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FLSmidth USA, Inc. Ill I DT H <br /> Ore Characterization & Process Mineralogy Labs MS <br /> 7158 S. FLSmidth Drive <br /> Midvale, UT 84047-5559 • USA <br /> Tel +1 801 871-7681 • Fax+1 801 871 7681 <br /> www.flsmidth.com <br /> Ouray Mining - Revenue Silver Mine <br /> Date 18 April 2017 <br /> To Perry Allen, Paul Bennett <br /> Copies to File <br /> From Randy Zahn <br /> Filing M:\OCPM\Projects\2017 Projects\P-17013 (4008) Ouray Variability <br /> Testing\Reports\P17013 Ouray Variability Testing Mineralogy Final <br /> Report.docx <br /> Subject Mineralogical Characterization of Master Composite from Ouray Revenue Mine <br /> and Flotation Concentrates from FLSmidth Locked Cycle Testing <br /> Background and Objective <br /> To support the metallurgical program being completed at FLSmidth, the characterization of <br /> ore composites was requested. The ores are from the Revenue Mine, operated by Ouray <br /> Silver Mine (OSM), near Ouray Colorado. Silver is the primary metal of the operation, <br /> associated primarily with copper mineralization. <br /> Samples Received and Methods of Analysis <br /> The descriptions of the samples received, their Laboratory and LIMS identification numbers <br /> and the information required for each sample are presented in Table 1. <br /> Table 1: Samples Received <br /> LIMS ID Customer Description Analysis <br /> P17013-0038-002 VM-1 VM-Mong Comp XRD/CEC <br /> P17013-0039-002 VM-2 VM-Decline Comp XRD/CEC <br /> P17013-0040-002 VF-1 FW Stope Comp XRD/CEC <br /> P17013-0041-002 VF-2 FW Decline Comp XRD/CEC <br /> P17013-0042-002 YR-1 Yellow Rose Comp XRD/CEC <br /> P17013-0043-002 MC Master Comp XRD/CEC <br /> P17013-0043-003 MC Master Comp Sizing & QEMSCAN <br /> P17013-0043-014-11 1T15 Locked Cycle Pb #2 Cl Con 10ptical Microscopy <br /> P17013-0043-014-13 IT15 Locked Cycle Zn #2 Cl Con 10ptical Microscopy <br />