The Reserves and Resources stated above have been completed according to the
recommendations of the Joint Ore Reserves Committees of the Australian Institute of Mining & Metallurgy. Accordingly all
statements and classifications of Reserves and Resources are made accordingly.
For the sake of completeness these classification terminologies are:
A ‘Mineral Resource’ is a concentration or occurrence of material of intrinsic
economic interest in or on the Earth’s crust in such form and quantity that there are reasonable prospects for eventual
economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known,
estimated or interpreted from specific geological evidence and knowledge. Mineral Resources are sub-divided, in order of increasing
geological confidence, into Inferred, Indicated and Measured categories. Portions of a deposit that do not have reasonable
prospects for eventual economic extraction must no be included in a Mineral Resource.
An ‘Inferred Mineral Resource’ is that part of a Mineral Resource for which tonnage,
grade and mineral content can be estimated with a low level of confidence. It is inferred from geological evidence and assumed
but not verified geological and/or grade continuity. It is based on information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill holes which may be limited or of uncertain quality and reliability.
An ‘Indicated Mineral Resource’ is that part of a Mineral Resource for which
tonnage, densities, shape, physical characteristics, grade and mineral content can be estimated with a reasonable level of
confidence. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes. The locations are too widely or in appropriately spaced to confirm
geological and/or grade continuity but are spaced closely enough for continuity to be assumed.
A ‘Measured Mineral Resource’ is that part of a Mineral Resource for which tonnage,
densities, shape, physical characteristics, grade and mineral content can be estimated with a high level of confidence. It
is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill holes. The locations are spaced closely enough to confirm geological
and/or grade continuity.
A ‘Proved Ore Reserve’ is the economically minable part of a Measured Mineral
Resource. It includes diluting materials and allowances for losses which may occur when the material is mined. Appropriate
assessments, which may include feasibility studies, have been carried out, and include consideration of and modification by
realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. These
assessments demonstrate at the time of reporting that extraction could reasonably be justified.
A ‘Probable Ore Reserve’ is the economically minable part of an Indicated, and
in some circumstances Measured Mineral Resource. It includes diluting materials and allowances for losses which may occur
when the material is mined. Appropriate assessments, which may include feasibility studies, have been carried out, and include
consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental,
social and governmental factors. These assessments demonstrate at the time of reporting that extraction could reasonably be
justified.
