Reserves and Resources update as at 1 January 2013
|
Release time |
IMMEDIATE |
|
Date |
13 March 2013 |
Polymetal International plc
Reserves and Resources update as at 1 January 2013
Polymetal International plc (LSE: POLY) (together with its subsidiaries, including JSC "Polymetal" - "Polymetal", the "Company", or the "Group") is pleased to provide an update on its Ore Reserves and Mineral Resources as at 1 January 2013 in accordance with JORC Code (2004).
Highlights
· In 2012 Polymetal increased its Ore Reserves by 6% to 15.1 Moz of gold equivalent while Mineral Resources (additional to Ore Reserves) grew by 35% to 18.7 Moz of gold equivalent;
· The key additions to Ore Reserves were the resource-to-reserve conversions at Tsokol and Dalniy (Omolon hub), Avlayakan and Ozerny (Khakanja hub), and Goltsovoye (Dukat hub). At Varvara, copper Ore Reserves nearly doubled to 83 Kt and gold Ore Reserves increased by 39% to 1.2 Moz mostly as a result of additional in-fill and step-out drilling at the deposit;
· The major contributor to growth in gold Mineral Resources was the doubling of the resource base at Albazino, adding a total 3.1 Moz of gold Mineral Resources and marking an important exploration success for the Company. In addition, an initial Mineral Resource estimate was made for Tamunier (a greenfield property in Ekaterinburg region), resulting in addition of 1.5 Moz of gold Mineral Resources. Silver Mineral Resources decreased, mainly due to resource-to-reserve conversions at Goltsovoye, Tsokol, Ozerny and Avlayakan. Revaluation of resources at Varvara resulted in growth in copper Mineral Resources to 281 Kt, a four-fold increase, in addition to a 1.0 Moz increase in gold Mineral Resources;
· Average reserve grade remains at a high 3.9 g/t of gold equivalent, and average resource grade - at 3.3 g/t of gold equivalent. A modest decrease in average grades is mainly related to reserve and resource additions of lower-than-average grade at Varvara and Tamunier, respectively;
· Gold equivalent data is presented in this report based on 1:60 Ag/Au and 5:1 Cu/Au conversion ratios.
"A meaningful increase in reserves and resources during 2012 is a result of our continued focus on exploration," said Vitaly Nesis, CEO of Polymetal. "Reserve additions at our existing operations offset depletion and extended life of mine, while newly estimated resources, especially at Albazino, are laying the foundations for the next generation of our assets. We expect further significant reserve growth in 2013".
Ore Reserves and Mineral Resources summary1
|
|
1 January 2013 |
1 January 2012 |
Change |
|
|
|
|
|
|
Ore Reserves (Proved + Probable), gold equivalent Moz |
15.1 |
14.3 |
+6% |
|
Gold, Moz |
9.6 |
9.2 |
+5% |
|
Silver, Moz |
307.6 |
297.0 |
+4% |
|
Copper, Kt |
