Reserves and Resources. The information relating to estimates by the Company of the proven and probable reserves and the measured, indicated and inferred resources at the Brisas Project contained in the Time of Sale Information and the Prospectuses has been prepared in all material respects in accordance with NI 43-101. The Company believes that all of the assumptions underlying such reserve and resource estimates are reasonable and appropriate, and, except as disclosed in the Registration Statement, the Time of Sale Information and the Prospectuses, that the projected capital and operating costs, production and operating results relating to its projects and summarized in the Registration Statement, the Time of Sale Information and the Prospectuses are achievable by the Company.
Reserves and Resources. Estimated mineral reserves and estimated mineral resources relating to the Project are at least as stated in (i) the most recently filed technical report prepared in accordance with National Instrument 43-101 — Standards of Disclosure for Mineral Projects with respect to the Project or (ii) the most recently publicly stated reserves and resources with respect to the Project as publicly disclosed by Inmet.
Reserves and Resources. (a) The Borrower shall ensure that it maintains
(i) sufficient reported measured and indicated resources (in accordance with Ontario Securities Commission instrument NI 43-101) in a minimum amount (such amount, the Minimum Resources Undertaking) equal to [redacted for commercially sensitive information]; and
(ii) [redacted for commercially sensitive information].
(b) The Borrower shall provide a certificate calculating the measured, indicated and inferred resources to the Lender within forty-five (45) days after the end of each fiscal quarter of each fiscal year based on internal calculations and technical report in accordance with NI 43-101 report on an annual basis in order to demonstrate compliance with subparagraph (i) above, and in respect of subparagraph (ii) above, shall satisfy the same with the delivery of the mine plan upon which each Annual Budget is based.
Reserves and Resources. Reserve and resource estimates have been prepared by Goldcorp's geological and engineering staff, employing definitions consistent with the recommendations published by the 1996 Canadian Institute of Mining and Metallurgy Ad Hoc Committee on Resources/Reserve Classification. The reserve study was performed at year-end of 1999 to reflect drilling results available at mid-December 1999. The reserves and resources have been audited by Wattx, Xxifxxx xxx McOuxx Xxxited, an independent geological and engineering consulting firm. All drilling results, geological boundaries, the mining plan and historical and expected future mining costs have been considered in calculating reserves employing the following procedures and parameters: - An independent laboratory assayed the split drill core using primarily fire assay. Metallic assay was used for samples with visible gold. - High grade assays have been reduced using the historical 2-5-10 cutting procedure. The 2-5-10 rule involves reducing assays greater than 10 ounces of gold per ton to 10 ounces, samples grading between 5 and 10 opt are reduced to 5 opt, and samples grading between 2 and 5 opt are reduced to 2 opt. The 2-5-10 cutting procedure was applied on normalized 2-foot samples. - Mineralized zones were interpreted on sections and level plans to ensure the continuity of each ore shoot. Ore intersections were calculated at a minimum horizontal width of 4 feet. The reserves were estimated using polygon techniques on vertical longitudinals. - Dilution is added as 1 foot of waste material at zero grade on each side of the zones. Average dilution is estimated at 20%. - The reserves were estimated at a gold price of $300 per ounce and a cut-off grade of 0.20 ounces of gold per ton. The extent of mineralization in the Red Lake property has not been fully delineated.
Reserves and Resources. Reserve estimates have been prepared by Wharf's geological and engineering staff, employing definitions and guidelines established by the United States Geological Survey and the Securities and Exchange Commission, and have been audited by Wattx, Xxifxxx xxx McOuxx Xxxited, an independent geological and engineering consulting firm. Drilling results, geological boundaries, the mine plan, current mining costs and recovery rates have all been considered in calculating reserves. 1999 Reserve calculations for Folex xxx Portland are based on an average gold price of $300 per ounce and a gold recovery of 78.5%, which yields an in-pit cutoff grade of 0.012 opt. The reserve calculations for Trojan and American Eagle are based on $275 pit designs, 70.5% lower contact recovery (78.5% on all other rock types), and on a gold price of $300 per ounce, which yields an in-pit cutoff grade of 0.013 opt. Reserve calculations in 1998 were based on a gold price of $300 per ounce. The extent of mineralization in the Wharf Mine property has not been fully delineated. At December 31, 1999, total permitted reserves in the proven and probable categories were 28.6 million tons at a grade of 0.032 opt for total contained gold of 910,000 ounces. This compares to total permitted reserves in the proven and probable categories of 33.0 million tons at a grade of 0.031 opt for total contained gold of 1,028,000 ounces at December 31, 1998. The decrease in permitted reserves takes into account the mining of 4.2 million tons of ore at 0.032 opt yielding 135,187 contained ounces in 1999. At December 31, 1999, inferred resources included in the current pit design were 2.2 million tons at a grade of 0.029 opt for total contained gold of 62,000 ounces.
