Carpathian Gold Inc. (TSX:CPN) ("the Corporation" or "Carpathian") is pleased to
announce its updated National Instrument 43-101 compliant mineral resource
estimate ("2012 Resource Estimate") as provided by independent consultants AGP
Mining Consultants Inc. ("AGP"), on Carpathian's 100% owned Rovina Exploration
License in west-central Romania. The 2012 Resource Estimate includes the Colnic,
Rovina and Ciresata gold-rich copper porphyry deposits, collectively referred to
as the Rovina Valley Project ("RVP"). All three deposits are in close proximity
to one another and amenable to a central ore processing facility as described in
the Preliminary Economic Assessment ("PEA") completed in March 2010. Colnic and
Rovina are amenable to open-pit mining and Ciresata to bulk underground mining.
AGP has estimated the 2012 Resource Estimate for the RVP with a date cut off of
April 23, 2012, updating the last resource estimate from November 2008 ("2008
Resource Estimate") to include results from an additional 95 drill holes for
57,541 metres and utilized a total of 120,256 metres of diamond drill hole data
from 251 drill holes. The objective of the 2011 and 2012 drilling programs was
primarily to convert the inferred resources from the 2008 Resource Estimate to
the measured plus indicated category for use in the on-going pre-feasibility
study as well as test for any resource extension. This objective was
overwhelmingly accomplished as shown below in 2012 Resource Estimate.
Highlights include:
-- 7.19 million ounces of gold plus 1,420 million pounds of copper in
measured plus indicated resources, a 134% increase in gold and a 87%
increase in copper from the 2008 Resource Estimate;
-- Gold equivalent ("Au eq") resource in the measured plus indicated
category of 10.8 million ounces, a 113% increase from the 2008 Resource
Estimate;
-- 12.2% increase in overall gold grade in the measured plus indicated
category from 0.49 g/t Au to 0.55 g/t Au as compared to the 2008
Resource Estimate; with a 110% increase in tonnes; and,
-- over 93% of the resources are in the measured plus indicated category
with 41% of the measured plus indicated resources from the Ciresata
underground bulk mining deposit and 59% from the combined Rovina and
Colnic open-pit deposits.
The updated resource estimate is shown below.
Rovina Valley Project 2012 Mineral Resource Estimate at base case cut-off
grades
(as of July 15, 2012)
----------------------------------------------------------------------------
Resource Tonnage Au Cu Gold Copper Au eq(i)
Category (MM t) (g/t) (%) (MM oz) (MM lbs) (MM oz)
----------------------------------------------------------------------------
Measured
Rovina (open-pit) 31.8 0.36 0.30 0.37 209.0 0.91
Colnic (open-pit) 29.4 0.64 0.12 0.61 75.0 0.80
Ciresata (underground) 29.7 0.86 0.16 0.82 105.0 1.09
Total Measured 90.9 0.62 0.19 1.81 389.0 2.80
Indicated
Rovina (open-pit) 73.5 0.27 0.23 0.64 370.0 1.59
Colnic (open-pit) 106.3 0.47 0.10 1.59 226.0 2.18
Ciresata (underground) 135.1 0.72 0.15 3.15 435.0 4.26
Total Indicated 315.0 0.53 0.15 5.38 1,031.0 8.03
----------------------------------------------------------------------------
Total Measured +
Indicated 405.9 0.55 0.16 7.19 1,420.0 10.84
----------------------------------------------------------------------------
Comparison to 2008
Resource Estimate + 110% +12.2% -11.1% +134% +87% +113%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Resource Tonnage Au Cu Gold Copper Au eq(i)
Category (MM t) (g/t) (%) (MM oz) (MM lbs) (MM oz)
----------------------------------------------------------------------------
Inferred
Rovina (open-pit) 13.4 0.19 0.20 0.08 60.0 0.24
Colnic (open-pit) 3.8 0.32 0.10 0.04 8.0 0.06
Ciresata (underground) 9.6 0.67 0.14 0.21 29.0 0.28
Total Inferred 26.8 0.38 0.16 0.33 97.0 0.58
----------------------------------------------------------------------------
Comparison to 2008
Resource Estimate -85% -43.7% -3.1% -92% -85% -90%
----------------------------------------------------------------------------
-- (i)Au eq. determined by using a gold price of US$1,370 per ounce and a
copper price of US3.52/lb. These prices are the 3-year trailing average
as of July 10th, 2012. Metallurgical recoveries are not taken into
account for Au eq.