82.9 |
43.4 |
+91% |
|
Average reserve grade, GE2 g/t |
3.9 |
4.2 |
-6% |
|
|
|
|
|
|
Mineral Resources (Indicated + Measured + Inferred), gold equivalent Moz |
18.7 |
13.8 |
+35% |
|
Gold, Moz |
14.9 |
10.4 |
+43% |
|
Silver, Moz |
146.1 |
181.1 |
-19% |
|
Copper, Kt |
281.4 |
74.0 |
+280% |
|
Average resource grade, GE g/t |
3.3 |
3.9 |
-16% |
1 Mineral Resources and Ore Reserves are reported in accordance with the JORC Code (2004). Mineral Resources are in addition to Ore Reserves. Discrepancies in calculations are due to rounding
2 GE = gold equivalent
|
Ore Reserves and Mineral Resources structure by metal, 1 January 2013 (gold equivalent) |
Ore Reserves |
Mineral Resources |
|
|
|
|
|
Gold |
63% |
79% |
|
Silver |
34% |
13% |
|
Copper |
3% |
8% |
|
Total |
100% |
100% |
|
Movements in Ore Reserves during the year (gold equivalent) |
|
|
|
|
|
Ore Reserves as at 1 January 2012 |
14,326 |
|
Processed in 2011 |
(1,272) |
|
Revision |
763 |
|
New discoveries |
1,321 |
|
Ore Reserves as at 1 January 2013 |
15,138 |
|
Estimated life of mines for processing hubs and standalone mines (based on Ore Reserves estimates as at 1 January 2013) |
|
|
|
|
|
Dukat Hub |
|
|
- Omsukchan concentrator |
2023 |
|
- Lunnoye |
2026 |
|
Omolon Hub |
|
|
- Kubaka plant |
2023 |
|
- Birkachan heap leach |
2021 |
|
Khakanja Hub |
2018 |
|
Voro |
|
|
- CIP |
2026 |
|
- heap leach |
2016 |
|
Varvara |
|
|
- leach circuit |
2021 |
|
- float circuit |
2031 |
|
Albazino |
2022 |
|
Mayskoye |
2024 |
Mineral Resources and Ore Reserves as at 1 January 2013 (1)
|
|
Tonnage |
Content |
|||||
|
|
Kt |
Au, Koz |
Ag, Koz |
Cu, Kt |
Pb, Kt |
Zn, Kt |
Gold equivalent, Koz |
|
Mineral Resources |
|
|
|
|
|
|
|
|
Measured |
13,496 |
683 |
36,911 |
17 |
10 |
- |
1,385 |
|
Indicated |
51,721 |
2,936 |
54,340 |
84 |
36 |
25 |
4,260 |
|
Measured + Indicated |
65,217 |
3,619 |
91,251 |
101 |
46 |
25 |
5,645 |
|
Inferred |
111,918 |
11,266 |
54,852 |
180 |
41 |
3 |
13,082 |
|
Measured + Indicated + Inferred |
177,136 |
14,885 |
146,103 |
281 |
87 |
28 |
18,727 |
|
|
|
|
|
|
|
|
|
|
Ore Reserves |
|
|
|
|
|
|
|
|
Proved |
61,653 |
5,373 |
186,921 |
12 |
12 |
- |
8,548 |
|
Probable |
57,760 |
4,224 |
120,706 |
71 |
11 |
- |
6,590 |
|
Proved + Probable |
119,413 |
9,597 |
307,627 |
83 |
23 |
- |
15,138 |
1 Mineral Resources and Ore Reserves are reported in accordance with the JORC Code (2004). Mineral Resources are in addition to Ore Reserves. Discrepancies in calculations are due to rounding.
Ore Reserves: Precious Metals Deposits as at 1 January 2013 (1)
|
Ore Reserves |
Tonnage |
Grade |
Content |
||||
|
Kt |
Au, g/t |
Ag, g/t |
GE, g/t |
Au, Koz |
Ag, Koz |
GE, Koz |
|
|
Proved |
|
|
|
|
|
|
|
|
Dukat (2) |
9,200 |
0.9 |
451 |
8.4 |
254 |
133,382 |
2,477 |
|
Voro (3) |
14,500 |
