| Location: |
Krumovgrad, Bulgaria |
| Ownership: |
100% |
| Project Status: |
New project scope determined and approved; Environmental Impact Assessment approved with Ministerial signature; Definitive Feasibility Study completed November 30, 2011; NI 43-101 Technical Report filed on SEDAR January 13, 2012. |
| What’s New: |
New project involves smaller integrated tailings and mine waste facility; smaller footprint; flotation use versus cyanide |
| Annual ore production: |
850,000 tonnes |
| Annual gold production: |
74,000 ounces |
| Annual silver production: |
35,000 ounces |
| Gold Recoveries: |
85% |
| Mine Life: |
9 years |
| Capital Cost: |
US$127 million |
| Mining & Processing: |
Open pit; Crushing, grinding and flotation |
| Technical Report |
"Krumovgrad Gold Project, Ada Tepe Deposit, Bulgaria; Definitive Feasibility Study, NI 43-101 Technical Report", January 11, 2012 |
Mineral Resources & Reserves
| Mineral Resources - December 31, 2011 |
|
Gold |
Silver |
| |
Tonnes
(million) |
Grade
(g/t) |
Ounces
(M) |
Grade
(g/t) |
Ounces
(M) |
| Measured |
3.30 |
4.90 |
0.52 |
3.00 |
0.28 |
| Indicated |
4.69 |
2.50 |
0.38 |
2.00 |
0.24 |
| Measured & Indicated |
7.99 |
3.50 |
0.90 |
2.00 |
0.51 |
| Inferred |
0.40 |
1.20 |
0.02 |
1.00 |
0.01 |
| Mineral Reserves - December 31, 2011 |
|
Gold |
Silver |
| |
Tonnes
(million) |
Grade
(g/t) |
Ounces
(M) |
Grade
(g/t) |
Oz
(M) |
| Proven |
2.94 |
4.70 |
0.44 |
2.54 |
0.24 |
| Probable |
4.30 |
2.44 |
0.34 |
1.52 |
0.21 |
| Total Reserves |
7.24 |
3.36 |
0.78 |
1.92 |
0.45 |
(1) The rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.
(2) All Mineral Reserve Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the Canadian Institute of Mining Council ("CIM").
(3) Krumovgrad Mineral Reserves and Resources are based on the Krumovgrad 2012 Technical Report using a variable economic cut-off grade and 0.5 g/t Au, respectively.
(4) All Mineral Reserves and Resources are basd on long term metals prices of $1,250 Au, $3/lb Cu, $25/oz Ag and $1/lb Zn.
(5) Measured and Indicated Mineral Resources are inclusive of Proven and Probable Reserves.
(7) All Mineral Reserves and Mineral Resources may be subject to legal, political, environmental and other risks and uncertainties.