General Overview
Technical Report
Principal Technical Consultants
Resources/Reserves Environmental Show Complete Report
Resources/Reserves Environmental Show Complete Report
Proven and Probable Mineral Reserves
The Company maintains an 80.23% economic interest in the Rosia Montana Project which, at year-end 2008, has aggregate proven and probable reserves as follows, calculated using a gold price of US$735 per ounce:
| Category | Tonnes | Grade (g/t) | In Situ Metal (ounces) | ||
| Gold | Silver | Gold | Silver | ||
| Proven | 112,455,000 | 1.632 | 9.0 | 5,893,000 | 32,540,000 |
| Probable | 102,476,000 | 1.27 | 4.6 | 4,184,000 | 15,156,000 |
| Total: | 214,931,000 | 1.46 | 6.9 | 10,077,000 | 47,696,000 |
John Marek, P.Eng.,is the qualified person responsible for calculating the reserve estimate set forth in the table above.
Mineral Resources and Mineral Reserves
Mineral Resources
During the third quarter of 2005, we updated our mineral resource estimate for the Rosia Montana project to include all exploration drilling and sampling results generated since the last resource estimate was completed in 2003. This updated mineral resource estimate totals 14.6 million ounces of gold, unchanged from the 2003 estimate. The updated resource estimate for the Rosia Montana project, using a 0.6g/t gold cutoff, a 10 x 10 x 10 metre block size and ordinary kriging, is set forth in the following table and is essentially unchanged from the previous estimate completed in 2003.
| Category | Tonnes | Grade (g/t) | Contained Ounces | ||
| Gold | Silver | Gold | Silver | ||
| Measured | 139,827,000 | 1.5 | 8 | 6,800,000 | 38,100,000 |
| Indicated | 210,521,000 | 1.2 | 4 | 7,800,000 | 26,800,000 |
| Total M&I: | 350,348,000 | 1.3 | 6 | 14,600,000 | 64,900,000 |
| Inferred | 30,285,000 | 1.2 | 3 | 1,200,000 | 3,000,000 |
Brett Gossage, MAusIMM, of RSG-Global is the qualified responsible for calculating the resource estimate set forth in the table above.
The Mineral Resources stated above include the Mineral Reserves described above in the section entitled "Proven and Probable Mineral Reserves".