2.9 |
4 |
2.9 |
1,340 |
1,744 |
1,369 |
|
Lunnoye |
1,640 |
1.6 |
253 |
5.8 |
83 |
13,341 |
305 |
|
Arylakh |
220 |
0.6 |
307 |
5.8 |
5 |
2,206 |
41 |
|
Khakanja |
1,670 |
2.0 |
154 |
4.6 |
108 |
8,274 |
246 |
|
Mayskoye (4) |
2,699 |
9.7 |
- |
9.7 |
839 |
- |
839 |
|
Albazino |
9,280 |
4.5 |
- |
4.5 |
1,329 |
- |
1,329 |
|
Sopka Kvartsevaya |
3,510 |
2.5 |
103 |
4.3 |
285 |
11,652 |
480 |
|
Birkachan (5) |
6,750 |
1.6 |
5 |
1.7 |
353 |
1,164 |
372 |
|
Dalniy |
1,960 |
3.5 |
85 |
4.9 |
218 |
5,344 |
307 |
|
Tsokol Kubaka |
390 |
6.4 |
11 |
6.6 |
81 |
134 |
83 |
|
Ozerny |
560 |
5.4 |
34 |
6.0 |
97 |
615 |
108 |
|
Avlayakan |
160 |
14.9 |
95 |
16.5 |
74 |
475 |
82 |
|
Total Proved |
52,539 |
|
|
4.8 |
5,066 |
178,331 |
8,038 |
|
|
|
|
|
|
|
|
|
|
Probable |
|
|
|
|
|
|
|
|
Dukat (2) |
5,200 |
1.2 |
448 |
8.7 |
202 |
74,837 |
1,449 |
|
Lunnoye |
1,720 |
1.0 |
363 |
7.1 |
56 |
20,052 |
391 |
|
Arylakh |
300 |
1.1 |
807 |
14.6 |
11 |
7,900 |
143 |
|
Khakanja |
140 |
4.0 |
195 |
7.3 |
18 |
880 |
33 |
|
Mayskoye (4) |
5,178 |
9.5 |
- |
9.5 |
1,587 |
- |
1,587 |
|
Albazino |
4,110 |
3.8 |
- |
3.8 |
502 |
- |
502 |
|
Sopka Kvartsevaya |
180 |
3.9 |
146 |
6.3 |
22 |
837 |
36 |
|
Birkachan (5) |
5,440 |
3.4 |
15 |
3.6 |
592 |
2,548 |
635 |
|
Tsokol Kubaka |
710 |
6.1 |
11 |
6.3 |
139 |
245 |
143 |
|
Ozerny |
240 |
4.9 |
35 |
5.5 |
38 |
267 |
42 |
|
Avlayakan |
270 |
22.1 |
181 |
25.1 |
193 |
1,579 |
219 |
|
Total Probable |
23,488 |
|
|
6.9 |
3,361 |
109,145 |
5,180 |
|
|
|
|
|
|
|
|
|
|
Proved + Probable |
|
|
|
|
|
|
|
|
Dukat (2) |
14,400 |
1.0 |
450 |
8.5 |
455 |
208,219 |
3,926 |
|
Voro (3) |
14,500 |
2.9 |
4 |
2.9 |
1,340 |
1,744 |
1,369 |
|
Lunnoye |
3,360 |
1.3 |
309 |
6.4 |
139 |
33,393 |
696 |
|
Arylakh |
520 |
0.9 |
595 |
10.9 |
16 |
10,105 |
184 |
|
Khakanja |
1,810 |
2.2 |
157 |
4.8 |
126 |
9,154 |
279 |
|
Mayskoe (4) |
7,877 |
9.6 |
- |
9.6 |
2,426 |
- |
2,426 |
|
Albazino |
13,390 |
4.3 |
- |
4.3 |
1,831 |
- |
1,831 |
|
Sopka Kvartsevaya |
3,690 |
2.6 |
105 |
4.4 |
308 |
12,489 |
516 |
|
Birkachan (5) |
12,190 |
2.4 |
10 |
2.6 |
945 |
3,712 |
1,007 |
|
Dalniy |
1,960 |
3.5 |
85 |
4.9 |
218 |
5,344 |
307 |
|
Tsokol Kubaka |
1,100 |
6.2 |
11 |
6.4 |
220 |
379 |
226 |
|
Ozerny |
800 |
5.3 |
34 |
5.8 |
135 |
882 |
150 |
|
Avlayakan |
430 |
19.4 |
150 |
21.9 |
267 |
2,055 |
301 |
|
Total Proved + Probable |
76,027 |
|
|
5.4 |
8,427 |
287,475 |
13,218 |
1 Ore Reserves are reported in accordance with the JORC Code (2004). Discrepancies in calculations are due to rounding
2 Including Nachalny-2
3 Including Voro South
4 Estimate prepared by Snowden as at 01.07.2011 Price: Au=900 $/oz
5 Ore Reserves for underground mining were not re-estimated. Previous estimation as at 01.07.2011 by SRK Consulting is left. Price: Au=900 $/oz and Ag=14.5 $/oz.
