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Reserves & Resources

Mineral Reserves

The Mineral Reserve estimate as at December 31, 2012:

Contained Metal (x 1000)

Ore Tonnes (x 1000)

Cu %

Copper Tonnes

Proven

2,644

6.72

178

Probable

11,488

5.14

590

Total

14,132

5.44

768

Mineral Reserve estimates as at December 31, 2012 were prepared under the supervision of Joseph Boaro, P.Eng. (Inmet Mining).

Reserve estimates are based on the following assumptions:

  • Copper price: $2.75/lb
  • Exchange rate: €1.00 = US $1.30
  • Open pit cut-off: 1% copper

Mineral Resources

The Mineral Resource estimate as at December 31, 2012:

 

Contained Metal (x 1000)

 

Category

Tonnes (x 1000)

Cu%

Zn%

Pb%

Au g/t

Ag g/t

Cu tonnes

Zn tonnes

Pb tonnes

Au ounces

Ag ounces

Secondary

Measured

-

-

-

-

-

-

-

-

-

-

-

Indicated

-

-

-

-

-

-

-

-

-

-

-

Total

-

-

-

-

-

-

-

-

-

-

-

Inferred

453

5.14

-

-

-

-

23

-

-

-

-

 

 Gossan

Measured

-

-

-

-

-

-

-

-

-

-

-

Indicated

958

-

-

5.81

3.85

109

-

-

56

119

3,356

Total

958

-

-

5.81

3.85

109

-

-

56

119

3,356

Inferred

1,834

-

-

1.88

2.32

40

-

-

35

137

2,383

 

 Primary

Measured

-

-

-

-

-

-

-

-

-

-

-

Indicated

-

-

-

-

-

-

-

-

-

-

-

Total

-

-

-

-

-

-

-

-

-

-

-

Inferred

38,231

1.05

2.61

1.29

-

27.2

401

999

495

-

33,396

Mineral resources as at December 31, 2012, were estimated by Robert Sim, P. Geo., of SIM Geological Inc.

Resource estimates for the gossan material are based on a cut-off grade 1 gram per tonne gold.

Resource estimates for the primary sulphide material are based on a cut-off grade of 1 percent copper equivalent (CuEq) based upon the following formula:

CuEq = [Cu% + (Zn% x 0.360) + (Pb% x 0.360) + (Ag gpt x 0.0106)]