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Executives

Lenic Rodriguez - President & CEO

Salvador Huerta - CFO

Catalin Chiloflischi - Director, Corporate Communications

Analysts

Brian Post – Roth Capital Partners

Dan Rollins - RBC Capital Markets

Christos Doulis - Stonecap Securities

Phil Juskowicz - Casimir Capital

John Tumazos - John Tumazos Very Independent Research

Marshall Berol - Encompass Fund

Joseph Furmanski - Janus Capital Group

Dave Kupka - Manor Financial

Aurcana Corporation (OTCQX:AUNFF) F4Q 2012 Earnings Conference Call April 12, 2013 1:30 PM ET

Operator

Good morning and good afternoon ladies and gentlemen. Welcome to Aurcana Corporation 2012 Year-End webcast and Conference Call for Friday April 12, 2013. Please be advised that this call is being recorded.

I’d now like to turn the call over to Mr. Catalin Chiloflischi, Corporate Communications Director, Aurcana Corporation who will introduce you today’s speaker. Please go ahead Mr. Chiloflischi.

Catalin Chiloflischi

Welcome everyone to Aurcana’s 2012 year-end and operational update conference call and thank you very much for taking the time to be with us today. Today’s conference call will be presented by Mr. Lenic Rodriguez, President and CEO of Aurcana Corporation who will be providing investors with an overview of our 2012 year-end results as well as an update on La Negra and Shafter. After that we will following about 30 minutes of questions.

For those of you who have joined us today on the webcast, we have included a number of slides to support today's discussion. If you would like to ask live questions to our presenters, you would have to dial in to the conference. Questions asked on the webcast will be responded individually after the event. While we will be making every effort to answer all questions today, I would like to encourage everyone who will not have their questions answered to contact us by email or telephone after the teleconference.

As a reminder, in today’s call we will be making forward-looking statements and will be discussing forward-looking information that involves unique risks concerning the business operation and financial performance of Aurcana Corporation. Please refer to the webcast slides for a complete forward-looking statement disclosure.

With that, I’d now like to turn the floor over to Mr. Lenic Rodriguez, President and CEO of Aurcana Corporation. Please go ahead Mr. Rodriguez.

Lenic Rodriguez

Hello everyone and welcome to our call today. I’d like to take this opportunity and provide you with an update of our 2012 year-end results and our plans to grow the Company into a senior silver producer.

Let me start by telling you that Aurcana generated record revenues again, last year of about $57 million, while producing 45% more silver equivalent than within 2011. Aurcana’s total silver equivalent production for 2012 was over 2.5 million ounces compared to 1.7 million ounces in 2011. The increase in production was achieved by milling 37% more ore than one year-ago to a total of 671,000 tons ore milled in 2012.

As production increased Aurcana add $25 million from mining operations and have an operating cash flow of $21.5 million in 2012, up 10% from $19.5 million in 2011. Aurcana net income in 2012 was $10 million, up 30% from $7.5 million in 2011. With an increasing production at cost per mill ton decreased by 6% to $37.16. In the end, our total cash cost per silver ounce net of byproduct decreased by 16% to a low $6.43. These low cash cost is an important strategic advantage for Aurcana especially in these markets.

For 2013 our focus will be on ramping up production with Shafter and increasing mill throughput at La Negra mine. Based on a well defined action plan at Shafter and with the mill expansion to 3,000 tons per day at La Negra now complete, we feel confident that Aurcana is now on a position to grow organically for three years with just the support of our budget at sustaining capital.

With that, let me provide you with a deep update on La Negra followed by Shafter. La Negra mine, let me start by saying that La Negra successfully completed its third consecutive mill expansion to 3,000 tons per day on time and on budget. For the first time ever the mill is processing close to the new capacity since March 28, 2013. As a follow-up to recent discoveries of significant gold associated with strong silver, zinc and lead mineralization in the mill areas that said, a 5,000 meter drilling program has been initialized and results are expected to become available around the fall of this year. Fire assays of the gold samples announced in February 2013 are underway and initial results are starting to confirm the original findings.