Ore Reserves: Polymetallic Ore Deposits as at 1 January 2013 (1)
|
Ore Reserves |
Tonnage |
Grade |
Content |
||||||||
|
Kt |
Au, g/t |
Ag, g/t |
Cu, % |
Pb, % |
GE, g/t |
Au, Koz |
Ag, Koz |
Cu, Kt |
Pb, Kt |
GE, Koz |
|
|
Proved |
|
|
|
|
|
|
|
|
|
|
|
|
Goltsovoye (2) |
404 |
- |
661 |
- |
3.08 |
11.0 |
- |
8,590 |
- |
12.4 |
143 |
|
Varvara (3) |
8,710 |
1.1 |
- |
0.55 |
- |
1.3 |
307 |
- |
11.9 |
- |
367 |
|
Total Proved |
9,114 |
|
|
|
|
1.7 |
307 |
8,590 |
11.9 |
12.4 |
510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Probable |
|
|
|
|
|
|
|
|
|
|
|
|
Goltsovoye (2) |
492 |
- |
732 |
- |
2.18 |
12.2 |
- |
11,562 |
- |
10.7 |
193 |
|
Varvara (3) |
33,780 |
0.8 |
- |
0.44 |
- |
1.1 |
863 |
- |
71.0 |
- |
1,218 |
|
Total Probable |
34,272 |
|
|
|
|
1.3 |
863 |
11,562 |
71.0 |
10.7 |
1,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved + Probable |
|
|
|
|
|
|
|
|
|
|
|
|
Goltsovoye (2) |
896 |
- |
700 |
- |
2.58 |
11.7 |
- |
20,152 |
- |
23.2 |
336 |
|
Varvara (3) |
42,490 |
0.9 |
- |
0.45 |
- |
1.2 |
1,170 |
- |
82.9 |
- |
1,585 |
|
Total Proved + Probable |
43,386 |
|
|
|
|
1.4 |
1,170 |
20,152 |
82.9 |
23.2 |
1,920 |
1Ore Reserves are reported in accordance with the JORC Code (2004). Discrepancies in calculations are due to rounding
2Estimate prepared by Wardell Armstrong at Ag price = US$ 23/ oz and Pb price = US$ 1800/t. Lead is not included in gold equivalent calculation.
3Cu grade only represents average grade of Float feed. Ore Reserves of Float feed: 2.1 Mt Proved and 16.2 Mt Probable.
Mineral Resources: Precious metals as at 1 January 2013 (1)
|
Mineral Resources |
Tonnage |
Grade |
Content |
||||
|
Kt |
Au, g/t |
Ag, g/t |
GE, g/t |
Au, Koz |
Ag, Koz |
GE, Koz |
|
|
Measured |
|
|
|
|
|
|
|
|
Dukat (2) |
2,450 |
0.6 |
298 |
5.6 |
48 |
23,463 |
439 |
|
Voro (3) |
1,390 |
1.5 |
4 |
1.5 |
66 |
161 |
69 |
|
Lunnoye |
370 |
1.5 |
241 |
5.5 |
18 |
2,869 |
66 |
|
Arylakh |
140 |
0.8 |
301 |
5.8 |
3 |
1,270 |
25 |
|
Khakanja |
220 |
2.6 |
166 |
5.4 |
19 |
1,175 |
38 |
|
Mayskoye (4) |
463 |
6.3 |
- |
6.3 |
93 |
- |
93 |
|
Albazino (5) |
1,730 |
4.0 |
- |
4.0 |
223 |
- |
223 |
|
Sopka Kvartsevaya |
190 |
1.9 |
78 |
3.2 |
11 |
467 |
19 |
|
Birkachan (6) |
660 |
0.9 |
6 |
1.0 |
19 |
120 |
21 |
|
Dalniy |
430 |
2.0 |
41 |
2.7 |
28 |
572 |
38 |
|
Tsokol Kubaka |
20 |
5.7 |
11 |
5.9 |
