All dollar amounts are in U.S. dollars unless otherwise
indicated.
TSX: IMG NYSE: IAG
TORONTO,
Feb. 23, 2012 /PRNewswire/ -
IAMGOLD Corporation ("IAMGOLD" or "the Company") today
announced its 2011 year-end mineral reserve and resource statement.
Highlights include:
- Attributable proven and probable gold reserves for continuing
operations for 2011 were 13.3 million ounces, a 0.74 million ounce
or 5% decrease (net of depletion) from a year ago, primarily due to
a:
-
- 0.54 million ounces, or 13.5%, decrease at Essakane Gold
Mine.
- 0.16 million ounces, or 2.7%, decrease at Rosebel Gold
Mine.
- Total attributable proven and probable gold reserves for 2011
decreased from a year ago by 3.1 million ounces (net of depletion),
primarily due to the sale in 2011 of IAMGOLD's interests in Tarkwa,
Damang and Mupane mines in Africa
which represented 2.4 million ounces.
- Total attributable measured and indicated resources for
continuing operations (inclusive of reserves) for 2011 now stand at
18.2 million ounces and inferred resources at 5.8 million ounces,
representing a net increase of 0.06 million ounces and a net
decrease of 1.4 million ounces, respectively.
- Total probable mineral reserves of niobium for 2011 increased
from a year ago by 616% to 1,746 million kilograms of contained
Nb2O5 following the positive outcome of the
pre-feasibility study using the block caving scenario.
- Total inferred resources of Total Rare Earth Oxides ("TREO")
was delineated by diamond drilling in 2011 and are estimated at
466.8 million tonnes at an average grade of 1.65% TREO representing
7.7 billion kilograms of contained TREO.
Steve Letwin,
President and CEO of IAMGOLD, said, "The downward adjustment of
reserves was driven chiefly by the divestiture of Tarkwa and
Damang, a strategic initiative that has set the stage for the next
phase of our growth. Although we saw a decline in reserves and
resources at our continuing operations, we are very bullish on the
remaining potential for future resource growth at all of our
operations and exploration sites. In fact, we have launched
the largest annual exploration program in the history of the
Company to take advantage of both the near-mine potential,
particularly at Essakane and Rosebel, and a stable of quality
exploration plays. In 2012, we also expect to fully evaluate
the untapped potential of the niobium zone on the flanks of Niobec,
and to significantly increase the size of the REE zone adjacent to
our niobium mine."
At the Rosebel Gold Mine in Suriname, attributable
proven and probable mineral reserves decreased by 0.16 million
ounces (net of depletion) to 5.7 million ounces compared to 5.9
million ounces last year. The infill and exploration drilling
programs at Rosebel replaced about 60% of the 2011
production. Attributable measured and indicated mineral
resources (inclusive of mineral reserves and depletion replacement)
increased by 0.2 million ounces to 7.7 million attributable ounces
compared to a year ago.
At the Essakane mine in Burkina Faso, potential reserve and resource
increases brought by higher gold prices were negatively impacted by
a modified geologic model that resulted in a lower rate of resource
conversion of inferred resources, higher cost structure, and more
conservative pit slope angles. Attributable mineral reserves and
indicated resources (inclusive of reserves) now stand at 3.5
million ounces and 4.3 million ounces, respectively.
At the joint venture Sadiola Gold Mine in
Mali, attributable proven and
probable mineral reserves stand at 2.3 million ounces, the same
level as last year. The attributable measured and indicated mineral
resources remain at 3.5 million ounces. Material from some
stockpiles were reclassified as reserves, conversion from inferred
to indicated resources at FN2 and FN3 pits, pit design changes and
a higher gold price used in the resource estimation have had a
positive impact on the mineral reserves replacing the 2011 mine
depletion.