While historically gold production has not been a major source of revenue at La Negra the exploration program is aimed to evaluate the potential economic significance of those resource and we remain optimistic about the prospects. This year Aurcana will commence studies on how to best capitalize on the large resource base at La Negra and define our next growth objectives. I’m also proud to say that La Negra mine operation in Mexico has been recently awarded for the 2013 environmental and social responsible company award by the Mexican Center for Philanthropy. This is an important recognition for efforts and commitment to environmental and social responsibility as we consider it an integral part of our corporate strategy.

Now moving on to Shafter. The underground mining at Shafter is making progress. The main ramp continues to advance down deep at the rate of about 600 feet per month. The average ore grade currently being mined is over five ounces per ton at the ramp, so ramp continues to advance down deep. The grades are expected to increasingly be more in line with the average grade of our existing reserve. The Company however still have its challenges during the commissioning efforts to-date at Shafter.

While the mine development has been progressing, the Shafter mill has experienced a number of unanticipated technical issues with some pieces of the equipment in the mill and processing plant that have in turn slowed down the ramp up efforts. As a result, Shafter mill has not yet reached its initial target of 600 tons per day on a continuous basis. While the mill is operating and is producing silver, that progress is definite dependent on the delivery times for additional pieces of equipment that are required to streamline the operations.

However, in order to achieve full production capacity during 2013, a number of improvements to original plant design are necessary. Having been identified an action plan has been developed by using outside consultants as well as in-house expertise. And that has been finalized and set in motion to gradually move to full production.

Management has taken a number of key actions in order to achieve the plant production during 2013, including additional filter presses have been ordered and are scheduled for delivery during the second quarter and to become operational during the third quarter. The installation of a CCD circuit that will result in an increasing the overall recovery rate is underway and will be completed gradually during 2013.

In order to meet the planned level of production the addition of a second drying oven and a new furnace in the refinery is currently being designed, and will be completed during the third quarter. The engineering and construction work necessary to achieve design capacity at Shafter is being engineered and built by Cimetta Engineering and Construction Company.

SGS/Metcon, a leading inspection, verification, testing, and certification company, has been retained to review and recommend processing permits that are aimed at optimizing metallurgical performance in the Shafter plant. Construction has been completed on the foundations and steel work of one additional thickener with a second one in progress. These tanks are being built as part of the project to achieve planned capacity. Staff hiring and training is continuing to strengthen the production team at Shafter.

Additional people have been trained and will be added with the gradual increasing production to 1500 tons per day. While the mill is operating and silver is being produced, with all improvements in place, Aurcana anticipates a gradual increase in silver output during 2013 at Shafter.

In closing, I want to affirm that the Company is now in a position to grow organically for a few years with just the support of our budget to sustaining capital and we remain strategically positioned to become a senior silver producer.

Thank you for your support and confidence in Aurcana Corporation.

We would like now to open the floor for questions. But before we begin, please keep in mind that Mr. Salvador Huerta, our CFO is also in the room with us today and is available to ask any financial related questions. Operator?

Question-and-Answer Session

Operator

Thank you. We will now take questions from the telephone line. (Operator Instructions) The first question is from Brian Post with Roth Capital Partners. Please go ahead.

Brian Post – Roth Capital Partners

Good morning Lenic. Thanks for taking my question. Looking at Shafter and how we think about the ramp up of production in 2013. Looking at this quarter it says you're running – you say you are running below the 600 ton per day run rate. How materially below that number are you running? And then as the quarter’s progress, you say that there is gradual improvement. How fast is that ramp? Does it go from 600 to 800 or is it relatively slow and then have a big jump once all the equipment is in place?

Lenic Rodriguez

Well, we anticipate that we’re going to be operating at 600 tons per day from the second quarter on. However, that ramp up at Shafter would progress at a rate of about 300 additional tons per quarter. So we expect to do about 900 in the third quarter and then about just 1200 by the fourth quarter or better, we’re trying to of course accelerate those process of Shaft.

Brian Post – Roth Capital Partners

Okay. And then with all this equipment improvement, what’s your total CapEx budget for the furnaces, the presses, the CCD circuit?

