Resources and Reserves Statement
The table below shows our mineral reserves and resources estimated at December 31, 2010.
GOLD |
Mineral Reserves |
|
|
Mineral Resources |
||||
|
tonnes |
grade |
in-situ |
|
|
tonnes |
grade |
in-situ |
Kisladag |
|
|
|
|
|
|
|
|
Proven |
122,703 |
0.95 |
3,733 |
|
Measured |
132,800 |
0.90 |
3,855 |
Probable |
306,631 |
0.66 |
6,498 |
|
Indicated |
426,355 |
0.61 |
8,334 |
Proven & probable |
429,334 |
0.74 |
10,231 |
|
M+I |
559,155 |
0.68 |
12,189 |
|
|
|
|
|
Inferred |
320,868 |
0.43 |
4,384 |
Efemcukuru |
|
|
|
|
|
|
|
|
Proven |
1,229 |
12.00 |
437 |
|
Measured |
1,235 |
13.18 |
523 |
Probable |
4,007 |
8.30 |
1,069 |
|
Indicated |
4,304 |
8.50 |
1,177 |
Proven & probable |
5,136 |
9.10 |
1,506 |
|
M+I |
5,539 |
9.55 |
1,700 |
|
|
|
|
|
Inferred |
1,703 |
6.43 |
352 |
Tanjianshan |
|
|
|
|
|
|
|
|
Proven |
4,846 |
3.37 |
525 |
|
Measured |
6,087 |
3.07 |
599 |
Probable |
499 |
3.86 |
62 |
|
Indicated |
2,027 |
2.73 |
178 |
Proven & Probable |
5,345 |
3.42 |
587 |
|
M+I |
8,114 |
2.98 |
777 |
|
|
|
|
|
Inferred |
4,806 |
3.28 |
507 |
Perama |
|
|
|
|
|
|
|
|
Proven |
2,477 |
4.44 |
354 |
|
Measured |
3,064 |
4.30 |
424 |
Probable |
7,220 |
2.68 |
621 |
|
Indicated |
9,375 |
3.18 |
958 |
Proven & probable |
9,697 |
3.13 |
975 |
|
M+I |
12,439 |
3.46 |
1,382 |
|
|
|
|
|
Inferred |
8,766 |
1.96 |
554 |
Jinfeng |
|
|
|
|
|
|
|
|
Proven |
7,384 |
3.78 |
898 |
|
Measured |
11,240 |
3.42 |
1,235 |
Probable |
7,310 |
4.27 |
1,005 |
|
Indicated |
11,937 |
3.67 |
1,410 |
Proven & probable |
14,694 |
4.03 |
1,903 |
|
M+I |
23,177 |
3.55 |
2,645 |
|
|
|
|
|
Inferred |
8,140 |
3.85 |
1,009 |
White Mountain |
|
|
|
|
|
|
|
|
Proven |
2,454 |
3.88 |
306 |
|
Measured |
3,269 |
3.82 |
401 |
Probable |
3,531 |
3.65 |
414 |
|
Indicated |
4,679 |
3.62 |
545 |
Proven & probable |
5,985 |
3.74 |
720 |
|
M+I |
7,948 |
3.70 |
946 |
|
|
|
|
|
Inferred |
2,920 |
3.59 |
337 |
Eastern Dragon |
|
|
|
|
|
|
|
|
Proven |
837 |
11.07 |
297 |
|
Measured |
800 |
12.48 |
322 |
Probable |
2,253 |
6.46 |
467 |
|
Indicated |
2,700 |
6.04 |
530 |
Proven & probable |
3,090 |
7.71 |
764 |
|
M+I |
3,500 |
7.50 |
852 |
|
|
|
|
|
Inferred |
2,200 |
2.67 |
190 |
Tocantinzinho |
|
|
|
|
|
|
|
|
Proven |
17,735 |
1.39 |
792 |
|
Measured |
19,777 |
1.29 |
820 |
Probable |
31,315 |
1.17 |
1,183 |
|
Indicated |
50,457 |
0.97 |
1,574 |
Proven & probable |
49,050 |
1.25 |
1,975 |
|
M+I |
70,234 |
1.06 |
2,394 |
|
|
|
|
|
Inferred |
6,950 |
0.66 |
147 |
Total gold |
|
|
|
|
|
|
|
|
Proven |
159,565 |
1.43 |
7,342 |
|
Measured |
178,272 |
1.43 |
8,179 |
Probable |
362,766 |
0.97 |
11,319 |
|
Indicated |
511,834 |
0.89 |
14,706 |
Proven & probable |
522,331 |
1.11 |
18,661 |
|
