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Reserves & Resources

Mineral Reserves

The Mineral Reserves estimate as at December 31, 2012:

Contained Metal (x 1000)

Category

Tonnes

(x 1000)

Cu%

Zn%

Au g/t

Ag g/t

S %

Cu tonnes

Zn tonnes

Au ounces

Ag ounces

Proven

8,482

1.07

1.85

0.40

14.0

42

91

157

109

3,818

Probable

-

-

-

-

-

-

-

-

-

-

Total

8,482

1.07

1.85

0.40

14.0

42

91

157

109

3,818

The Mineral reserve estimates were prepared under the supervision of Timo Maki, EurGeol., European Federation of Geologists (Chief Geologist, Pyhäsalmi) and are based on the following assumptions:

  • copper price: US $2.75/lb
  • zinc price: US $1.00/lb
  • exchange rate: €1.00 = US $1.30
  • net smelter return cut-off: €31.81 per tonne.

Mineral Resources

The Mineral resources as at December 31, 2012:

Contained Metal (x 1000)

Category

Tonnes (x 1000)

Cu %

Zn %

Au g/t

Ag g/t

S %

Cu tonnes

Zn tonnes

Au ounces

Ag ounces

Measured

8,036

0.63

0.51

-

-

43

51

41

-

-

Indicated

-

-

-

-

-

-

-

-

-

-

Total

8,036

0.63

0.51

-

-

43

51

41

-

-

Inferred

-

-

-

-

-

-

-

-

-

-

The Mineral resource estimates were prepared under the supervision of Timo Maki, EurGeol., European Federation of Geologists (Chief Geologist, Pyhäsalmi).

Resource estimates are based on the geological limits of the massive sulphides.