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Maco resources

On the basis of diamond drilling and underground development, the indicated resource for Maco, as at February 28, 2007, increased by 15% to 0.304 million ounces (1.46 million tonnes @ 6.5 g/t Au) compared with 0.263 million ounces (1.26 million tonnes @ 6.5 g/t Au) reported previously in August 2006. Inferred resources have increased by over 60% to 1.847 million ounces (9.60 million tonnes @ 6.0 g/t Au) compared with 1.145 million ounces (5.74 million tonnes @ 6.3 g/t Au) in previous estimates.

Indicated Resources - Maco Operations

Vein	Grade (g/t Au)	Tonnage	Contained Ounces
Don Calixto	5.8	210,000	39,000
Don Fernando	7.2	201,000	47,000
Don Mario	5.7	273,000	50,000
Don Joaquin	6.3	275,000	56,000
Maria Inez	7.5	47,000	11,000
Masara	6.5	76,000	16,000
Bonanza	6.5	160,000	33,000
St Francis	5.4	84,000	15,000
St Benedict	8.5	136,000	37,000
Total Indicated Resource	6.5	1,462,000	304,000
Global grade reported at a 3.5 g/t Au cut-off, and MSW of 1.4 m.

Inferred Resources – Maco Operations

Vein	Grade (g/t Au)	Tonnage	Contained Ounces
Masarita	5.1	327,000	54,000
Wagas	4.2	430,000	58,000
Don Calixto	5.8	222,000	41,000
Don Fernando	7.2	398,000	92,000
Don Mario	5.7	757,000	139,000
Don Joaquin	6.3	1,199,000	243,000
Maria Inez	7.5	288,000	69,000
Bonanza-Masara	6.1	2,126,000	417,000
Manganese	7.0	168,000	38,000
Sandy	5.5	2,065,000	365,000
Jessie	5.5	198,000	35,000
St Vincent	5.4	503,000	87,000
St Francis	5.4	429,000	74,000
St Benedict	8.5	494,000	135,000
Total Inferred Resource	6.0	9,604,000	1,847,000
Global grade reported at a 3.5 g/t Au cut-off, and MSW of 1.4 m.

The resource estimate shown above is based on more than 31,000 meters of core drilling together with 514 meters of underground ore development. Drilling has focused on the Maligaya Trend hosting the Bonanza-Masara veins and the southern continuations, known as the Sandy-Jessie veins, with a combined strike-length of over 2,000 meters. Resource estimates for those veins outside the Maligaya Trend are unchanged from the previously reported historic data compiled by Snowden Mining Industry Consultants in 2006.

Prior to Crew’s acquisition of Apex in 2005, systematic drilling had not been undertaken on the different vein systems at Maco. Most historic development was small-scale mining of vein systems exposed on surface. Historically, the Maligaya system has been partially mined from the Masara vein above the 590 meter level and from the Bonanza vein between the 560 and 590 meter levels. Drilling to date has indicated that the mineralized systems at Maco could be more substantial than previously anticipated and that within the more than 70-meter-wide Maligaya Trend alteration zone several additional veins are splitting and merging in an anastomizing pattern. These veins and splits are essentially un-mined and the drilling and new resource evaluation in this structure has added significantly to the increased resources shown in the tables.

Resources have been classified as inferred primarily because the estimation of grade is uncertain, considering the relatively wide drill spacing and variable intensity of the epithermal vein mineralization. Continuing underground development and sampling on the Maligaya Trend (Bonanza-Masara and Sandy-Jessie veins) will enable conversion of these inferred resources into measured and indicated resources and, subsequently, mineral reserves as stope designs are completed.

In 2007, Apex will also undertake drilling on several of the porphyry copper-gold targets located in the west of the property, where a historic (pre-NI 43-101) resource estimate stated approximately 84 million tonnes at 0.4% Cu and 0.4 g/t Au (672 million lbs contained copper and 1.08 million ounces contained gold). Some of these porphyry targets show a significant gold content of over 2 g/t which, combined with the high copper, makes them obvious targets for inclusion in the current processing plans.