September 30, 2010 Hochschild Mining announce results from a scoping study completed at Azuca project, located in Peru. Results of the scoping study indicate that at base case gold and silver prices of $1,000/oz and $17/oz respectively, the project could return a cumulative total pre-tax cash flow1 of approximately $107 million and 21% IRR. Using spot prices for gold and silver of $1,300/oz and $21.9/oz respectively, the project could return a cumulative total pre-tax cash flow2 of approximately $247 million and 46% IRR. The study assumes initial plant throughput of 750 tonnes per day
