 |
|
|
Based on guidelines provided by the SEC, proven and probable
mineral reserves were determined within a design pit based
on a $400 per ounce gold price employing a Lerchs-Grossman
optimization. Gold recovery by heap leach is estimated at
57% for both proven and probable reserves. Drill spacing for
proven reserves is 100 feet or less, and for probable
reserves is between 100 and 200 feet. The results are
summarized in the following table:
|
Gold
Price $400 per ounce Reserve Category |
Short Tons
(thousands) |
Fire Assay
Gold Grade
(opt) |
Contained
Gold Ounces |
|
Proven |
8.144 |
0.026 |
211,744 |
|
Probable |
14.905 |
0.022 |
327,910 |
|
Totals |
23.049 |
0.023 |
539,654 |
|
Gold
Price $450 per ounce Reserve Category |
Short Tons
(thousands) |
Fire Assay
Gold Grade
(opt) |
Contained
Gold Ounces |
|
Proven |
11,954 |
0.022 |
261,000 |
|
Probable |
21,316 |
0.019 |
401,800 |
|
Totals |
33,200 |
0.020 |
662,000 |
The property also contains a measured and indicated resource
of approximately 1 million ounces of gold. This
is summarized below.
|
Mineral
Resource |
Short Tons
(thousands) |
Fire Assay
Gold Grade
(opt) |
Contained
Gold Ounces |
|
Measured and indicated |
52,700 |
0.019 |
1,001,000 |
(1) Cautionary Note to U.S. Investors concerning
estimates of Proven and Probable Reserves: The estimates
of mineral reserves have been prepared in accordance with
Canadian National Instrument 43-101. The definitions of
proven and probable reserves used in NI 43-101 differ from
the definitions in SEC Industry Guide 7 and accordingly may
not be comparable to information from U.S. companies subject
to the SEC’s reporting and disclosure requirements. The
preparation of the technical information contained on this
website was supervised by Scott Wilson, a qualified
person under Canada’s NI 43-101.
Cautionary Note to U.S. Investors concerning estimates of
Measured and Indicated Resources: This press release
uses the terms “measured resources” and “indicated
resources”. We advise U.S. investors that while these terms
are recognized and required by Canadian regulations, the SEC
does not recognize them. U.S. investors are cautioned not to
assume that any part or all of mineral deposits in these
categories will ever be converted into reserves. |
|
