Reserves and Resources as of December 31, 2010
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Total Gold
| Tonnes | Au (g/t) | Au (oz) |
|---|
| Proven and Probable Reserves |
4,464,521
|
4.27
|
612,835 |
| Measured and indicated Resources |
19,668,875 |
3.07 |
1,940,896
|
| Inferred Resources |
30,471,642
|
1.56 |
1,529,179
|
Total Copper
| Tonnes
| Cu % | Cu (t) |
|---|
| Measured and indicated Resources |
1,159,200
|
1.27
|
14,720 |
| Inferred Resources |
19,392,000
|
1.19 |
230,400 |
Show reserves and resources by mine
Frog’s Leg Mine
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| Frog's Leg (51%) | Tonnes | Au (g/t) | Au (oz) |
|---|
| Proven Reserves |
70,347 |
5.65 |
12,783 |
| Probable Reserves |
1,713,801 |
5.12 |
282,079
|
| Sub-total |
1,784,149 |
5.14 |
294,862
|
| Measured Resource |
756,330 |
7.72
|
187,680
|
| Indicated Resource |
1,656,480 |
5.36 |
285,600
|
| Total Measured and Indicated |
2,412,810
|
6.10 |
473,280 |
| Inferred Resource |
232,050 |
5.20
|
38,760 |
|
White Foil Mine
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White Foil (100%)
| Tonnes | Au (g/t) | Au (oz) |
|---|
| Proven Reserves |
375,478 |
2.04 |
24,671 |
| Probable Reserves |
371,424 |
1.78 |
21,214 |
| Sub-total |
747,172 |
1.91
|
45,885 |
| Measured Resource |
|
|
|
| Indicated Resource |
7,200,000 |
2.17
|
503,000
|
| Total Measured and Indicated |
7,200,000 |
2.17
|
503,000 |
| Inferred Resource |
471,000 |
1.58
|
109,905 |
|
Hassaï Mine
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Hassaï Gold (40%)
| Tonnes | Au (g/t) | Au (oz) |
|---|
| Probable Reserves |
1,158,000 |
3.51 |
130,800
|
| Sub-total |
1,158,000 |
3.51 |
130,800
|
| Measured Resource |
949,600
|
2.16
|
65,880
|
| Indicated Resource |
4,336,400
|
3.34
|
465,400
|
| Total Measured and Indicated |
5,286,000
|
3.13
|
531,280
|
| Inferred Resource |
2,405,600 |
2.23
|
172,760 |
|
| Hassaï Copper (40%) | Tonnes
| Cu % | Cu (t) |
|---|
| Measured and indicated Resources |
1,159,200
|
1.27
|
14,720 |
| Inferred Resources |
19,392,000
|
1.19 |
230,400 |
Ity Mine
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Ity (45.9%)
| Tonnes | Au (g/t) | Au (oz) |
|---|
| Proven Reserves |
759,757
|
5.66
|
138,219
|
| Probable Reserves |
15,443
|
6.18 |
3,069
|
| Sub-total |
775,201 |
5.67
|
141,288
|
| Measured Resource |
882,508 |
6.00 |
170,370 |
| Indicated Resource |
1,543,158 |
2.69
|
133,351
|
Total Measured and Indicated
|
2,425,666 |
3.89
|
303,720 |
| Inferred Resource |
4,154,541
|
1.53
|
204,265
|
Hassaï VMS Project
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VMS Project (40%)
| Tonnes | Cu (%) | Cu (T) | Au (g/t) | Au (oz) |
|---|
Indicated
|
1,159,200
|
1,27
|
14,720
|
0.93
|
34,680 |
Meas.& Ind.
|
1,159,200 |
1,27
|
14,720 |
0.93 |
34,680 |
| Inferred |
19,392,000 |
1,19
|
230,400
|
1.33
|
831,200
|
The resources shown include the reserves.
Reported mineral reserves have been calculated in accordance with definitions and guidelines adopted by the Canadian Institute
of Mining, Metallurgy and Petroleum. Unlike proven and probable mineral reserves, mineral resources (of all categories) do not
have demonstrated economic viability.
In mining operations, measured and indicated resources are considered uneconomic at the price used for reserves calculations.
All calculations are as of 31/12/2010 except the Hassaï Gold figures, which are as of 31/03/2011.
The VMS resource was calculated with a cut-off grade of 0.8% eq Cu
Our exploration team is putting a 2011 exploration budget of $23.0 million ($12.2 from La Mancha) to work to unearth the potential of our strategically-located properties. Their success is measured by a steady increase in reserves and resources year over year. Our current target is a measured and indicated resource of 4 million ounces of gold by the end of 2011.
Attributable Production
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La Mancha's production grew 30% from 2009 to 2010, and has grown 125% in the four years since we became a gold producer. In 2011, we expect production to remain fairly stable, at up to 135,000 ounces of gold. In the mid-term, we are aiming to become an intermediate producer, at 200,000 ounces by 2013 and 350,000 ounces by 2015, as the VMS project comes on stream.