"Our confidence in our ability to expand our core
long-term gold operations of Rosebel, Essakane and Sadiola is
extremely high," continued Steve
Letwin. "At Westwood, while most of the mineral
resources at the end of 2011 are the estimated inferred resources
of 3.4 million ounces, the level of confidence in the resources and
the continuity of the mineralization are increasing year after
year."
The resource estimate on the Westwood Project in
the Canadian province of Quebec
was updated in May 2011. The global
resources remain about the same compared to the October 2010 estimate. The indicated resources
increased from 269,000 ounces in October
2010 to 308,000 ounces in May
2011. Ongoing drilling programs are aimed at finding
additional inferred resources and continued upgrading of existing
inferred mineral resources to measured and indicated
categories.
Note: Mineral reserves and mineral resources for
IAMGOLD's gold mines for the 2011 year-end statement were estimated
using a $1,200 per ounce gold price
(unless otherwise indicated in the notes in Table 2) for mineral
reserves and a $1,400 per ounce price
for mineral resources (unless otherwise indicated in the notes in
Table 2). For open pit operations, gold resources are
constrained within an economic pit shell. For the 2010 year
end mineral reserve and mineral resource statement, a $975 per ounce gold price for mineral reserves
and a $1,100 per ounce price for
mineral resources were used.
NIOBIUM
Subsequent to the Preliminary Economic Assessment announced in May,
2011, the Company conducted a pre-feasibility study to better
evaluate the potential of alternate bulk mining methods and to
select the optimal method to proceed with at the feasibility stage.
The study took into consideration a number of factors, including
health and safety, technical feasibility, and the environmental,
social and financial aspects. The outcome of the study is that
the Company has chosen to use a block caving mining method to
expand the Niobec mine. Based on the block caving scenario,
Measured & Indicated Resources at Niobec are estimated at more
than 2.0 billion kilograms of contained niobium pentoxide at an
average grade of 0.41% Nb2O5.
As of December 31,
2011, based on the block caving scenario, the niobium
probable mineral reserves have increased substantially by 616% to
1.7 billion kilograms of contained Nb2O5.
The Study includes inferred mineral resources that
are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the
assessment will be realized. Additionally, while preparing the
Pre-feasibility Study, sparse drilling information, particularly in
the lower west section of the deposit, obliged modellers to fill
the voids by increasing the area of influence of diamond drill
holes beyond normal practice at Niobec for definition of inferred
resources. This resulted in the addition of 21 million tonnes at
0.43% Nb2O5 for 89 million kilograms
Nb2O5 for the purposes of the mine plan,
which equates to 5% of the expected tonnage processed. To reflect
the selected mining method, 11 million tonnes of barren material
from the development and the Trenton limestone overlaying the deposit were
also introduced as dilution. For the purposes of the evaluation,
the cave angle of the walls was assumed to be vertical.
Approximately 34 million tonnes at 0.32% for 107 million kilograms
of Nb2O5 were included as dilution in the
mineral reserves.
The deposit is open laterally to the east and west
and at depth. In 2011, the Company initiated steps to determine the
full extent of the niobium mineralization, and as part of that work
carried out drilling to depths of almost 1,000 metres. Results show
that niobium mineralization persists at depth below the known
deposit at similar grades. Metallurgical tests are in progress to
confirm the recoverable content of the mineralization intersected.
An underground drilling program of 34,000 metres has been planned
for 2012 as part of a multi-year plan to convert 100% of the
Inferred resources in Blocks 4, 5 and 6 into measured and indicated
resources by 2015.
Note : Mineral reserves have been estimated
as at December 31, 2011
using the block caving scenario from the pre feasibility study
using $45 per kg of Niobium and
include dilution material. Mineral resources have been estimated
using a cutoff of 0.20%
Nb2O5 per tonne
(before recovery) under the block caving scenario.
