Tahoe Increases Gold Reserves By 400,000 Ounces And Gold Resources By 3.4 Million Ounces

VANCOUVER, British Columbia, Feb. 15, 2018 – Tahoe Resources Inc. (“Tahoe” or the “Company”) (TSX: THO,  NYSE: TAHO) reports its updated mineral reserves and resources as of January 1, 2018.  

Ron Clayton, President and CEO of Tahoe: “In 2017, we added 888,000 ounces of new gold mineral reserves, more than replacing the 489 thousand ounces depleted during our record gold production year. With the addition of the La Arena II resources, we have also increased gold resources by 3.4 million ounces. During 2018 and 2019 we will continue to focus on thoughtfully advancing our exploration and development properties with the aim of continuing to grow our gold resources and converting our resources into reserves.”

MINERAL RESERVES – HIGHLIGHTS:

  • Tahoe's proven and probable mineral reserves totaled approximately 3.7 million ounces of gold, 288 million ounces of silver, 196 thousand tonnes of lead and 320 thousand tonnes of zinc as of January 1, 2018
  • Tahoe's gold reserves represent an increase of approximately 400 thousand ounces (+12%) over the prior year, net of 2017 production
  • Increases in gold reserves at the Company's operating properties during 2017 were attributable to increases in mineral reserves at the Shahuindo mine due to exploration success, the initial mineral reserve estimate for the 144 Gap deposit at the Timmins West Mine (released in September 2017), and the conversion of mineral resources to mineral reserves at the Bell Creek Mine
  • The following table illustrates the changes in Tahoe's estimated gold reserves at its operating properties year-over-year:

Gold Ounces (k)

Gold Mineral Reserves as of January 1, 2017(1)

3,322

Less: mineral reserves mined during 2017

(489)

Plus: mineral reserves added in 2017

888

Gold Mineral Reserves as of January 1, 2018

3,721

Net Increase

399

Percentage increase

12%

(1)    Excludes 2017 La Arena sulfide reserves which are no longer carried by the Company

MINERAL RESOURCES – HIGHLIGHTS:

  • Tahoe's measured and indicated mineral resources totaled approximately 14 million ounces of gold, 403 million ounces of silver, 5.8 billion pounds of copper, 256 thousand tonnes of lead and 427 thousand tonnes of zinc as of January 1, 2018
  • Gold resources increased by approximately 3.4 million ounces (+33%) compared to the prior year
  • Copper measured and indicated resources increased to 5.8 billion pounds, an increase of 3.8 billion pounds (+187%) compared to the prior year
  • The significant increase in gold and copper resources year-over-year was attributable in large part to La Arena II.  An updated NI 43-101 technical report for the La Arena property, which includes the Preliminary Economic Assessment (“PEA”) of the La Arena II project, which the Company expects to release on February 20, 2018
  • The following table illustrates the changes in Tahoe's estimated gold resources year-over-year:

Gold Ounces (k)

Measured & Indicated Mineral Resources as of January 1, 2017

10,562

Measured & Indicated Mineral Resources as of January 1, 2018

14,005

Increase

3,443

Percent Increase

33%

Please refer to the tables below for total mineral reserve and mineral resource estimates as of January 1, 2018.

MINERAL RESERVES AS OF JANUARY 1, 2018

Operation

Reserve Classification

Gold

(koz)

Silver

(koz)

Copper

(mlbs)

Lead

(ktonnes)

Zinc

(ktonnes)

Escobal Mine

Proven

34

39,532

26

44

Probable

244

224,961

170

276

P + P

278

264,493

196

320

La Arena Mine

Proven

3

Probable

565

P + P

568

Shahuindo Mine

Proven

1,203

14,756

Probable

704

8,384

P + P

1,907

23,140

Timmins West Mine

Proven

47

Probable

606

P + P

654

Bell Creek Mine

Proven

68

Probable

246

P + P

315

Total

Proven

1,356

54,288

26

44

Probable

2,366

233,345

170

276

P + P

3,721

287,633

196

320

OPERATING PROPERTIES – MINERAL RESOURCES AS OF JANUARY 1, 2018

Operation

Resource Classification

Gold

(koz)

Silver

(koz)

Copper

(mlbs)

Lead

(ktonnes)

Zinc

(ktonnes)

Escobal Mine

Measured

51

58,104

33

58

Indicated

337

316,520

224

369

M + I

388

374,624

256

427

Inferred

54

10,746

4

8

La Arena Mine

Measured

3

Indicated

640

M + I

643

Inferred

4

Shahuindo Mine

Measured

1,358

16,807

Indicated

921

11,122

M + I

2,278

27,929

Inferred

2,500

46,980

Timmins West Mine

Measured

39

Indicated

885

M + I

923

Inferred

133

Bell Creek Mine

Measured

167

Indicated

569

M + I

736

Inferred

415

Total – Operating Properties

Measured

1,618

74,911

33

58

Indicated

3,351

327,642

224

369

M + I

4,969

402,552

256

427

Inferred

3,106

57,726

4

8

EXPLORATION & DEVELOPMENT PROPERTIES – MINERAL RESOURCES AS OF JANUARY 1, 2018

Operation

Resource Classification

Gold

(koz)

