|
The following tables set forth
Ivernia’s estimates of the mineral resources of the
Magellan, Cano, Pinzon and Drake deposits as at January
1, 2007.
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Mineral Resources as at January 1,
2007 (@ 2.5% lead cut-off) (1)(2)(3).
|
|
|
Magellan deposit |
Cano deposit |
Pinzon deposit |
Drake deposit |
Pizarro Deposit |
|
|
Tonnes
(millions) |
Lead
(%) |
Tonnes
(millions) |
Lead
(%) |
Tonnes
(millions) |
Lead
(%) |
Tonnes
(millions |
Lead
(%) |
Tonnes
(millions) |
Lead
(%) |
|
Measured |
6.6 |
6.3 |
1.5 |
5.9 |
- |
- |
- |
- |
- |
- |
|
Indicated |
5.2 |
5.1 |
0.9 |
5.1 |
4.6 |
5.3- |
- |
|
- |
- |
|
Total Measured and Indicated |
11.8 |
5.8 |
2.4 |
5.6 |
4.6 |
5.3 |
- |
|
- |
- |
|
Inferred |
3.0 |
5.0 |
0.1 |
4.4 |
1.3 |
4.1 |
2.4 |
4.4 |
1.2 |
4.7 |
-
Resources have been reported
based on a cut-off grade of 2.5% Pb. Resources are
based on reports prepared by Jeffrey Elliott of CSA
Australia Pty Ltd. (“CSA”) and Malcolm Titley of
Finore Pty Ltd (“FinOre”) which is a division of
CSA.
-
Resources are reported in
accordance with the 2004 update of the JORC code.
Jeffrey Elliott and Malcolm Titley are qualified
persons for purposes of National Instrument 43-101
and have verified the above resource figures and the
underlying sampling and analytical data.
-
Table entries are rounded to two
significant figures.
|
Mineral Resources as at January 1,
2007 (@ 3.5% lead cut-off) (1)(2)(3).
|
|
|
Magellan deposit |
Cano deposit |
Pinzon deposit |
Drake deposit |
Pizarro Deposit |
|
|
Tonnes
(millions) |
Lead
(%) |
Tonnes
(millions) |
Lead
(%) |
Tonnes
(millions) |
Lead
(%) |
Tonnes
(millions |
Lead
(%) |
Tonnes
(millions) |
Lead
(%) |
|
Measured |
5.1 |
7.3 |
1.1 |
6.8 |
- |
- |
- |
- |
- |
- |
|
Indicated |
3.9 |
5.8 |
0.6 |
6.2 |
3.4 |
6.2 |
- |
- |
- |
- |
|
Total Measured and Indicated |
9.0 |
6.6 |
1.7 |
6.6 |
3.4 |
6.2 |
- |
|
- |
- |
|
Inferred |
2.3 |
5.6 |
0.1 |
5.2 |
0.7 |
5.1 |
1.7 |
4.9 |
0.8 |
5.7 |
-
Resources have been reported
based on a cut-off grade of 3.5% Pb. Resources are
based on reports prepared by Jeffrey Elliott of CSA
and Malcolm Titley of FinOre.
-
Resources are reported in
accordance with the 2004 update of the JORC code.
Jeffrey Elliott and Malcolm Titley are qualified
persons for purposes of National Instrument 43-101
and have verified the above resource figures and the
underlying sampling and analytical data.
-
Table entries are rounded to two
significant figures.
Ore Reserves
The following tables set forth
Ivernia’s estimates of the ore reserves of the Magellan
and Cano deposits as at January 1, 2007 and are based on
the previously reported resource model as updated to
reflect increased lead prices. The tables are based upon
lead prices of US$1,500 and US$1,250 per tonne,
respectively.
|
Ore Reserves as at January 1, 2007
(@ 2.5% lead cut-off and US$1,500 per tonne lead price)
(1)(2)(3).
|
|
|
Magellan deposit |
Cano deposit |
Pinzon deposit |
|
|
Tonnes
(millions) |
Lead
(%) |
Tonnes
(millions) |
Lead
(%) |
Tonnes
(millions) |
Lead
(%) |
|
Proven |
5.5 |
6.7 |
1.3 |
6.1 |
|
|
|
Probable |
2.0 |
6.1 |
0.6 |
5.6 |
3.5 |
5.7 |
|
Total Proven and Probable |
7.5 |
6.6 |
1.9 |
5.9 |
3.5 |
5.7 |
-
Ore reserves have been reported
based on a cut-off grade of 2.5% lead, an exchange
rate of US$0.75/A$1.00, a lead price of US$1,500 per
tonne (A$2,000 per tonne) and estimated operating
costs. Reserves are based upon resource models as at
January 1, 2007, prepared by Jeffrey Elliott of CSA
and Malcolm Titley of FinOre.
-
All reserves are reported in
accordance with the 2004 update of the JORC Code.
Patrick Scott and John Pluckhahn, both of Magellan
Metals, and Qualified Persons for purposes of
National Instrument 43-101 have prepared and
verified the above reserve figures.
-
Table entries (other than totals)
are rounded to two significant figures.
|
Ore Reserves as at January 1, 2007
(@ 3.2% lead cut-off and US$1,250 per tonne lead price)
(1)(2)(3).
|
|
|
Magellan deposit |
Cano deposit |
Pinzon deposit |
|
|
Tonnes
(millions) |
Lead
(%) |
Tonnes
(millions) |
Lead
(%) |
Tonnes
(millions) |
Lead
(%) |
|
Proven |
4.6 |
7.4 |
1.1 |
6.4 |
|
|
|
Probable |
1.2 |
6.9 |
0.5 |
6.2 |
2.1 |
6.8 |
|
Total Proven and Probable |
5.8 |
7.3 |
1.6 |
6.3 |
2.1 |
6.8 |
-
Ore reserves have been reported
based on a cut-off grade of 3.2% lead, an exchange
rate of US$0.75/A$1.00, a lead price of US$1,250 per
tonne (A$1,667 per tonne) and estimated operating
costs. Reserves are based upon resource models as at
January 1, 2007, prepared by Jeffrey Elliott of CSA
and Malcolm Titley of FinOre.
-
All reserves are reported in
accordance with the 2004 update of the JORC Code.
Patrick Scott and John Pluckhahn, both of Magellan
Metals, and Qualified Persons for purposes of
National Instrument 43-101 have prepared and
verified the above reserve figures.
-
Table entries (other than totals)
are rounded to two significant figures.
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