-- Base case cut-off used in the table are 0.35 g/t Au eq. for the Colnic
deposit and 0.25% Cu eq for the Rovina deposit, both of which are
amenable to open-pit mining and 0.65 g/t Au eq. for the Ciresata deposit
which is amenable to underground bulk mining.
-- For the Rovina and Colnic porphyries, the resource is an in-pit resource
derived from a Whittle shell model using gross metal values of $1,350/oz
Au price and $3.00/lb Cu price, net of payable amounts after smelter
charges and royalty for net values of US$1,313/oz Au and US$2.57/lb Cu
for Rovina and US$2.27/Ib Cu for Colnic).
-- A grade-tonnage vs cut-off grades table for each of the deposits is
shown at the end of this news release.
-- Rounding of tonnes as required by reporting guidelines may result in
apparent differences between tonnes, grade and contained metal content.
"We are extremely pleased with this updated mineral resource estimate ("2012
Resource Estimate") as it represents a quantum increase in gold and copper in
the measured plus indicated resource categories with an increase in gold grade
compared to the previous 2008 Resource Estimate", said Dino Titaro, President
and CEO. "Our drilling programs were extremely successful in executing an
exceptionally high conversion rate of inferred resources to measured plus
indicated and also added gold and copper mineralization thereby increasing the
overall total mineral resource and demonstrating that the RVP ranks as a
world-class gold-copper project. Equally as important is that the higher-grade
core of each porphyry deposit was better defined and remained intact thereby
maximizing the ability to release higher-grade mineralization in the earlier
stages of the operation, thus enhancing the economic potential of the project as
was shown in the 2010 PEA. The on-going pre feasibility study will incorporate
the 2012 Resource Estimate to define reserves and the economic parameters for
the RVP and should be completed in late Q4, 2012".
For the 2012 Resource Estimate consideration as to the reasonable potential for
the RVP to be economic was taken into account and was derived from the following
parameters. For the Rovina and Colnic porphyry deposits, which are planned to be
mined with open-pit mining methods, the resource estimates were constrained
within a pit shell using the Lerch-Grossman pit optimizer algorithm in Minesight
software using net metal values of $1,313/oz for gold and US$2.27 to US$2.57/lb
for copper (copper values varies by deposit and the metal values used are less
than the three year trailing average). Mining costs, pit-slope angles,
metallurgical recoveries with payable gold and copper were taken into account as
well as royalties based on the PEA Study (details shown below under Resource
Estimate Input parameters and Assumptions). Base case cut-off grades considered
results from the PEA Study and the on-going pre-feasibility study and are
expressed in gold-equivalent ("Au eq") grade for the Colnic and Ciresata
deposits and copper-equivalent ("Cu eq") grade for the Rovina deposit. A 0.25%
copper equivalent ("Cu eq") was used for the Rovina deposit and 0.35 g/t gold
equivalent ("Au eq") for the Colnic deposit. The Ciresata deposit which is
planned to be mined with bulk tonnage underground mining methods, utilized a
base cut-off grade of 0.65 g/t Au eq to calculate the resource estimate for this
deposit. Design information derived from the on-going pre-feasibility study was
also applied.