RARE EARTH ELEMENTS
IAMGOLD announced on February 2nd,
2012 (see News Release) that an inferred resource of 466.8
million tonnes at an average grade of 1.65% Total Rare Earth Oxides
("TREO") was estimated on the rare earth elements ("REE") zone
adjacent to its Niobec niobium mine as a result of its 2011
exploration drilling program. The rare earth resource is located
one kilometre north of its Niobec mine. The REE zone was evaluated
with a total of 13,798 metres of diamond drilling in 29 holes
including an underground drill hole from the Niobec mine. The 2011
drill program conducted by the Company on the REE zone aimed to
establish the three dimensional "footprint" of mineralization,
provide a preliminary REE grade estimate and provide samples for
preliminary metallurgical test work. The deeper holes demonstrate
that the brecciated and mineralized facies of the REE zone persists
uninterrupted at depth, although the resource estimate is reported
only to a depth of 375 metres below surface. The Company initiated
a 2,750 metre follow-up drill campaign in January 2012 to further define the lateral extent
of the resource and establish the overall limits of REE
mineralization with greater certainty. A second phase of drilling
is also planned for resource definition and to explore the deposit
at depth.
Notes to Investors Regarding the Use of
Resources
Cautionary Note to Investors Concerning
Estimates of Measured and Indicated Resources
This news release uses the terms "measured resources" and
"indicated resources". We advise investors that while those terms
are recognized and required by Canadian regulations, the SEC does
not recognize them. Investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be
converted into reserves.
Cautionary Note to Investors Concerning
Estimates of Inferred Resources
This news release also uses the term "inferred resources". We
advise investors that while this term is recognized and required by
Canadian regulations, the SEC does not recognize it. "Inferred
resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. Investors are cautioned not to
assume that part or all of an inferred resource exists, or is
economically or legally mineable.
Scientific and Technical Disclosure
IAMGOLD is reporting mineral resource and reserve estimates in
accordance with the CIM guidelines for the estimation,
classification and reporting of resources and reserves.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission limits
disclosure for U.S. reporting purposes to mineral deposits that a
company can economically and legally extract or
produce. IAMGOLD uses certain terms in this news release, such
as "measured," "indicated," or "inferred," which may not be
consistent with the reserve definitions established by the
SEC. U.S. investors are urged to consider closely the
disclosure in the IAMGOLD Annual Reports on Forms 40-F. You can
review and obtain copies of these filings from the SEC's website
at http://www.sec.gov/edgar.shtml or by contacting
the Investor Relations department.
The Canadian Securities Administrators' National
Instrument 43-101 ("NI 43-101") requires mining companies to
disclose reserves and resources using the subcategories of "proven"
reserves, "probable" reserves, "measured" resources, "indicated"
resources and "inferred" resources. Mineral resources that are not
mineral reserves do not demonstrate economic viability.
A mineral reserve is the economically mineable
part of a measured or indicated 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 can be justified. A mineral
reserve includes diluting materials and allows for losses that may
occur when the material is mined. A proven mineral reserve is the
economically mineable part of a measured mineral resource
demonstrated by at least a preliminary feasibility study. A
probable mineral reserve is the economically mineable part of an
indicated, and in some circumstances, a measured mineral resource
demonstrated by at least a preliminary feasibility study.
A mineral resource is a concentration or
occurrence of natural, solid, inorganic material, or natural, solid
fossilized organic material including base and precious metals 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. A measured mineral resource is 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. An indicated mineral
resource is 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. An
inferred mineral resource is that part of a mineral resource for
which quantity and grade or quality can be estimated on the basis
of geological evidence and limited sampling and reasonably assumed,
but not verified, geological and grade continuity. The estimate is
based on limited information and sampling gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes. Mineral resources which are not
mineral reserves do not have demonstrated economic
viability.
Investors are cautioned not to assume that part
or all of an inferred resource exists, or is economically or
legally mineable.
