BuckReef Main Pit Page 74 -75 of 43-101

June 2nd, 2017

In selecting optimal pit shell, the shell with minimal stripping ratio and high NPV was selected. In this case pit number 20 meets the criteria. Optimization results for Buckreef Main at different gold prices are shown in Table 13.5. Ultimately, the $1,100/oz Au price shell was used for the mine design. Images of the Buckreef project optimized pit shells are shown in Figure 13.1 Executive Chairman, James E. Sinclair.



The selected pit contains 3% of inferred resource. The rest of resource categories in optimized pit shell are as shown in Figure 13.1. Maximum NPV of US$153,991,000 is obtained from selected pit shell.