Resources & Reserves


Resources

The JORC 2012 Siana Open Pit Mineral Resource inventory as at 30 June 2015 is set out below:

Notes on Mineral Resources

  1. Mineral Resources are quoted as inclusive of Ore Reserve.
  2. Discrepancy in summation may occur due to rounding.
  3. Resource for this model has only been reported above the -165m Rl (or 215 metres below current surface).
  4. The current Open Pit marginal cut off is 0.7 g/t gold.
  5. The figures take into account mining depletion as at 30 June 2015.
  6. Figures do not include closing ROM stocks of 87kt @ 1.8 g/t gold and 5.5 g/t silver as at 30 June 2015.
  7. The Lithology Defined Resource Model is best suited for bulk mining evaluation and can be utilised below the -
    165m RL if this choice of method is elected.
  8. Note the Open Pit and Underground resource figures quoted cannot be added as they overlap with the Underground resource figures quoted between the -130m Rl and the -165m Rl.

The JORC 2012 Siana Underground Mineral Resource inventory as at 23 February 2016 is set out below:

Notes on the Mineral Resource

  1. Mineral Resources are quoted inclusive of Ore Reserves.
  2. Discrepancy in summation may occur due to rounding.
  3. Resource for this model has only been reported below the Stage 4 Final Pit (-130m level).
  4. A cut-off grade of 2.4 g/t Au has been applied. The mining cut-off is expected to range between 2.0 to 2.5 g/t Au. The underground concept study conducted in September 2015 by Mining One demonstrated a break even cut-off value of 2.3 g/t Au.
  5. Figures do not include Open Pit closing ROM stocks of 75 kt @ 3.7 g/t Au and 8.2 g/t Ag as at 31 January 2016.
  6. The Siana Underground Resource Model is suitable for underground mining evaluation below the Stage 4 Final pit.
  7. For grade estimation, the updated Siana underground resource has been constrained based on the geological interpretation which coincides with a nominal 1.0 g/t Au threshold grade. Zones of internal waste within some zones graded less than 1.0 g/t Au over a nominal two metres length and were interpreted and estimated separately.
  8. Note the Open Pit and Underground resource figures quoted cannot be added as they overlap with the Open Pit resource figures quoted between the -130m Rl and the -165m Rl.

The JORC 2012 Mapawa LSY Mineral Resource inventory as at 21 October 2015 is set out below:

Notes on Mineral Resources

  1. Mineral Resources are quoted as inclusive of Ore Reserve and is reported on a dry tonne bases.
  2. Discrepancy in summation may occur due to rounding.
  3. The figures take into account historic mining depletion.
 

Reserves

The Siana Open Pit Ore Reserve as at 30 June 2015 is set out below:

Notes on Mineral Reserves

  1. Discrepancy in summation may occur due to rounding.
  2.  Within the resource block model a 15% upgrade factor on gold values above 1.2 g/t has been applied. Actual mill reconciliation is closer to 25%. As a result, the variance between the upgrade factor and mill reconciliation has been used as a de facto dilution factor.  A mining recovery of 100% has been used.
  3.  Gold price of US$1200 /oz and silver price of US15 / oz were used, along with a PHP:USD exchange rate of 47:1.
  4. Processing recoveries of 85% for gold and 45% for silver were used.
  5. No Inferred Resources have been used in the derivation of the Ore Reserve estimate.

The JORC 2012 Probable Reserve for the Siana Underground as at June 2016 is set out below:

Notes on the Reserve

  1. Discrepancy in summation may occur due to rounding.
  2. Reserves have been reported below the Stage 4 Final Pit (-130m level).
  3. A cut-off grade of 2.4 g/t Au has been applied.
  4. For grade estimation, the updated Siana underground resource has been constrained based on the geological interpretation which coincides with a nominal 1.0 g/t Au threshold grade. Zones of internal waste within some zones graded less than 1.0 g/t Au over a nominal two metres length and were interpreted and estimated separately.