AIF Altus Group Limited

Tahoe Resources Inc. (TSX:THO) is pleased to announce financial results for the
year ending December 31, 2011, and to update construction progress at its
flagship Escobal project in Guatemala. Significant results for 2011 include: 




--  Tahoe shares on the Toronto Stock Exchange closed the year at CAD$17.68
    per share, up 20%, despite a silver price decline of 11% for 2011. 
--  Cash and equivalents at year end were $349.8 million. 
--  Net earnings/ (loss) for 2011 amounted to ($69.2 million) or ($0.48) per
    share. 
--  Cash outflow from operating activities amounted to $49.5 million. 
--  G&A amounted to $19.1 million, including non-cash share-based
    compensation of $10.7 million. 
--  Capital spending amounted to $43.4 million, consisting of property,
    plant and equipment purchases. 
--  Project development costs of $39.6 million were expensed in 2011.  
--  At December 31, 2011, the total project work force amounted to 428
    employees, of whom more than 95% are Guatemalan. 
--  The project remains on schedule and budget for mill commissioning in the
    second half of 2013 and commercial production in 1Q 2014. 



"Development progress on the Company's first mine has been very encouraging,"
said Kevin McArthur, Tahoe's President and CEO. "The operating mine plan calls
for 317 million silver ounces to be mined over 18 years and commercial
production is planned for early 2014. The original capital estimate of $326.6
million is on-budget, the project is fully financed, and we hold a significant
cash reserve should we encounter unanticipated start-up issues," he added.


"We have seen impressive exploration results over the last year, indicating the
potential for future mine expansion. In the second quarter of this year, we
expect to update the mineral resource and to develop a plan to increase future
throughput from the currently planned 3,500 tonnes per day (tpd) to 5,000 tpd.
It is anticipated that the expansion plan would be financed with internal cash
flow and completed within five years of mine start-up," said Mr. McArthur.


Escobal Project Update 

On February 15, 2011, Tahoe received approval for initial Escobal development,
including two declines, a new access road, a power line into the property, and
temporary facilities. On October 21, 2011, Guatemala's Ministry of Environment
approved Tahoe's EIS clearing the way to commence construction of the process
plant and permanent support facilities. An approved EIS is required to support
the Company's application for an exploitation permit. 


In the third quarter of 2011 the Company submitted the approved EIS in support
of its application for an exploitation permit to the Ministry of Energy and
Mines (MEM), the government agency responsible for issuing exploitation permits.
MEM commenced its legal review of the Company's exploitation application in the
fourth quarter of 2011. The Company expects to receive the exploitation permit
in the first half of 2012. 


In late October 2011, Tahoe's construction manager, M3 Engineering and
Technology, began mobilizing contractors to commence earthwork and construction
of the process plant and support facilities. Civil work is underway, foundations
for the crushing plant and ball mill have been formed, concrete placement has
begun and warehouse steel construction is well advanced. Upgrades to the San
Rafael substation and on-site power lines and electrical distribution are nearly
complete. Procurement for the mine and mill remains on schedule and budget, and
major plant components have begun to arrive.


All underground equipment is on-site and decline development amounted to 750
metres in 2011. Advance rates were slightly behind schedule due to a late start
in 2011 and soft rock conditions in the early portions of the excavations.
Advance rates are now meeting expectations, and underground development is
planned to be completed in time for mill commissioning in the second half of
2013. 


As of December 31, 2011, the Company had incurred and/or committed $141.1
million towards the Escobal project. All long lead-time items have been ordered
and the original capital cost estimate of $326.6 million remains unchanged. 


Recent construction photographs can be viewed at the Company's website at
www.tahoeresourcesinc.com.


Management Changes 

The Company is pleased to announce several management promotions. Ron Clayton
has been appointed Executive Vice President & Chief Operating Officer for Tahoe
Resources Inc. Sergio Saenz has been promoted to President of Minera San Rafael,
Tahoe's Guatemala subsidiary and Don Gray has been promoted to Vice President
and General Manager. Ira Gostin has been appointed Vice President Investor
Relations of Tahoe Resources.


Mark Sadler has joined the Company as Vice President Concentrate Sales and
Marketing. Mr. Sadler comes from Glencore Ltd. Prior to his work with Glencore,
he spent 18 years with Kennecott/Rio Tinto in a variety of management positions
with a focus on finance and metals marketing. Mr. Sadler holds a BS degree in
Accounting from the University of Utah, an MBA from Westminster College and is a
member of the American Institute of CPAs.


Year-End Financials 

As of December 31, 2011, Tahoe had a total of $349.8 million in cash and cash
equivalents with no debt. The Company expects this working capital is sufficient
to fully fund project construction through commercial production. The audited
financial reports and annual MD&A can be found on SEDAR at www.sedar.com or the
Company's website, www.tahoeresourcesinc.com.


About Tahoe Resources Inc. 

Tahoe's strategy is to develop the Escobal Project into a profitable mining
operation and to position itself as a leading silver producer with high quality,
low cost assets in the Americas. Tahoe is a member of the S&P/TSX Composite and
TSX Global Mining indices. A Preliminary Economic Assessment (PA) for the 3,500
tpd case has been filed on SEDAR and additional information is available on
Tahoe's website: www.tahoeresourcesinc.com.


Tahoe's shares are traded on the Toronto Stock Exchange under the symbol THO. 

Cautionary Note 

PA's are preliminary in nature and include inferred mineral resources that are
considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral reserves,
and there is no certainty that the PA will be realized. For a full description
of known risks that could materially affect potential development of the
project, see the Company's March 8, 2012 Annual Information Form for the year
ended December 31, 2011 ("AIF") under the heading "Risk Factors" which are
incorporated by reference herein and are available on www.sedar.com under the
Tahoe Resources profile.


Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation, which is also referred to as
"forward-looking statements". Wherever possible, words such as "plans",
"expects", or "does not expect", "budget", "scheduled", "estimates",
"forecasts", "anticipate" or "does not anticipate", "believe", "intend", and
similar expressions or statements that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved, have been
used to identify forward-looking information. In particular, this news release
describes future events and conditions related to Tahoe's plans for exploration
and studies at the Escobal project. Forward-looking information is based on
management's reasonable assumptions, estimates, expectations, analyses and
opinions on the date of this news release. These are based on management's
experience and perception of trends, current conditions and expected
developments, and other factors that management believes are relevant and
reasonable in the circumstances, but which may prove to be incorrect.
Assumptions have been made regarding, among other things, Tahoe's ability to
carry on exploration and development activities, the timely receipt of required
approvals, the price of silver and other metals, Tahoe's ability to operate in a
safe, efficient and effective manner and Tahoe's ability to obtain financing as
and when required and on reasonable terms. Readers are cautioned that the
foregoing list is not exhaustive of all factors and assumptions which may have
been used. Tahoe's actual results, programs and financial position could differ
materially from those anticipated in such forward-looking statements as a result
of numerous factors, many of which are beyond the Company's control. These
factors include, but are not necessarily limited to, results of exploration
activities and development of mineral properties, the interpretation of drilling
results and other geological data, the uncertainties of resource and reserve
estimations, receipt and security of mineral property titles, receipt of
licenses to conduct mining activities, country risks, project cost overruns or
unanticipated costs and expenses, the availability of funds, fluctuations in
metal prices, currency fluctuations, and general market and industry conditions.
There is no assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not place undue
reliance on this information. Tahoe does not undertake to update any
forward-looking information, except as, and to the extent required by,
applicable securities laws. For more information about the risks and challenges
of Tahoe's business, investors should review Tahoe's current AIF available at
www.sedar.com.

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