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Reserves & Resources

Mineral Reserves

The Mineral Reserve for Pyhäsalmi is shown below and reflects the position as at December 31, 2016. The Mineral Reserve estimate is based on a copper price of $2.75/lb and $1.00/lb for zinc.

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

Classification Ore (kt) Cu (%) Zn (%) Au (g/t) Ag (g/t) S (%)
Total Proven 3,381.3 0.99 1.74 0.40 13.00 41.09
Total Probable - - - - - -
Total Prov. plus Prob. 3,381.3 0.99 1.74 0.40 13.00 41.09

This Mineral Reserve estimated as at December 31, 2016 has been prepared by the Pyhäsalmi site team under the supervision of, and verified by, Joseph Boaro of the Company. Joseph Boaro is a qualified person, a member of the Association of Engineers of Ontario, and holds the following valid qualifications: BE (Mining).

Mineral Resources

The Mineral Resources for Pyhäsalmi, inclusive of the Mineral Reserves inventory, is shown in the following table and reflect the position as at December 31, 2016.

Mineral Resource as at December 31, 2016 - reported using the geological limits of the massive sulphides

Classification Tonnes (kt) Cu (%) Zn (%) Au (g/t) Ag (g/t) S (%)
Total Measured 9,858.3
0.72 0.87 0.40 13.00 42.09
Total Indicated - - - - - -
Total Meas. plus Ind. 9,858.3 0.72 0.87 0.40 13.00 42.09
Total Inferred - - - - - -

This December 31, 2016, Mineral Resource has been prepared and verified by Timo Maki of the Company who is a qualified person and holds the following valid qualifications: EurGeol, FAMME, FAERI.