|---------------------------------------------------------------------------|

|   | · | SJG 09-139: | .71 M. of 8.79 g/t; 5.50 M. of 20.51 g/t, Including 3.12 M of 34.91 g/t;  And, Including1.80 M. of 58.05 g/t.; And, Including .92 M. of 104.10 g/t; |
|--------|--------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 09-140: | 3.32 M. of .82 g/t, including 1.66 M. of 1.42 g/t; 5.24 M. of 2.15 g/t, including 1.14 M. of6.4 g/t; |
|--------|--------|-------------|------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-149: | 1.3 M. of 4.8 g/t; |
|--------|--------|-------------|--------------------|

|   | · | SJG 10-195: | .40 M. of 3.43 g/t; Including .73 M. of 2.18 g/t; And, Including 1.83M. of 2.2 g/t; And,Including 1.21 M of 3.68 g/t; And, Including 2.94 M of 3.26 g/t. |
|--------|--------|-------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-197: | 1.16 M. of 2.83 g/t; And, Including 3.67 M. of 7.96 g/t; And, Including 3.30 M. of 28.38g/t. |
|--------|--------|-------------|----------------------------------------------------------------------------------------------|

|   | · | SJG 10-199: | 1.56 M. of 9.14 g/t; |
|--------|--------|-------------|----------------------|

|   | · | SJG 10-201: | 2.10 M. of 15.78 g/t; |
|--------|--------|-------------|-----------------------|

|   | · | SJG 10-203: | .70 M. of 3.23 g/t; And, Including 1.91 M. of 3.42 g/t; And, Including 5.50 M. of 332.86g/t. |
|--------|--------|-------------|----------------------------------------------------------------------------------------------|

|   | · | SJG 10-205: | .95 M. of 6.71 g/t; And Including .45 M. of 7.73 g/t; |
|--------|--------|-------------|-------------------------------------------------------|

|   | · | SJG 10-207: | 3.05 M. of 16.74 g/t; |
|--------|--------|-------------|-----------------------|

|   | · | SJG 10-210: | .4 M. of  2.58 g/t; |
|--------|--------|-------------|-------------------------------|

|   | · | SJG 10-212: | 4.80 M. of 5.90 g/t; And, Including 1.53 M. of 2.85 g/t; |
|--------|--------|-------------|----------------------------------------------------------|

|   | · | SJG 10-213: | 1.81 M. of 5.78 g/t; |
|--------|--------|-------------|----------------------|

|   | · | SJG 10-215: | 3.47 M. of 15.82 g/t; And, Including 1.40 M of 2.53 g/t; |
|--------|--------|-------------|----------------------------------------------------------|

|   | · | SJG 10-217: | 1.42 M. of 89.95 g/t; |
|--------|--------|-------------|-----------------------|

|   | · | SJG 10-219: | .46 M. of 4.49 g/t; And Including .71 M. of 7.92 g/t; And, Including 1.41 M. of 10.82 g/t;And, Including .80 M. of 2.23 g/t; |
|--------|--------|-------------|------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-221: | 2.00 M. of 13.14 g/t; And, Including .54 M. of 3.26 g/t; And, Including .65 M. of22.41g/t; |
|--------|--------|-------------|--------------------------------------------------------------------------------------------|

|   | · | SJG 10-224: | 2.23 M. of 5.29 g/t; And, Including 6.35 M. of 7.04 g/t; 3.35 M. of 11.93 g/t; And,Including .78 M. of 1.80 g/t; And, Including .45 M. of 6.84 g/t; |
|--------|--------|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 11--236: to SJG 271; | San Pablo Drill holes only reported here (See Table below): |
|--------|--------|--------------------------|-------------------------------------------------------------|

