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U.S. Securities and Exchange Commission (the “SEC”) does not recognize them. The definitions for each reporting
standard are presented below with supplementary explanations and descriptions of the similarities and differences.
NI 43-101 Definitions
Mineral Reserve
The term “Mineral Reserve” refers to the economically mineable part of a Measured
or Indicated Mineral Resource demonstrated by at least a preliminary feasibility study.
The study must include adequate information on mining, processing, metallurgical,
economic, and other relevant factors that demonstrate, at the time of reporting, that
economic extraction can be justified. A Mineral Reserve includes diluting materials
and allowances for losses that may occur when the material is mined.
Proven Mineral Reserve
The term “Proven Mineral Reserve” refers to the economically mineable part of a
Measured Mineral Resource demonstrated by at least a preliminary feasibility study.
This study must include adequate information on mining, processing, metallurgical,
economic, and other relevant factors that demonstrate, at the time of reporting, that
economic extraction is justified.
Probable Mineral Reserve
The term “Probable Mineral Reserve” refers to the economically mineable part of an
Indicated and, in some circumstances, a Measured Mineral Resource demonstrated by
at least a preliminary feasibility study. This study must include adequate information
on mining, processing, metallurgical, economic, and other relevant factors that
demonstrate, at the time of reporting, that economic extraction is justified.
Mineral Resource
The term “Mineral Resource” refers to a concentration or occurrence of diamonds,
natural solid inorganic material, or natural solid fossilized organic material, including
base and precious metals, coal, rare earth elements and industrial minerals in or on the
earth’s crust in such form and quantity and of such a grade or quality that it has
reasonable prospects for 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.
Measured Mineral Resource
The term “Measured Mineral Resource” refers to that part of a Mineral Resource for
which quantity, grade or quality, densities, shape and physical characteristics are so
well established that they can be estimated with confidence sufficient to allow the
appropriate application of technical and economic parameters to support production
planning and evaluation of the economic viability of the deposit. The estimate 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 that are spaced closely enough to confirm both geological
and grade continuity.
Indicated Mineral Resource
The term “Indicated Mineral Resource” refers to that part of a Mineral Resource for
which quantity, grade or quality, densities, shape and physical characteristics can be
estimated with a level of confidence sufficient to allow the appropriate application of
technical and economic parameters to support mine planning and evaluation of the
economic viability of the deposit. The estimate is based on detailed and reliable
exploration and testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings and drill holes that are spaced
closely enough for geological and grade continuity to be reasonably assumed.