April 2009 1 Forward Looking Statements This presentation - PowerPoint PPT Presentation

April 2009 1

Forward Looking Statements This presentation contains projections and forward looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Corporation. These risks and uncertainties could cause actual results and the Corporation’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.

Who’s Who In Argentina

ARGENTINA: An Emerging Silver Superpower? 2007 Mine Output Ag 36.5 M Oz 1. Peru 112.3 M oz + San Jose 7.5 Moz (2009 est.) + Manantial Espejo 4.0 (2009 est.) 2. Mexico 99.5 + Pirquitas 10.0 3. China 86.5 + Navidad (Loma) 15.0 4. Australia 62.0 5. Chile 59.0 ……… 56.5 M Oz 14. Argentina 7.0 + Pascua Lama 20.0 Moz ??? ARGENTINA WOULD BECOME THE WORLD’S 4 TH LARGEST PRODUCER

Silver Facts • Silver has the highest electrical and thermal conductivity of any metal, the highest optical reflectivity, and the lowest contact resistance. • More patents being filed for new uses of silver each year than for all other metals combined • Silver is price inelastic in most applications (medical, technology, engineering) • 70% of silver comes to market as a by-product from the mining of other metals (copper, lead, zinc, gold) Silver Institute – World Silver Survey 2008; Theodore Butler 2008; Richard Karn: “Silver Intersection” 2006

Navidad: One of the world’s largest undeveloped silver projects … 606 M oz Ag; 3.5 B lbs Pb (Snowden Nov 2007)

… and one of the purest Deposit Class Tonnes (Mt) Ag (g/t) Pb (%) Ag (Moz) Pb (Mlb) Calcite Hill NW M + I 14.6 80 0.57 37 182 Inf. 11.0 40 0.75 14 181 Calcite Hill M + I 15.4 98 0.71 49 242 Inf. 4.0 76 0.31 10 27 Navidad Hill M + I 14.4 104 0.40 48 127 Inf. 2.7 79 0.36 7 21 Connector M + I 8.1 93 0.4 24 71 Inf. 3.5 98 0.34 11 27 Galena Hill M + I 59.6 100 1.74 192 2,293 Inf. 10.1 67 1.05 22 235 Barite Hill M + I 6.5 176 0.38 37 54 Inf. 0.4 44 1.26 1 12 Loma M + I 9.1 225 0.09 66 19 Inf. 17.3 159 0.11 89 43 Valle Esperanza ??? Total M + I 127.7 110 1.06 453 2,988 Inf. 49.0 97 0.50 153 546

Navidad History to Date May 2004 Feb 2006 Nov 2007 243 M oz April ‘09 299 M oz 453 M oz ??

Drilling in Argentina 2008: Navidad’s Contribution Argentina: 668,000 metres Chubut: 86,500 metres Navidad: Chubut 74,595 metres 12.95% 86% of Chubut 11% of Argentina

Resource Area 2007

… Expectations for 2009

Loma de la Plata Section Mineralization from 0–100m depth 270 o 090 o 38.65m @ 367 g/t Ag 34.40m @ 294 g/t Ag 24m @ 205 g/t Ag 11.3m @ 112 g/t Ag Pelites / Sandstones 20m @ 171 g/t Ag Pelitas / Areniscas Latita - Superior Latite – Superior Latita - Inferior Latie - Inferior 50 m Pelitas Pelite

Loma Metallurgy Conventional Flotation – No Cyanide Needed – High Value Concentrate 50,000 g/t Ag

Loma Open Pit Scoping Study •Average yearly production of 15M oz •Average grade: –231 g/t Ag (yrs 1-3) –140 g/t Ag (yr 4 onward) •Stripping ratio of 1:1 for first stage pit •Initial pit mining and processing costs of $4.75/oz •Pre-production capital expenditures of $272.6M –10,000 tpd operation with possible expansion to 30,000 tpd •Silver recoveries 80% using conventional flotation Economic with no reliance on base metal credits Based on $12.52/oz Ag and $3.23/lb Cu

Valle Esperanza 2008 Discovery NV08-649 returns: 20.0m @ 429 g/t Ag; 0.26% Pb Sept 18, 2008 NV08-802 returns: 19.7m @ 870 g/t Ag; 0.12% Pb