----

| SAN PABLO VEIN |           |
|----------------|----------------|
| Drill Hole     | Mineralization |
|           | From (m)       | To (m) | Interval (m) | Au grade (g/t) |
|           |           |   |   |   |
| SJG-10-236     | 112.96         | 117.03 | 4.07 | 11.38 |
| and            | 140.50         | 140.95 | 0.45 | 5.85 |
| SJG-10-238     | 257.00         | 258.30 | 1.30 | 2.40 |
| SJG-11-245     | 104.40         | 105.16 | 0.76 | 3.16 |
| SJG-11-247     | 63.60          | 65.45 | 1.85 | 10.49 |
| and            | 70.70          | 72.23 | 1.53 | 2.73 |
| including      | 71.77          | 72.23 | 0.46 | 5.70 |
| and            | 80.00          | 83.47 | 3.47 | 5.00 |
| including      | 81.37          | 83.47 | 2.10 | 7.38 |
| SJG-11-249     | 97.60          | 98.60 | 1.00 | 2.28 |
| and            | 108.20         | 109.93 | 1.73 | 8.21 |
| and            | 130.50         | 131.08 | 0.58 | 8.61 |
| SJG-11-250     | 101.72         | 104.81 | 3.09 | 20.15 |
| SJG-11-253     | 149.45         | 151.21 | 1.76 | 4.89 |
| SJG-11-255     | 154.55         | 155.05 | 0.50 | 3.19 |
| SJG-11-258     | 102.27         | 102.90 | 0.63 | 2.51 |
| and            | 111.50         | 111.90 | 0.40 | 15.62 |
| SJG-11-261     | 52.72          | 53.12 | 0.40 | 7.07 |
| and            | 109.03         | 109.43 | 0.40 | 4.42 |
| and            | 114.00         | 114.68 | 0.68 | 8.97 |
| SJG-11-263     | 119.88         | 121.13 | 1.25 | 9.47 |
| and            | 131.39         | 131.79 | 0.40 | 3.87 |
| and            | 1.34.35        | 134.75 | 0.40 | 2.73 |
| and            | 144.23         | 145.02 | 0.79 | 5.06 |
| SJG -11-264    | 145.21         | 146.45 | 1.24 | 21.21 |
| SJG -11-268    | 92.65          | 94.25 | 1.60 | 11.74 |
| and            | 153.00         | 153.92 | 0.92 | 3.18 |
| SJG-11-272     | 86.80          | 87.30 | 0.50 | 2.73 |

|   | · | ’97-01: | 7 M. of 3.66 g/t., Including 2.5 M. of 7.15 g/t., and Including 1 M. of 11.09 g/t; |
|--------|--------|---------------|------------------------------------------------------------------------------------|

|   | · | ’97-02: | 18.5 M. of 3.53 g/t., Including 10 M. of 3.86 g/t., and Including 3.5 M. of 6.85 g/t., andIncluding 1.5 M. of 12.23 g/t; |
|--------|--------|---------------|--------------------------------------------------------------------------------------------------------------------------|

|   | · | ’97-03: | 4. M. of 4.13 g/t., Including 2 M. of 7.22 g/t.; |
|--------|--------|---------------|--------------------------------------------------|

|   | · | ’97-05: | 1.9 M. of 3.62 g/t.; |
|--------|--------|---------------|----------------------|

|   | · | ’97-06: | 1.85 M. of 6.47 g/t.; |
|--------|--------|---------------|-----------------------|

----

|   | · | ’97-07: | 10 M. of 3.42 g/t., Including 2.15 M. of 6.82 g/t.;  And, 14.3 M. of 2.41 g/t; Including2.34 M. of 8.67 g/t; |
|--------|--------|---------------|------------------------------------------------------------------------------------------------------------------------|

|   | · | ’97-09: | 2.7 M. of 2.76 g/t; Including 1.5 M. of 4.15 g/t.; And, 2 M. of 13.53 g/t.; |
|--------|--------|---------------|-----------------------------------------------------------------------------|

|   | · | ’97-10: | 7.6 M. of 2.36 g/t., Including 4.6 M. of 3.81 g/t;  and, Including 1.5 M. of 10.28 g/t.; |
|--------|--------|---------------|----------------------------------------------------------------------------------------------------|

|   | · | ’97-11: | 9.5 M. of 2.83 g/t., Including 1.5 M. of 15 g/t.; |
|--------|--------|---------------|---------------------------------------------------|

|   | · | ’97-12: | 3.5 M. of 4.75 g/t., Including 1.7 M. of 8.58 g/t.;  And, 3.5 M. of 2.44 g/t.; |
|--------|--------|---------------|------------------------------------------------------------------------------------------|

|   | · | ’97-13: | 27.5 M. of 9.94 g/t.; Including 4.5 M. of 54.26 g/t., and Including 2. M. of 85.72 g/t.; |
|--------|--------|---------------|------------------------------------------------------------------------------------------|

|   | · | ’97-14: | 1.2 M. of 3.59 g/t; |
|--------|--------|---------------|---------------------|