4 |
8 |
4 |
|
Avlayakan |
20 |
11.0 |
133 |
13.2 |
7 |
89 |
9 |
|
Ozerny |
220 |
2.5 |
26 |
2.9 |
18 |
187 |
21 |
|
Total Measured |
8,303 |
|
|
4.0 |
558 |
30,381 |
1,064 |
|
|
|
|
|
|
|
|
|
|
Indicated |
|
|
|
|
|
|
|
|
Dukat (2) |
1,790 |
0.6 |
317 |
5.9 |
35 |
18,226 |
339 |
|
Lunnoye |
480 |
0.9 |
286 |
5.7 |
14 |
4,420 |
88 |
|
Arylakh |
190 |
0.7 |
417 |
7.6 |
4 |
2,474 |
45 |
|
Khakanja |
80 |
3.4 |
145 |
5.9 |
9 |
374 |
15 |
|
Mayskoye (4) |
1,642 |
6.1 |
- |
6.1 |
324 |
- |
324 |
|
Albazino (5) |
10,750 |
4.3 |
- |
4.3 |
1,498 |
- |
1,498 |
|
Sopka Kvartsevaya |
30 |
2.9 |
110 |
4.7 |
3 |
118 |
5 |
|
Birkachan (6) |
1,320 |
1.2 |
8 |
1.4 |
53 |
340 |
59 |
|
Dalniy |
200 |
2.2 |
46 |
3.0 |
14 |
295 |
19 |
|
Oroch (7) |
1,365 |
3.3 |
143 |
5.6 |
143 |
6,284 |
247 |
|
Tsokol Kubaka |
140 |
4.9 |
9 |
5.1 |
22 |
41 |
22 |
|
Avlayakan |
80 |
12.6 |
97 |
14.2 |
31 |
236 |
35 |
|
Ozerny |
490 |
2.9 |
13 |
3.2 |
46 |
206 |
50 |
|
Total Indicated |
18,557 |
|
|
4.6 |
2,197 |
33,014 |
2,747 |
|
|
|
|
|
|
|
|
|
|
Measured + Indicated |
|
|
|
|
|
|
|
|
Dukat (2) |
4,240 |
0.6 |
306 |
5.7 |
83 |
41,690 |
778 |
|
Voro (3) |
1,390 |
1.5 |
4 |
1.5 |
66 |
161 |
69 |
|
Lunnoye |
850 |
1.2 |
267 |
5.6 |
33 |
7,289 |
154 |
|
Arylakh |
330 |
0.7 |
369 |
6.9 |
7 |
3,744 |
70 |
|
Khakanja |
300 |
2.8 |
161 |
5.5 |
27 |
1,549 |
53 |
|
Mayskoye (4) |
2,105 |
6.2 |
- |
6.2 |
417 |
- |
417 |
|
Albazino (5) |
12,480 |
4.3 |
- |
4.3 |
1,722 |
- |
1,722 |
|
Sopka Kvartsevaya |
220 |
2.0 |
83 |
3.4 |
14 |
585 |
24 |
|
Birkachan (6) |
1,980 |
1.1 |
7 |
1.2 |
72 |
460 |
80 |
|
Dalniy |
630 |
2.1 |
43 |
2.8 |
42 |
868 |
57 |
|
Oroch (7) |
1,365 |
3.3 |
143 |
5.6 |
143 |
6,284 |
247 |
|
Tsokol Kubaka |
160 |
5.0 |
10 |
5.2 |
26 |
49 |
26 |
|
Avlayakan |
100 |
12.3 |
105 |
14.0 |
38 |
325 |
43 |
|
Ozerny |
710 |
2.8 |
17 |
3.1 |
64 |
392 |
70 |
|
Total Measured + Indicated |
26,860 |
|
|
4.4 |
2,754 |
63,395 |
3,811 |
|
|
|
|
|
|
|
|
|
|
Inferred |
|
|
|
|
|
|
|
|
Dukat (2) |
30 |
0.6 |
360 |
6.6 |
1 |
363 |
7 |
|
Lunnoye |
1,020 |
1.6 |
435 |
8.8 |
52 |
14,272 |
290 |
|
Arylakh |
90 |
0.9 |
340 |
6.5 |
3 |
1,015 |
20 |
|
Khakanja |
10 |
3.1 |
274 |
7.7 |
1 |
88 |
2 |
|
Mayskoye (4) |
16,016 |
8.6 |
- |
8.6 |
4,428 |
- |
4,428 |
|
Albazino (5) |
12,730 |
4.9 |
- |
4.9 |
1,999 |
- |
1,999 |
|
Birkachan (6) |
560 |
11.3 |
51 |
