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Growing and advancing one of the world’s largest undeveloped silver and indium resources

A Growth Focused Exploration & Development Company 以發展為重點的勘探及開發公司. Growing and advancing one of the world’s largest undeveloped silver and indium resources 開發及推進世界最大的 未開發白銀及銦資源區之一. Corporate Presentation 公司介紹. TSX: SAC, US OTC: SOHAF. Q2 2011 2011 年第二季度. www.soamsilver.com.

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Growing and advancing one of the world’s largest undeveloped silver and indium resources

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  1. A Growth Focused Exploration & Development Company 以發展為重點的勘探及開發公司 Growing and advancing one of the world’s largest undeveloped silver and indium resources 開發及推進世界最大的 未開發白銀及銦資源區之一 Corporate Presentation公司介紹 TSX: SAC, US OTC: SOHAF Q2 2011 2011年第二季度 www.soamsilver.com

  2. Certain statements contained herein constitute “forward-looking statements.” Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as “plans,” “intends,” anticipates,” “should,” “estimates,” “expects,” “believes,” “indicates,” “targeting,” “suggests,” “potential,” and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. The Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. • 文中的某些陳述構成了“前瞻性陳述”。前瞻性陳述針對未來事件，提供了某些事件的影響及業務趨勢。這些陳述可能包括如“計劃”、“可能”、“預期”、“將會”、“預計”、“期待”、“相信”、“指示”、“目標”、“預示”、“潛力”等詞語或類似表述。前瞻性陳述基於當前預期，包括多種風險因素及不確定性。若已知或未知風險因素或不確定性影響公司業務，或公司預期或假設出現失誤，則實際結果可能與預期大不相同。公司沒有根據新信息、未來事件以及其它原因更新任何前瞻性陳述的義務。 Forward Looking Statements前瞻性聲明 TSX:SAC US OTC:SOHAF

  3. Experienced management team with track record of successful project development and value creation經驗豐富的管理層擁有項目成功開發和價值創造方面的履歷 • Two large-scale deposits in South America南美兩個大型礦床 • Malku Khota: one of the world’s largest silver-indium resources • MalkuKhota全球最大的銀-銦資源區之一 • Escalones: high potential copper-gold deposit • Escalones：高潛力銅-金礦床 • Updated 2011 PEA study doubles estimated production to 13.2 M oz silver, 80 tonnes of indium and 15 tonnes of gallium per year, for first 5 years • 更新版2011年PEA研究預期產量將翻倍至每年1,320萬盎司銀、80噸銦和15噸鎵（頭5年） • Measured and Indicated resources expanded 60% to 230 M oz silver • 已測量和指示資源量增加60%至2.3億盎司銀 • Well definedbusiness plan to drive shareholder value • 可推動股東價值的明確業務計劃 • Leveraged to silver nearly 4 oz of silver per share • 每股對應的白銀資源量約為4盎司 • Attractive investment value relative to peers at low value per oz • 與同行業相比具有相對優厚的投資價值 • Exposure to the high-tech indium and gallium market • 接觸高科技銦和鎵市場 • Potential value from new copper-gold resource新銅-金資源的潛在價值 • Strong focus on community relations注重社區關係 • Well financed into feasibility資金充足，直至可行性研究階段 Investment Highlights投資亮點 South American Silver Corp. TSX:SAC US OTC:SOHAF 1

  4. MalkuKhota, silver-indium project, Bolivia (100%) • 玻利維亞MalkuKhota銀-銦項目（100%） • Bulk mineable open-pit, sediment hosteddeposit大量可采露天、沉積礦床 • Low capital and operating costs as a heap leach or milling operation • 作為堆浸或選礦作業，資本和運營成本較低 • Update resource increases M&I 60% to 230 M oz silver • 更新資源量使已測量和指示資源量增加60%至2.30億盎司銀 • Pre-Feasibility process to start in 2011 & Feasibility in 2012 • 2011年開始進行初步可行性研究，2012年進行可行性研究 • Resource expansion potential with only 4 km of 50 sq km • property drill tested • 資源拓展潛力,50平方公里項目中僅有4公里經過鑽探測試 • Potential to be one of the top producing silver and indium mines • 有潛力成為頂級的銀-銦生產礦之一 • Funded into Feasibility可為可行性研究提供資金 • Escalones, copper-gold project, Chile (100%)智利Escalones銅-金項目（100%） • Large scale target in world-class mining district near El Teniente • ElTeniente附近世界級採礦區內的大型靶區 • Exploration program and geophysics underway • 正在進行勘探計劃和地球物理勘測 • Resource definition program in 20112011年進行資源確定計劃 • Potential significant copper, gold, silver deposit潛在的重要銅、金、銀礦床 World-ClassDeposits世界級礦床 Two large-scale assets in South America南美兩個大型資產 Malku Khota Escalones *AgEq=total contained metal 2

  5. Issued & Outstanding Options Warrants Fully Diluted1 98.7M 8.1M 8.0M 114.8M Share Capitalization2 股權結構 • Major Shareholders主要股東 • Zamin—19.7% • Private Swiss investors--19% • 私人瑞士投資者—19% • Management1 --15%管理層—15% • Institutional Ownership機構持股 • Sprott Asset Management • Front Street • K2 funds • Kudu Partners • ~$300 million Market Capitalization(1) • 約$3億市值 • Average trading volume 500,000 shares/day • 平均成交量為500,000股/天 • Well financed with +$30 million in cash at year end2 • 資金充足，年底擁有現金逾$3000萬 • Potential NYSE-AMEX listing to increase visibility and liquidity • 有可能在NYSE-AMEX上市，從而提高曝光率和流動性 • As of November 8, 2010 with proposed $28 million financing • 截至2010年11月8日，已進行$2,800萬融資 • (1) On a fully dilutedbasis全面攤薄後 • (2) As ofMarch31,2011 截至2011年3月31日 TSX:SAC, US OTC:SOHAF 3

