| Location: |
Chelopech, Bulgaria |
| Ownership: |
100% |
| What's New: |
Undergoing ore production expansion from 1 million to 2 million tonnes of ore per year |
| Gold Production: |
2010 - 65,512 ounces |
| Copper Production: |
2010 - 27,482,687 pounds |
| Cash Cost: |
2010 - US$51.54 per tonne of ore; excluding royalties
2010 - US$56.22 per tonne of ore; including royalties |
| Mine Life: |
10+ years |
| Mining & Processing: |
Underground mine; comminution and flotation |
| General Overview: |
Chelopech through the years |
| Technical Reports: |
Technical Report for the Chelopech Project, Bulgaria, March 24, 2011. |
Mineral Resources & Reserves
| Mineral Resources - September 2010 |
|
Gold |
Silver |
Copper |
| |
Tonnes
(million) |
Grade
(g/t) |
Ounces
(M) |
Grade
(g/t) |
Ounces
(M) |
Grade
(%) |
Lbs
(M) |
| Measured |
15.84 |
4.2 |
2.14 |
10.9 |
5.55 |
1.6 |
558.7 |
| Indicated |
12.70 |
4.0 |
1.63 |
7.2 |
2.94 |
1.1 |
307.9 |
| Measured & Indicated |
28.54 |
4.1 |
3.77 |
9.1 |
8.49 |
1.4 |
866.6 |
| Inferred |
8.10 |
2.9 |
0.76 |
10.3 |
2.68 |
0.9 |
160.7 |
(1) The rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.
(2) All Mineral Resource Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the Canadian Institute of Mining (“CIM”) Council in August 2000.
(3) Cut-off Grade @ 3.2g/t Gold Equivalent is based on the following formula: (Au g/t + 2.5xCu%). The Mineral Resource has been depleted as of September 30, 2010. Resource estimates are based on various other assumptions and key parameters and are subject to risks as more fully described in the supporting technical report (see note 4).
(4) The “Chelopech Cu-Au Resource and Reserve, Bulgaria, Technical Report for the Chelopech Project” was prepared by Brian R. Wolfe from Coffey Mining Pty ltd. (“Coffey”) and Gordon Fellows from Chelopech Mining, both of whom are Qualified Persons under NI 43-101. The former is independent of the Company. The report was filed on Sedar at www.sedar.com on March 25, 2011.
(5) The information in the above table has been prepared under the supervision of Dr. Julian Barnes, a Qualified Person within the meaning of NI 43-101 and independent of the Company.
| Mineral Reserves - January 1, 2011 |
|
Gold |
Copper |
| |
Tonnes
(million) |
Grade
(g/t) |
Ounces
(M) |
Grade
(%) |
Lbs
(M) |
| Proven |
14.59 |
3.66 |
1.72 |
1.37 |
439 |
| Probable |
6.26 |
4.37 |
0.88 |
1.04 |
144 |
| Total Reserves |
20.85 |
3.87 |
2.60 |
1.27 |
583 |
(1) The rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.
(2) All Mineral Reserve Estimates have been determined and reported in accordance with NI 43-101 and the classifications adopted by the CIM Council in August 2000.
(3) All Mineral Reserves are completely included within the quoted Mineral Resources.
(4) NSR cut-off is +$10/t; the average sulphur content in mill feed is 14.0%; Mineral Reserves are depleted, and are based on metal prices of $900/oz gold and copper price of $2.50/lb; metallurgical recoveries are based on current and modelled algorithms for each block. The weighted average recoveries are 84.4%CuRec, 54.89%AuRec and 21.48%AgRec. Smelting and Transport costs are $189/t and $139/t, respectively with smelter recoveries of 93%AuRec, 94%CuRec and 90%AgRec. Reserve estimates are based on various other assumptions and key parameters and are subject to risks as more fully described in the supporting technical report (see note 5).
(5) The “Chelopech Cu-Au Resource and Reserve, Bulgaria, Technical Report for the Chelopech Project” was prepared by Brian R. Wolfe from Coffey and Gordon Fellows from Chelopech Mining, both of whom are Qualified Persons under NI 43-101. The former is independent of the Company. The report was filed on Sedar at www.sedar.com on March 25, 2011.
(6) The information in the above table has been prepared under the supervision of Dr. Julian Barnes, a Qualified Person within the meaning of NI 43-101 and independent of the Company.