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Table 2. 2011 and 2012 mineral resource statements, Piaba deposit, Aurizona.
----------------------------------------------------------------------------Year Type Class Tonnes Au g/t Au Ounces----------------------------------------------------------------------------2011 Pit constrained Measured 10,782,000 1.13 391,000 Indicated 62,939,000 1.28 2,596,000 -------------------------------------------------- Measured and Indicated 73,721,000 1.26 2,987,000 -------------------------------------------------- Inferred 2,469,000 1.47 117,000 --------------------------------------------------------------------- Outside Pit Shell Indicated 2,738,000 1.29 113,000 -------------------------------------------------- Inferred 10,901,000 1.56 547,000----------------------------------------------------------------------------2012 Pit constrained Measured 19,510,000 1.36 850,000 Indicated 59,010,000 1.40 2,652,000 -------------------------------------------------- Measured and Indicated 78,520,000 1.39 3,502,000 -------------------------------------------------- Inferred 6,990,000 1.61 362,000 --------------------------------------------------------------------- Outside Pit Shell Inferred 9,450,000 1.95 592,000----------------------------------------------------------------------------
Notes:
1. Open pit resources (Whittle pit® optimization) are constrained by a 0.30 g/t Au grade domain and stated at the following cut-off grades for Piaba, Boa Esperanca, Ferradura and Conceicao: Laterite & Saprolite - 0.322 g/t Au, Transition - 0.364 g/t Au and Fresh Rock - 0.400 g/t Au based on a gold price of US$1,500 per ounce, pit slopes of 45o for Laterite/Saprolite/Transition and 55o for Fresh Rock, mining cost of US$1.80/t material moved, process and G&A cost of US$14.00/t (Laterite/Saprolite), US$15.50/t (Transition) and US$17.00/t (Fresh), recoveries of 92% (Laterite/Saprolite) and 90% (Transition/Fresh Rock) and selling cost (transportation, insurance, royalty) of US$30.00/t.2. Open pit resources (Whittle pit® optimization) are constrained by a 0.30 g/t Au grade domain and stated at the following cut-off grades for Tatajuba: Laterite & Saprolite - 0.368 g/t Au, Transition - 0.411 g/t Au and Fresh Rock - 0.447 g/t Au based on the same parameters as outlined in point 1 above plus an additional cost of U$2.00/t for transportation to the Aurizona mill.3. Fresh rock outside pit shell resources are stated at the following cut- off grades for Piaba: 1.50 g/t Au based on a gold price of US$1,500 per ounce, mining cost of US$45.00/t moved, process and G&A cost of US$19.00/t, recovery of 90%, selling cost of US$30.00/t and an additional 1% royalty increase.4. Aurizona topography is current as of October 31, 2012.5. Maptek's Vulcan v8.1.4 was used in the resource estimation including compositing and grade estimation. Internal waste blocks inside the 0.30 g/t Au grade shell were estimated separately from mineralized blocks using indicator kriging. Mineralized blocks were estimated by the ID3 algorithm.6. Block dimensions are 10m x 5m in the xy plane x 3m on the z axis. Sub- blocking to 1m x 1m in the xy plane and 3m in the z axis was performed at the 0.30 g/t Au grade domain margins and at topography.7. The Aurizona resource estimates are supported by the following number of individual specific gravity measurements: Piaba - 12,657; Boa Esperanca - 1273; Tatajuba - 804; Ferradura - 1000; Conceicao - 473.8. The Piaba database contains 77,574 metres consisting of 351 diamond drill holes, 142 reverse circulation holes and 448 auger drill holes.9. The Boa Esperanca database contains 9,015 metres consisting of 15 diamond drill holes, 48 reverse circulation holes 175 auger drill holes and 8 trenches.10. The Tatajuba database consists of 4,740 metres in 45 diamond drill holes (2008).11. The Ferradura database contains 5,398 metres consisting of 17 diamond drill holes, 13 reverse circulation holes 118 auger drill holes and 9 trenches.12. The Conceicao database contains 2,834 metres consisting of 7 diamond drill holes, 10 reverse circulation holes 79 auger drill holes and 5 trenches.13. The following capping values were used prior to compositing: Piaba (Laterite - 11 g/t Au, Saprolite - 18 g/t Au, Transition/Fresh Rock - 25 g/t Au), Tatajuba - 10 g/t Au, Boa Esperanca - 6 g/t Au, Ferradura - 10 g/t Au and Conceicao - 3 g/t Au.14. Tonnes are rounded to the nearest 10,000. Ounces are rounded to the nearest 1,000 and small tonnage and grade differences may be found due to rounding.15. Mineral resources that are not mineral reserves do not have a demonstrated economic viability.16. There may be political, environmental, legal and other risks that may materially affect the mineral resource estimate disclosed in this press release.17. The independent Qualified Person who prepared the preparation of the mineral resource estimate is Leah Mach, CPG, of the Denver office of SRK Consulting (U.S.), Inc.