  6. Well funded regional player in South American resources industry with major projects in Brazil, Uruguay, Bolivia, and Chile • 南美洲資源行業資金充沛的區域型生產商，在巴西、烏拉圭、玻利維亞和智利擁有重要項目 • Strategic 19.7% investment positions SAC in strong financial and operational position to advance projects to feasibility • 19.7%的戰略性投資使SAC能在雄厚財務和經營實力情況下將項目推進至可行性階段 • Track record of successfully facilitating South American project development through relationships with national and state governments in the region • 擁有借助公司與該地區國家和州政府之間的關係促進南美項目開發的成功履歷 • Portfolio of South American projects with strong government support in permitting, rail and port infrastructure • 政府對南美洲項目組合提供許可、鐵路和港口基礎設施方面的大力支持 • Bamin Project-Brazil 巴西Bamin項目 • Valintine Project-Uruguay 烏拉圭Valintine項目 • Acquiring assets in Bolivia over past year • 去年在玻利維亞收購資產 Zamin Group - Strategic Investment戰略投資 A Key RegionalPlayer關鍵的區域型生產商 TSX:SAC US OTC:SOHAF 4

  7. $1.71 Millions of Silver Ounces & (Enterprise Value Per Oz) 百萬盎司銀及 （每盎司企業價值） $0.72 Comparative Resources in the Americas美洲各資源公司之比較 $11.30 $3.37 Millions of Silver Ounces $2.17 Second largest development stage silver resource 處在開發階段的第二大白銀項目 $2.44 $8.08 $5.82 $1.87 $17.89 $9.13 $39.35 Yukon Peru Mexico El. Salvador Peru Mexico Nunavut Mexico Mexico Mexico Argentina Bolivia Chile Guatemala Source: CanaccordReport resource numbers as of January 11, 2011 來源：CanaccordReport資源資料 ，截至2011年1月11日 Based on Arpil 11, 2011 shareprice基於2011年4月11日股價 Note: All companies have projects in South and/or North America 注:圖中所有公司都在南美洲或北美洲擁有項目 5

  8. Producers生產商 Average >$25/oz 平均>$25/盎司 EV of $1.15 base on 230.3 million M&I oz Ag 在已測量和指示資源量達2.303億盎司銀基礎上，企業價值為$1.15 Enterprise Value per Resource Oz每盎司企業價值 Advanced Development Stage 高級開發階段 Average >$9/oz 平均>$9/盎司 Development Stage 開發階段 Average >$4/oz 平均>$4/盎司 By project development stage 按照項目開發階段 Producing Companies Source: Canaccord & Intierra as of April 11, 2011, 來源：Canaccord & Intierra，截至2011年4月11日 Note: All companies have projects in South and/or North America 注：所有公司在南美和北美均有項目 *EV/oz truncated to $25 每盎司企業價值最高至$25 6

  9. Production 生產 Average Enterprise Value per Oz of Silver by Stage 不同階段每盎司銀對應平均企業價值 Take-Over offers or Partnerships common at this stage 該階段要約或合作普遍 Development Stage Value Curve開發階段項目的價值曲線 $25/oz Construct 建設 Increased value through resource expansion 通過資源拓展提升價值 Permits 許可 Increasing Market Value FS 可行性研究 $9/oz PFS 初步可行性研究 Potential value growth with projectadvancement隨著項目推進潛在價值增加 PEA 初步經濟評估 Resource Definition 資源界定 $4/oz Advanced Development Stage (Reserves) 高級開發階段 （儲量） Early Stage Exploration & Development 早期勘探及開發階段 Production 生產階段 Discovery 發現 Increasing value with project advancement 隨著項目推進提高價值 Source: Recent average enterprise value per ounce of silver at various development stages for North and South American based projects. Canaccord, Wellington West and Company reports. 來源:南北美洲各種開發階段項目最近每盎司白銀的平均企業價值 Canaccord, Wellington West and Company reports. 7

  10. Current Silver Company Valuations by Stage 500 EARLY DEVELOPER STAGE ADVANCED DEVELOPER STAGE PRODUCER STAGE Circle size represents EV/oz $2,000 Source: Canaccord Report January 17,2011 來源：2011年1月17日Canaccord Report Intierra, February 8,2011 2011年2月8日Intierra Share prices as of March 28 2011,股價截至2011年3月28日 Note: All companies have projects in South and/or NorthAmerica注：所有公司均在南美/北美擁有項目 8

  11. Total Global SilverSupply 全球白銀總供應量 Total Global SilverDemand 全球白銀總需求量 SilverSupply/Demand白銀供/需狀況 Surging investment demand plus improving industrial consumption suggests continued demand growth with flat total supply基於強勁投資需求以及工業需求反彈決定市場基本面看漲 & ETFs Source: GFMS World Silver Survey 2010 來源：GFMS 2010年全球白銀調查 9