12.2 |
202 |
915 |
217 |
|
Oroch (7) |
561 |
3.3 |
225 |
7.0 |
59 |
4,056 |
126 |
|
Tsokol Kubaka |
350 |
6.8 |
12 |
7.0 |
77 |
134 |
79 |
|
Avlayakan |
70 |
14.4 |
234 |
18.3 |
32 |
528 |
41 |
|
Kirankan (8) |
142 |
6.5 |
8 |
6.7 |
30 |
39 |
30 |
|
Svetloye (9) |
4,083 |
5.8 |
4 |
5.9 |
767 |
544 |
776 |
|
Ozerny |
250 |
3.2 |
16 |
3.5 |
26 |
125 |
28 |
|
Kutyn (10) |
5,505 |
4.1 |
- |
4.1 |
717 |
- |
717 |
|
Tamunier (11) |
24,070 |
1.9 |
- |
1.9 |
1,475 |
- |
1,475 |
|
Total Inferred |
65,487 |
|
|
4.9 |
9,868 |
22,079 |
10,236 |
|
|
|
|
|
|
|
|
|
|
Measured + Indicated + Inferred |
|
|
|
|
|
|
|
|
Dukat (2) |
4,270 |
0.6 |
306 |
5.7 |
84 |
42,053 |
785 |
|
Voro (3) |
1,390 |
1.5 |
4 |
1.5 |
66 |
161 |
69 |
|
Lunnoye |
1,870 |
1.4 |
359 |
7.4 |
85 |
21,561 |
444 |
|
Arylakh |
420 |
0.8 |
362 |
6.8 |
10 |
4,759 |
89 |
|
Khakanja |
310 |
2.8 |
164 |
5.6 |
28 |
1,637 |
56 |
|
Mayskoye (4) |
18,121 |
8.3 |
- |
8.3 |
4,845 |
- |
4,845 |
|
Albazino (5) |
25,210 |
4.6 |
- |
4.6 |
3,721 |
- |
3,721 |
|
Sopka Kvartsevaya |
220 |
2.0 |
83 |
3.4 |
14 |
585 |
24 |
|
Birkachan (6) |
2,540 |
3.4 |
17 |
3.6 |
274 |
1,376 |
296 |
|
Dalniy |
630 |
2.1 |
43 |
2.8 |
42 |
868 |
57 |
|
Oroch (7) |
1,926 |
3.3 |
167 |
6.0 |
201 |
10,341 |
374 |
|
Tsokol Kubaka |
510 |
6.3 |
11 |
6.5 |
102 |
183 |
105 |
|
Avlayakan |
170 |
13.2 |
159 |
15.8 |
70 |
852 |
85 |
|
Kirankan (8) |
142 |
6.5 |
8 |
6.7 |
30 |
39 |
30 |
|
Svetloye (9) |
4,083 |
5.8 |
4 |
5.9 |
767 |
544 |
776 |
|
Ozerny |
960 |
2.9 |
17 |
3.2 |
90 |
517 |
98 |
|
Kutyn (10) |
5,505 |
4.1 |
- |
4.1 |
717 |
- |
717 |
|
Tamunier (11) |
24,070 |
1.9 |
- |
1.9 |
1,475 |
- |
1,475 |
|
Total Measured + Indicated + Inferred |
92,347 |
|
|
4.7 |
12,622 |
85,474 |
14,047 |
1 Mineral Resources are reported in accordance with the JORC Code (2004). Mineral Resources are additional to Ore Reserves. Discrepancies in calculations are due to rounding
2 Including Nachalny-2.
3 Including Voro South
4 Estimate prepared by Snowden as at 01.07.2011 Price: Au=1150 $/oz
5 Revaluation performed only for mineral resources of Anfisa and Olga zones for open-pit mining. Initial estimate of mineral resources performed by Snowden as at 01.08.2012. Price: Au=1500 $/oz. Zones Ekaterina 1 and 2, and resources of Anfisa and Olga zones (including Nadezhda) for underground mining remained unchanged.
