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Reserves & Resources

Mineral Reserves

The Mineral Reserve estimate for Çayeli is presented below and reflects the position as at December 31, 2016. The Mineral Reserve estimate is based on a copper price of $2.75/lb, $1.00/lb for zinc, $1,100/oz for gold, and $15/oz for silver.

Mineral Reserve as at December 31, 2016 - reported using a US$55 NSR value cut-off

Classification Tonnes (kt) Cu (%) Zn (%) Au (g/t) Ag (g/t)
Total Proven 3,300.7 2.83 1.97 0.39 17.7
Total Probable 1,453.8 2.50 1.23 0.28 12.0
Total Prov. plus Prob. 4,754.5 2.74 1.75 0.36 16.0

This Mineral Reserve estimate as at December 31, 2016 has been produced by the Çayeli site mining 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 estimate, inclusive of the Mineral Reserves inventory, is shown in the following table and reflects the position as at December 31, 2016.

Mineral Resource as at December 31, 2016 - reported using a US$55 NSR value cut-off

Classification Tonnes (kt) Cu (%) Zn (%) Au (g/t) Ag (g/t)
Total Measured 7,066.0 2.93 1.84 0.42 15.3
Total Indicated 3,408.0 2.84 2.19 0.56 19.00
Total Meas. plus Ind. 10,475.0 2.90 1.95 0.47 16.50
Total Inferred 1,172.0 2.51 4.80 - -

This December 31, 2016 Mineral Resource is a depletion of the December 31, 2015 Mineral Resource estimate, as a result of mining and processing carried out in 2016. This estimate has been produced by the Çayeli site geological 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).