M+I |
690,106 |
1.03 |
22,885 |
|
|
|
|
|
Inferred |
356,353 |
0.65 |
7,480 |
IRON |
Mineral reserves |
|
|
Mineral resources |
||
|
Tonnes |
Grade |
|
|
Tonnes |
Grade |
Vila Nova |
|
|
|
|
|
|
Proven |
2,370 |
63.4 |
|
Measured |
2,370 |
63.4 |
Probable |
6,817 |
60.1 |
|
Indicated |
7,509 |
60.9 |
Proven & probable |
9,187 |
61.0 |
|
M+I |
9879 |
61.5 |
|
|
|
|
Inferred |
2,022 |
61.2 |
Notes on Mineral Resources and Reserves:
- Mineral reserves and mineral resources are as of December 31, 2010
- Mineral reserves are included in the mineral resources.
- The Eastern Dragon Project also contains economic concentrations of silver. The silver grade for the project's Proven and Probable reserves averages 71 g/t Ag (7.0 million in-situ ounces) whereas the average silver grade in the Measured and Indicated resources equals 73 g/t Ag (8.3 million in-situ ounces).
Mineral Reserve Notes:
- Gold price used was $1000/oz except for the Efemcukuru project which used $825/oz.
- Cut-off grades (gold g/t): Kisladag: 0.20 g/t oxide, 0.33 g/t sulphide; Efemcukuru: 4.0 g/t; Perama: 0.8 g/t; Tanjianshan: 1.6 g/t JLG sulphide, 1.3 g/t JLG oxide/transition; Jinfeng: 0.8 g/t open pit, 2.5g/t underground; White Mountain: 1.5 g/t; Eastern Dragon: 1.0 g/t open pit, 1.7 g/t underground; Tocantinzinho: 0.49 g/t sulphide, 0.43 g/t oxide.
- Qualified Persons: Richard Miller, P.Eng. and Manager, Mining for the Company is responsible for the Kisladag, Tanjianshan, Jinfeng open pit and Perama reserves; Mark LeMessurier MAusIMM, VP China Operations for the Company, is responsible for the Jinfeng underground, White Mountain and Eastern Dragon reserves; Sean Gregersen, P. Eng., Manager Business Development for the Company, is responsible for the Tocantinzinho reserves. Scott Cowie, B.Eng., MAusIMM, General Manager, Perth, for Tetra Tech Australia Pty. Ltd. is responsible for the Efemcukuru reserves; Roberto Costa, principal of Roberto Costa Engenharia Ltda, is responsible for the Vila Nova iron reserves.
Mineral Resource Notes:
- Cut-off grades (gold g/t): Kisladag: 0.3 g/t; Efemcukuru: 3.0 g/t; Perama: 0.5 g/t; Jinfeng: 0.7 g/t open pit, 2.0 g/t underground; Tanjianshan: 1.0 g/t; White Mountain: 1.0 g/t; Easten Dragon: 1.0 g/t; Tocantinzinho: 0.3 g/t.
- Qualified Persons: Stephen Juras, Ph.D., P.Geo. and Director, Technical Services for the Company is responsible for the Kisladag, Efemcukuru, Perama, Tanjianshan, Tocantinzinho, Jinfeng and White Mountain resources. Yumin Qiu, Ph.D., MAIG, Director of Geology and New Projects PRC for the Company, is responsible for the Eastern Dragon resources. Roberto Costa, principal of Roberto Costa Engenharia Ltda, is responsible for the Vila Nova iron resources.