6 Mineral Resources for underground mining were not re-estimated. Previous estimate as at 01.07.2011 by SRK Consulting remained unchanged. Price: Au=1150 $/oz and Ag=18.5 $/oz.
7 Estimate prepared by SRK Consulting as at 01.07.2011. Price: Au=900 $/oz and Ag=13 $/oz
8 Estimate prepared by SRK Consulting as at 01.07.2011. Price: Au=1000 $/oz и Ag=16 $/oz
9 Estimate prepared by Snowden as at 01.07.2011. COG=1.5 g/t
10 Estimate prepared by Snowden as at 01.07.2011. COG=3.0 g/t
11 Estimate prepared by Snowden as at 01.01.2012. COG (Au)=1.0 g/t. The mineral resource estimate includes ore zone 2 where Inferred mineral resources are estimated at: 840 Kt, grading 4.0 g/t Au, 49 g/t Ag, containing 109 Koz Au and 1,327 Koz Ag. In other parts of the deposit there are no silver mineral resources.
Mineral Resources: Polymetallic ore Deposits as at 1 January 2013 1
|
Mineral Resources |
Tonnage |
Grade |
Content |
||||||||||
|
Kt |
Au, g/t |
Ag, g/t |
Cu, % |
Pb, % |
Zn, % |
GE, g/t |
Au, Koz |
Ag, Koz |
Cu, Kt |
Pb, Kt |
Zn, Kt |
GE, Koz |
|
|
Measured |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goltsovoye (2) |
263 |
- |
773 |
- |
3.9 |
- |
12.9 |
- |
6,530 |
- |
10.3 |
- |
109 |
|
Varvara (3) |
4,930 |
0.8 |
- |
0.48 |
- |
- |
1.3 |
125 |
- |
17.4 |
- |
- |
212 |
|
Total Measured |
5,193 |
|
|
|
|
|
1.9 |
125 |
6,530 |
17.4 |
10.3 |
- |
321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indicated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goltsovoye (2) |
408 |
- |
617 |
- |
2.8 |
- |
10.3 |
- |
8,097 |
- |
11.4 |
- |
135 |
|
Varvara (3) |
31,660 |
0.7 |
- |
0.47 |
- |
- |
1.1 |
739 |
- |
79.9 |
- |
- |
1,139 |
|
Perevalnoye (4) |
1,096 |
- |
375 |
0.34 |
2.3 |
2.3 |
6.8 |
- |
13,229 |
3.7 |
24.8 |
25.0 |
239 |
|
Total Indicated |
33,164 |
|
|
|
|
|
1.4 |
739 |
21,326 |
83.6 |
36.2 |
25.0 |
1,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured + Indicated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goltsovoye (2) |
671 |
- |
678 |
- |
3.3 |
- |
11.3 |
- |
14,627 |
- |
21.7 |
- |
244 |
|
Varvara (3) |
36,590 |
0.7 |
- |
0.47 |
- |
- |
1.1 |
865 |
- |
97.3 |
- |
- |
1,351 |
|
Perevalnoye (4) |
1,096 |
- |
375 |
0.34 |
2.3 |
2.3 |
6.8 |
- |
13,229 |
3.7 |
24.8 |
25.0 |
239 |
|
Total Measured + Indicated |
38,357 |
|
|
|
|
|
1.5 |
865 |
27,856 |
101.0 |
46.5 |
25.0 |
1,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goltsovoye (2) |
1,614 |
- |
622 |
- |
2.3 |
- |
10.4 |
- |
32,260 |
- |
37.8 |
- |
538 |
|
Varvara (3) |
44,740 |
1.0 |
- |
0.58 |
- |
- |
1.6 |
1,398 |
- |
180.0 |
- |
- |
2,298 |
|
Perevalnoye (4) |
78 |
- |
206 |
0.46 |
3.7 |
3.7 |
4.1 |
- |
513 |
0.4 |
2.8 |
2.8 |
10 |
|
Total Inferred |
46,432 |
|
|
|
|
|
1.9 |
1,398 |
32,773 |
180.4 |
40.6 |
2.8 |
2,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured + Indicated + Inferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goltsovoye (2) |
2,285 |
- |
638 |
- |
2.6 |
- |
10.6 |
- |
46,887 |
- |
59.4 |
- |
781 |
|
Varvara (3) |
81,330 |
0.9 |
- |
0.54 |
- |
- |
1.4 |
2,263 |
- |
277.3 |
- |
- |
3,649 |
|
Perevalnoye (4) |
1,174 |