At both the Rovina and Colnic deposits, there are higher-grade portions of each
deposit that outcrop at surface. These areas represent potential "starter pits"
that will be developed to maximize the early extraction of higher-grade gold and
copper mineralization (see grade cut-off vs tonnes and grade tables at the end
of the news release). As an example, the higher-grade mineralization at Colnic
contains measured plus indicated resources at greater than 0.70 g/t Au eq of
51.5 million tonnes at 0.73 g/t Au and 0.12% Cu. At the Rovina deposit, the
higher-grade mineralization contains measured plus indicated resource at greater
than 0.50% Cu eq of 25.3 million tonnes at 0.51 g/t Au and 0.35% Cu. Ciresata
has continuous zone of high-grade gold and copper mineralization in the core of
the deposit that persists at depth that is suitable for extraction with an
underground bulk-mining method. At Ciresata, the measured plus indicated
resource of this core at greater than 1.0 g/t Au eq contains 65.4 million tonnes
at 1.01 g/t Au and 0.18% Cu. It is these higher-grade areas that are the focus
for the early stages of mining for the on-going pre-feasibility study.
Future Potential
Growth potential for resource expansion at the RVP includes depth extensions,
satellite deposits, and further evaluation of additional porphyry targets. At
the Ciresata deposit, the potential for depth extension is shown from recent
drilling results (after the resource estimate data cut-off date) that
intersected porphyry-style mineralization 500 metres below previous
mineralization with 37.6 m at 0.67 g/t Au and 0.20% Cu from 1,386.4 m down hole
in drill hole RGD-68. This deep drill hole indicates mineralization does occur
at depth below the current resource estimate, which could be accessible from the
underground mining operation that is envisioned for this deposit. These results
will likely be further evaluated at a later date after underground mining has
commenced on this deposit.
At the Rovina deposit, two drill hole intersections on the southwest edge of the
current resource model suggest a potential untested porphyry body in this zone.
Drill hole RRD-42 intersected 96 m at 0.33 g/t Au and 0.18% Cu from 161 m down
hole depth and drill hole RRD-74 intersected 40 m to end-of-hole, bottoming in
mineralization, at 0.31 g/t Au and 0.21% Cu from 245 m down hole depth.
The Galaxy porphyry prospect located 2.2 km west of the Rovina Porphyry, was
identified and drilled by the corporation in 2007-2008 and 11 drill holes were
completed in this deposit. Drilling encountered porphyry style alteration and
mineralization supporting the concept of a cluster of mineralizing porphyries in
the Rovina-Colnic area. Some of these drill holes returned highly anomalous
copper values ranging from 500 ppm to 3,740 ppm and anomalous gold values
ranging from 0.15 to 1.57 g/t Au. This prospect is being re-evaluated for
geology and grade vectors to potential higher-grade zones to determine if
further drilling is warranted.
In addition to the above, there are several other porphyry-type targets on RVP
that will require further follow up work and evaluation.
2012 Resource Estimate Input Parameters and Assumptions
Grade and tonnage calculations at various cut-off grades for each deposit are
shown in the tables at the end of this press release.
To generate the 2012 Resource Estimate, the following data and methods were used:
-- Mineral resources were estimated in conformance with the CIM Mineral
Resource and Mineral Reserve definitions referred to in National
Instrument ("N.I.") 43-101, Standards of Disclosure for Mineral
Projects.
-- The resource estimate for the Rovina and Colnic deposits are constrained
within a pit shell utilizing the Lerch-Grossman pit optimizer algorithm
of the Minesight software based on the following metal prices and mining
parameters taken from the PEA Study and the on-going pre-feasibility
study.
-- Gold price US$1,350/oz and Copper US$3.00/lb, payable after smelter
charges and royalties US$1,313/oz Au and US$2.57/lb Cu for Rovina
and US$1,313/oz Au and US$2.27/lb Cu for Colnic.
-- Metallurgical recoveries for Rovina of 93.2% Cu and 69.9% Au and
Colnic at 91.7% Cu and 67.9% Au.
-- Pit-wall slopes at 43 degrees.
