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Notes to Reserves and Resources
The terms “Qualified Person”, “Mineral Reserve”, “Proven Mineral Reserve”, “Probable Mineral Reserve”, “Mineral Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource”, and “Inferred Mineral Resource” used in this news release are defined in accordance with NI 43-101-Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators.
All mineral reserves and resources for Stawell have been estimated in accordance with the JORC Code and have been reconciled to CIM Standards as prescribed by 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 were calculated using the following parameters: gold price A$965/oz; cut-off grade applied was variable for underground ore depending upon width, mining method and ground conditions. Dilution of 2 3m and mining recovery of 95-100% were applied to the underground reserves, dependent upon mining method.
Mineral resources were estimated using the following parameters: gold price A$1,071/oz; Magdala surface above 130mRL and above a nominal 0.8g/t Au cutoff; Wonga surface within a A$1,071/oz optimized pit shell.
Mineral reserve estimates were prepared by Glenn Miller, Mine Technical Superintendent, Northgate. Mr. Miller is a member of the Australasian Institute of Mining and Metallurgy and has over 18 years of relevant engineering experience.
Mineral resource estimates were prepared by Mark Haydon, Geology Manager, Northgate, who is a member of the Australasian Institute of Geoscientists and has over 16 years of relevant geological experience.
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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