  12. One of the only precious metals not yet to hit all-time nominal highs of ($50/oz) in 1980’s • 唯一一種尚未達到1980年代歷史名義高位的貴金屬（$50/盎司） • Bullish supply/demand outlook • 樂觀的供應/需求前景 • Continued increase in investment and industrial demand for silver • 白銀投資和工業需求持續上漲 • Annual mine production vs total demand remains in short-fall • 年產量與總需求量存在缺口 • Silver bullion is now the more scarce precious metal than gold from investment supply perspective • 從投資供應角度來看，銀條成為了比黃金更稀缺的貴金屬 • US mint has sold only approximately three times more value in gold than in silver in 2010 coin sales, despite having to sell 131 times more gold for the market to stay in balance • 美國造幣廠2010年的硬幣銷售當中，金幣出售量約為銀幣的三倍，儘管之前曾為了保持市場平衡而不得不出售了數量達銀幣131倍的金幣量 • Few new major deposit discoveries發現幾個新的主要礦床 • Projected new production by analysts have failed to have • been realized分析師預期的新產量未能實現 Silver Fundamentals Positive白銀基本面看好 For continued higher prices繼續走高的價格 TSX:SAC US OTC:SOHAF 10

  13. Uses用途 • Indium-tin oxide (ITO) a key component of flat panel displays (FPDs) and touch screens • 氧化銦錫是平板顯示器和觸摸屏的重要組成部分 • High-efficiency CIGS (copper, indium, gallium, selenide) photo-voltaic thin-film solar panels, and LED lighting • 高效能CIGS（銅、銦、鎵、硒）光電薄膜太陽能電池板和LED照明 • Fiber optics, specialized and transparent semiconductors • 光纖、特種和透明半導體 • Supply供應 • Global indium use growing rapidly and could surpass available supply from by-product zinc refining at current price range • 全球銦使用量增長快速，可能會超過鋅冶煉副產品所產生的供應量 • One of the most scarce strategic metals due to low recycling and few primary producers • 由於回收率較低且大型生產商極少，所以銦是最為稀缺的戰略性金屬之一 Indium & Gallium—two key strategic metals銦和鎵—兩種關鍵性戰略金屬 Rapidly growing market for high-tech uses迅速增長的高科技應用市場 TSX:SAC US OTC:SOHAF 11

  14. Indium and Gallium Supply/Demand dynamics銦和鎵供應/需求動態 • Indium and gallium highlighted in UN and US DOE studies as a critical technology metals in potential shortage, along with several key rare earth metals, due to rapidly increasing growth, low recycling rates and low primary production • 由於發展快速增長、回收率較低及大型生產商較少等因素，銦和鎵連同幾種關鍵的稀土金屬已被聯合國和美國能源部研究重點列為可能存在短缺的關鍵性高科技金屬 • China is largest producer and consumer of indium and has imposed export quotas and tariffs like other key high-technology specialty metals • 中國是最大的銦生產國和消費國，目前已限制了銦的出口額並徵收了關稅（像其他關鍵性高科技金屬一樣） • Zinc market growing at 1-3% annually with indium market estimated to be 15-20% annual growth • 鋅市場每年增長1-3%，而銦市場每年的漲幅預期為15-20% • Current indium price ~$600/kg with five-year prices from $400/kg to over $1000/kg • 當前銦價為約$600/千克，五年內價格有可能從$400/千克漲至$1000/千克以上 • Malku Khota annual indium and gallium production • MalkuKhota項目銦和鎵年產量 • Malku Khota projected to be one of the world’s largest indium & gallium producers • MalkuKhota預計將成為全球最大的銦和鎵生產項目之一 • Potential to represent 10% or more of global mine supply of both metals • 這兩種金屬的供應量有可能會佔全球礦山供應量的10%有餘 Indium & Gallium Fundamentals銦和鎵基本面 Compelling supply/demand dynamics引人注目的供應/需求動態 12

  15. Indium & Gallium Demand銦及鎵需求量 5 year projected demand growth 5年內預期需求增長量 End-use Market Demand (tonnes) 2010 total indium production level 2010年銦生產總水準 Growing demand in high-techmarkets高科技市場需求量增加 Growth assumptions based on data from Displaybank in LCD TV Association “LCD TV Matters”-Volume 3, Issue 2, February 2010 , Strategies Unlimited, August 2009 , Solarbuzz, Photon International, GFMS , Nanomarkets, and the US Department of Energy Critical Minerals Strategy Report 13

  16. IndiumFundamentals銦基本面 Indium Demand Indium Price/kg ($US) World indium demand vs price (1969-2013*) 全球銦需求與價格對比（1969-2013） Source: Indium: Global Industry Markets and Outlook, 9th Edition 2010 (Roskill) 來源： Indium: Global Industry Markets and Outlook2010年第9版(Roskill) *2011-2013 Data are estimatesonly 2011-2013年數據僅為估計值 14