Lenic Rodriguez

Well, we’ve already been budgeted last year, a sustaining capital. But those sustaining which by the way is ongoing, it’s about $8 million to $10 million.

Brian Post – Roth Capital Partners

Okay. And then one question on the La Negra, if I may. You – it sounds like the expansion is going well, and are we expect to get to that 3,000 ton per day pretty much immediately and be able to sustain after the year?

Lenic Rodriguez

We have already started mining and milling of 3,000 tons per day, since March 28. And we expect to carry on that production for the balance of the year.

Brian Post – Roth Capital Partners

All right. Thank you. I will jump back in line.

Lenic Rodriguez

Thank you, Brian.

Operator

Thank you. The next question is from Dan Rollins will RBC Capital Markets. Please go ahead.

Dan Rollins - RBC Capital Markets

Thanks very much. Lenic, can you just give a little color, the underground, how is – what’s this throughput currently running in the underground.

Lenic Rodriguez

The throughput running underground today is around 500 to 600 tons per day, (inaudible).

Dan Rollins - RBC Capital Markets

Okay. And how is that – how to get it to – to get it up to say to match the mill, your expected mill throughput of 900 through Q3, 1200 through Q4 – what type – how much more staff do you require?

Lenic Rodriguez

Well, maybe around 15 people, the critical factor here to increase our production is to have equipment that’s very suited to our underground conditions and for that I mean smaller equipment than one we now have, it turns out to be that we have areas of very high grade that have to be mined selectively. I’m speaking about 10 to 20 ounces per ton and using the equipment we currently have would imply a much larger dilution that would be not economical.

Dan Rollins - RBC Capital Markets

Okay. And to bring in that new equipment is that included in your $8 million to $10 million for this year at Shafter spent.

Lenic Rodriguez

Definitely.

Dan Rollins - RBC Capital Markets

Okay. And then with the CT -- without the CCD circuit in where your recoveries are currently running at?

Lenic Rodriguez

Without the CCD our current recoveries are running above 50%, okay. Now that news -- the good news is that we are ahead of the what we’re trying to do in the CCD, and we expect to have a partial CCD circuit operational in about 45 days with two tanks and that should allow us to increase the recoveries.

Dan Rollins - RBC Capital Markets

Are you still looking alternate recoveries in the mid-80 range?

Lenic Rodriguez

Yes.

Dan Rollins - RBC Capital Markets

Okay, perfect. Just going on more the larger picture, you’ve talked about organic growth with three years. Could you maybe give us a little color on where that’s going to be coming from? Are you assuming constant production at La Negra, 3000 ton a day, with the benefit of higher grade? And at Shafter are you just assuming that it's a constant 1500 ton a day with improving grade over the next one to two years or you’re still looking at potential expansion scenario at Shafter?

Lenic Rodriguez

Well, look, at La Negra we are going to be operating -- we’re already operating at 3000 tons per day. We will be reviewing whether to and how to increase the production at La Negra. As far as Shafter is concerned if everything goes according to plan run rate by the end of the year for the company should be around 5 million to 6 million ounces of silver equivalent production. So we do expect to (inaudible) to be faster than what -- within that my own expectation, but of course our engineers are taking it with very cautiously and as they should. Okay.

Dan Rollins - RBC Capital Markets

Yeah, and then one last question before I hand it off to anyone else, but the short-term facility provided either, I'm assuming by either Glencore or (inaudible), what is the interest rate on that short-term facility?

Lenic Rodriguez

That just a very attractive interest rate (inaudible) and that’s the type of question that perhaps Salvador can answer to you later on.

Dan Rollins - RBC Capital Markets

Okay. Thanks.

Operator

Thank you. The next question is from Christos Doulis with Stonecap Securities. Please go ahead.

Christos Doulis - Stonecap Securities

Thank you very much. Actually a few of these have been answered regarding credit facility and CapEx remaining at Shafter. I just want to confirm $8 million to $10 million at Shafter should get you all the way through to the CCD installed and everything and your finance with that facility at this point for this?

