| Location: |
Chelopech, Bulgaria |
| Ownership: |
100% |
| What's New: |
Completion of ore production expansion from 1 million to 2 million tonnes of ore per year expected July 2012 |
| Gold Production: |
2011 - 93,881 ounces |
| Copper Production: |
2011 - 36,801,944 pounds |
| Cash Cost: |
2011 - US$49.99 per tonne of ore; excluding royalties
2011 - US$54.81 per tonne of ore; including royalties |
| Mine Life: |
10+ years |
| Mining & Processing: |
Underground mine; comminution and flotation |
| General Overview: |
Chelopech through the years |
| Technical Reports: |
Technical Report for the Chelopech Project, Bulgaria, March 24, 2011. |
Mineral Resources & Reserves
| Mineral Resources - October 31, 2011 |
|
Gold |
Silver |
Copper |
| |
Tonnes
(million) |
Grade
(g/t) |
Ounces
(M) |
Grade
(g/t) |
Ounces
(M) |
Grade
(%) |
Pounds
(M) |
| Measured |
16.38 |
4.10 |
2.16 |
11.06 |
5.82 |
1.49 |
583.00 |
| Indicated |
13.49 |
4.09 |
1.77 |
7.79 |
3.38 |
1.09 |
324.36 |
| Measured & Indicated |
29.87 |
4.09 |
3.93 |
9.58 |
9.20 |
1.31 |
862.84 |
| Inferred |
9.59 |
2.53 |
0.78 |
10.09 |
3.11 |
0.82 |
173.31 |
| Mineral Reserves - December 31, 2011 |
|
Gold |
Silver |
Copper |
| |
Tonnes
(million) |
Grade
(g/t) |
Ounces
(M) |
Grade
(g/t) |
Oz
(M) |
Grade
(%) |
Pounds
(M) |
| Proven |
14.29 |
3.54 |
1.63 |
9.39 |
4.32 |
1.30 |
408.93 |
| Probable |
8.33 |
3.86 |
1.04 |
5.93 |
1.59 |
0.89 |
163.67 |
| Total Reserves |
22.62 |
3.66 |
2.66 |
8.12 |
5.91 |
1.15 |
572.60 |
(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) Chelopech Mineral Reserves are based on a cut-off of $10 profit/tonne using NSR analysis as of January 1, 2011. This information has been prepared by Gordon Fellows and reviewed by Julian Barnes, both of whom are QPs, as defined in NI 43-101 and not independent of the Company.
(4) Chelopech Mineral Resource cut-off Grade @ 3.0 g/t Gold Equivalent is based on the following formula: (Au g/t + 2.25xCu%). The Mineral Resource has been depleted as of October 31, 2011. This information has been prepared by Craig Barker and reviewed by Julian Barnes, both of whom are QPs, as defined in NI 43-101 and not independent of the Company.
(5) Chelopech Mineral Reserves and Resources are based on long term metals prices of $1,250 Au, $3/lb Cu, $25/oz Ag and $1/lb Zn.
(6) 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.