A feasibility study is a comprehensive technical
and economic study of the selected development option for a mineral
project that includes appropriately detailed assessments of
realistically assumed mining, processing, metallurgical, economic,
marketing, legal, environmental, social and governmental
considerations together with any other relevant operational factors
and detailed financial analysis, that are necessary to
demonstrate at the time of reporting that extraction is reasonably
justified (economically mineable). The results of the study
may reasonably serve as the basis for a final decision by a
proponent or financial institution to proceed with, or finance, the
development of the project. The confidence level of the study
will be higher than that of a Pre-Feasibility Study.
Gold and Niobium Technical Information and
Qualified Person/Quality Control Notes
The mineral resource estimates contained
in this news release have been prepared in
accordance with National Instrument
43-101 Standards of Disclosure for
Mineral Projects ("NI 43-101") and JORC. The
"Qualified Person" responsible for the supervision of the
preparation and review of all resource estimates for IAMGOLD
Corporation is Réjean Sirois, Eng., Manager, Mining Geology. Réjean
is considered a "Qualified Person" for the purposes of
National Instrument 43-101 with
respect to the mineralization being
reported on. The technical information has been
included herein with the consent and prior
review of the above noted
Qualified Person. The Qualified person has verified the data
disclosed, and data underlying the information or opinions
contained herein.
REE Technical Information and Qualified
Person/Quality Control Notes
The drilling results contained in this news release have been
prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects ("NI 43-101"), JORC and/or SAMREC.
The "Qualified Person" responsible for the supervision of the
preparation and review of this information is Marie-France Bugnon, P. Geo.,General Manager
Exploration. Marie-France is considered a "Qualified Person" for
the purposes of National Instrument 43-101 with respect to the
technical information being reported on.
The "Qualified Person" responsible for the
estimation of the Mineral Resources is Pierre Jean Lafleur, Eng.,
principal consultant of P.J. Lafleur Géo-Conseil Inc ("PJLGC") of
Ste-Thérèse, Québec is an independent person considered a
"Qualified Person" for the purposes of National Instrument 43-101
with respect to the technical information being reported
on.
The technical information has been included
herein with the consent and prior review of the above noted
Qualified Person. The Qualified person has verified the data
disclosed, and data underlying the information or opinions
contained herein. Core assays are performed on core sawed or split
in half. The samples were assayed by using sodium peroxide fusion
and Inductively Coupled Plasma Mass Spectrometry (ICP-MS) for
lanthanides over upper limit, and re-assayed by sodium peroxide
fusion and a combination of Inductively Coupled Plasma Optical
Emission Spectrometry (ICP-OES) and ICP-MS for 55 elements. Assays
were carried out at SGS Canada Inc. of Lakefield, Ontario and Actlabs Ltd of
Ancaster, Ontario. Certified
reference material, duplicate and blanks were inserted in the
sample sequence for quality control.
Forward Looking Statement
This news release contains forward-looking
statements. All statements, other than of historical fact, that
address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future
(including, without limitation, statements regarding expected,
estimated or planned gold and niobium production, cash costs,
margin expansion, capital expenditures and exploration expenditures
and statements regarding the estimation of mineral resources,
exploration results, potential mineralization, potential mineral
resources and mineral reserves) are forward-looking statements.
Forward-looking statements are generally identifiable by use of the
words "may", "will", "should", "continue", "expect", "anticipate",
"estimate", "believe", "intend", "plan" or "project" or the
negative of these words or other variations on these words or
comparable terminology. Forward-looking statements are subject to a
number of risks and uncertainties, many of which are beyond the
Company's ability to control or predict, that may cause the actual
results of the Company to differ materially from those discussed in
the forward-looking statements. Factors that could cause
actual results or events to differ materially from current
expectations include, among other things, without limitation,
failure to meet expected, estimated or planned gold and niobium
production, cash costs, margin expansion, capital expenditures and
exploration expenditures and failure to establish estimated mineral
resources, the possibility that future exploration results will not
be consistent with the Company's expectations, changes in world
gold markets and other risks disclosed in IAMGOLD's most recent
Form 40-F/Annual Information Form on file with the United States
Securities and Exchange Commission and Canadian provincial
securities regulatory authorities. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking
statement.