Silver

(koz)

Copper

(mlbs)

Lead

(ktonnes)

Zinc

(ktonnes)

La Arena II

Measured

1,265

1,279

Indicated

4,372

4,511

M + I

5,637

5,790

Inferred

683

349

Fenn-Gib

Measured

Indicated

1,300

M + I

1,300

Inferred

750

Gold River

Measured

Indicated

117

M + I

117

Inferred

1,028

Juby

Measured

Indicated

1,090

M + I

1,090

Inferred

2,909

Whitney

Measured

218

Indicated

491

M + I

709

Inferred

171

Marlhill

Measured

Indicated

57

M + I

57

Inferred

Vogel/Schumacher

Measured

Indicated

125

M + I

125

Inferred

169

Total – Exploration & Development Properties

Measured

1,483

1,279

Indicated

7,553

4,511

M + I

9,036

5,790

Inferred

5,709

349

Notes applicable to the three preceding tables:

(1)

Totals may not sum due to rounding.

(2) 

The mineral resource and mineral reserve estimates are current as of January 1, 2018.  Refer to Technical Disclosure for effective dates of mineral resource and mineral reserve estimates.

(3) 

Refer to appendix for individual cut off grades at individual properties.

For more details regarding mineral resource and mineral reserve estimates for each operating mine and for each exploration/development project, please refer to the detailed summary in the appendix of this press release. 

Technical Disclosure
Technical information in this press release has been approved by Charlie Muerhoff, Vice President Technical Services, Tahoe Resources Inc., a Qualified Person as defined by NI 43-101.

Mineral resource estimates reported herein have been classified as measured, indicated or inferred based on the confidence of the input data, geological interpretation and grade estimation parameters.  Mineral reserve estimates reported herein are based on known inputs that include metallurgical performance, taxation/royalty obligations, geologic and geotechnical characterization, operational costs, and other economic parameters. The company is not currently aware of any known factors that are reasonably likely to have a negative material impact on the Company's mineral resources or mineral reserves. The mineral resource and mineral reserve estimates were prepared in accordance with NI 43-101 and classifications adopted by the CIM Council. Mineral resources are inclusive of mineral reserves.

The basis of the mineral resource and mineral reserve estimates for the Escobal mine is from Escobal Mine Guatemala NI 43-101 Feasibility Study, dated November 5, 2014 with effective dates of January 23, 2014 for the mineral resource estimate and July 1, 2014 for the mineral reserve estimate. Mineral resources and mineral reserves reported at January 1, 2018 were calculated by subtracting mine depletion volumes from the mineral resource and mineral reserve estimates stated in the aforementioned technical report.

The basis of the mineral resource and mineral reserve estimates for the La Arena mine and the mineral resource estimate for the La Arena II project is from Technical Report on the La Arena Project, Peru, dated February 20, 2018 with an effective date of January 1, 2018.

The basis of the mineral resource and mineral reserve estimate for the Shahuindo mine is from the NI 43-101 Technical Report on the Shahuindo Mine, Cajabamba, Peru, dated January 25, 2016, with effective dates of April 15, 2015 for the mineral resource estimate and November 1, 2015 for the mineral reserve estimate. Mineral resources and mineral reserves reported at January 1, 2018 were calculated by applying the mine topographic surface at January 1, 2018 to an updated mineral resource estimate completed July 1, 2017.

The basis of the Timmins West Mine mineral resources and mineral reserves is from NI 43-101 Technical Report, Timmins West Mine, Timmins, Ontario, Canada, dated September 20, 2017 with an effective date of May 15, 2017. Mineral resources and mineral reserves for the Timmins West Mine reported at January 1

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About the Author: Bob Cooper

Bob Cooper is Canadian Business Tribune''s senior editor. He is also a nationally syndicated newspaper columnist and a bestselling author. He lives in London Ontario and covers the intersection of money, politics and finance. He appears periodically on national television shows and has been published in (among others) The National Post, Politico, The Atlantic, Harper’s, Wired.com, Vice and Salon.com. He also has served as a journalist and consultant on documentaries for CBC and Global News . In 2014, he was the winner of the Society of American Business Editors and Writers' investigative journalism award, and the winner of the Izzy Award for Journalism from Ithaca College's Park Center for Independent Media. He was also a finalist for UCLA's Gerald R. Loeb Award and Syracuse University's Mirror Award. Before becoming a journalist in 2006, Sirota worked in Washington for, among others, U.S. Rep. Bernie Sanders, the U.S. House Appropriations Committee Minority Staff and the Center for American Progress.

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