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Reserves & Resources

Mineral Resources – on a 100% basis and inclusive of mineral reserves

 

Contained Metal (x 1000)

Category

Tonnes
(x 1000)

Cu
(%)

Au
(g/t)

Ag

(g/t)

Mo

(%)

Cu (tonnes)

Au (ounces)

Ag

(ounces)

Mo (tonnes)

Measured

262,000

0.56

0.13

1.5

0.009

1,476

1,118

13,000

24

Indicated

3,941,000

0.34

0.06

1.2

0.005

13,342

7,888

157,000

214

Total

4,203,000

0.35

0.07

1.3

0.006

14,820

9,006

170,000

239

Inferred

3,686,000

0.23

0.04

1.0

0.004

8,318

4,396

115,000

156

Mineral resources as at August, 2012, were estimated by Robert Sim, P. Geo., of SIM Geological Inc. Mineral reserves as at December 13, 2012 were estimated by William Rose, P.E., of WLR Consulting, Inc., Both William Rose and Robert Sim are Qualified Persons under National Instrument 43-101. Both mineral reserves and mineral resources remained unchanged at December 31, 2012.

Resource grades are estimated using ordinary kriging with a nominal block size of 25 metres by 25 metres by 15 metres. Resources are limited inside a pit shell defined by a copper price of $2.60/lb, $1.75/tonne mining cost, $7.02/ tonne total site operating cost, and are tabulated at a cut-off grade of 0.15% copper.

Mineral Reserves – on a 100% basis

 

Contained Metal (x 1000)

Category

Tonnes
(x 1000)

Cu
(%)

Au
(g/t)

Ag

(g/t)

Mo

(%)

Cu (tonnes)

Au (ounces)

Ag

(ounces)

Mo (tonnes)

Proven

258,000

0.57

0.14

1.6

0.010

1,453

1,118

13,000

24

Probable

2,800,000

0.37

0.07

1.3

0.006

10,360

6,170

118,000

168

Total

3,058,000

0.38

0.07

1.3

0.006

11,813

7,300

131,000

192

Reserve estimates are based on the following assumptions:

  • copper price: $2.25/lb
  • gold price: $1,000/ounce
  • silver price: $16/ ounce
  • molybdenum price: $13.50/ pound
  • Mining costs: $1.66/ tonne of ore mined, $1.96/ tonne of waste mined and
  • Milling and general and administration cost: $5.27 - $5.52/ tonne of ore milled (depending on the deposit), average life of mine metallurgical recoveries: 89% for copper, 55% for gold, 44% for silver and 53% for molybdenum.