Lenic Rodriguez

That’s correct.

Christos Doulis - Stonecap Securities

Okay. And let’s just touch very briefly on; I know you guys in the past have had some challenges at Shafter with regards to labor and finding skilled underground workers. How is that going? Where are you sourcing guys from, and is that still an issue for you guys?

Lenic Rodriguez

We’re still sourcing people -- that’s still an issue although it's been solved mostly, but we still have a high turnover rates with miners. So, we’re planning on building housing for the people and to work closer to the mine. And we’re expecting that, that should help us with the high turnover rate that we have now. We bring miners from wherever we can find them from Nevada, Arizona et cetera, but the turnover is high.

Christos Doulis - Stonecap Securities

Okay. And my next question just, in terms of the grade at Shafter you say you’re mining around 5 ounce. When do you expect it to get closer to 7 to 8 ounce? Is that a Q2 or Q3 event?

Lenic Rodriguez

Probably the Q2, actually we have an open stop at the 500 level that has a much higher grade than that, but we don’t want to (inaudible) we have challenges, so yeah more likely we will be at that rate probably in the second quarter of this year.

Christos Doulis - Stonecap Securities

Thank you very much.

Operator

Thank you. The next question is from Philip Juskowicz with Casimir Capital. Please go ahead.

Phil Juskowicz - Casimir Capital

Yes, hi; most of my questions have been answered too. But what is the overall capital budget including exploration for this year?

Lenic Rodriguez

The total capital expenditure is $8 million to $10 million for Shafter as I have mentioned. And our exploration budget is separate from the operational budget at the mine, and that’s about $2 million for exploration this year at Shafter.

Phil Juskowicz - Casimir Capital

Okay-dokey. Thank you.

Operator

Thank you. The next question is from John Tumazos with John Tumazos Very Independent Research. Please go ahead.

John Tumazos - John Tumazos Very Independent Research

Hi, could you talk about the deliveries of machinery to improve the Shafter performance you made reference to mill technical issues without being specific as to the equipment et cetera.

Lenic Rodriguez

Yes, look one of our bottlenecks is filter presses, so we have scheduled delivery of filter presses in the second quarter operational in the third quarter. However we’ve been lucky enough to find a new filter press that probably will be delivered very shortly and most likely we will have it operational and very soon probably early in the second quarter that should also improve our other source.

John Tumazos - John Tumazos Very Independent Research

Thank you.

Operator

Thank you. The next question is from Marshall Berol with Encompass. Please go ahead.

Marshall Berol - Encompass Fund

Hi, Leni and congratulations to you and your team on the continued advancement for both projects. Several questions. One, you’ve got a consolidation of the share count or reverse split coming up. What's an update on the timing of that?

Lenic Rodriguez

We believe that’s going to be happening in the third quarter of this year.

Catalin Chiloflischi

No, it's April 30th, sorry – April 30th.

Lenic Rodriguez

April 30th.

Catalin Chiloflischi

Yeah.

Marshall Berol - Encompass Fund

April 30th.

Catalin Chiloflischi

That’s right. The affective data your capital index -- affective date of the consolidation we just heard from the exchange because it's up to the exchange to set the date and it looks like after the 30th there will be date that will be shares will be trading on a consolidated basis.

Marshall Berol - Encompass Fund

Okay. And what's -- any update on a U.S. listing on either the NYSE or NASDAQ?

Lenic Rodriguez

That’s something that’s also being considered. If you were going to exacerbate first of all to TSX we have all the requirements and we will take it one step at a time and that’s the position that fairly will be made on the third or fourth quarter of this year, Marshall.

Marshall Berol - Encompass Fund

Okay. And then are you presently hedging any of your production or is it needed to under the credit facility or expected to in light of the growth in your capital requirements and certainly also the market environment -- the metals market environment?

Lenic Rodriguez

Yes, now we are not heading any for production, it's not economic either on this great facility and yes the matter has been told nasty against the metals and the mining companies in general. I am hopeful that this will be short lived and by the end of the year probably we’ll start see a recovery in the metal price especially silver.

