Reserves and Resources update as at 1 January 2013

RNS Number : 8818Z
Polymetal International PLC
13 March 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.

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FORWARD-LOOKING STATEMENTS

THIS RELEASE MAY INCLUDE STATEMENTS THAT ARE, OR MAY BE DEEMED TO BE, "FORWARD-LOOKING STATEMENTS".  THESE FORWARD-LOOKING STATEMENTS SPEAK ONLY AS AT THE DATE OF THIS RELEASE. THESE FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE USE OF FORWARD-LOOKING TERMINOLOGY, INCLUDING THE WORDS "TARGETS", "BELIEVES", "EXPECTS", "AIMS", "INTENDS", "WILL", "MAY", "ANTICIPATES", "WOULD", "COULD" OR "SHOULD" OR SIMILAR EXPRESSIONS OR, IN EACH CASE THEIR NEGATIVE OR OTHER VARIATIONS OR BY DISCUSSION OF STRATEGIES, PLANS, OBJECTIVES, GOALS, FUTURE EVENTS OR INTENTIONS.  THESE FORWARD-LOOKING STATEMENTS ALL INCLUDE MATTERS THAT ARE NOT HISTORICAL FACTS.  BY THEIR NATURE, SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS BEYOND THE COMPANY'S CONTROL THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS.  SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS REGARDING THE COMPANY'S PRESENT AND FUTURE BUSINESS STRATEGIES AND THE ENVIRONMENT IN WHICH THE COMPANY WILL OPERATE IN THE FUTURE. FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE.  THERE ARE MANY FACTORS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN SUCH FORWARD-LOOKING STATEMENTS. THE COMPANY EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENTS CONTAINED HEREIN TO REFLECT ANY CHANGE IN THE COMPANY'S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGE IN EVENTS, CONDITIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENTS ARE BASED

 


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