-- Mining costs at US$1.14/t waste, US$1.41/t ore with a processing
cost of US$6.62/t ore and G&A cost of US$0.45/t ore.
-- The Ciresata deposit, which is amenable to bulk underground mining
methods, is well constrained both geologically and by a grade-gradient
outward from a high-grade core and together with consideration of the
PEA results and ongoing-pre-feasibility study a 0.65 g/t Au eq cut-off
is used for its resource estimation.
-- The resource estimate database includes 120,256 metres of diamond
drilling from 251 drill holes and includes 95 drill holes for 57,541
metres completed since the previous 2008 Resource Estimate. A tabulation
of drill data per deposit is shown in the table below. The drill hole
pattern covers an area of approximately 600 m by 700 m at Rovina, 1200 m
by 700 m at Colnic and an area of 400 m by 450 m at Ciresata.
----------------------------------------------------------------------------
# Drill Metres # Drill Drill # Drill Drill
holes drilled holes Metres holes metres
Deposit RE: 2008 RE: 2008 added added RE: 2012 RE: 2012
----------------------------------------------------------------------------
Rovina 53 26,194 29 12,939 82 39,133
----------------------------------------------------------------------------
Colnic 88 29,349 18 4,645 106 33,994
----------------------------------------------------------------------------
Ciresata 15 7,173 48 39,957 63 47,129
----------------------------------------------------------------------------
Total 156 62,715 95 57,541 251 120,256
----------------------------------------------------------------------------
-- All drill holes are diamond drill core and were sampled and assayed over
their entire bedrock length at mostly 1 m sample intervals. A rigorous
QA/QC program was in place during the drill program, which included the
insertion of certified standards (Au and Cu), pulp duplicates, coarse
blanks and pulp blanks at regular intervals totalling 17% of the
submitted samples along with a check assay program from a secondary
assay laboratory. Primary (ALS Laboratory Group) and secondary (SGS
Mineral Services) assay laboratories are internationally recognised and
accredited.
-- Database integrity was evaluated by AGP who also conducted site visits
and independent verification sampling and assays.
-- Densities were determined for a representative number of rock and
mineralization types using industry standard methods. A total of 1,165
determinations are contained in the database. The average value for each
modeled alteration type was applied to the block model.
-- Detailed geologic logging and sectional interpretations by Carpathian
staff with periodic reviews by AGP led to the development of 3D domain
models of lithology and alteration types using Micromine software. These
domains were classed and utilized in grade variography studies and in
grade interpolation constraints with appropriate contact treatments in
Gemcom software, where the final resources were calculated.
-- The composite intervals selected were 4.0 metres for the Rovina and
Colnic deposits and 5 metres for the Ciresata deposit.
-- For the treatment of grade outliers at Rovina, Colnic and Ciresata, each
statistical domain was evaluated separately for gold and copper and a
combination of grade capping and search restrictions imposed on
threshold values was used to restrict the influence of outliers.
-- A 3D block model was generated using GEMS(C) software for grade
interpolation. The block model matrix size for Rovina and Colnic is
10x10x12 metres, while at Ciresata a 10x10x5 metre block size was
selected after consultation with the engineering team from AGP
considering data density, geologic controls and mining approach. These
block sizes are larger than the ones used in the 2008 Resource Estimate.
-- Ordinary Kriging ("OK") was used for all domains where the variography
could be relied upon. For domains where the variography was
inconclusive, an inverse distance cubed methodology was employed. The
interpolation was carried out in multiple passes with increasing search
ellipsoid dimensions.
-- Grade interpolation at the domain boundaries relied upon the soft/hard
boundary determination from the contact studies which were confirmed by
field observations from Carpathian site geologists.
-- Validation of block model grades is carried-out using 'global methods'
i.e. comparison of OK to nearest neighbor ("NN"), and inverse distance
weighted method ("IDW") and locally through swath plots and visual
review comparison of original assays, and composite grades to NN, IDW,
and OK block model grades.