|   | · | ’97-35: | 16.5 M. of 2.11 g/t., Including 6. M. of 8.84 g/t., and Including 2 M. of 14.42 g/t.; |
|--------|--------|---------------|---------------------------------------------------------------------------------------|

|   | · | ’97-36: | 2 M. of 3.28 g/t.; And, 3.6 M. of 4.04 g/t., Including 2 M. of 6.41 g/t.; |
|--------|--------|---------------|---------------------------------------------------------------------------|

|   | · | ’97-37: | 1.3 M. of 11.97 g/t.; ; |
|--------|--------|---------------|-------------------------|

|   | · | ’97-39: | 6.8 M. of 13.2 g/t., Including 3 M. of 29.5 g/t., Including 1.5 M. of 51.47 g/t.; |
|--------|--------|---------------|-----------------------------------------------------------------------------------|

|   | · | ’97-40: | 2. M. of 14.88 g/t.;  And, 6 M. of 4.16 g/t; Including 2 M. of 10.81 g/t.;  And, 8 M. of3.86 g/t;  Including 6 M. of 5.02 g/t;  And, Including 4 M. of 7.21  g/t.;  And, Including 2M. of 8.95 g/t; |
|--------|--------|---------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ’97-41: | 10 M. of 2.56 g/t;  Including 4 M. of 4.4  g/t., Including 2 M. of 5.15 g/t.; |
|--------|--------|---------------|---------------------------------------------------------------------------------------------------|

|   | · | ’97-42: | 4 M. of 3.04 g/t; Including 2. M. of 5.17 g/t.; And, 18. M. of 1.88 g/t; Including 2.3 M.of 3.43 g/t;  and, Including 2 M. of 3.8 g/t; and Including 2 M. of 3.36 g/t;  And, 12 M. of2.46 g/t;  Including  4.5 M. of 5.06 g/t.;  and, Including 1.5 M of 6.69 g/t; |
|--------|--------|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ’97-43: | 1.3 M. of 4.23 g/t.; |
|--------|--------|---------------|----------------------|

|   | · | ’97-44: | 6 M. of 2.91 g/t; Including 2. M. of 7.78 g/t.; And, 12 M. of 1.71 g/t;  Including 2 M. of5.18 g/t.; And, 14.8 M. of 1.47 g/t; Including 1.3 M. of 7.06 g/t; |
|--------|--------|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | ’97-45: | 14 M. of 5.35 g/t; Including 2 M. of 31.35 g/t; And, 14 M. of 2.38 g/t; Including 2 M.of 12.32 g/t; |
|--------|--------|---------------|-----------------------------------------------------------------------------------------------------|

|   | · | ’97-47: | 7.06 M. of 7.63 g/t., Including 1.55 M. of 23.10 g/t.; |
|--------|--------|---------------|--------------------------------------------------------|

|   | · | ’97-50: | 2 M. of 5.02g/t; 5 M. of 3.92 g/t., Including 2. M. of 8.53 g/t.; |
|--------|--------|---------------|-------------------------------------------------------------------|

|   | · | SJG 08-102: | 7.87 M. of 2.75 g/t. (3.02 g/t. AU equivalent);  Including 2.54 M. of 6.49 g/t.;  And,Including .58 M. of 11.527 g/t.;   And, 3.25 M. of 3.91 g/t (4.16 AU Equivalent);Including 1.50 M of 7.927 g/t; |
|--------|--------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-103:    | 1.2 M. of 4.911 g/t.; And, 1.1 M of 2.564 g/t.; |
|--------|--------|-------------------------------|------------------------------------------------------|

----

|   | · | SJG 08-104: | 2.8 M of 13.32 g/t. (16.24 g/t. AU Equivalent);  Including 1.4 M. of 26.20 g/t.; |
|--------|--------|-------------|--------------------------------------------------------------------------------------------|

|   | · | SJG 08-110: | 3.40 M. of 1.72 g/t.;  1.40 M. of 1.829 g/t.;  2.80 M. of 2.34 g/t. (2.68 AU Equivalent);Including .70 M. of 8.6 g/t.; And, 1.8 M. of 2.63 g/t. (2.95 g/t. AU Equivalent); |
|--------|--------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-111: | 1.50 M. of 1.008 g/t. (1.10 g/t. AU Equivalent);  And, 4.8 M. of 1.89 g/t. (2.56 g/t. AUEquivalent); Including .90 M. of 5.86 g/t; |
|--------|--------|-------------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-112: | 2.80 M. of 1.61 g/t. (2.06 g/t. AU Equivalent);  And, .70 M. of .752 g/t. (1.62g/t. AU Equivalent); |
|--------|--------|-------------|---------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-113: | 1.60 M. of 13.66 g/t. (14.17 g/t. AU Equivalent); And, 6.30 M. of 1.99 g/t. (2.19 g/t. AUEquivalent); Including 3.10 M. of 3.45 g/t; |
|--------|--------|-------------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-114: | 5.3 M. of 2.91 g/t. (3.13 g/t. AU Equivalent); including 1.7 M. of 8.32 g/t.; |
|--------|--------|-------------|-------------------------------------------------------------------------------|

