Reserves and Resources
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The information on this website should be read in connection with Rusoro Mining's news release dated March 14, 2012 which addresses the Nationalization of Rusoro's Venezuelan mining assets by the Bolivarian Republic of Venezuela ("Venezuela") government and the subsequent news release dated August 22, 2016 announcing the award (the "Award") issued on August 22, 2016 by the Arbitration Tribunal ("Tribunal").
For a copy of the Award, please click here.
Reserves and Resources
Reserves |
Project |
Tonnes (Mt) |
Grade (g/t) |
Gold ('000 oz) |
Proven |
|
|
|
Choco 10 * |
30.86 |
1.8 |
1,804 |
Increible |
0.7 |
2.3 |
20 |
Isidora |
0.07 |
37.2 |
84 |
Probable |
|
|
|
Choco 10 * |
55.79 |
1.48 |
2,659 |
Increible |
8.97 |
1.87 |
540 |
Isidora |
0.11 |
28.8 |
101 |
San Rafael/El Placer |
1.16 |
10.1 |
376 |
Total P & P |
97.23 |
1.9 |
5,584 |
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Resources |
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|
|
Measured & Indicated Resources (inclusive of Reserves) |
Project |
Tonnes (Mt) |
Grade (g/t) |
Gold ('000 oz) |
Measured |
|
|
|
Choco 10 * |
34.70 |
2.2 |
2,430 |
Isidora |
0.11 |
29.1 |
101 |
Indicated |
|
|
|
Choco 10 * |
105.20 |
1.7 |
5,880 |
Increible |
23.45 |
2.1 |
1,591 |
Isidora |
0.36 |
19.8 |
231 |
San Rafael / El Placer |
0.64 |
19.4 |
399 |
Valle Hondo |
3.49 |
0.9 |
103 |
Ceiba |
- |
- |
- |
Total M&I |
167.95 |
2.0 |
10,730 |
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Inferred Resources |
Project |
Tonnes (Mt) |
Grade (g/t) |
Gold ('000 oz) |
Choco 10 * |
59.20 |
1.5 |
2,817 |
Increible |
17.53 |
2.0 |
1,099 |
Isidora |
0.10 |
14.1 |
45 |
| Twin Shear |
1.20 |
12.5 |
482 |
Days |
0.21 |
5.5 |
37 |
San Rafael / El Placer |
0.70 |
23.2 |
524 |
Valle Hondo |
46.97 |
0.9 |
1,348 |
Ceiba |
1.55 |
9.2 |
459 |
Total Inferred Resources |
127.46 |
1.7 |
6,805 |
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Combined Summary - All Projects |
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|
Category |
Tonnes (Mt) |
Grade (g/t) |
Gold ('000 oz) |
Reserves P&P |
97.23 |
1.9 |
5,584 |
Resources M&I |
167.95 |
2.0 |
10,730 |
Resources Inf. |
127.46 |
1.7 |
6,805 |
Estimation parameters for 43-101 reports by Micon International or Scott Wilson Roscoe Postle:
1. Reserves and Resources are NI 43-101 compliant and follow the definitions for proven and probable reserves and Measured, Indicated and Inferred resource established by the CIM.
2. Resources are inclusive of reserves.
3. For Choco 10 reserve and resource figures Rusoro's ownership is 95%.
4. Numbers may not add due to rounding.
The information presented in the preceding table is derived from information and data contained in technical reports, all of which are listed following the table, prepared pursuant to NI 43-101. Mr. Gregory Smith, P. Geo., the Vice-President Exploration of Rusoro, is the "Qualified Person", as defined in NI 43-101, and is responsible for the scientific and technical aspects of this web site.
The key assumptions, parameters and methods used for each of the resource and reserve estimates are summarized in the following table:
| Project |
Independent
Consultant |
Date |
Method |
Cut Off |
Grade Cap |
Density
(g/cm3) |
Gold Price for
Reserves |
| Choco 10 |
Micon |
December 2011 |
3D computer models, uniform conditioning and kriged estimated grades |
0.5 g/t |
50.0 g/t |
1.7 - 2.8 |
$1225 |
| Isidora |
Micon |
August 2008 |
Seam Model with inverse distance cubed method using Vulcan Software |
8.0 g/t |
200.0 g/t |
2.67 - 2.80 |
$570 |
| Twin Shear |
SW-RPA |
August 2008 |
3D geological model using length weighted intercepts |
8.0 g/t |
50.0 g/t |
2.7 |
n/a |
| Increible 6 |
Micon |
February 2008 |
Partial Block model using Gemcom software and inverse distance squared |
0.5 g/t |
20-40 g/t |
2.0 - 2.7 |
n/a |
| SREP |
Micon |
October 2008 |
3D geological model using Gemcom software and inverse distance squared |
8.0 g/t |
80.0 g/t |
2.8 |
n/a |
| Days |
Micon |
October 2008 |
3D geological model using Gemcom software and inverse distance squared |
2.0 & 8.0 g/t |
30.0 g/t |
2.0 - 2.8 |
n/a |
| Ceiba |
SW-RPA |
April 2007 |
Polygonal using Gemcom Software |
4.0 g/t |
36.0 g/t |
2.8 |
n/a |
| Valle Hondo |
SW-RPA |
April 2007 |
Block Model using ordinary kriging |
0.5 g/t |
20.0 g/t |
2.00 - 2.65 |
n/a |
For further information on Rusoro's gold projects see Rusoro's NI 43-101 reports available on www.sedar.com:
- Technical Report Feasibility Study Expansion of Gold Production at Choco 10 and Increible 6, Bolivar State, Venezuela, signature date December 30, 2011.
- Technical Report on the Mineral Rersources of the Choco 10 Deposits, Bolivar State, Venezuela, dated August 18, 2010.
- Technical Report on the Preliminary Feasibility Study on the San Rafael and El Placer Deposits, Bolivar State, Venezuela, report date May 7, 2010.
- Technical Report on the San Rafael-El Placer and Days Vein Deposits, Bolivar State, Venezuela, dated October 2, 2008.
- Technical Report on the Mining and Processing Operations of Hecla Mining Company, Estado Bolivar, Venezuela dated August 1, 2008.
- Technical Report on the Increible 6 Property, Bolivar State, Venezuela, dated November 14, 2007, as revised February 14, 2008.
- Technical Report on the PMG (Gold Fields) Choco 10 Concession and Mine, Estado Bolivar, Venezuela dated November 21, 2007.
- Technical Report and Mineral Resource Estimate, Ceiba II Project, Bolivar State, Venezuela dated April 9, 2007.
- Technical Report and Mineral Resource Estimate, Valle Hondo Project, Bolivar State, Venezuela dated April 9, 2007.
Cautionary Note Concerning Resource Estimates
Information in the preceded table, including information incorporated by reference, and disclosure documents of Rusoro that are filed with Canadian securities regulatory authorities concerning mineral properties have been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States securities laws.
Without limiting the foregoing, these documents use the terms "measured resources", "indicated resources" and "inferred resources". Equityholders in the United States are advised that, while such terms are recognized and required by Canadian securities laws, the SEC does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report "resources" as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in these documents may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.
National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which has established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all resource estimates of Rusoro contained in this table and on the Company's web site, including information incorporated by reference, have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.
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