-- Resource classification for all models was based primarily on the pass
number followed by an adjustment to the class model, based on the
density of the diamond drilling (core area) and the actual location of
the block compared to the drill hole trace.
-- Cut-off grades in the resource report tables utilize Copper equivalent
("Cu eq") grades for Rovina and Gold equivalent grades ("Au eq") for
Colnic and Ciresata. The equivalent grade formula was derived using the
three year trailing average of US$1,370/oz for gold and US$3.52/lb for
copper. The equivalent grades are consistent with previously stated
equivalent grades as well as the 2008 Resource Estimate equivalent
grades. The base case cut-off grade for Rovina is 0.25% Cu eq and for
the Colnic deposits 0.35 g/t Au eq and for Ciresata a 0.65 g/t Au eq was
used.
Mr. Pierre Desautels, P.Geo, a Principle Partner of AGP is responsible for the
mineral resource estimate and Mr. Gordon Zurowski, P.Eng, a Principle Partner of
AGP is responsible for the mining aspects of the resource estimate and both are
independent qualified persons as defined by NI-43-101 and both have confirmed
that they have reviewed the information in this release as it relates to the
mineral resource estimate. Mr. Dino Titaro, P.Geo a qualified persons as defined
by NI 43-101 has also read this press release and approved its contents. The
complete N.I. 43-101 Technical Report will be filed on SEDAR at www.SEDAR.com
within 45 days.
Pre-feasibility Study Update
A pre-feasibility study ("PFS") is on-going for the RVP and will utilize the
2012 Resource Estimate presented herein. This PFS involves a consortium of
international consultants and engineering firms lead by AGP and is planned to be
completed in late Q4-2012. The PFS is following the general concepts defined by
the 2010 PEA completed in March 2010 whereby the Colnic and Rovina deposits are
mined by conventional open-pit mining and the Ciresata deposit by bulk
underground mining with ore processing in a single centralized facility
utilizing standard flotation method for Au-Cu recovery.
Work that is +80% completed includes; geotechnical investigations providing
design criteria for open-pits, tailing management facility, plant site and waste
dumps, rock mechanics investigation at the Ciresata deposit to provide design
criteria for the underground mine engineering that includes both sub-level cave
and block cave mining methods and initial acid rock drainage analysis for waste
dump design. Engineering design is utilizing US$1,150/oz gold and US$2.90/lb
copper.
In-progress work includes; metallurgical optimization test work, flow-sheet
development, open-pit engineering, design of infrastructure facilities, and
mining equipment costing along with costing from local construction and supplier
contractors.
In addition, the Corporation continues with its pro-active stakeholder
engagement program whereby the local community and government officials are
regularly updated on project status.
About Carpathian
Carpathian is an exploration and development company whose primary business
interest is developing near-term gold production on its 100% owned Riacho dos
Machados ("RDM") Gold Project in Brazil, which is currently focusing on
activities surrounding permitting and construction, along with progressing its
exploration and development plans on its 100% owned Rovina Valley Au-Cu Project
located in Romania.
On a company wide basis, Carpathian currently hosts NI 43-101 proven plus
probable reserves of 830,200 ounces of gold (proven reserves of 2,300 Kt at 1.30
g/t Au and probable reserves of 18,500 Kt at 1.23 g/t Au) and NI 43-101 mineral
resources (inclusive of reserves) of approximately 8.1 million ounces of gold in
the measured plus indicated categories (RVP: 405.9 million tonnes at 0.55 g/t Au
for 7.19 million ounces, RDM: 19.36 million tonnes at 1.50 g/t Au for 0.936
million ounces) and approximately 0.9 million ounces of gold in the inferred
category (RVP: 26.8 million tones at 0.38 g/t Au for 0.33 million ounces, RDM;
9.447 million tones at 1.93 g/t Au for 0.587 million ounces), as well as 1.4
billion pounds of copper in the measured plus indicated category (RVP: 405.9
million tones at 0.16% Cu) and 97.0 million pounds of copper in the inferred
category (RVP: 405.9 million tonnes at 0.16% Cu) (see press releases dated July
17, 2012 and April 6, 2011 for further details on resources and reserves).
