Table: Mineral Resource Statement, Mt Kare Gold/Silver Project, 2013

  1. Gold equivalent grades (AuEq) are calculated based on a gold price of US$1200/0Z and a silver price of US$22/oz, or 54.55 silver ounces per 1 gold ounce; this does not consider metallurgy recovery factors.
  2. Cut-off grades and capping: A lower cut-off of 0.5 g/t Au was used based on the data distribution. Capping strategy utilised: in low grade domains, analyses capped at 30 g/t Au, 250 g/t Ag; Upper Zone and high grade domains of 50 g/t Au, 500 g/t Ag.Material classified as Measured and Indicated Resources and wire framed gold mineralisation based on the 2013 block model considering an average distance between drill of 25 m and 50 m among other criteria. It is considered that this category material has a high probability of being economically extracted, including comparisons with a previously modelled PFS open pit shell based on various assumptions including the prior 2011 resource. Mineralisation beyond an average distance between drilling of 80 m was not included with the lowest category of inferred Resource.
  3. Rounded estimates are used, which may cause apparent discrepancies in totals. Significant figures do not imply precision.
  4. The resources have been reported in compliance with the JORC (2004) code.