|   | · | SJG 08-115: | 1.5 M. of 3.40 g/t (4.60 AU Equivalent);  And, 9.40 M. of 5.15 g/t.; Including 5.7 M of8.37 g/t.; And, Including 2.1 M. of 9.48 g/t.; And, Including 1.7 M. of 12.96 g/t; |
|--------|--------|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-116: | 2.1 M of 2.96 g/t. (3.79 g/t. AU Equivalent);  And, 9.80 M. of 7.74 g/t. (8.02 g/t. AUEquivalent); Including 3.3 M. of 21.28 g/t.; And, Including 1.6 M. of 33.859 g/t; |
|--------|--------|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-117: | 1.7 M. of 4.674 G/T. (5.23 g/t. AU Equivalent); And, 3.70 M. of 2.44g/t. (3.01 g/t. AUEquivalent); |
|--------|--------|-------------|----------------------------------------------------------------------------------------------------|

|   | · | SJG 08-118: | 5.46 M. of 4.25 g/t. (7.85 g/t. AU Equivalent); Including 2. M of 7.20 g/t., And Including1. M. of 9.6 g/t; And, .83 M. of 1.169 g/t. (1.87 g/t. AU Equivalent); And, 3.13 M. of4.97 g/t. (6.33 g/t. AU Equivalent); Including 1.08 M. of 13.415 g/t.; And, 1.2 M. of2.214 g/t; |
|--------|--------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-150: | 4.39 M. – 7.34 g/t; Including 2.88 M. – 10.9 g/t;  And, Including 1.71 M. – 17.78 g/t; |
|--------|--------|-------------|--------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-151: | 11.95 M. – 14.66 g/t; Including 7.82 M. – 22.18 g/t;  And, Including 2.63 M. – 62.05 |
|--------|--------|-------------|------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-152: | 9.27 M. – 1.65 g/t; Including 1.13 M. – 9.85 g/t;  And, Including .63 M. – 15.90 g/t; |
|--------|--------|-------------|-------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-153: | 7.11 M. – 2.91 g/t; Including 3.63 M. – 5.36 g/t; And, Including 1.73 M. – 6.70 g/t; |
|--------|--------|-------------|--------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-154: | 2.25 M. – 17.18 g/t; Including 1.75 M. – 21.89 g/t;  (“La Cecena”) |
|--------|--------|-------------|------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-165: | 8.26 M. – 5.40 g/t; Including 4.55 M. – 8.23 g/t;  And, Including 1 M. – 6.30 g/t; (“LaCecena/Tepehauje"): |   |
|--------|--------|-------------|----------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   | · | SJG 10-175: | 9.3 M -- 1.81 g/t; Including: 1.09 M. -- 4.973 g/t; And, Including .99 M. -- 8.102 g/t;And, 1.17 M. -- 2.054 g/t; And, .43 M -- 1.436 g/t; And, 6.0 M -- 4.19 g/t; Including2.56 M -- 8.95 g/t; And: 1.4 M. -- 3.116 g/t;  |
|--------|--------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-176: | .59 M. – 1.343 g/t; And, 15.31 M. – 1.09 g/t; And, Including 1.05 M. -- 3.127 g/t; And,Including .65 M. -- 5.294 g/t; |
|--------|--------|-------------|-----------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | SJG 10-177: | 5.27 M – 19.8 g/t;  And, Including 2.92 M. – 33.7 g/t;  And, Including 1.05 M. – 52.11g/t; And, 9.28 M. – 7.88 g/t; Including 1.43 M. – 32.38 g/t; And, Including .78 M. –50.153 g/t; |
|--------|--------|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-178: | .8 M. – 3.831 g/t; And, 1.95 M. -- 1.884 g/t; And, 5.3 M. -- 1.01 g/t; Including 1.7 M --1.953 g/t; And, 12.85 M. – 3.62 g/t; Including 3.52 M. – 5.56 g/t; And, Including1.76 M. – 6.13 g/t; And, Including 1.05 M. – 5.50 g/t; And, 2.23 M. – 2.56 g/t;Including .6 M. – 8.84 g/t; |
|--------|--------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-179: | 1.76 M. – 1.585 g/t;  And, 1.72 M. – 105.51 g/t; And, 4.678 M. – 5.70 g/t; Including2.65 M. – 8.23 g/t; And, 2.30 M. – 4.79 g/t; Including 1.15 M. – 7.00 g/t; |
|--------|--------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-181: | 3.03 M. – 1.73 g/t;  Including 1.5 M. – 2.885 g/t; |
|--------|--------|-------------|--------------------------------------------------------------------------|

