The Gold Report

Tahoe Resources Inc. TICKER: THO:TSX Visit Company Website Tahoe Resources Inc. is a silver exploration and development company led by a team of highly experienced mine builders. The company owns 100% of the high-grade Escobal silver project in southeast Guatemala and its strategy is to position itself as a leading silver producer anchored by this world-class asset. Tahoe Resources is focused on production and silver resource growth, low cash costs and zero precious metals hedging.

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

Andrew Kaip, BMO Capital Markets (1/27/12) "Tahoe Resources Inc. is awaiting the receipt of an exploitation permit for its flagship Escobal project in Guatemala. . .Goldcorp announced that the Government of Guatemala and the Guatemalan Chamber of Industry have agreed to a voluntary increase in the royalty rate the country levies on precious metals production. . .in BMO Research's view, the agreement struck by Goldcorp opens the door for Tahoe to negotiate similar terms for Escobal, which could catalyze the approval of Escobal's exploitation license. . .Tahoe is rated Outperform (Speculative) with CA$25.50 target price and is the preferred junior silver company in BMO's coverage universe."

The Gold Report Interview with Michael Gray (12/16/11) "In October, Tahoe Resources Inc. received its environmental impact statement approval and is able to proceed with construction of a mine. That is a major derisking milestone. It signals that it's likely we'll see conversion of its current exploration license to a mining exploitation license. . .We model Tahoe's +300 Moz Escobal silver-lead-zinc-gold project at 13 Moz silver/year over a 20-year mine life, including 19 Moz over the first five years, with cash operating costs of about $5.05/oz silver net of byproduct credits.

Tahoe's Escobal asset [is] rare, [and] part of an emerging silver vein district. . .Goldcorp has been operating the Marlin gold mine in northeast Guatemala for a number of years, which essentially gives us confidence that Escobal will become a mine. . .Chief Executive Officer Kevin McArthur and a number of the executives at Tahoe have extensive experience in Guatemala. It makes a difference having a team that's operated in a country and has that type of development experience. Our understanding is that McArthur is focused on building Escobal, getting it into commercial production, and then may look to build a multi-asset silver company from there."

The Gold Report Interview with David Morgan (12/14/11) "Tahoe Resources Inc. is a great company on my watch list with a lot of upside. It's not very well known. . .Do I think Tahoe is undervalued? Yes. . .You have to put a great deal of credence into that caliber of management." More >

Michael Gray, Macquarie Capital Markets (12/13/11) "Tahoe Resources Inc. hosted an analyst tour on December the 6th to its 100%-owned, 316 Moz Ag high-grade Escobal silver (zinc-lead-gold) mine development project in southeastern Guatemala; the underground mine development remains on track for production in Q413. . . ~$90M has been committed for construction with all long lead-time items ordered and no changes to capital cost estimates. . .we view Escobal as a new emerging world-class silver 'vein field' district that is still in the early stages of exploration. We reiterate our Outperform recommendation and CA$26 target price."

Steven Butler, Canaccord Genuity (12/7/11) "We had the opportunity to visit Tahoe Resources Inc.'s Escobal project in Guatemala; company continues to make development progress at the project. . .Tahoe is sufficiently permitted to develop the underground and build the processing facilities. . .Tahoe is preparing an updated preliminary economic assessment, which is expected to examine the potential to increase the mining rate, a potential mill expansion (including adding grinding capacity to increase throughput beyond 4,000 tpd)."

• Corporate Fact Sheet (1/1/12)

• Click here to view Tahoe Resources' Investor Briefcase (presentation, fact sheet and more)

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