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Table 2: Reserves Estimate
----------------------------------------------------------------------------Deposit Proven Probable Proven and Probable --------------------------------------------------------------- Tonnes Grade Au Tonnes Grade Au Tonnes Grade Au (Mt) (g/t) (Moz) (Mt) (g/t) (Moz) (Mt) (g/t) (Moz)----------------------------------------------------------------------------Sabodala 6.55 1.5 0.315 11.07 1.24 0.443 17.62 1.34 0.758Sutuba 0.37 1.40 0.017 0.37 1.40 0.017Niakafiri 0.23 1.69 0.013 7.58 1.12 0.274 7.81 1.14 0.287Gora 0.57 4.07 0.074 1.53 4.27 0.21 2.1 4.22 0.284Stockpiles 7.32 1.02 0.24 7.32 1.02 0.24----------------------------------------------------------------------------Total 14.67 1.36 0.642 20.56 1.43 0.944 35.23 1.40 1.586----------------------------------------------------------------------------Notes:1) CIM definitions were used for Mineral Reserves.2) Mineral Reserve cut off grades for Niakafiri are 0.35 g/t Au for oxide and 0.50 g/t Au for fresh.3) Mineral Reserve cut off grade for Sabodala, Sutuba and Gora is 0.50 g/t Au.4) Gold price of USD 1,500 per ounce used.5) Proven include stockpiles which total 7.32 Mt at 1.02 g/t Au for 0.24 Mozs.6) Sum of individual amounts may not equal the total due to rounding.
Julia Martin, P.Eng., MAusIMM (CP), with AMC Mining Consultants (Canada) Ltd., who is independent of Teranga, is a "qualified person" as defined in NI 43-101 and a "competent person" as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Ms Martin has reviewed and accepts responsibility for the reserve estimate disclosed above. Ms Martin has consented to the inclusion of this information in the form and context in which it appears in this Quarterly Report.
The technical information contained in this Quarterly Report relating to the mineral resources is based on information compiled by Ms. Patti Nakai-Lajoie, who is a member of the Association of Professional Geoscientists of Ontario. She is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Ms. Nakai-Lajoie has consented to the inclusion of this information in the form and context in which it appears in this Quarterly Report. Ms.Nakai-Lajoie is a full-time employee of Teranga and not considered to be independent of Teranga.
The technical information contained in this Quarterly Report relating to the regional exploration is based on information compiled by Mr. Martin Pawlitschek, who is a member of the Australian Institute of Geoscientist. He is qualified as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and is a "qualified person" as defined in NI 43-101. Mr. Pawlitschek has consented to the inclusion of this information in the form and context in which it appears in this Quarterly Report. Mr. Pawlitschek is a full-time employee of Teranga and not considered to be independent of Teranga.
2013 GUIDANCE
Year ending December 31, ---------------------------- 2012 2013 Actuals Guidance RangeOperating results Ore mined ('000t) 5,915 4,000-4,500 Waste mined ('000t) 22,962 31,000-32,000 Total mined ('000t) 28,877 35,000-36,500 Grade mined (g/t) 1.98 1.40-1.60 Strip ratio waste/ore 3.9 7.00-7.75 Ore milled ('000t) 2,439 3,300-3,400 Head grade (g/t) 3.08 2.00-2.15 Recovery rate % 88.7 89.0-91.0 Gold produced (oz) 214,310 190,000-210,000 Gold sold (oz) 207,814 190,000-210,000 Total cash cost (incl. royalties) (1)(2) $/oz sold 627 650-700 Mining (cost/t mined) 2.71 2.50-2.70 Milling (cost/t milled) 20.39 19.00-20.00 G&A (cost/t milled) 6.16 5.00-6.00Capital Expenditures Mine site $ millions 20.00-25.00 Capitalized reserve development $ millions 5.00-10.00 Gora development costs $ millions 45.00-50.00 Mobile equipment $ millions 30.00-35.00 Site development $ millions 15.00-20.00 Capitalized deferred stripping(2) $ millions 35.00-40.00Exploration (expensed) $ millions 10.00-15.00Administration expense $ millions 15.00-20.00Hedge deliveries (oz) 59,789