About IAMGOLD
IAMGOLD (www.iamgold.com) is a leading mid-tier
gold mining company producing approximately one million ounces
annually from 5 gold mines (including current joint ventures and
investments in associates) on 3 continents. In the Canadian
province of Quebec, the Company
also operates Niobec Inc., which produces more than 4.5 million
kilograms of niobium annually, and owns a rare earth element
resource close to its niobium mine. IAMGOLD is uniquely
positioned with a strong financial position and extensive
management and operational expertise. To grow from this strong
base, IAMGOLD has a pipeline of development and exploration
projects and continues to assess accretive acquisition
opportunities. IAMGOLD's growth plans are strategically focused in
West Africa, select countries in
South America and regions of
Canada.
Please note:
This entire news release may be accessed via fax, e-mail, IAMGOLD's
website at www.iamgold.com and through CNW Group's website at
www.newswire.ca. All material information on IAMGOLD can be found
at www.sedar.com or at www.sec.gov.
Si vous désirez obtenir la version française de ce
communiqué, veuillez consulter le
http://www.iamgold.com/French/Home/default.aspx
Table 1: Consolidated Mineral Reserves and
Resources
|
|
As at December 31, 2011 |
Attributable
Contained Ounces of Gold
(000s) |
Total Proven & Probable
Reserves |
13,300 |
Total Measured & Indicated
Resources
(includes Reserves) |
18,198 |
Total Inferred Resources |
5,789 |
Table 2: Mineral Reserves and Resources of Gold
Operations
|
|
As at December 31, 2011 |
MINERAL RESERVES AND
RESOURCES (1) (2) (3) (4) |
|
|
GOLD
OPERATIONS |
Tonnes
(000s) |
Grade
(g/t) |
Ounces Contained
(000s) |
Attributable
Contained Ounces
(000s) |
Rosebel
(5), Suriname |
|
|
|
(95%) |
|
Proven Reserves |
102,417 |
1.0 |
3,321 |
3,155 |
|
Probable Reserves |
83,964 |
1.0 |
2,710 |
2,575 |
Subtotal |
186,381 |
1.0 |
6,031 |
5,730 |
|
Measured Resources |
158,043 |
1.0 |
4,849 |
4,607 |
|
Indicated Resources |
105,072 |
1.0 |
3,276 |
3,112 |
|
Inferred Resources |
13,876 |
0.7 |
293 |
278 |
Essakane
(6), Burkina Faso |
|
|
|
(90%) |
|
Probable Reserves |
109 245 |
1.1 |
3,858 |
3,472 |
Subtotal |
109,245 |
1.1 |
3,858 |
3,472 |
|
Measured Resources |
- |
- |
- |
- |
|
Indicated Resources |
139,620 |
1.1 |
4,735 |
4,262 |
|
Inferred Resources |
24,128 |
1.1 |
885 |
797 |
Sadiola
(7), Mali |
|
|
|
(41%) |
|
Proven Reserves |
10,382 |
2.1 |
683 |
280 |
|
Probable Reserves |
96,727 |
1.6 |
4,922 |
2,018 |
Subtotal |
107,109 |
1.6 |
5,605 |
2,298 |
|
Measured Resources |
21,906 |
1.4 |
958 |
393 |
|
Indicated Resources |
150,109 |
1.6 |
7,508 |
3,078 |
|
Inferred Resources |
45,040 |
1.6 |
2,258 |
926 |
Yatela
(8), Mali |
|
|
|
(40%) |
|
Proven Reserves |
930 |
0.6 |
19 |
8 |
|
Probable Reserves |
2,001 |
1.8 |
113 |
45 |
Subtotal |
2,931 |
1.4 |
132 |
53 |
|
Measured Resources |
1,048 |
0.8 |
26 |
10 |
|
Indicated Resources |
2,782 |
2.3 |
201 |
81 |
|
Inferred Resources |
806 |
2.8 |
73 |
29 |
Doyon Division
(9),Quebec |
|
|
|
(100%) |
|
Proven Reserves |
59 |
12.3 |
23 |
23 |
|
Probable Reserves |
104 |
12.4 |
42 |
42 |
Subtotal |
|
163 |
12.4 |
65 |
65 |
|
