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Mineral Resource Estimates

Micon is fully conversant with the mineral resource and reserve reporting codes used internationally – CIM Definition Standards, JORC Code, SEC, SAMREC and Russian systems.

The CIM Definition Standards on Mineral Resources and Reserves (CIM Definition Standards) establish definitions and guidance on the definitions for mineral resources, mineral reserves, and mining studies used in Canada. The Mineral Resource, Mineral Reserve, and Mining Study definitions are incorporated, by reference, into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). The CIM Definition Standards can be viewed on the CIM website at www.cim.org.

The JORC Code is produced by the Australasian Joint Ore Reserves Committee (‘the JORC Committee’). The JORC Committee was established in 1971 and is sponsored by the Australian mining industry and its professional organisations. The Committee is responsible for the development and ongoing update of the JORC Code. Details can be found at www.jorc.org.

In the United States, the Securities and Exchange Commission Industry Guide 7 provides a framework for reporting of mineral reserves. For more details, see http://www.sec.gov.

The South African code is published on the SAMCODE website (http://www.samcode.co.za).

Micon’s consultants are also familiar with the system applied by Russia’s State Commission on Mineral Reserves (GKZ) and have experience in the reclassification of those figures into the CIM or JORC system.

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