The RDM Gold Project is targeted to produce in the order of +/-100,000 ounces of
gold per annum with an anticipated goal for the commencement of production in
the second half of 2013. The Rovina Valley Project will enhance Carpathians
growth profile as a mid-tier gold producer.
Forward-Looking Statements: Statements and certain information contained in this
press release and any documents incorporated by reference may constitute
"forward-looking statements" within the meaning of applicable Canadian
securities legislation which may include, but is not limited to, information
with respect to the Corporation's expected production from, and further
potential of, the Corporation's properties; the Corporation's ability to raise
additional funds; the future price of minerals, particularly gold and copper;
the estimation of mineral reserves and mineral resources; conclusions of
economic evaluation; the realization of mineral reserve estimates; the timing
and amount of estimated future production; costs of production; capital
expenditures; success of exploration activities; mining or processing issues;
currency exchange rates; government regulation of mining operations; and
environmental risks. Often, but not always, forward-looking
statements/information can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or variations (including negative
variations) of such words and phrases, or statements that certain actions,
events or results "may", "could", "would", "might" or "will" be taken, occur or
be achieved. Forward-looking statements/information is based on management's
expectations and reasonable assumptions at the time such statements are made.
Estimates regarding the anticipated timing, amount and cost of exploration and
development activities are based on assumptions underlying mineral reserve and
mineral resource estimates and the realization of such estimates are set out
herein. Capital and operating cost estimates are based on extensive research of
the Corporation, purchase orders placed by the Corporation to date, recent
estimates of construction and mining costs and other factors that are set out
herein.
Forward-looking information involves known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
Carpathian and/or its subsidiaries to be materially different from any future
results, performance or achievements expressed or implied by the forward-looking
statements. Such factors include: uncertainties of mineral resource estimates;
the nature of mineral exploration and mining; variations in ore grade and
recovery rates; cost of operations; fluctuations in the sale prices of products;
volatility of gold and copper prices; exploration and development risks;
liquidity concerns and future financings; risks associated with operations in
foreign jurisdictions; potential revocation or change in permit requirements and
project approvals; competition; no guarantee of titles to explore and operate;
environmental liabilities and regulatory requirements; dependence on key
individuals; conflicts of interests; insurance; fluctuation in market value of
Carpathian's shares; rising production costs; equipment material and skilled
technical workers; volatile current global financial conditions; and currency
fluctuations; and other risks pertaining to the mining industry. Although
Carpathian has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results to differ from those anticipated, estimated or intended.
Forward-looking information contained herein or incorporated by reference are
made as of the date of this presentation or as of the date of the documents
incorporated by reference, as the case may be, and Carpathian does not undertake
to update any such forward-looking information, except in accordance with
applicable securities laws. There can be no assurance that forward-looking
information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information. Accordingly,
readers are cautioned not to place undue reliance on forward-looking
information. The forward-looking information contained or incorporated by
reference in this document is presented for the purpose of assisting
shareholders in understanding the financial position, strategic priorities and
objectives of the Corporation for the periods referenced and such information
may not be appropriate for other purposes.
