An Emerging Copper Company

Reserves and Resources

Pumpkin Hollow Mineral Reserves

Proven and Probable mineral reserves are the economically-mineable portions of the Measured and Indicated Mineral Resources as demonstrated in a Feasibility Study. The Proven and Probable Mineral Reserves at Pumpkin Hollow, as announced in the May 28, 2015 press release and disclosed in the NI 43-101 Technical Report Integrated Feasibility Study filed on Sedar in July, 2015, with an effective date of April 15, 2015, are summarized below:

Mineral Reserves Western Open Pit Deposits
Classification Ore Copper Gold Silver Contained Copper Contained Gold Contained Silver Cu Equiv
000's tons % Oz./ton Oz./ton 000s lbs. Ozs. Ozs. %
North Deposit
Proven 122,403 0.479 0.001 0.056 1,172,749 174,708 6,861,605 0.51
Probable 178,241 0.422 0.001 0.051 1,504,814 178,241 9,096,741 0.45
Total 300,644 0.445 0.001 0.053 2,677,563 352,949 15,958,346 0.47
South Deposit
Proven 143,117 0.328 0.001 0.038 937,826 143,117 5,374,544 0.35
Probable 95,524 0.312 0.001 0.027 595,121 95,524 2,606,314 0.33
Total 238,641 0.321 0.001 0.033 1,532,947 238,641 7,980,858 0.34
Total Western Open Pit Deposits 
Proven 265,520 0.397 0.001 0.046 2,110,575 317,825 12,236,149 0.42
Probable 273,765 0.384 0.001 0.043 2,099,935 273,765 11,703,055 0.41
Total 539,285 0.390 0.001 0.044 4,210,510 591,590 23,939,204 0.41
Notes:
  1. Totals may not add due to rounding.
  2. Mineral reserves are as of an effective date of April 15, 2015
  3. The mineral reserves and mine plans for the open pit deposits were determined using cutoff grades developed by Tetra Tech as appropriate for the mining method and costs associated with the deposits. For the Western deposit open pits the mineral reserves, mining method, and costs associated with the deposit were developed by Tetra Tech. The breakeven copper cutoff grades used were 0.156% and 0.159% for the North and South deposits respectively. Metal prices for the open pit copper, gold and silver assumed were $3.15/lb, $1,200/oz. and $18/oz. respectively. Tetra Tech is the independent Qualified Person who is responsible for the western deposit mineral reserve estimate. The copper equivalency was determined using Base Case metals prices and metallurgical recoveries of 89.3%, 67.3% and 56.3% for copper, gold and silver respectively.

Mineral Reserves - Eastern Underground Deposits
Classification Ore Copper Gold Silver Contained Copper Contained Gold Contained Silver Cu Equiv.
000's tons % Oz./ton Oz./ton 000s lbs. Ozs. Ozs. %
Proven 8,923 1.587 0.006 0.124 283,224 53,131 1,109,132 1.70
Probable 23,680 1.174 0.005 0.109 555,934 115,864 2,588,637 1.20
Total 32,603 1.287 0.005 0.113 839,158 168,995 3,697,769 1.38
Notes:
  1. Totals may not add due to rounding.
  2. Mineral reserves are as of an effective date of April 15, 2015
  3. The eastern underground deposits mineral reserves, mining method and associated with the deposit were developed by Stantec and Nevada Copper. The underground reserve used a $29/ton NSR cutoff developed using metals prices of $3.00/lb, $1,250/oz and $18/oz for copper gold and silver respectively. Stantec is the independent Qualified Person who is responsible for the eastern deposit mineral reserve estimate. The copper equivalency was determined using Base Case metals prices and metallurgical recoveries of 89.3%, 67.3% and 56.3% for copper, gold and silver respectively.

Mineral Reserves Open Pit & Eastern Underground Deposits
Classification Ore Copper Gold Silver Contained Copper Contained Gold Contained Silver Cu Equiv.
000's tons % Oz./ton Oz./ton 000s lbs. Ozs. Ozs. %
Proven 274,443 0.436 0.001 0.049 2,393,799 370,956 13,345,281 0.46
Probable 297,445 0.446 0.001 0.048 2,655,869 389,629 14,291,692 0.47
Total 571,888 0.441 0.001 0.048 5,049,668 760,585 27,636,973 0.47
Notes:
  1. Totals may not add due to rounding.
  2. Mineral reserves are as of an effective date of April 15, 2015
  3. The mineral reserves and mine plans for the open pit deposits were determined using cutoff grades developed by Tetra Tech as appropriate for the mining method and costs associated with the deposits. For the Western deposit open pits the mineral reserves, mining method, and costs associated with the deposit were developed by Tetra Tech. The breakeven copper cutoff grades used were 0.156% and 0.159% for the North and South deposits respectively. Metal prices for the open pit copper, gold and silver assumed were $3.15/lb, $1,200/oz. and $18/oz. respectively. Tetra Tech is the independent Qualified Person who is responsible for the western deposit mineral reserve estimate. The eastern underground deposits mineral reserves, mining method and associated with the deposit were developed by Stantec and Nevada Copper. The underground reserve used a $29/ton NSR cutoff developed using metals prices of $3.00/lb, $1,250/oz and $18/oz for copper gold and silver respectively. Stantec is the independent Qualified Person who is responsible for the eastern deposit mineral reserve estimate. The copper equivalency was determined using Base Case metals prices and metallurgical recoveries of 89.3%, 67.3% and 56.3% for copper, gold and silver respectively.

Reserves and Resources