Metallurgy: Valle Esperanza & Barite Hill As good or better than Loma •Valle Esperanza: •Approximately 92% silver recoveries •High grade concentrate: 53,000 – 65,000 g/t Ag •30-35% combined Cu / Pb in concentrate •Barite Hill: •Approximately 80% silver recoveries •High grade concentrate: 24,000 g/t Ag •30% combined Cu / Pb in concentrate

Focus On Permitting 5500000 mN 2200000 mE 2300000 mE 2400000 mE 2500000 mE 2600000 mE ING. JACOBACCI 5400000 mN BARILOCHE R CALCATREU ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ MINA ANGELA 3 5 2 2 8 8 5 5 3 1 4 0 5300000 mN 7 1 G A T S R E GASTRE NAVIDAD 4 ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ 1 2 ฀ 1 3 G A - N N A G 2 5 9 GAN GAN 4 0 ESQUEL Cerro Cóndor Los Adobes

Depth in Argentina 90% of Navidad employees are Argentinean, 60% are from Chubut

An Experienced Team CEO Marc Henderson (CFA) > 22 years public companies. Executive Vice Martin Walter (MBA, Geologist) President > 15 years experience CFO Dennis Gibson (CGA) > 10 years public companies. VP Exploration John Chulick (MBA, Geologist) > 23 years in Latin America Ex Meridian (El Penon) VP Peruvian Dan Noone (MBA, Geologist) Operations > 20 years in Peru Ex Homestake (Exploration Manager) Chief Mining Damian Spring Engineer > 15 years engineering experience Chief Geologist Dean Williams > 23 years exploration experience Environmental Manager Matthew Andrews > 13 years experience Manager Institutional Alberto Messidoro and Government Relations > 15 years experience Ex Yamana’s Agua Rica

Independent Directors Blaise Yerly Chairman Director since 1998 International construction equipment David Constable Director 2002 VP Investor Relations, FNX Mining John Sutherland Director 2002 VP & CFO Gold Group Resources Inc. Harry Burgess Director 2008 VP & Senior Mining Engineer, Micon International Ken Thomas Director 2008 Global Managing Director, Hatch Darren Maupin Director 2008 Portfolio Manager; Former Fidelity

Pico Machay Calcatreu Navidad

Asset Diversification: Gold Exposure • Calcatreu • Initial Feasibility completed • 1,035,360 gold equivalent ounces • Pico Machay • Feasibility completed • Resource estimate: Oxide & Mixed 437,000 Au oz (Inferred); Sulfide 146,000 Au oz (Inferred)

Pico Machay Resource Calculations (Oxide & Mixed) Tonnes Au (g/t) Au (oz) Inferred 15,926,000 0.85 437,000 (Oxide & Mixed) Inferred (Sulphide) 8,900,000 0.51 146,000 – AQI Preliminary Assessment (in-house) – Total Costs per oz = US$300 – Assumed Recovery = 70% – Rate of mining = 10,000 tonnes / day – Estimated annual production 50k oz – AQI owns 75%

Capital Structure TSX: AQI Shares Outstanding: 68.1M – Options Outstanding 4.6M – Convertible Debenture 1.5M – Warrants 7.4M Fully Diluted: 81.6M Market Capitalization: $169.0M Cash: (as of Dec 2008) $6.4M Recent Share Price: $2.48 52 Week High/Low: $10.00-$0.72 Management / Insiders Own (FD) 12.3% Updated April 2,2009

For Comparison: Ag Resource (M+I) plus Reserves (P&P) – M oz Peñasquito 2.14B Fresnillo 802 Pascua Lama 731 Pitarrilla 644 Navidad 453 plus 3.0 billion lbs Pb San Cristobal 450 plus 8.0 billion lbs Zn

2007 Top 5 Silver Mines : Annual Production (million oz) Cannington, Australia BHP 37.5 Fresnillo, Mexico Peñoles 33.2 La Coipa, Chile Kinross 15.9 Navidad , (Loma de La Plata) AQI 15.0 Dukat, Russia Polymetal 10.8 Uchucchacua , Peru Buenaventura 9.9 San Cristobal: Forecast Production 16M oz 2008 Individual data not available for 3 KGHM Polska Mines totaling 39.1 Moz in 2007 Silver Institute – World Silver Survey 2008 CPM Silver Yearbook 2008

Value Drivers • New Discoveries • Increased Throughput from Complementary Metallurgy • Development Clarity • Silver Price Upside • Gold Assets Transaction

Thank You For more information, please contact: Flora Wood, VP Investor Relations 416-599-4133 or flora@aquiline.com