Measured Resources |
375 |
5.4 |
65 |
65 |
|
Indicated Resources |
925 |
5.9 |
175 |
175 |
|
Inferred Resources |
1,597 |
5.7 |
291 |
291 |
|
|
As at December
31,2011 |
MINERAL RESERVES AND
RESOURCES (1) (2) (3) (4) |
|
|
GOLD
OPERATIONS |
Tonnes
(000s) |
Grade
(g/t) |
Ounces Contained
(000s) |
Attributable
Contained Ounces
(000s) |
Westwood
(10), Quebec |
|
|
|
(100%) |
|
Indicated Resources |
779 |
12.3 |
308 |
308 |
|
Inferred Resources |
9,411 |
11.3 |
3,407 |
3,407 |
Quimsacocha
(11), Ecuador |
|
|
|
(100%) |
|
Probable Reserves |
8,098 |
6.5 |
1,682 |
1,682 |
|
Indicated Resources |
9,935 |
6.6 |
2,107 |
2,107 |
|
Inferred Resources |
299 |
6.3 |
61 |
61 |
TOTAL |
|
|
|
|
|
Proven & Probable Reserves |
413,927 |
1.3 |
17,373 |
13,300 |
|
Meas. & Indicated Resources |
590,594 |
1.3 |
24,208 |
18,198 |
|
Inferred Resources |
95,157 |
2.4 |
7,268 |
5,789 |
(1) Measured and indicated
resources are inclusive of proven and probable reserves.
(2) In underground operations,
mineral resources contain similar dilution and mining recovery as
mineral reserves.
(3) In mining operations, measured
and indicated resources that are not mineral reserves are
considered uneconomic at the price used for reserve estimations but
are deemed to have a reasonable prospect of economic
extraction.
(4) Although "measured resources",
"indicated resources" and "inferred resources" are categories of
mineralization that are recognized and required to be disclosed
under Canadian regulations, the SEC does not recognize them.
Disclosure of contained ounces is permitted under Canadian
regulations; however, the SEC generally permits resources to be
reported only as in place tonnage and grade. See "Cautionary
Note to U.S. Investors Regarding Mineral Reporting Standards".
(5) Rosebel mineral reserves have
been estimated as of December 31,
2011 using a $1,200/oz gold
price and mineral resources have been estimated as of December 31, 2011 using a $1,400/oz gold price and have been estimated in
accordance with NI 43-101.
(6) Essakane mineral reserves have
been estimated as of December 31,
2011 using a $1,200/oz gold
price and mineral resources have been estimated as of December 31, 2011 using a $1,400/oz gold price and have been estimated in
accordance with NI 43-101.
(7) Mineral reserves at Sadiola
have been estimated as of December 31,
2011 using a US $1,100/oz gold
price and mineral resources have been estimated as of December 31, 2011 using a US $1,600/oz gold price and have been estimated in
accordance with JORC code.
(8) Mineral reserves at Yatela have
been estimated as of December 31,
2011 using a US $1,300/oz gold
price and mineral resources have been estimated as of December 31, 2011 using a US $1,300/oz gold price and have been estimated in
accordance with JORC code.
(9) The Doyon Division includes
mineral reserves from the Mouska Gold Mine and resources from both
the Doyon and Mouska Gold Mines. Mineral reserves at Mouska have
been estimated as of December 31,
2011 using a $1,200/oz gold
price and mineral resources have been estimated as of December 31, 2011 using $1,400/oz gold price. Resources and reserves
estimates have been estimated in accordance with NI 43-101.
