Ann: New Project Delivers High Grade Silver & Gold, page-18

Mossberg, I welcome your restrained but realistically cautious comment. Azure is suffering from a lack of information needed to sustain interest in the projects. Oposura is a good modest scale project, and while there is obviously activity happening, we are not hearing about it. The only announcement likely to breathe some life into Oposura will be the preliminary feasibility study scheduled for June. Mining at Oposura will occur in late 2020 with projected earnings of almost $2m/week, allowing for a short payback time.

As for Alacran, currently Azure own the project 100% until Teck fulfill their Joint Venture obligations. The assets at Alacran are the confirmed 150,000 ozs of gold and 32m ozs of silver, which at current metal prices have a combined value of about $750,000,000. This resource statements is likely to be increased once development occurs. The shallow depth of the deposits is a plus for mining costs.

The results of Tecks current drilling program at Alacran have not been released and so cannot be commented on.