|   | · | SJG 10-182: | .62 M. – 3.348 g/t;  And, 1.01 M. – 2.85 g/t; | And, .47 M. – 2.292 g/t; |
|--------|--------|-------------|---------------------------------------------------------------------|--------------------------------|

|   | · | SJG 10-225: | .40 M. of 3.63 g/t; |
|--------|--------|-------------|---------------------|

|   | · | SJG 10-226: | 8.04 M. of 18.47 g/t; Including 4.10 M. of 34.36 g/t; |
|--------|--------|-------------|-------------------------------------------------------|

|   | · | SJG 10-227: | 9.80 M. of 8.42 g/t; Including .40 M. of 113.95 g/t; |
|--------|--------|-------------|------------------------------------------------------|

|   | · | SJG 10-228: | 1.83 M. of 3.88 g/t;  And, 2.98 M. of 3.73 g/t; |
|--------|--------|-------------|-----------------------------------------------------------|

|   | · | SJG 10-229: | 1.64 M. of 2.41 g/t;  And, 1.55 M. of 5.46 g/t; |
|--------|--------|-------------|-----------------------------------------------------------|

|   | · | SJG 10-230: | 4.54 M. of 18.09 g/t;  Including 2.54 M. of 31.52 g/t; |
|--------|--------|-------------|------------------------------------------------------------------|

|   | · | SJG 10-231: | .52 M. of 2.62 g/t; And, 2.75 M. of 8.99 g/t; And, 1.7 M. of 2.34 g/t; |
|--------|--------|-------------|------------------------------------------------------------------------|

|   | · | SJG 10-232: | 1.87 M. of 3.15 g/t; |
|--------|--------|-------------|----------------------|

|   | · | SJG 11-233 to 11-280; Only Tres Amigos Drill Holes reported here (See Table below): |
|--------|--------|-------------------------------------------------------------------------------------|

| TRES AMIGOS VEIN |
|------------------|
| Drill Hole       | Mineralization |
|             | From (m) | To (m) | Interval (m) | Au grade (g/t) |
|             |   |   |   |   |
| SJG-10-233       | 177.00 | 179.40 | 2.40 | 5.42 |
| SJG-10-234       | 96.48 | 98.46 | 1.98 | 3.09 |
| and              | 214.61 | 217.97 | 3.36 | 15.05 |
| SJG-10-235       | 147.65 | 151.15 | 3.50 | 2.95 |
| SJG-10-237       | 92.44 | 92.84 | 0.40 | 883.91 |
| SJG-10-239       | 145.90 | 147.75 | 1.85 | 5.02 |
| SJG-11-242       | 229.15 | 230.95 | 1.80 | 3.13 |
| and              | 258.37 | 262.30 | 3.93 | 2.38 |
| SJG-11-246       | 107.30 | 108.20 | 0.90 | 63.85 |
| SJG-11-251       | 16.76 | 18.50 | 1.74 | 2.35 |
| SJG-11-257       | 60.84 | 63.33 | 2.49 | 5.37 |
| and              | 92.00 | 94.66 | 2.66 | 5.00 |
| and              | 104.56 | 106.33 | 1.77 | 2.81 |
| SJG-11-261       | 63.40 | 71.75 | 7.75 | 7.84 |

