| Mineral reserves for Kemess South as at December 31, 2008 are shown below: |
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|
|
Grades |
Contained Metals |
|
Category |
|
Quantity
(tonnes) |
Gold
(gr/mt) |
Copper
(%) |
Gold
(ounces) |
Copper
(000s lbs) |
|
| Proven Reserves |
34,193,000 |
0.41 |
0.17 |
447,000 |
126,000 |
| Measured Resources |
8,237,000 |
0.27 |
0.13 |
72,000 |
24,000 |
|
|
Notes to Reserves & Resources
The terms “Mineral Reserve”, “Proven Mineral Reserve” and “Probable Mineral Reserve” used in this website are Canadian mining terms as defined in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves Definitions and Guidelines adopted by the CIM Council on August 20, 2000. The terms “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource”, and “Inferred Mineral Resource” used in this website are Canadian mining terms as defined in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects under the guidelines set out in the CIM Standards. Mineral reserves and mineral resources for Kemess South have been estimated in accordance with the definitions contained in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards and National Instrument 43-101.
All mineral resources are exclusive of mineral reserves.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Mineral reserves and resources are rounded to 1,000 tonnes, 0.01 g/t gold and 1,000 ounces. Minor discrepancies in summations may occur due to rounding.
Mineral reserves for Kemess South were calculated using the following parameters: exchange rate CDN$/US$1.20; gold price $675/oz; hedged copper price $2.52/lb; unhedged copper price $1.50/lb; and silver price $12.00/oz. Operating assumptions for the west pit were as follows: gold recovery 66.1%; copper recovery 82.4%; mining costs CDN$1.80/tonne; milling costs CDN$4.09/tonne; and G&A costs CDN$1.57/tonne. For the east pit, operating assumptions were as follows: gold recovery 52.5%; copper recovery 70.8%; mining costs CDN$1.20/tonne; milling costs CDN$3.94/tonne; and, G&A costs CDN$1.37/tonne.
Mineral resources for Kemess South were calculated using the following economic parameters: exchange rate Cdn$/US$1.20; gold price $750/oz; copper price $2.00/lb.
Reserve estimates for Kemess South were prepared by Gordon Skrecky, Chief Mine Geologist, Kemess Mines Ltd. Mr. Skrecky is a member of the Association of Professional Engineers and Geoscientists of British Columbia and has 22 years of experience in mineral resource estimation. |
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Note to US Investors
This website uses the terms “measured”, “indicated” and “inferred” resources. United States investors are advised that while such terms are recognized and required by Canadian regulators, the SEC does not recognize them. Inferred resources have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred resource exists, or is economically or legally mineable. |
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