Advancing Toroparu to Production

Reserves & Resources

Mineral Reserves

Mineral Reserves - March 2013 Pre-Feasibility

Mineral Reserves - March 2013 Pre-Feasibility

Notes on Reserve Estimate:
Reserves are inclusive of mineral resources; Reserves are based on a gold cutoff price of US$1,070/oz. for Fresh Rock and US$970/oz. for saprolite. Cash flow Base Case used a gold price of US$1,400/oz. and copper price of $3.25/lb.; open pit reserves assume full mine recovery; open pit reserves are diluted (further to dilution inherent in the resource model and assumes selective mining unit of 5 m x 5 m x 5 m).
* Contained In-situ Au ounces do not include metallurgical recoveries of 96% for gold in saprolite (Oxide), 85% for gold in Au/Cu Fresh Rock, 91% for copper in Au/Cu Fresh Rock, and 96% for gold in Au Fresh Rock.
** AuEq Gold Equivalent oz. calculated using US$1,403/oz. Au ($1,394/oz. after refining), US$3.47/lb. Cu ($3.17/lb. after NSR deductions), 85.46% gold recovery, 91% copper recovery, Formula 1% Cu = 1.714 g/t-Au).Waste tonnes within pit is 468.9 Mt at a strip ratio of 3.69:1 (waste to ore); an open pit CoG of 0.35 g/t-Au saprolite and 0.38 g/t-Au Fresh Rock was applied to open pit resources constrained by the final pit design; mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding; the mineral reserve estimate for Toroparu was calculated by Fernando P. Rodrigues, BSc, MBA MMSAQP #01405QP of SRK, in accordance to CSA, NI 43-101 standards and generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines; and Reserves Effective Date: March 31, 2013.