----

| including  | 66.20  | 71.15  | 4.95 | 10.55 |
|------------|--------|--------|------|-------|
| SJG-11-262 | 41.97  | 42.85  | 0.88 | 5.53  |
| SJG-11-265 | 47.95  | 52.17  | 4.22 | 3.07  |
| including  | 47.95  | 48.45  | 0.50 | 7.25  |
| Including  | 50.31  | 52.17  | 1.86 | 4.98  |
| SJG-11-267 | 86.76  | 87.16  | .40  | 5.52  |
| SJG-11-271 | 108.45 | 108.85 | .40  | 5.49  |
| and        | 115.40 | 122.66 | 7.26 | 9.34  |
| including  | 115.40 | 116.72 | 1.32 | 14.17 |
| Including  | 118.05 | 120.15 | 2.10 | 21.29 |
| SJG-11-278 | 66.75  | 67.40  | 0.65 | 16.34 |
| and        | 117.35 | 117.85 | 0.50 | 3.55  |
| SJG-11-280 | 3.05   | 4.57   | 1.52 | 10.67 |
| and        | 123.40 | 124.00 | 0.60 | 10.26 |

|   | · | SJG 07-21; | 8 M. of 20.67 g/t., Including 6 M. of 26.89 g/t., Including 2.1 M. of 76.33 g/t.; |
|--------|--------|------------|-----------------------------------------------------------------------------------|

|   | · | SJG 07-35; | 4.4 M. of 1.54 g/t., Including 2.2 M. of 2.736 g/t.;  And, 1.75 M. of 1.74 g/t; |
|--------|--------|------------|-------------------------------------------------------------------------------------------|

|   | · | SJG 07-36; | 1.42 M. of 4.319 g/t.; |
|--------|--------|------------|------------------------|

|   | · | SJG 07-37; | 4.45 M. of 3.07 g/t., Including 2.2 M. of 5.004 g/t.; |
|--------|--------|------------|-------------------------------------------------------|

|   | · | SJG 07-39; | 2.05 M. of 2.479 g/t.;  And, 4.2 M. of 8.55 g/t., Including 3.25 M. of 10.89 g/t.; And,Including 1.90 M. of 16.675 g/t; |
|--------|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 07-40; | .8 M. of 2.43 g/t.;  And, 1.8 M. of 1.763 g/t.; |
|--------|--------|------------|-----------------------------------------------------------|

|   | · | SJG 07-42; | 5.9 M. of 1.85 g/t., Including 2.2 M. of 3.316 g/t.;  And, 1.1 M. of 3.475 g/t.; |
|--------|--------|------------|--------------------------------------------------------------------------------------------|

|   | · | SJG 08-63; | .4 M. of 11.694 g/t.; |
|--------|--------|------------|-----------------------|

|   | · | SJG 08-68; | 1.6 M. of 18.26 g/t., Including  1 M. of 23.9t; |
|--------|--------|------------|-----------------------------------------------------------|

|   | · | SJG 08-70; | 11.1 M. of 1.83 g/t., Including 2.3 M. of 5.190 g/t., And, Including 1.10 M. of 9.434 g/t.;And, 1.50 M. of 4.15 g/t., Including .25 M. of 16.274 g/t.; And, .2 M. of 4.292 g/t;Including Zinc Credits; |
|--------|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-82; | 1.70 M. of 18.218 g/t.; |
|--------|--------|------------|-------------------------|

|   | · | SJG 08-84; | .36 M. of 39.5 g/t.;   .17 M. of Zinc Credits; |
|--------|--------|------------|---------------------------------------------------------------|

|   | · | SJG 10-161; | 7.6 M. – 4.64 g/t; | Including 1.6 M. – 18.88 g/t; |
|--------|--------|-------------|--------------------------|-------------------------------------|

|   | · | SJG 10-186; | 1 M. – 2.579 g/t; | And, 8.15 M. – 2.79 g/t;  Including .6 M. -- 30.57 g/t; |
|--------|--------|-------------|-------------------------|-------------------------------------------------------------------------|

----

|   | · | SJG 10-191; | 1.28 M. of 2.08 g/t;  And, 1.17 M. of 2.08 g/t; |
|--------|--------|-------------|-----------------------------------------------------------|

|   | · | SJG 10-193; | 5.60 M. of 3.96 g/t; |
|--------|--------|-------------|----------------------|

|   | · | SJG 10-198; | 1.53 M. of 13.64 g/t; |
|--------|--------|-------------|-----------------------|

|   | · | SJG 10-202; | 1.15 M. of 5.36 g/t; |
|--------|--------|-------------|----------------------|

|   | · | SJG 10-204; | 1.05 M. of 3.85 g/t; And, 3.10 M. of 2.19 g/t;  And, 3.84 M. of 4.06 g/t;  And, 1.43 M. of7.21 g/t; And, .77 M. of 9.91 g/t; |
|--------|--------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-206; | 2.31 M. of 14.63 g/t; |
|--------|--------|-------------|-----------------------|