(10) Westwood mineral resources have been estimated
as of May 2011 using a 6.0 grams per
tonne gold cutoff over a minimum width of 2 metres and have been
estimated in accordance with NI 43-101.
(11) Quimsacocha mineral resources
have been estimated as at July 2008
using a 3.0 grams per tonne gold cutoff and mineral reserves have
been estimated using a US $750/oz
gold price and have been estimated in accordance with
NI 43-101.
Table 3: Mineral Reserves and Resources of
Niobium Operation
|
|
As at December 31,2011 |
MINERAL RESERVES AND
RESOURCES (1) (2) (3) (4)(5)(6) |
NIOBIUM
OPERATION |
Tonnes
(000s) |
Grade
Nb2O5
(%) |
Contained
Nb2O5
(million kilograms) |
Niobec, Quebec |
|
|
(100%) |
|
Probable Reserves |
419,208 |
0.42 |
1,746 |
|
Measured Resources |
235,269 |
0.44 |
1,028 |
|
Indicated Resources |
250,233 |
0.39 |
986 |
|
Inferred Resources |
155,376 |
0.35 |
547 |
(1) Measured and indicated resources are
98% inclusive of probable reserves. Under the block caving scenario
around 2% of the measured and indicated resources include in the
probable reserves are slightly below the cutoff of 0.20%
Nb2O5 per tonne (before recovery) used for
resource reporting. This material represents only 5.8 million
tonnes averaging 0.18% Nb2O5 for 10 million
kilograms of Nb2O5 contained.
(2) In mining operations, measured and indicated
resources that are not mineral reserves are considered uneconomic
at the price used for reserves estimations but are deemed to have a
reasonable prospect of economic extraction.
(3) Mineral reserves have been estimated as at
December 31, 2011 using the block
caving scenario from the pre-feasibility study using $45 per kg of Niobium and include dilution
material. Mineral resources have been estimated using a cutoff of
0.20% Nb2O5 per tonne (before recovery) under
the block caving scenario.
(4) There is a large volume of the material within the
planned block caving that has a Measured Resource classification.
However, due to the uncertainty associated with estimating material
movement within the cave, a Probable classification has been
applied to the reserve because of the uncertainty.
(5) Inferred and unclassified mineral
resource material will be mined from the block caving scenario and
segregation of the material is not possible. The inferred and
unclassified material is considered to carry similar grade as the
measured and indicated resources, though the material has
insufficient certainty to be classified as Measured or Indicated
Resource. For the purpose of estimating the Mineral Reserves, which
by CIM definitions include diluting materials, tonnage of this
inferred and unclassified material have been included. This
material is considered to be mineralized dilution, which will be
included in the Mineral Reserve estimate and within the production
plan.
(6) Mineral reserves and mineral resources have been
estimated in accordance with NI 43-101.
Table 4: Mineral Resources of the Rare Earth
Project
|
|
As at December
31,2011 |
MINERAL
RESOURCES (1) (2) (3) |
|
Tonnes
(000s) |
Grade TREO
(%) |
Contained TREO
(million kilograms) |
St-Honoré,
Quebec |
|
|
(100%) |
|
Inferred Resources |
466,800 |
1.65 |
7,702 |
(1) In mining operations, measured and
indicated resources that are not mineral reserves are considered
uneconomic at the price used for reserves estimations but are
deemed to have a reasonable prospect of economic extraction.
(2) The resource estimate was prepared by Pierre Jean
Lafleur, Eng., an independent Qualified Person and principal
consultant of P.J. Lafleur
Géo-Conseil Inc ("PJLGC") of Ste-Thérèse, Québec. The inferred
resources are presented in situ using 0.5% TREO cutoff grade and
are unconstrained by whittle shell or mining design.
(3) Mineral resources have been estimated in accordance
with NI 43-101.
SOURCE IAMGOLD Corporation