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Reserves & Resources

Mineral Reserves

The table below lists the Mineral Reserve estimate for Guelb Moghrein, inclusive of stockpiles, and as at December 31, 2016. The Mineral Reserves calculation is a depletion through mining of the Mineral Reserve reported in the NI 43-101 Technical Report lodged in March 2016.

Mineral Reserves as at December 31, 2016 - reported based on a $3.00/lb long-term copper price

Classification/Pit Ore (Mt) TCu (%) Au (g/t)
Total Proven 8.0 0.81 0.71
Total Probable 8.6 0.87 0.78
Total Mineral Reserves 16.6 0.84 0.75

The December 2016 Mineral Reserve inventory has been estimated by independent consulting Mining Engineer, Anthony Cameron of Cameron Mining Consulting Ltd. Anthony Cameron is a qualified person and holds the following valid qualifications: BE (Mining), Grad Dip Bus, M Comm. Law, FAusIMM.

The Mineral Reserve estimate is based on a copper equivalent cut-off grade of 0.59% CuEq using the long-term consensus price of $3.00/lb for copper and a gold price of $1,200/oz. Low grade stockpiles are shown to be economic at the 0.59% CuEq cut-off grade. Hence these stockpiles continue to be considered as a part of the Mineral Reserve inventory.

Mineral Reserve Statement for Guelb Moghrein stockpiles as at December 31, 2016

Classification / Stockpile Ore (Mt) TCu (%) Au (g/t)
ROM Stockpile 0.8 1.09 0.97
Marginal Stockpile 7.8 0.42 0.55
Total Proven 8.6 0.48 0.59

The December 2016 Mineral Reserve inventory has been estimated by independent consulting Mining Engineer, Anthony Cameron of Cameron Mining Consulting Ltd. Anthony Cameron is a qualified person and holds the following valid qualifications: BE (Mining), Grad Dip Bus, M Comm. Law, FAusIMM

Mineral Resources as at December 31, 2016 - reported using 0.5% CuEq cut-off grade

Classification Tonnes (Mt) TCu (%) Au (g/t)
Sulphide
Total Measured 8.0 1.12 0.71
Total Indicated 13.4 1.06 0.72
Total Meas. plus Ind. 21.4 1.08 0.72
Total Inferred 0.6 0.94 0.57
Oxide
Total Measured 0.1 1.61 2.01
Total Indicated 4.5 1.25 1.06
Total Meas. plus Ind. 4.6 1.25 1.07
Total Inferred 0.9 1.20 2.24
Sulphide + Oxide
Total Measured 8.1 1.12 0.72
Total Indicated 17.9 1.11 0.81
Total Meas. plus Ind. 26.0 1.11 0.78
Total Inferred 1.4 1.10 1.57

The current depleted Mineral Resource was estimated and verified by David Gray of FQM who is a qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, Pr.Sci.Nat.

Mineral Resource Statement for Guelb Moghrein stockpiles as at December 31, 2016

Classification/Stockpile Tonnes (Mt) TCu (%) Au (g/t) As (ppm)
ROM Stockpile 0.8 1.09 0.97 -
Marginal Stockpile 7.8 0.42 0.55 -
Total Measured 8.6 0.48 0.59 -

The current depleted Mineral Resource inventory was estimated and verified by David Gray of FQM who is a qualified person and holds the following valid qualifications: BSc Hons(Geo), MAusIMM, Pr.Sci.Nat.