| LA PURISIMA VEIN |
|------------------|
| Drill Hole       | Mineralization |
|             | From (m) | To (m) | Interval (m) | Au grade (g/t) |
| SJG11-281        | 87.60 | 88.39 | 0.79 | 4.78 |
| SJG11-282        | 27.43 | 30.48 | 3.05 | 6.19 |
| including        | 28.96 | 30.48 | 1.52 | 10.50 |
| SJG11-282        | 74.45 | 76.66 | 2.21 | 8.01 |
| including        | 74.45 | 75.36 | 0.91 | 18.87 |
| and              | 89.92 | 91.44 | 1.52 | 6.03 |
| and              | 108.00 | 109.67 | 1.67 | 2.86 |
| and              | 152.40 | 153.92 | 1.52 | 7.79 |
| SJG11-285        | 57.45 | 59.15 | 1.70 | 3.85 |
| and              | 82.20 | 87.92 | 5.72 | 2.56 |
| and              | 98.50 | 102.15 | 3.65 | 6.70 |
| SJG11-287        | 137.35 | 140.07 | 2.72 | 3.01 |
| SJG11-289        | 109.73 | 112.78 | 3.05 | 9.50 |
| SJG11-295        | 43.11 | 43.84 | 0.73 | 2.82 |

|   | · | ’92-27: | 1 M. of 9 g/t; |
|--------|--------|---------------|----------------|

|   | · | “97-29: | 3.1 M. of 4.53 g/t; |
|--------|--------|---------------|---------------------|

|   | · | ’97-30: | .5 M. of 12.92 g/t;  And, 10.1 M. of 1.68 g/t, and Including 1.5 M. of 6.04 g/t; |
|--------|--------|---------------|--------------------------------------------------------------------------------------------|

|   | · | ’97-31: | 6.8 M. of 1.94 g/t;  Including 4 M. of 2.85 g/t; |
|--------|--------|---------------|------------------------------------------------------------|

----

|   | · | ’97-33: | 4 M. of 1.9 g/t;  And, 4.3 M. of 1.3 g/t; |
|--------|--------|---------------|-----------------------------------------------------|

|   | · | ’97-34: | 2 M. of 8.9 g/t; |
|--------|--------|---------------|------------------|

|   | · | SJG 08-61: | 4.5 M. of 1.66 g/t. (2.85 g/t AU Equivalent), Including 1.10 M. of 2.446 g/t.;  And,Including 1.3 M. of 3.183 g/t.; And, .4 M. of 9.38 g/t; Including Copper Credits; |
|--------|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-72: | 4.3 M. of 1.13 g/t. (1.68 g/t. AU Equivalent), Including 1.10 M. of 2.475 g/t. andIncluding 1 M. of 1.635 g/t; |
|--------|--------|------------|----------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-76: | 4.8 M. of 16.23 g/t. (17.44 g/t. AU Equivalent), Including  2 M. of 38.100  g/t., AndIncluding 1.40 M. of 51.340 g/t, and Including .7 M. of 77. g/t; With Copper and Zinc Credits; And, 2.7 M. of 1.69 g/t. (2.08 g/t. AU Equivalent), Including .3 M. of 7.875 g/t |
|--------|--------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 08-80: | 3.10 M. of 4.801 g/t., Including 1.50 M. of 7.372 g/t.;  And, 1.10 M. of 3.169 g/t.; |
|--------|--------|------------|------------------------------------------------------------------------------------------------|

|   | · | SJG 08-120: | 1.65 M. of 2.179 g/t.; And, .42 M. of 1.93 g/t.; |
|--------|--------|-------------|--------------------------------------------------|

|   | · | SJG 08-122: | .50 M. of 2.076 g/t.; And, .50 M. of 25.75 g/t;  And, .95 M. of 1.94 g/t.; |
|--------|--------|-------------|--------------------------------------------------------------------------------------|

|   | · | SJG 09-143: | 1.4 M. M. of 12.08 g/t; |
|--------|--------|-------------|-------------------------|

|   | · | SJG 09-144: | 3.78 M. of 1.63 g/t, Including 1.35 M. of 2 g/t; |
|--------|--------|-------------|--------------------------------------------------|

|   | · | SJG 10-208: | 2.06 M. of 6.60 g/t; |
|--------|--------|-------------|----------------------|

