Trevali Resources Corp. - Santander Project - Property Background

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Santander Project

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Property Background

The former Santander Mine is classified as a poly-metallic High Temperature Carbonate (HTC) or Carbonate Replacement Deposit (CRD). Modern mining activities commenced on the principal Santander Pipe from 1958 until 1991 to an approximate depth of 480 metres.

Total production is estimated to be about 8 million tonnes averaging +7% Zinc, 1 to 4% Lead and 60 g/t Silver with additional Copper credits. Mineralization remains open at depth with reported zinc grades of 11% in multiple replacement or manto bodies.

An initial due diligence study in late 2007 undertaken by the Company confirmed the high-grade nature of the former producer with values up to 39.8% Zinc, 8.98% Lead, 324 g/t Silver and 1.6% Copper (see NR-07-01 for details) determined through re-sampling of outcropping mineralization and historical drillholes (Table 1).

Table 1: Summary geochemisty results - Santander due diligence study.

Deposit	Downhole Interval	Grade
Magistral Norte - outcropping - continuous chip sample	9m	8.76% Zn, 8.6% Pb, 85 g/t Ag & 0.33% Cu
Magistral Norte DDH-MN-31	23.8m	8% Zn, 4.4% Pb, 137 g/t Ag & 0.11% Cu
Magistral Norte DDH-MN-38	2.2m	9.45% Zn, 4% Pb, 173 g/t Ag, 0.21% Cu
Magistral Norte DDH-MN-41	2.25m	9.58% Zn, 8.98% Pb, 324 g/t Ag & 0.22% Cu
Magistral Norte DDH-MN-43	4.2m	4.5% Zn, 4.28% Pb, & 69 g/t Ag
Magistral Norte	Characterization	10.6% Zn, 8.43% Pb, 89 g/t Ag & 0.28% Cu
Magistral Norte	Characterization	35.6% Zn, 0.16% Pb, 63 g/t Ag & 0.46% Cu
Magistral Sur DDH-MS-4	53.7m	6.39% Zn, 0.24% Pb & 28 g/t Ag
Magistral Sur	Characterization	15.86% Zn, 0.06% Pb, 19 g/t Ag & 0.07% Cu
Magistral Sur	Characterization	39.8% Zn, 0.13% Pb, 69 g/t Ag & 1.6% Cu
Magistral Sur	Characterization	18.38% Zn, 0.29% Pb, 61 g/t Ag & 0.14% Cu

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Typically, such Carbonate Replacement Deposits (CRDs) are comprised of multiple lens and ore bodies and have the potential to form significant mining camps.

The 4,455-hectare (44km²) property contains numerous outcropping poly-metallic mineralized bodies (Magistral Norte, Central, Sur and Puajanca).