| Mineral resources for Kemess North as at December 31, 2007 are shown below: |
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|
|
Grades |
Contained Metals |
| Category |
|
Quantity
(tonnes) |
Gold
(gr/mt) |
Copper
(%) |
Gold
(ounces) |
Copper
(000s lbs) |
|
| Measured |
451,139,000 |
0.31 |
0.16 |
4,453,000 |
1,563,000 |
| Indicated |
268,051,000 |
0.28 |
0.12 |
2,486,000 |
790,000 |
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| Total Measured & Indicated |
719,190,000 |
0.30 |
0.15 |
6,939,000 |
2,353,000 |
|
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Notes to Resources
All mineral reserves and mineral resources were estimated in accordance with the CIM Standards of the Canadian Institute of Mining, Metallurgy and Petroleum, and National Instrument 43-101, or the AusIMM JORC equivalent.
Mineral resources for Kemes North are exclusive of mineral reserves.
Mineral resources which are not mineral reserves do not have demonstrated economic viability.
Mineral resources for Kemess North (mineral reserves now reclassified as mineral resources following the Panel recommendation and government support of the Panel decision) calculated at the time of the Feasibility Study: exchange rate CDN$/US$1.40; gold price $375/oz; copper price $1.00/lb; and, silver price $5.00/oz. Resources for Kemess North, at the time of the Feasibility Study, were calculated using the following economic parameters: exchange rate CDN$/US$ 1.40; gold price $425/oz; copper price $1.20/lb; and, silver price $5.00/oz.
Mineral resource estimates for Kemess North, including the Nugget Zone, (now all classified as resources) were prepared by Jim Gray of GR Technical Services Ltd. and Carl Edmunds, Exploration Manager, Northgate Minerals Corporation. Mr. Gray is a member of the Association of Professional Engineers and Geoscientists of the province of British Columbia, the Association of Professional Engineers, Geologists and Geophysicists of Alberta and the Canadian Institute of Mining and Metallurgy and has over 29 years of engineering experience. Mr. Edmunds is a member of the Professional Engineers and Geoscientists of British Columbia and has 20 years of experience in mineral resource estimation. |
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Note to US Investors
While the terms “mineral resource”, “measured mineral resource”, “indicated mineral resource”, and “inferred mineral resource” are recognized and required by Canadian regulations, they are not defined terms under standards in the United States. As such, information concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by the US Securities and Exchange Commission. “Indicated mineral resource” and “inferred mineral resource” have a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. |
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