Rovina Deposit Mineral Resources
Open-Pit Deposit
(Various Cu eq cut-off grades, as of July 15, 2012)
----------------------------------------------------------------------------
Cu eq
Resource Cut-off Tonnage Au Cu Gold Copper
Category (g/t) (MM T) (g/t) (%) (MM oz) (MM Lb)
----------------------------------------------------------------------------
Measured 0.15 36.93 0.34 0.27 0.40 221.7
0.20 34.54 0.35 0.28 0.39 216.8
0.25 31.77 0.36 0.30 0.37 208.8
0.30 28.48 0.39 0.31 0.35 196.7
0.35 25.43 0.41 0.33 0.33 183.1
0.40 22.04 0.43 0.34 0.30 165.8
0.45 18.91 0.45 0.35 0.28 147.4
0.50 15.90 0.48 0.37 0.24 128.5
0.60 9.21 0.54 0.39 0.16 80.1
0.70 3.39 0.65 0.42 0.07 31.5
----------------------------------------------------------------------------
Indicated 0.15 117.18 0.22 0.19 0.82 493.9
0.20 96.40 0.24 0.21 0.75 443.7
0.25 73.52 0.27 0.23 0.64 369.7
0.30 53.04 0.31 0.25 0.53 289.7
0.35 36.82 0.36 0.27 0.42 216.6
0.40 24.33 0.41 0.28 0.32 152.5
0.45 15.44 0.48 0.30 0.24 102.7
0.50 9.36 0.56 0.32 0.17 65.7
0.60 4.55 0.70 0.34 0.10 34.2
0.70 2.23 0.83 0.36 0.06 17.7
----------------------------------------------------------------------------
Inferred 0.15 36.44 0.15 0.16 0.18 124.9
0.20 23.94 0.17 0.18 0.13 94.1
0.25 13.39 0.19 0.20 0.08 59.8
0.30 6.01 0.23 0.23 0.05 30.2
0.35 2.93 0.29 0.24 0.03 15.8
0.40 1.44 0.35 0.24 0.02 7.7
0.45 0.52 0.35 0.30 0.01 3.4
0.50 0.15 0.37 0.33 0.002 1.1
----------------------------------------------------------------------------
-- Cu eq. cut-off grades were determined using the three year trailing
average of 1,370 USD/oz for gold and 3.52 USD/lb for copper. The
equivalent grades are consistent in formula ratio with previously stated
equivalent grades as well as the 2008 Resource Estimate equivalent
grades. Metallurgical recoveries are not taken into account for Cu eq.
-- The resource is an in-pit resource derived from a Lerch-Grossman pit
shell model using gross metal values of $1,350/oz Au price and $3.00/lb
Cu price, net of payable amounts after smelter charges and royalty for
net values of US$1,313/oz Au and US$2.57/lb Cu for Rovina.
-- Rounding of tonnes as required by reporting guidelines may result in
apparent differences between tonnes, grade and contained metal content.
Colnic Deposit Mineral Resources
Open-Pit Deposit
(Various Cut-off Au eq grades, as of July 15, 2012)
----------------------------------------------------------------------------
Au eq
Resource Cut-off Tonnage Au Cu Gold Copper
Category (g/t) (MM T) (g/t) (%) (MM oz) (MM Lb)
----------------------------------------------------------------------------
Measured 0.25 31.4 0.62 0.11 0.62 76.5
0.30 30.5 0.63 0.11 0.62 75.8
0.35 29.4 0.64 0.12 0.61 74.7
0.40 28.3 0.66 0.12 0.60 73.3
0.45 27.3 0.67 0.12 0.59 71.7
0.50 25.9 0.69 0.12 0.57 69.5
0.55 24.4 0.71 0.12 0.56 66.9
0.60 22.8 0.73 0.13 0.53 63.8
0.70 18.9 0.78 0.13 0.47 55.5
----------------------------------------------------------------------------
Indicated 0.25 131.4 0.42 0.09 1.77 252.9
0.30 118.5 0.44 0.09 1.68 241.4
0.35 106.3 0.47 0.10 1.59 226.3
0.40 94.0 0.49 0.10 1.49 207.6
0.45 82.3 0.52 0.10 1.38 188.9
0.50 71.4 0.55 0.11 1.27 169.6
0.55 61.1 0.58 0.11 1.14 149.9
0.60 50.7 0.62 0.11 1.01 127.7
0.70 32.3 0.71 0.12 0.73 85.5
----------------------------------------------------------------------------
Inferred 0.25 5.4 0.29 0.08 0.05 9.8
0.30 4.6 0.30 0.09 0.04 9.1
0.35 3.8 0.32 0.10 0.04 8.0
0.40 2.7 0.36 0.10 0.03 5.7
0.45 1.9 0.41 0.09 0.03 3.8
0.50 1.4 0.45 0.09 0.02 3.0
0.55 1.1 0.47 0.09 0.02 2.2
0.60 0.69 0.49 0.10 0.01 1.5
0.70 0.20 0.56 0.11 0.00 0.5
----------------------------------------------------------------------------
-- Au eq. cut-off grades were determined using the three year trailing
average of 1,370 USD/oz for gold and 3.52 USD/lb for copper. The
equivalent grades are consistent in formula ratio with previously stated
equivalent grades as well as the 2008 Resource Estimate equivalent
grades. Metallurgical recoveries are not taken into account for Au eq.