Marshall Berol - Encompass Fund

Okay. Thank you very much.

Lenic Rodriguez

Thank you, Marshall.

Operator

Thank you. The next question is from Joe Furmanski with Janus Capital Group. Please go ahead.

Joseph Furmanski - Janus Capital Group

Hi, thanks for taking my question. The first question I have is you mentioned that you’re set up for three years organic growth. Can you also identify any and all potential for looking for acquisitions within the silver space?

Lenic Rodriguez

Well, probably given the current market conditions there are a number of opportunities in the marketplace and we are reviewing several opportunities as the accretive to growth, but we have not really made any decisions at this point in time. We can grow organically without any capital expenditures just as any capital to probably 8 to 10 million ounces. So, that will give us a senior silver producer status and we don’t have to rush or take any actions that really are not called forth. We’ll just be very intelligent in any transactions that we can do.

Joseph Furmanski - Janus Capital Group

I see. And now that you’re coming closer to that 3000 tons per day at La Negra, what type of silver production could we expect in a normal quarter or in normal year at 3000 tons per day.

Lenic Rodriguez

Well that’s a forward looking statement that coming from La Negra probably over 3 million ounces silver equivalent.

Joseph Furmanski - Janus Capital Group

Okay. And then did I hear that you said that you're targeting a 5 million to 6 million silver equivalent production over the next two years?

Lenic Rodriguez

Yes, correct. Well we’re actually; I think we should just be able to reach that next year, in the next 18 months.

Joseph Furmanski - Janus Capital Group

I see, great. And then finally you’ve mentioned $8 million to $10 million for Shafter, $2 million for exploration. What is your sustaining capital for La Negra?

Lenic Rodriguez

It's also about $8 million.

Joseph Furmanski - Janus Capital Group

Okay. Thank you very much.

Operator

Thank you. The next question is from Brian Post with Roth Capital Partners. Please go ahead.

Brian Post - ROTH Capital Partners

Yeah, a follow-up on La Negra I noticed that the grade profile dipped slightly in Q4. What – again, maybe just directional guidance would be good for 2013 higher, lower, the same than what you ran in 2012 on a silver side?

Lenic Rodriguez

Oh no, we are definitely going to be high on the silver side coming from La Negra. Remember that even now 46% of what we mine comes from non-compliant resources. So this mine is a pretty large mine, it grows every week and the development carries on, that’s for the good news. The bad news is sometimes it's difficult to have perfect grade control. But overall I mean the operations at La Negra are improving and they’re ongoing.

Brian Post - ROTH Capital Partners

Okay. And then talking about the idea of gold at La Negra, I know maybe a bit early but what type of CapEx would be required to engineer that the processing plant to be able to capture a meaningful amount of that gold or can you handle it as it is right now?

Lenic Rodriguez

No, I don’t think that the mill could handle it as it's right now. Firstly we have to do this and we haven’t started that drilling program there at La Negra it’s not just the gold. We have a spectacular scan of surface very close to the plant than those two are our main targets. We are also starting to think about the fourth consecutive expansion of La Negra probably to increase production since our current lack of mine is around 30 years now. So we can certainly afford to increase production there.

Brian Post - ROTH Capital Partners

Okay, then one last question on Shafter. It sounds like as you figure out the labor and now the focus has been kind of on the back end of the processing circuit whether it's incremental recoveries and filter presses and such like that. Have you been able to assess how the front end of it works? Are you going to be able to handle the eventual mill feeds and making sure that the rock gets from underground to the processing facility?

Lenic Rodriguez

Yes, I mean as soon as we solve the milling issues which are in process now and that we have a very clear idea of what needs to be done, and we should not have over than the normal operational issues that you have in any running plant.

Brian Post - ROTH Capital Partners

Okay. Thanks.

Operator

Thank you. The next question is from Dave Kupka with Manor Financial. Please go ahead.

Dave Kupka - Manor Financial

Hi; just a couple of questions. One; can you tell me when you might have an updated mineral resource report for the Northwest trend at La Negra and also for Shafter?