  17. Bolivian gov’t encouraging private investment玻利維亞政府鼓勵私人投資 • Member of Mercosur Regional trade organization with Brazil as largest trading partner • 南方共同市場區域貿易組織成員，其中巴西為最大交易夥伴 • Gov’t bond rating upgraded by Moody’s & Fitch • Moody’s 和 Fitch上調政府債券評級 • Mining second largest economic sector representing 40% of GDP第二大經濟產業礦業佔GDP的40% • One of the world’s premier silver districts with billions of ouncesof historical production • 世界上主要的銀礦區之一 ，歷史上曾生產數十億盎司白銀 • Planned $32 billion 5-7 year infrastructure build-out by Bolivian government for new rail and road corridors and hydropower generation • 玻利維亞政府計劃進行5-7年（$320億）的基礎設施擴建，包括新鐵路、道路及水電廠 • Three Major silver mines built within last four years by Pan American Silver, Coeur D’Alene, and Sumitomo • 過去4年Pan American Silver、Coeur D’Alene和Sumitomo完成了3個主要銀礦建設 • Substantial resource industry investments in Bolivia • 玻利維亞資源行業的大量投資 • Jindal Steel of India investing US$2.3 billion for 50% interest in El Mutun iron ore deposit • 印度的Jindal Steel公司投資了23億美元在ElMutun鐵礦石礦床，享受50%的權益 • Petrobras of Brazil—Latin America’s largest publicly traded oil company – investing US$1 billion of new capital into the Bolivian gas fields • 拉美最大的上市石油公司—Petrobras of Brazil承諾投資10億美元建設玻利維亞天然氣田 • Repsol of Spain investing $1.6 billion to increase gas production in Bolivia • 西班牙的Repsol公司將投資$16億元來提高玻利維亞天然氣產量 Opportunity in Bolivia玻利維亞 An emerging resource based economy一個新興的以資源為基礎的市場經濟體 TSX:SAC US OTC:SOHAF 15

  18. Historical district production of billions of ounces of silver • 歷史上曾生產數十億盎司白銀 • Highly prospective & under-explored • 勘探潛力較高且勘探不足 • Increase from 9th largest global silver producer to 5th largest with completion of three major silver mines in past four years: • 從第九大全球白銀生產國躍升為第五大白銀生產國，過去四年完成三個大型銀礦 • Pan American Silver – San Vicente • Coeur D’Alene - San Bartolome • Sumitomo - San Cristobal Silver Mines in Bolivia玻利維亞銀礦 One of the world’s premier silver mining districts 世界上主要的銀礦區之一 TSX:SAC US OTC:SOHAF 16

  19. One of the world’s largest silver-indium resources 世界最大的銀-銦資源區之一 • 50 square km, 100% owned, road accessible project佔地50平方公里、100%所有的道路可通達項目 • Low capital and operating costs on a per ounce basis每盎司資本及運營成本低 • Potential to be one of the top primary silver and indium producing mines at 13.2 M oz silver per year and 80 tonnes of indium1 • 有潛力成為頂級的銀和銦生產礦之一，每年可產銀1,320萬盎司、銦80噸 • Project base case annual Cash flows and NPV’s more than doubled • 項目基本情況下的年現金流和淨現值翻了一番還多 • 60% expansion of Measured and Indicated Resources2 • 已測量和指示資源量增加60% • Pit model 80% M&I resources for conversion to reserves with PFS • 通過初步可行性研究，露天模型中80%已測量和指示資源量可轉換為儲量 • Excellent resource expansion potential with just 4 km tested of trend • 優越的資源拓展潛力，僅4公里進行過鑽探測試 • Moving into Pre-Feasibility in 2011 and Feasibility in 2012 • 2011年和2012年分別推進至初步可行性和可行性研究階段 Malku Khota Project MalkuKhota項目 on average for the first 5 years of production 頭5年產量平均值 See March 31, 2011 News Release for detailed resource estimate 更詳細的資源量評估參見2011年3月31日新聞公告 3) Total contained metal 所含金屬總量 17

  20. Open pit, bulkmineable露天大量可採資源 • Accessible byroad可經道路通達 • Commercial power within 15km • 15公里以內擁有商業電力 • Access to water靠近水源 EstablishedInfrastructure健全的基礎設施 Low projected capital and operatingcosts較低的資本和運營成本 TSX:SAC US OTC:SOHAF 18

  21. Host rock sandstone with disseminated silver, indium, gallium, lead, zinc and coppe 蘊含砂岩中分散著銀、銦、鉛、鋅和銅資源 Enrichment starts at surface 從地表就開始發現富集礦物 Mineralization礦化帶 Open pit, bulk mineable deposit 露天、大量可採礦床 • Average grade first five years:頭五年平均品位 • Silver: 42.2 g/t (58 g/t Ag Eq)1 • 銀：42.2克/噸（58克/噸銀當量） • Indium: 7.55g/t 銦：7.55克/噸 • Economic cut-off grade <15g/t (at $18/oz Ag)2 • 邊界品位<15克/噸（白銀$18/盎司） （1）AgEq comprised of all contained metals 銀當量包括所有所含金屬 （2） Economic cut-off grade comprised only of silver and indium 邊界品位僅包括包括銀和銦 19

  22. High Grade Sandstone1160 g/t Silver 高品位砂岩 銀品位為1160克/噸 Mineralization礦化帶 Malku Khota Sandstone Malku Khota 砂岩 Aroifilla Fm Wara Wara Sandstone Wara Wara砂岩 Geological formations looking south from Limosna 從Limosna南部觀察到的地質構造帶 TSX:SAC US OTC:SOHAF 20

