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Reserves & Resources

Mineral Reserves

The mineral reserve estimate for CBI is presented below and reflects the position as at December 31, 2017. The mineral reserve estimate is based on a copper price of $2.75/lb, $1.30/lb for Zinc, $1,300/oz for gold, and $16/oz for silver. There is no stockpiled Mineral Reserve inventory. The estimate is derived from conventional underground mine design and life of mine production scheduling.

At currently projected processing throughput rates, the remaining LoM is expected to be 3.5 years from December 31, 2017.

Mineral Reserve - as at December 31, 2017 and reported using a US$55 NSR value cut-off

 Classification

 Primary Sulphide Ore
Ore (Mt) Cu (%) Zn (%) Au (g/t) Ag (g/t)
Total Proven 2.9 2.83 1.95 0.38 18.11
Total Probable 1.2 2.38 1.15 0.25 11.88
Total Mineral Reserves 4.1 2.70 1.72 0.35 16.32

This mineral reserve estimate as at December 31, 2017 has been produced by the CBI 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, 2017.

Mineral Resource - as at December 31, 2017 and reported using a US$55 NSR value cut-off

Classification Tonnes (kt) Cu (%) Zn (%) Au (g/t) Ag (g/t)
Total Measured 6,959.0 2.93 1.76 0.40 15.3
Total Indicated 3,111.0 2.76 2.18 0.57 19.81
Total Meas. plus Ind. 10,070.0 2.88 1.89 0.45 16.72
Total Inferred 1,311.0 2.38 4.30 - -

This December 31, 2017 mineral resource is a depletion of the December 31, 2015 Mineral Resource estimate, as a result of mining and processing carried out in 2017. This estimate has been produced by the CBI 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).