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G Mining Services Inc of Montreal, in collaboration with SGS, also estimated resources within a Whittle-optimized pit shell using a base case gold price of US$1,400 per ounce and pit limits that are unconstrained by lakeshores. The optimization yielded two distinct pits separated by approximately 200 metres with an average strip ratio of 1.01. The total in-pit M&I resource for the Hammond Reef gold deposit is 5.31 million ounces of gold at an average undiluted grade of 0.72 g/t Au, based on a derived lower cut-off grade of 0.31 g/t Au (west pit) and 0.33 g/t Au (east pit).

 Hammond Reef Undiluted Resource Estimates within US$1,400 Whittle pit shell

----------------------------------------------------------------------------PIT AREA     Category    Grade (g/t)    Tonnes (M)    Cut-off (g/t)   Oz (M)----------------------------------------------------------------------------West         Measured           0.75         151.2             0.31     3.63----------------------------------------------------------------------------West        Indicated           0.58          44.7             0.31     0.83----------------------------------------------------------------------------West              M+I           0.71         195.9             0.31     4.46----------------------------------------------------------------------------West         Inferred           0.65          13.1             0.31     0.27----------------------------------------------------------------------------East         Measured           0.80          24.1             0.33     0.62----------------------------------------------------------------------------East        Indicated           0.75          9.43             0.33     0.23----------------------------------------------------------------------------East              M+I           0.79          33.6             0.33     0.85----------------------------------------------------------------------------East         Inferred           0.50          0.27             0.33     0.01--------------------------------------------------------------------------------------------------------------------------------------------------------All          Measured           0.75         175.3             0.32     4.25----------------------------------------------------------------------------All         Indicated           0.61          54.1             0.32     1.06----------------------------------------------------------------------------All               M+I           0.72         229.5             0.32     5.31----------------------------------------------------------------------------All          Inferred           0.65          13.3             0.32     0.28--------------------------------------------------------------------------------------------------------------------------------------------------------

Sensitivity of the undiluted in-pit resource (based on variable minimum cut-off grades) to gold price is as follows:

   Sensitivity of Hammond Reef in-pit Resource Estimates to variable gold                                   prices----------------------------------------------------------------------------Gold Price (US$)         Cut-off  Category  Grade (g/t)  Tonnes (M)   Oz (M)----------------------------------------------------------------------------$1,000                      0.45       M&I         0.86       140.6     3.90----------------------------------------------------------------------------$1,000                      0.45  Inferred         0.77         8.2     0.20----------------------------------------------------------------------------$1,200                      0.37       M&I         0.78       183.5     4.61----------------------------------------------------------------------------$1,200                      0.37  Inferred         0.70        11.0     0.25----------------------------------------------------------------------------$1,400                      0.32       M&I         0.72       229.5     5.31----------------------------------------------------------------------------$1,400                      0.32  Inferred         0.65        13.3     0.28----------------------------------------------------------------------------$1,600                      0.28       M&I         0.66       313.1     6.66----------------------------------------------------------------------------$1,600                      0.28  Inferred         0.60        29.9     0.57----------------------------------------------------------------------------$1,800                      0.25       M&I         0.62       368.7     7.31----------------------------------------------------------------------------$1,800                      0.25  Inferred         0.52        61.3     1.02----------------------------------------------------------------------------$2,000                      0.23       M&I         0.58       419.7     7.87----------------------------------------------------------------------------$2,000                      0.23  Inferred         0.49       136.1     2.12----------------------------------------------------------------------------$2,200                      0.21       M&I         0.56       448.8     8.11----------------------------------------------------------------------------$2,200                      0.21  Inferred         0.47       167.8     2.53----------------------------------------------------------------------------