Two deep underground holes were drilled from Decline 2 to target deeper portions of the SB Zone that were inaccessible from the Central Pit. Hole UD1670 intersected 2.4 g/t gold over 55.2 metres before being abandoned, and hole UD1688 intersected 3.1 g/t gold over 49.9 metres (including 8.1 g/t gold over 3.2 metres) before also being abandoned for technical reasons.
True widths for the mineralized zones are typically from 70 to 95% of the stated intercept.
Underground drilling ended in November 2012, following the Company's decision to expand the Kumtor Central Pit and cease underground development activities.
Regional Exploration
No regional exploration activities took place during the quarter.
Mongolia
ATO Project
Thirty holes were completed on the ATO project during the fourth quarter of 2012. The holes were drilled to test for extensions to the current resource along the limits of the pipe-like bodies and in apparent feeder zones at depth. Better results from these 30 holes and from 26 holes completed in the prior quarter include:
ATO-208 1.3 g/t gold; 6.9 g/t silver; 1.5% lead and 3.1% zinc over 64.3 metresATO-211 1.9 g/t gold; 7.4 g/t silver and 1.7% lead over 13.5 metres 0.8 g/t gold; 3.7 g/t silver; 1.0% lead and 1.7% zinc over 57.8 metresATO-214 1.9 g/t gold; 6.4 g/t silver; 1.2% lead and 1.3% zinc over 9.8 metresATO-218 2.1 g/t gold; 41.6 g/t silver; 0.3% lead and 0.6% zinc over 95.9 metresATO-219 1.7 g/t gold; 4.2 g/t silver; 0.1% lead and 0.2% zinc over 17.4 metresATO-220 4.0 g/t gold; 10.8 g/t silver; 2.1% lead and 3.6% zinc over 21.0 metresATO-225 2.3 g/t gold; 2.2 g/t silver; 0.3% lead and 0.2% zinc over 17.6 metresATO-248 1.3 g/t gold; 3.9 g/t silver over 31.7 metres 2.1 g/t gold; 2.7 g/t silver; 0.7% lead and 1.1% zinc over 71.5 metres
True widths of the mineralized zones are from 50 to 90% of the stated interval.
Overall, drilling results close off mineralization on the west side of Pipes 1 and 2 and expand the eastern limits of Pipes 1 and 4. The drilling also extends mineralization at depth, where precious metal values decrease and base-metal values increase. These drilling results have been included in the 2012 year-end resource update for ATO.
Russia
Kara Beldyr Joint Venture
Eleven holes were drilled at Camp Zone during the fourth quarter of 2012 to infill areas of initial high-grade results. Four holes were also completed at the Baran Zone to test a large gap in the existing drilling. Better results from Camp Zone include:
KB-154: 2.4 g/t Au over 5.0 metresKB-155: 1.8 g/t Au over 9.0 metresKB-156: 2.9 g/t Au over 4.0 metresKB-158: 0.9 g/t Au over 9.4 metresKB-164: 125.4 g/t Au over 3.4 metres and 4.2 g/t Au over 1.2 metres
The drilling extends Camp Zone 150 metres to the northeast before closing it off. Drilling also closed off the deposit at depth. Several holes are planned to test a soil anomaly approximately 500 metres northeast of Camp Zone.
Results from the four holes at Baran Zone include one narrow, high-grade intercept (19.0 g/t gold over 2.4 metres in KB-162). Overall, drilling results outline a narrow, discontinuous zone of mineralization and enveloping alteration. No additional work is planned at Baran Zone.
True widths for the mineralized zones are from 20 to 90% of the stated intercept.