  23. 115 drill holes in current resource with updated resource Q1-2011 2011年第一季度更新的資源量將包括當前資源區內的115個鑽孔 • Updated resource results increase total M&I oz to 230 Moz Ag (a 60% increase in M&I oz) plus an additional 140 M inferred Ag oz最新資源量結果將已測量和指示資源總量增至$2.3億盎司銀（增幅達60%），以及另外1.40億盎司白銀推斷資源量 • 2011 program to target conversion from resources to reserves & expansion drilling2011年計劃瞄準將資源量轉換為儲量並拓展鑽探 • Mineralization begins at surface • 礦化帶自地表開始 • Deposit open along trend and down dip with excellent potential for expansion • 礦床延走勢和下傾方向延伸，具備優越的拓展潛力 • New discovery of higher grade zones and down dip expansion of surface mineralization • 新發現高品位礦區及地表礦化帶的下傾拓展 Malku Khota Drilling MalkuKhota鑽探 Grade thickness map品位厚度地圖 21

  24. LMD048: 286 meters grading 76 g/t Ag Eq Grade thickness values of over 21,500 g-m AgEq • LMD048:銀當量品位達76克/噸的286米礦段 品位厚度值超過21,500克-米銀當量 New Exploration Results新勘探结果 Discovery of broad continuous mineralization horizon發現大片連續的礦化區 OPEN OPEN TSX:SAC US OTC:SOHAF 22

  25. 2010 program focused on in-fill and confirmation drilling for March 2011PEA Update2010年計劃側重於加密和確認鑽探，從而為2011年3月的初步經濟評估更新做準備 • Excellent potential to expand resources • 具備較好的資源拓展潛力 Wara Wara Area Malku Khota Deposit 礦床 Sucre Area Concession Boundary Limosna Area Continuation of favourable sedimentary host rocks Only 4km of 50 sqkm property drill tested 50平方公里項目僅有4公里經過鑽探測試 TSX:SAC US OTC:SOHAF 23

  26. Open Pit Mining 露天開採作業 • Large scale shovel and truck open pit mining operation • 大規模挖掘機和卡車露天礦坑開採作業 • Ore crushed in preparation for leaching • 礦石粉碎以供堆浸 • Acid-chloride leaching in captures silver, indium, copper, lead, zinc, gallium and gold • 獲取銀、銦、銅、鉛、鋅、鎵和金等資源的酸性氯化物堆浸 • Metal recovery in several steps: • 金屬回收分幾個階段 • Acid recovery酸回收 • Silver-gold-copper cementation • 銀-金-銅膠接 • Indium-gallium precipitation銦-鎵析出 • Lead and zinc sulfides鋅、鉛硫化物 • Downstream processing to metal products • 金屬產品下游加工 Crushing粉碎 Production Processes生產流程 Leaching堆浸 Metal Recovery & Processing 金屬回收和加工 From ore to metal從礦石到金屬 Silver, Gold, Copper 銀、金、銅 Indium ingots 銦錠 Lead and Zinc concentrates 鉛和鋅精礦 TSX:SAC US OTC:SOHAF 24

  27. Metal Prices ($US)金屬價格（美元） Mid Case 中間情況 Recent 近期 Base Case 基本情況 Mining Rate開採速度 Life of Mine礦山壽命 Ore Mined (LOM)3開採礦石 Average Silver Grade 2平均銀品位 Average Indium Grade2平均銦品位 Ag Eq grade銀當量品位 40,000 tpd 15 years 200M tonnes 42.2 g/t 7.55 g/t 58 g/t • $35/oz • $650/kg • $730/kg • Silver 銀: $18/oz • Indium銦: $500/kg • Gallium鎵: $500/kg • $25/oz • $570/kg • $570/kg 2011 Economic Assessment2011經濟評估 First 5 years 頭5年 LOM Annual 礦山壽命內年產量 Total 總量 Recovered Metals回收金屬 Silver (oz)銀（盎司） Indium (tonnes)銦（噸） Lead (lbs)鉛（磅） Zinc (lbs)鋅（磅） Copper (lbs)銅（磅） Gallium (kgs)鎵（千克） 158 M 1,184 191M 135 M 88 M 212,962 13.2 M 80.7 12.48M 4.42M 5.64M 15,184 10.5 M 78.9 M 12.7 M 9 M 5.87 M 14,198 Base Case 基本情況 Mid Case 中間情況 Recent近期 $430M/yr $4,298M $2571M 92.9% 15 months First 5 years cash flow頭5年現金流 Net cash flow淨現金流 NPV (5% discount rate)1淨現值（5%貼現率） Internal Rate of Return內部收益率 Payback period (years)回報期（年） $185M/yr $1,261M $704M 37.7% 27 months $287M/yr $2,528M $1482M 63% 19 months In US dollars, March 2011, PEA First 5 years of production (average) LOM = Life of Mine 25

  28. Annual estimated potential silver production of new development projects anticipated in the next 2-4 years • 未來2-4年間投產的新開發項目預計白銀潛在年產量 Near Term Mine Development Projects近期礦業開發項目 Barrick 25 Bear Creek Millions of Ounces Alexco Resource Corp Fresnillo Plc Pan American SAC one of largest near-term producers at 40,000 tpd SAC是最大的近期生產商之一（4萬噸/天） Gold Resource Andean Resources Wildcat Silver Corp Bear Creek Minmetals, Jiangxi Copper Fortuna Silver Augusta Resource Silvermex Resources South American Silver* Greystar Resources Yukon Zinc Corp. Antofagasta plc Gabriel Resources CobarConsilidated China Minmetals Norsemont Mining Chariot Resources Jinchuan Group Antofagasta plc Intrepid Mines Oxiana Vale Source: CPM Silver Yearbook 2010 *Data based on life of mine production rate of 10.5M oz/per year Production rate of 13.2 Moz /year for first five years 26

