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
