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El Valle-Boinás/Carlés Reserves and Resources
An update of the resource estimate was completed in April of 2010.
The “Technical Report for the El Valle, Carlés, La Brueva, and Godan
Gold Deposits, Rio Narcea Gold Belt, Asturias, Spain”dated April 19,
2010, by Ore Reserves Engineering of Lakewood, CO was completed under
the supervision of Alan C. Noble, P.E. a qualified person independent of
the Company within the meaning of NI 43-101. In the same period, a
“Technical Report on the Boinás and Carlés Gold Mines, Asturias, Spain”
dated April 30, 2010, prepared by Adam Wheeler, Robert Dowdell and Alan
Noble, P.E., all of whom are qualified persons, independent of the
Company within the meaning of NI 43-101, was completed. This report
stated reserves and developed a conceptual seven year mine plan for the
project. The following table includes the estimated reserves and
resources from these technical reports:
| |
Au |
Cu |
| |
Mt |
gpt |
ounces |
% |
tonnes |
| Proven Reserves (1) |
1.3 |
4.1 |
172,000 |
0.90 |
11,800 |
| Probable Reserves |
3.4 |
5.7 |
612,000 |
0.68 |
22,700 |
| Total Reserves |
4.7 |
5.2 |
784,000 |
0.74 |
34,500 |
| Measured Resources (2), (3) |
2.1 |
4.1 |
280,000 |
0.80 |
16,500 |
| Indicated Resources |
5.2 |
5.5 |
922,000 |
0.60 |
32,000 |
| Total M&I |
7.3 |
5.1 |
1,202,000 |
0.65 |
48,500 |
| Inferred Resources |
9.5 |
4.9 |
1,478,000 |
0.40 |
36,500 |
(1) NI 43-101-compliant Technical Report on the
Boinás and Carlés Gold Mines (A. Wheeler, B. Dowdell, A. Noble) dated
April 30, 2010.
(2) NI 43-101-compliant Technical Report on EVBC (A. Noble, P.E.) dated
April 19, 2010.
(3) Resources Include reserves. Mineral resources that are not mineral
reserves do not have a demonstrated economic viability.
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