The Gold Report

Tinka Resources Ltd. TICKER: TK:TSX.V; TLD:FSE; TKRFF:OTCPK Visit Company Website Tinka Resources Ltd. is an exploration company with a management team that is highly experienced in the resource sector. The company is focused on enhancing shareholder value by expanding its assets. Tinka has two main projects in Peru, the Colquipucro silver-lead-zinc project located in Cerro de Pasco, and the Tibillos copper-porphyry project located east of Ica. Drill programs are underway at both projects.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

The Gold Report Interview with Michael Ballanger (2/13/12) Tinka Resources Ltd. has been a nice surprise. It was orphaned after the 2008 meltdown despite having drilled off an NI 43-101-compliant silver resource of 20.3 million ounces (Moz). It has two drills working about 1 kilometer apart at its deposit and at a new discovery, Ayawilca.

It's all open-pittable. Just move the top of the rock off, throw it on a crusher and you're away to the races. It's an engineer's dream. The first game plan is to get that resource up to north of 30 Moz. Now the blue sky becomes what is happening at depth underneath this oxide cap.

Just to the south is Cerro de Pasco, which is owned by Peruvian mining company Volcan Compania Minera SAA. It's the fourth biggest mine in Peru, one of the largest in South America and it is a massive epithermal. What's interesting about Cerro de Pasco is that the mineral rhodochrosite is prevalent there. Rhodochrosite isn't prevalent except in an epithermal. Tinka recently indicated that it has rhodochrosite at Ayawilca. There isn't enough drilling into it yet to confirm it's an epithermal, but Ayawilca's blue sky just lights up like a Christmas tree when you look at it.

It's too early to value Ayawilca, but you can value Tinka's silver. Tinka's got 20.3 Moz Inferred, but I have confidence it's going to move to 30 Moz.

With a rising silver price and the investment public warming to juniors again, it could reach a market cap of around $60–75 million (M) up from $38M today. That's based on the known. The unknown is where you accelerate your return. Ayawilca is the blue sky. If Mother Nature and Lady Luck bless us then we're going to be looking at the Ayawilca zone adding a lot more upside in the future.

Greg McCoach, Mining Speculator (2/1/12) "Tinka Resources Ltd. continues with drilling on zone 1. . .everyone on site seems very happy with what they see. . .also, the company has finished drilling its copper project and has sent the big rig up to the Ayawilca zone to commence drilling. . .Tinka remains an exciting exploration story and seems to have the goods to drive its share price higher. . .it is a Buy at current levels."

Michael Ballanger, Union Securities (1/26/12) "One of my favorite value plays for 2012, Tinka Resources Ltd., is developing the Colquipulcro silver deposit in northern Peru—a 20.3 Moz, 43-101 Inferred resource. . .recent step-out drilling has indicated the high probability of enhancing that resource to 30–35 Moz and possibly a great deal more. . .I visited a number of junior silver and junior base-metals companies and could not help but to reflect on the relative value offered by Tinka's already-Inferred silver resource."

Greg McCoach, Mining Speculator (11/5/11) "Tinka Resources Ltd.'s share price has begun to recover and may soon approach the $0.50 level once again on continued good news coming from its flagship project in Peru [Colquipuco]; the company has hit mineralization in the new zone and additional assays should be forthcoming. After drilling for this current program is completed on the new zone, the company is going to do the infill drilling, which will quickly build ounces for the upcoming NI 43-101 calculation. . .while progress has been slow in coming, it looks like we are starting to get somewhere—Tinka is a Buy at current levels."

The Gold Report Interview with Michael Ballanger (8/10/11) "Buy the issues that have adequate working capital and definitely accumulate the 'discovery stocks' like Tinka Resources Ltd. in the silver space. The company is extremely well funded and its results are indicative of large silver reserves in the development stage." More >

• Corporate Fact Sheet (1/20/12)
• Corporate Presentation (1/20/12)

(5/8/11) TK 3D Drill Tour

(4/6/11) TK Live at PDAC

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