  29. Cumulative Percentile of Silver Mine Production Cost銀礦生產成本累積百分比 Malku Khota 13.25 Mozs/yr (1) ~ $2.94/oz (2) Global Silver Industry Cash Cost Curve全球白銀行業現金成本曲線 Total Cash Cost Per Ounce of Silver Industry AverageCash Cost $5.25/oz 行業平均現金成本 $5.25/盎司 Anticipated low-cost silver production 預期低成本白銀生產 • Source: GFMS World Silver Survey 2010 來源：2010年GFMS全球銀礦調查 • （1）Average first 5 years of production頭5年平均產量 • （2）Silver cash costs after credits ($US)/oz刨除收益後（美元/盎司）的白銀現金成本 27

  30. The project is at the PEA stage and may change substantially in terms of size and cost as further exploration, engineering and metallurgical testing are completed 該項目處於初步經濟評估階段，可能會隨著進一步勘探、工程和冶金測試的完成 而出現規模和成本方面的變化 Advancing to Production推進至生產階段 2013-14 2012 2011 Development Timeline開發時間表 Pre-Feasibility Studies初步可行性研究 Feasibility Study 可行性研究 Projected Mine Development 預期礦山開發 TSX:SAC US OTC:SOHAF 28

  31. 70 square km, road accessible, large scale system • 佔地70平方公里、道路可通達的大型系統 • Located in world-class copper mining district near El Teniente • 位於El Teniente附近的世界級銅礦開採區內 • Historic drilling shows >1% copper grades at surface and untested porphyry system grading 0.6% copper • 歷史鑽探顯示地表銅品位超過1%，未測試斑岩系統內的銅品位為0.6% • Additional significant gold, silver and molybdenum credits • 其他重要的金、銀和鉬礦收益 • Exploration program underway • 正在進行勘探計劃 • Resource estimate targeted for 2nd half of 2011 • 2011年下半年計劃進行資源量評估 Escalones-Copper-Gold project, Chile智利Escalones銅-黃金項目 High potential, large-scale target高潛力、大規模靶區 TSX:SAC US OTC:SOHAF 29

  32. Escalones Exploration勘探 Ownership: 100% through Lease 所有權：通過租賃100%所有 Location: 35km E of El Teniente 位置：El Teniente以東35公里處 Elevation: 3800m海拔：3800米 • 6,889 hectares 6,889公頃 • Escalones porphyry prospect located 97 km southeast of Santiago in central Chile • Escalones斑岩型前景區位於智利中部聖地牙哥東南部97公里處 • 12,666m drilled in 30 DDH • 30個金剛石內共鑽探12,666米 • 10,159m in the skarn矽卡岩區鑽探10,159米 • 500m in the porphyry斑岩區鑽探500米 SAC property Gas pipeline Access Road TSX:SAC US OTC:SOHAF 30

  33. Open in all directions延各個方向延伸 • Strong historic results • 歷史結果顯著 Drill Results Grade Thickness Map鑽探結果品位厚度圖 Large-scale porphyry system大型斑岩系統 TSX:SAC US OTC:SOHAF 31

  34. Enriched zones with high grades at surface at over >1% copper with significant gold and molybdenum • 蘊含重要金-鉬價值的高品位富集區，其中銅品位大於1% • Large scale porphyry target intercept of 176 m @ 0.6% copper with additional gold, silver and molybdenum • 銅品位達0.6%、蘊含額外金、銀和鉬價值的大型斑岩靶區礦段（176米） Escalones Alto Bajo Geological cross-section地質橫截面 TSX:SAC US OTC:SOHAF 32

  35. Assistance of BSR* to develop proactive community relations strategy • 協助BSR開發積極主動的社區關係戰略 • Full-time community relations team working in region • 工作在該地區的全職社區關係團隊 • Objectives to facilitate economic development in communities • 目標是促進該社區的經濟發展 • Project construction will require a peak construction workforce of over 1,000 with operational workforce of around 400, most of whom will be sourced from surrounding communities • 項目建設需要逾1,000名建築工人，需要作業工人約400名，其中大部分將來自於周圍社區 Community Relations社區關係 A key to successful project development項目成功開發的關鍵 *Business for Social Responsibility, San Francisco, CA 33

  36. Malku Khota, silver-indium-gallium project, Bolivia • 玻利維亞MalkuKhota銀-銦-鎵項目 • Updated resource estimate & PEA more than doubles annual production to 13.2 M oz of silver, 80.7 tonnes of indium and 15 tonnes of gallium per year*最新資源量評估及初步經濟評估將年產量翻了一番有餘，至1,320萬盎司銀、80.7噸銦和15噸鎵每年 • Updated resource results show 60% increase in M&I ounces to 230 M oz of silver with an additional 140M oz inferred, and indium to 1,481 tonnes M&I and 935 tonnes inferred • 最新資源量結果顯示白銀已測量和指示資源量增加60%至2.30億盎司（推斷資源量為1.40億盎司），已測量和指示銦資源量增至1,481噸，銦推斷資源量增至935噸 • Cash flows, project valuations and rates of return significantly expanded over previous studies現金流、項目評估和回報率大大超過之前的研究 • Pre-feasibility targeted to begin in Q2, 2011 and feasibility in 2012 • 初步可行性研究將在2011年第二季度開始，可行性研究將在2012年進行 • Escalones, copper and gold porphyry project, Chile智利Escalones銅-金斑岩型項目 • Exploration and Geophysics program underway • 正在進行勘探和地球物理計劃 • Target for initial resource estimate in 2nd half of 2011 • 瞄準在2011年下半年進行初步資源量評估 • Potential for significant deposit of copper, gold and silver有潛力成為重要的銅、金、銀礦床 Project Milestones項目里程碑 Value drivers over the next 6-12 months未來6-12個月的價值驅動 *Average first five years of production 頭5年平均產量 34