|   | · | SJG 10-216: | 1.77 M. of 5.45 g/t;  And, 2.96 M. of 12.36 g/t; |
|--------|--------|-------------|------------------------------------------------------------|

|   | · | SJG 10-218: | .40 M. of 2.53 g/t;  And, 1.29 M. of 8.42 g/t; |
|--------|--------|-------------|----------------------------------------------------------|

|   | · | SJG 10-220: | .40 M. of 2.83 g/t; |
|--------|--------|-------------|---------------------|

|   | · | SJG 10-223: | 1.25 M. of 2.28 g/t;  And, 1.62 M. of 9.90 g/t;  And, 3.15 M. of 2.33 g/t;  And, 3.52 M. of10.24 g/t; And, 3.05 M. of 2.18 g/t; |
|--------|--------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 11–244 to 292;  La Union Area Holes only reported here (See Table below, and including Veta Tierra DDH 252, 256 and 259): |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| LA UNION VEIN |
|---------------|
| Drill Hole    | Mineralization |
|          | From (m) | To (m) | Interval (m) | Au grade (g/t) |
|          |   |   |   |   |
| SJG-11-244    | 73.82 | 74.86 | 1.04 | 9.79 |
| SJG-11-252    | 55.25 | 59.70 | 4.45 | 4.26 |
| and           | 78.10 | 80.15 | 2.05 | 4.55 |
| including     | 78.10 | 79.20 | 1.10 | 7.16 |
| SJG-11-256    | 51.61 | 52.85 | 1.24 | 144.08 |
| and           | 99.93 | 101.29 | 1.36 | 9.04 |
| SJG-11-259    | 77.25 | 79.25 | 2.00 | 2.57 |
| SJG-11-292    | 203.11 | 204.65 | 1.54 | 2.27 |

----

|   | · | ’97-63: | 27.8 M of 2.3 g/t;  Including 17.30 M. of 2.81 g/t;  And, Including .7 M. of 9.25 g/t;And, Including 2.7 M. of 8.45 g/t; |
|--------|--------|---------------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 07-02: | .75 M.  of 17.5  g/t.; |
|--------|--------|------------|--------------------------------------------|

|   | · | SJG 07-16: | 7.7 M. of 1.86 g/t., Including 4.35 M. of 3.09 g/t., Including 2.15 M. of 5.2 g/t.; |
|--------|--------|------------|-------------------------------------------------------------------------------------|

|   | · | SJG 10-161: | 7.6 M. – 4.64 g/t; | Including 1.6 M. – 18.88 g/t; |
|--------|--------|-------------|--------------------------|-------------------------------------|

|   | · | SJG 10-186: | 1 M. – 2.579 g/t; | And, 8.15 M. – 2.79 g/t;  Including | .6 M. – 30.57 g/t; |
|--------|--------|-------------|-------------------------|-----------------------------------------------------|--------------------------|

|   | · | SJG 10-169: | .35 M. – 1.37 g/t;  And, 8.42 M. – 3.80 g/t; Including 3.38 M. -- 9.11 g/t; AndIncluding 1.7 M. – 11.61 g/t; And 1.85 M. – 1.56 g/t; |
|--------|--------|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | SJG 10-171: | .6 M. – 2.9 g/t; |
|--------|--------|-------------|------------------------|

|   | · | SJG 10-172: | 2.1 M. – 2.52 g/t; | Including 1.1 M. – 4.47 g/t; |
|--------|--------|-------------|--------------------------|------------------------------------|

|   | · | SJG 10-173: | 1.3 M. – 1.302 g/t; And, 1.3 M. – 2.486 g/t; |
|--------|--------|-------------|----------------------------------------------------------|

|   | · | SJG 10-174: | 1.65 M. – 5.855 g/t;  And, 1.53 M. – 1.848 g/t; And, 2.91 M. – 1.87 g/t; Including, 1.07 |
|--------|--------|-------------|----------------------------------------------------------------------------------------------------------------------|

|   | · | La Prieta;  Historical + 200,000 Oz. Au production at average grade of + 28 g/t; |
|--------|--------|--------------------------------------------------------------------------------------------|

|   | · | Rudolpho / Rosario; |
|--------|--------|---------------------|

|   | · | Northeast Tres Amigos; |
|--------|--------|------------------------|

|   | · | Orange Tree; |
|--------|--------|--------------|

|   | · | Argillic Zone; |
|--------|--------|----------------|

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