Reserves and Resources as per UNFC with respect to the threshold value notified by IBM/DMG (Area explored under different level of exploration may be marked on the geological plan and UNFC code for area considered for different categories of reserve/resources estimation may also be marked on geological cross sections)
Reserves and Resources. The information relating to estimates by the Company of the proven and probable reserves at the Hycroft Project contained in the Time of Sale Information and the Prospectuses and the and the measured, indicated and inferred resources at the Hycroft Project contained in the Canadian Prospectus has been prepared in all material respects in accordance with NI 43-101. The Company believes that all of the material assumptions underlying such reserve and resource estimates are reasonable and appropriate, and, except as disclosed in the Time of Sale Information and the Prospectuses, that the projected capital and operating costs, production and operating results relating to its projects and summarized in the Registration Statement, the Time of Sale Information and the Prospectuses are achievable by the Company. Estimates of reserves as described in the Registration Statement, the Prospectuses and the Time of Sale Information comply in all material respects with the applicable requirements of Regulation S-K and Industry Guide 7 under the Securities Act. The information set forth in the Registration Statement, the Time of Sale Information and the Prospectuses relating to mineral reserves required to be disclosed therein pursuant to the Securities Act and the rules and regulations thereunder has been prepared by the Company in accordance with methods generally applied in the mining industry and conforms, in all material respects, to the requirements of the Securities Act and the Securities Act Regulations.
Reserves and Resources. In connection with the Issuer’s Initial Public Offering and listing of global depositary receipts on the London Stock Exchange in December 2005, WAI reviewed the Group’s stated B and C1 reserves as at 13 June 2005 which were prepared by the Group using the FSU Classification. Based on this review, XXX prepared the statement set out below, which has been extracted without material adjustment from the ‘‘Technical Report’’, of the Group’s mineable resources which, in WAI’s view, could be upgraded to a higher resource category under the JORC Code if the necessary further exploration was undertaken. In addition, after such exploration, such reserves could be reclassified as ‘‘reserves’’ under the JORC Code if the necessary feasibility studies were undertaken. However, such further exploration and feasibility studies have not yet been undertaken and WAI has not reclassified the Group’s B and C1 reserves as either ‘‘reserves’’ or ‘‘resources’’ under the JORC Code. The Company intends to reclassify its reserves and resources over time under the JORC Code. XXX is expected to be retained to convert the reserves at Aksu, Bestobe and Zholymbet to the JORC Code and this work is to be concluded in 2007. The Technical Report has not been updated since 13 June 2005 and accordingly, does not therefore reflect changes to the Company’s reserves and resources arising from a number of factors including any potential existence of reserves and resources arising from the acquisitions in 2005, the adoption of a new mining plan and gold production since the date of the report. For information on some of the risks associated with ore reserve estimation, see ‘‘Risk Factors—Risks Relating to the Gold Mining Industry—Gold mining companies face many risks related to these operations (including their exploration and development activities) that may affect their cash flows and overall profitability—Ore reserve and resource estimation risks’’. Mine Ore Grade Gold Gold (millions of tonnes) (grams (thousands ofper tonne) kilograms) (millions of ounces) Underground************************************ 10.3 8.26 85.1 2.7 Open Pit *************************************** 29.0 2.06 59.7 1.9 Tailings **************************************** 7.8 0.97 7.6 0.2 Waste Dumps *********************************** 14.8 1.00 14.8 0.5 Total ****************************************** Bestobe 61.9 2.70 167.2 5.4 Underground************************************ 5.7 7.28 41.5 1.3 Open Pit **************************...