  37. Silver value per $1 invested白銀每美元投資價值 SAC has some of the best leverage to silver of any development stage company with over $30 of silver value per $1 investedSAC是擁有最好白銀杠杆作用的開發階段公司，每投資$1對應的白銀價值超過$30 Leveraged to Silver白銀杠杆作用 Average value of silver <$8 of silver per $1 invested* 平均白銀價值<$8美元對應白銀價值/每$1美元 Value of silver per dollar invested白銀每美元投資價值 Source: Canaccord as of January 17, 2011, Share prices updated April 11, 2011 Note: all companies have projects in South and/or North America Calculated using $25/oz Ag. Dollar value of silver per $1 invested = (silver resource/shares outstanding) x $25/oz silver) divided by share price Value only shown for silver with no contribution from other metals 35

  38. World-class scale projects with excellent expansion potential具備優厚拓展潛力的世界級大型項目 • Track record of discovery and successful project development • 擁有發現及成功進行項目開發的履歷 • Growing shareholder value through resource expansion and advancing projects up the development value curve toward feasibility • 通過資源拓展和推進項目至可行性研究階段來提升股東價值 • Leveraged to silver with nearly 4 oz of silver per share • 每股對應的白銀含量僅為4盎司 • Attractive investment value relative to peers at low value per oz • 與每盎司價值較低的同行相比，具備相對優厚的投資價值 • Exposure to rapidly growing indium and gallium high-technology market • 能進入快速發展的銦和鎵高科技市場 • Potential new value from copper resource definition and expansion • 通過銅資源確定和拓展所獲得的潛在新價值 • Continued investor outreach to broaden market awareness of Company • 持續接觸投資者以擴大市場對公司的瞭解 • Potential near-term NYSE-AMEX listing in the U.S.可能於近期在美國NYSE-AMEX上市 Why South American Silver?為什麼選擇SAC Investment highlights投資亮點 TSX:SAC US OTC:SOHAF 36

  39. TSX: SAC OTC: SOHAF Phone電話: 604.681.6926 1.855.681.6926 www.soamsilver.com Greg Johnson President & CEO 總裁兼首席執行官 TSX:SAC US OTC:SOHAF

  40. Trading liquidity increasing with average volume of 500,000 shares/day • 每日平均成交量為500,000股，交易流動性增加 • SAC undervalued relative to peers at >$0.80 Enterprise Value/oz vs average of more than $4/oz for early stage resources • SAC與每盎司企業價值大於$0.80的同行相比被低估，而早期資源公司的平均企業價值超過$4/盎司 Relative Stock Performance相關股票表現 SAC outperforming key silver & gold indices SAC跑贏白銀及黃金指數 TSX:SAC US OTC:SOHAF

  41. Ralph Fitch,Executive ChairmanRalph Fitch，執行主席 • Co-founder of South American Silver, High Desert Gold, and General Minerals • Key role in discovery of Collahuasi copper porphyry , Malku Khota, Vizcachitas, and Escalonesdeposits • South American Silver、High Desert Gold以及GeneralMinerals等公司的合夥創始人 • 在發現Collahuasi斑岩銅礦床、MalkuKhota、Vizcachitas和Escalones礦藏方面發揮重要作用 • Greg Johnson,Presidentand CEO， ，總裁兼首席執行官 • Co-founder of NovaGold, key role in growing company from $50 million to $2 billion market capitalization • Recognized for discovery and advancement of the 40 M oz Donlin Creek gold deposit for NovaGold and Barrick • NovaGold公司的合夥創始人，在公司股票市值從5000萬美元增加到20億美元的過程中發揮了重要作用 • 被公認為為NovaGold和Barrick發現了4000萬盎司儲量的DonlinCreek金礦 • William Filtness,ChiefFinancial OfficerWilliamFiltness，首席財務官 • Chartered Accountant with twenty plus years of financial experience, including Manager, Corporate Development at AurizonMines • 特許會計師，擁有20餘年的財務管理經驗，曾擔任AurizonMines公司企業發展部經理 • Felipe Malbran,VicePresident of Exploration Felipe Malbran，勘探副總裁 • Extensive experience in exploration management in Bolivia, Chile, Peru and Argentina • Key role in discovery of MalkuKhota, Vizcachitas, and Escalonesdeposits • 擁有在玻利維亞、智利、秘魯和阿根廷從事勘探管理的豐富經驗 • 在發現MalkuKhota、Vizcachitas和Escalones礦藏方面發揮了重要作用 • Phillip Brodie-Hall,VicePresident of Project Development Phillip Brodie-Hall,項目開發副總裁 • Global industry experience in engineering construction and project development experience covering nearly every aspect of evaluation, feasibility studies and project development in the mining and mineral processing industries • 在工程建築和項目開發方面擁有豐富的全球工作經驗，包括採礦和礦產加工領域的評估、可行性研究以及項目開發等各個方面 • David Dreisinger,Vice President of Metallurgy David Dreisinger，冶金副總裁 • Professor and Industrial Research Chair in Hydrometallurgy at the University of British Columbia (UBC) • Actively involved in developing and commercializing hydrometallurgical process at a number of operating mines in Australia and Southeast Asia. • 卑詩大學(UBC)濕法冶金學教授和行業首席科學家 • 在澳大利亞和東南亞一系列的運營礦藏中積極從事濕法冶金工藝的開發和商業化 • Richard Doran,VicePresident and corporate secretary Richard Doran,副總裁和企業秘書 • Former VP Investor Relations for General Minerals and Marketing Manager for Chevron Resources曾擔任GeneralMinerals公司投資者關係副總裁和ChevronResources公司市場行銷經理 • Andrew Clark,Manager of Project Implementation Andrew Clark,項目施工經理 • Global industry experience in the design and management of industrial, mining, materials handling, chemical and petrochical projects from feasibility studies through to commissioning and handover of completed facilities. • 在工業、採礦、材料處理、化工和石油化工項目的可行性研究到竣工設施的試運行和交接等方面擁有豐富的全球設計和管理經驗 • Xavier Gonzales Yutronic,General ManagerCompañía Minera Malku Khota S.A. Xavier Gonzales Yutronic, CompañíaMineraMalkuKhota S.A.總經理 • Mining Industry experience in finance, accounting, logistics, human resources and community relations at Comsur S.A., SinchiWayra (Glencore) from 2005-2007, and CompañíaMineraMalkuKhota S.A. from October 2008 to date • 在採礦行業領域擁有財務、會計、物流、人力資源和社區關係方面的經驗，2005-2007年在Comsur S.A., Sinchi Wayra (Glencore)任職，2008年10月至今在CompañíaMineraMalkuKhota S.A.任職 Management Team管理團隊 A track record of success成功履歷 TSX:SAC US OTC:SOHAF