- |
364 |
0.35 |
2.4 |
2.4 |
6.6 |
- |
13,742 |
4.1 |
27.6 |
27.8 |
249 |
|
Total Measured +Indicated+ Inferred |
84,789 |
|
|
|
|
|
1.7 |
2,263 |
60,629 |
281.4 |
87.1 |
27.8 |
4,680 |
1 Mineral Resources are reported in accordance with the JORC Code (2004). Mineral Resources are additional to Ore Reserves. Discrepancies in calculations are due to rounding.
2 Estimate prepared by Wardell Armstrong. COG (Ag) for ore zone 1 is 50 g/t, and for ore zone 2 is 150 g/t of silver equivalent. Lead is not included in gold equivalent calculation.
3 Only for fresh and powder ore types with high copper content (total Mineral Resources of fresh and powder are 46.3 and 5.2 Mt respectively)
4 Estimate prepared by SRK Consulting as at 01.07.2011. Prices: Ag = 13$/oz, Cu=220c/lb, Pb=70c/lb, Zn=90c/lb. Lead and zinc are not included in gold equivalent calculation.
This estimate was prepared by employees of JSC Polymetal Management Company and CJSC Polymetal Engineering, subsidiaries of the Company, led by Mr. Valeri Tsyplakov, who assumes overall responsibility for the Mineral Resources and Ore Reserves Report. Mr. Tsyplakov is the employed full-time as the Managing Director of CJSC Polymetal Engineering and has more than 12 years' experience in gold and silver mining. He is a Member of the Institute of Materials, Minerals & Mining (MIMMM), London, and a Competent Person under the JORC Code (2004).
Other Competent Persons employed by the Company are responsible for relevant research on which the Mineral Resources and Ore Reserves estimate is based. They include:
· Geology and Mineral Resources - Vladimir Ryabukhin, Adviser to Director General of JSC Polymetal Management Company, MIMMM, with 39 years' relevant experience;
· Geology and Mineral Resources - Mikhail Fomkin, Head of Geologic Modeling, MIMMM, with 27 years' relevant experience;
· Mining and Ore Reserves - Igor Epstein, Head of Mining and Technology Department, MIMMM, with 31 years' relevant experience;
· Processing and Metallurgy - Igor Agapov, Deputy Director of Science and Technology, MIMMM, with 15 years' relevant experience;
· Environmental Issues - Tatiana Kuleshova, Director for Ecology, MIMMM, with 22 years' relevant experience.
All Competent Persons have given consent for their material to be included in the Report, based on the information provided by them and in the form and the context in which the material is hereby presented.
Metals prices used in estimating Mineral Resources and Ore Reserves are listed below (unless otherwise indicated in the footnotes):
Ore Reserves:
Au = US$ 1300 /oz;
Ag = US$ 23 /oz;
Cu = US$ 6500 /t;
Pb = US$ 1800 /t.
Mineral Resources:
Au = US$ 1500 /oz;
Ag = US$ 26 /oz;
Cu = US$ 7800 /t.
Gold equivalent data is based on 1:60 Ag/Au and 5:1 Cu/Au conversion ratios. Lead and zinc are not included in calculation of gold equivalent data.
Enquiries
Media |
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Investor Relations |
|
|
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+44 20 7457 2020 |
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