-- The resource is an in-pit resource derived from a Lerch-Grossman pit
shell model using gross metal values of $1,350/oz Au price and $3.00/lb
Cu price, net of payable amounts after smelter charges and royalty for
net values of US$1,313/oz Au and US$2.27/lb Cu for Colnic.
-- Rounding of tonnes as required by reporting guidelines may result in
apparent differences between tonnes, grade and contained metal content.
Ciresata Deposit Mineral Resources
Underground Deposit
(Various Cut-off Au eq grades, as of July 15, 2012)
----------------------------------------------------------------------------
Au eq
Resource Cut-off Tonnage Au Cu Gold Copper
Category (g/t) (MM T) (g/t) (%) (MM oz) (MM Lb)
----------------------------------------------------------------------------
Measured 0.40 38.32 0.75 0.15 0.92 123.5
0.50 35.16 0.79 0.15 0.89 117.6
0.60 31.67 0.84 0.16 0.85 110.0
0.65 29.69 0.86 0.16 0.82 105.2
0.70 27.73 0.89 0.16 0.79 100.3
0.80 24.01 0.95 0.17 0.73 90.1
0.90 20.85 1.00 0.18 0.67 80.8
1.00 17.65 1.05 0.18 0.60 70.5
2.00 0.69 1.89 0.24 0.04 3.6
----------------------------------------------------------------------------
Indicated 0.40 227.06 0.58 0.12 4.24 611.0
0.50 188.76 0.63 0.13 3.85 546.8
0.60 152.37 0.69 0.14 3.39 474.4
0.65 135.15 0.72 0.15 3.15 435.5
0.70 118.88 0.76 0.15 2.89 396.6
0.80 89.37 0.83 0.16 2.38 318.4
0.90 65.19 0.91 0.17 1.91 247.0
1.00 47.71 0.99 0.18 1.52 190.5
2.00 1.15 1.76 0.22 0.06 5.6
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Inferred 0.40 36.88 0.43 0.09 0.51 76.9
0.50 19.58 0.54 0.11 0.34 48.8
0.60 12.01 0.63 0.13 0.24 34.3
0.65 9.57 0.67 0.14 0.21 28.9
0.70 7.95 0.71 0.14 0.18 25.0
0.80 5.47 0.80 0.15 0.14 18.3
0.90 3.65 0.90 0.16 0.11 12.9
1.00 2.54 0.98 0.17 0.08 9.6
2.00 0.02 1.71 0.19 0.001 0.1
----------------------------------------------------------------------------
-- Au eq. cut-off grades were determined using the three year trailing
average of 1,370 USD/oz for gold and 3.52 USD/lb for copper. The
equivalent grades are consistent in formula ratio with previously stated
equivalent grades as well as the 2008 Resource Estimate equivalent
grades. Metallurgical recoveries are not taken into account for Au eq.
-- Rounding of tonnes as required by reporting guidelines may result in
apparent differences between tonnes, grade and contained metal content.
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