Lenic Rodriguez

Well probably on the Northwest trend at La Negra we are keep on going with the development there. We’ve got a vision using some of that all this year since its much higher grade – silver grade. We have already engaged (indiscernible) again and we’re working on both updated resources to make them both at La Negra and Shafter and although I cannot tell you exactly because it's not up to us, probably we’ll make up one updated estimate on either one of the mines in the third quarter of this year and hopefully drilling resource on the exploration at La Negra in the second quarter.

Dave Kupka - Manor Financial

All right. And is there any way you could give us some indication of how much ore has been mined at Shafter to-date since last May?

Lenic Rodriguez

Well, I don’t have it – handy excuse me, that’s a question that you can go back later on with Salvador, I don’t have it handy right now.

Dave Kupka - Manor Financial

Okay. And one last question just to clarify the understanding of sustaining capital. If I have got it right with the CapEx plan for La Negra and Shafter it sounds like in total about $20 million per year for ’13 and ’14 it doesn’t appear as though there’s any requirement for any additional equity or debt of any kind to fund that CapEx?

Lenic Rodriguez

We can carry on with our current resource and the cash that we have in hand.

Dave Kupka - Manor Financial

Great. Thank you.

Operator

Thank you. (Operator Instructions) The next question is from Dan Rollins with RBC Capital Markets. Please go ahead.

Dan Rollins - RBC Capital Markets

Yeah, thanks. Just a couple of more follow-up questions Lenic, one more of a housekeeping. You got the updated resource for La Negra are you planning to put together a reserve update for La Negra?

Lenic Rodriguez

Yes, we are working on that, (indiscernible) is working on that, remember this is quite time consuming and although we have probably altogether at both mines run 17 geologists and of course Peter Megaw is our Technical Advisor, when it takes time we have a need to support sometimes these type of goals at Shafter, so we’re using some of our resources at La Negra.

Dan Rollins - RBC Capital Markets

Okay, perfect. And then just on, it looks like you’ve changed the methodology used to calculate your cash cost on a silver basis net of the byproduct credit. Year-to-date through the first nine months of the year you had a negative cash cost of $0.21 on silver. For the full-year though the new one is $6.43. What is now being included in the cash cost that were excluded before?

Salvador L. Huerta

Basically, this is Salvador. Basically we just follow the – after reading many cases in different companies and realize that of course every single company has its own way to calculate it. So we try to follow whatever is the standard. So before we didn’t have -- or we didn’t include the – this calculation on the [TCRC] regarding the silver itself. So that’s why I was getting all negative impact in these cash costs, led by [both]. And now as I mentioned it's calculated based on the average of the all the companies are reporting. We still are checking some of them that are deep in wait anyway. It’s now we’re following the standard.

Dan Rollins - RBC Capital Markets

Okay. So if I'm correct, just so I can confirm, this would include operating costs, full TCRCs. Does this also include royalties?

Salvador L. Huerta

Yes.

Dan Rollins - RBC Capital Markets

Okay. And is your denominator production or sales?

Salvador L. Huerta

Excuse me let me see, let me just double check and the – it’s the royalties I have just a – yes, the royalties are part of the deduction of our revenues. But I will give you the full formula that we’re now using.

Dan Rollins - RBC Capital Markets

Okay, that would be great.

Lenic Rodriguez

We can follow you up later on Dan, if you wish; he can probably pull the numbers for you. One of the comments that we have from one of the senior analysts that work with Aurcana was we need a different methodology because showing a negative cash cost it can be very wrong, confusing and perhaps misleading. So this is an opinion of (indiscernible). So this is an opinion of (indiscernible) and analysts and our own opinion of better and (indiscernible) analysts and own opinion and much better (indiscernible) standard way of reporting these cash costs.

Dan Rollins - RBC Capital Markets

Great. Well, that's very helpful. Thank you very much.

Operator

Thank you. (Operator Instructions) With no further questions registered, this concludes today’s conference call. However, the company would like to remind everyone that unanswered questions should be addressed by email or telephone at the contact information provided. Thank you and please disconnect your lines at this time. And we thank you for your participation.

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