A suitable high quality silica source for the Kansanshi smelter has been located in an area to the east of the mine. Further sampling and resource drilling will be conducted in Q2 2013.
Finland
Reconnaissance drilling and ground geophysics continued to be focused on Mafic nickel-copper-PGE targets in the large project area north of Kevitsa, with seven targets tested during the period. Some encouraging new conductors have been defined which require drill testing. Base of till reconnaissance over selected geophysical targets encountered prospective ultramafic rocks with nickel-copper anomalies.
Other activities are focused on sediment hosted copper and IOCG copper-gold targets through Finland with claim applications also lodged over a new IOCG target in Sweden.
Peru
Exploration activities at Haquira have been put on hold whilst the company concentrates on the community and environmental aspects of the project development. Emphasis has moved onto regional exploration projects including the Zincore joint-venture agreement and assessments of two new joint-venture areas.
On the Zincore joint-venture agreement, the first phases of drilling have been completed at the main Dolores prospect. Significant widths of low grade mineralization have been reported, however, no higher grade zone has yet been intersected. Drilling and geophysical datasets are now being integrated into a new 3D model in order to review further potential targets at Dolores. Exploration has also begun at several high priority targets within the Zincore portfolio, as identified in a recent airborne survey.
Turkey
Drilling has continued through the winter on the Columbus Copper Corp (formerly Empire Mining) joint-venture agreement at Bursa in Turkey.
The intent of the current drill program is to test the size and scope of the entire mineralized system, commencing with the eastern extremities that coincide with significant Induced Polarization ("IP") geophysical responses. The IP anomalies can be attributed to skarn and secondary copper mineralization, although the wide spacing of the drill holes bracket the main chargeability anomaly, which still requires infill drilling. A second set of drill holes in the current program is targeting the sulphide mineralization where past drilling has demonstrated an increase in primary copper at depth. Better results from the current program include 59.9 metres of 0.55% copper and 0.06 grams per tonne ("g/t") gold from 219.1 metres depth including 35.4 metres from 220.1 metres grading 0.67% copper and 0.09 g/t gold and 9.4 metres from 235.1 metres grading 1.27% copper and 0.14 g/t gold. For more details see www.columbuscopper.com.
Mauritania & West Africa
The diamond drill program on the Oriental Hill mineralization adjacent to the current Guelb Moghrein open pit was completed during the quarter with 24 holes having results outstanding. As part of the program five metallurgical holes have been completed for detailed metal testing. Consistent thicknesses of oxide and typical Guelb Moghrein style 'FMC' mineralization have been intercepted and are wider than anticipated in the south.
Two new permits have now been now been granted over prospective nickel-copper-PGE targets in Western Cote d'Ivoire. An airborne geophysical survey is planned.
SALES REVENUES
------------------------------------- Q1 2013 Q4 2012 Q1 2012--------------------------------------------------------------------------Kansanshi - copper 510.1 437.9 445.7 - gold 52.8 56.4 44.8Guelb Moghrein - copper 77.8 92.5 66.6 - gold 29.0 34.8 23.7Ravensthorpe - nickel 130.5 93.0 80.1 - cobalt 2.1 1.3 2.1Kevitsa - nickel 10.2 6.9 - - copper 19.3 20.6 - - gold, PGE and cobalt 10.3 9.0 -Las Cruces(1) - copper 22.1 - -Cayeli(1) - copper 4.7 - - - zinc, gold and silver 0.3 - -Pyhasalmi(1) - copper 1.7 - - - zinc 0.3 - - - pyrite, gold and silver 0.7 - -Corporate and other 29.3 22.2 65.7-------------------------------------------------------------------------- 901.2 774.6 728.7--------------------------------------------------------------------------(1) Results for the period subsequent to the date of acquisition on March22, 2013.