  42. Ralph Fitch,Executive ChairmanGreg Johnson,Presidentand CEO • RalphFitch，執行主席 GregJohnson總裁兼首席執行官 • Antonio Canton,Director- Mr. Canton is an independent consultant for international companies in marketing, finance and real estate. He is a director of a number of Swiss companies and brings to the board extensive experience in accounting and finance. • Antonio Canton,董事-Canton先生是行銷、財務和房地產領域多家國際公司的獨立顧問。他還擔任瑞士多家公司的董事，為公司董事會帶來的豐富的會計和財務工作經驗。 • Peter Harris,Director -Mr. Harris is an engineer with over 40 years of mining industry experience including as Senior VP and Chief Operating Officer at Nova Gold Resources Inc., and Senior VP of Project Development at Placer Dome Inc. He has been involved in the construction and operation of over 20 different mines in North and South America, Africa, Australia and Papua New Guinea. • Peter Harris,董事-作為工程師在採礦業中擁有超過40年的經驗，曾在NovaGold Resources Inc.擔任高級副總裁和首席運營官，並擔任Placer Dome Inc.項目開發高級副總裁。Harris先生曾在包括南北美洲、非洲、澳大利亞以及巴布新幾內亞等地區在內的20多個不同的礦床參與建設和運營工作。 • William Murray,Director -Mr. Murray is an engineer in the mining industry with over 33 years of experience in construction management and project evaluation in North America and Africa. He currently serves as the executive chairman and director of Polymet Mining Corp. Mr. Murray has been involved in numerous successful projects while working at Fluor Daniel, Denison Mines, Optimum Project Services and Anglo American Corp. in South Africa. • William Murray,董事-採礦工程師，有著逾33年的建築管理和項目評估經驗，足跡遍佈北美洲和非洲。目前就任Polymet Mining Corp.執行主席兼董事。Murray先生在南非的Fluor Daniel、DenisonMines、OptimumProjectServices與Anglo American Corp.工作時參與了很多成功的項目。 • Paul Haber,Director -Mr. Haber is a Chartered Accountant and a Certified Public Accountant with a strong background in US/Canadian accounting and finance. Presently manages Haber & Co. Ltd. Has previously been Chief Financial Officer and Corporate Secretary of a TSX Venture listed company. • Paul Haber，董事-管理私營公司Haber & Co. Ltd.，加拿大特許會計師兼註冊會計師，在美國/加拿大的會計和金融界具有資深背景。他曾是一家多倫多證交所上市公司的CFO以及企業秘書。 • John Watson,Director -Mr. Watson has been the President of a TSX Venture Exchange listed company since 2002. He is also the manager/member of a limited liability corporation that owns and manages commercial real-estate. • John Watson,董事–Watson先生自2002年開始就一直擔任一家多倫多證交所上市公司的總裁。他也是一家擁有並管理商業房地產項目的有限責任公司的經理/成員。 • Tina Woodside,Director -Ms. Woodside is currently the head of the corporate finance department in Gowlings’ Toronto office and a member of the firm’s National Executive Committee. Ms. Woodside practices corporate and securities law with particular emphasis on corporate finance, mergers and acquisitions and corporate governance matters. • Tina Woodside,董事—Gowlings女士目前是iGowling多倫多辦事處金融部主管，公司全國執行委員會成員。Woodside女士從事公司以及證券法，尤其是企業融資、並購及行政方面的法律業務。 Board ofDirectors董事會 Strong industry and financialexperience強大的行業和財務經驗 TSX:SAC US OTC:SOHAF

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