Our silver production outlook at the three operating mines is stable over the near term, but all three mines have some unused plant capacity, so we are aggressively exploring and developing these mining properties to extend their mine lives. Guanaceví is our oldest and highest grade silver mine, and we have identified several areas to explore and develop to extend its mine life. Also, the Guanacevi ore-bodies are higher grade at the top and lower grade at the bottom. Because we are now mining toward the bottom of the Porvenir Norte ore-body and into the middle of Santa Cruz, our consolidated grades have been lower in recent quarters. But when we open up the top of the Santa Cruz Sur ore-body next year, followed by the shallow extensions of Porvenir Norte, Dos and Cuatro, the consolidated grades are expected to return to previous levels, which will boost both our silver grades and production. At the other mines – Bolañitos and El Cubo – we are well ahead of our 2016 guidance on both production and costs, and like Guanacevi, we are exploring and developing new areas to extend their mine lives.

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