Projects

Reserves & Resources

Summary of Attributable Mineral Reserves and Mineral Resources Estimates

Set out below are the updated consolidated Mineral Reserves and Mineral Resources statements for our mines and development projects as of December 31, 2015, except where otherwise indicated. Our consolidated Mineral Reserves and Mineral Resources statements have been compiled based on estimates prepared by Qualified Persons.

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Mineral Reserve Estimates(1)
  Tonnes Grade
(g/t)
Gold
(Ounces)
Gold
(Kilograms)
Fekola(2) 44,260,000 2.35 3,347,000 104,100
Masbate(3,5) 93,990,000 0.88 2,660,000 82,700
Otjikoto(4,5) 25,880,000 1.28 1,065,000 33,100
La Libertad(3) 2,970,000 2.23 213,000 6,600
Limon(3) 1,250,000 4.31 173,000 5,400
Total Probable Mineral Reserves (includes Stockpiles)     7,458,000 232,000
Footnotes (Click to expand)

Notes:
(1)    The Mineral Reserves reported herein are based on the CIM standards. Mineral Reserves are rounded to reflect the accuracy of the estimate and numbers may not add due to rounding. Mineral Reserves reported herein are fully diluted.
(2)    The Mineral Reserve estimates for the Fekola Project were prepared as of May 31, 2015 by Peter Montano, P.E. (Colorado, USA), our Senior Project Engineer, and a Qualified Person. Mineral Reserves reflect the attributable Mineral Reserves on a 90% ownership basis to reflect the State of Mali’s right to acquire an initial 10% interest in the Fekola Project. For further details of our interest in the Fekola Project, see the heading “Material Properties – Fekola Project – Property Description, Location and Access”. It is anticipated that the State of Mali will also exercise its right to acquire an additional 10% interest in the Fekola Project (resulting in the State of Mali holding a 20% interest), the terms of which are currently under negotiation.
(3)    The Mineral Reserve estimates for Masbate, La Libertad and Limon projects were compiled and verified as of December 31, 2015 under the supervision of Kevin Pemberton, P.E. (Florida, USA), our Chief Mine Planning Engineer, and a Qualified Person. The Limon Mineral Reserve estimates reflect the attributable Mineral Reserves based on our 95% interest in the Limon Mine. Pursuant to the ore sales and purchase agreement between FRC and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project and as such, the Mineral Reserve estimates above reflect 100% of the estimated Mineral Reserves for the Masbate Gold Project. The La Libertad Mineral Reserve estimate reflects our 100% interest in the La Libertad Mine.
(4)    The Mineral Reserve estimates for the Otjikoto Mine were prepared as of December 31, 2015 by Peter Montano, P.E. (Colorado, USA), our Senior Project Engineer, and a Qualified Person. The estimates reflect the attributable Mineral Reserves based on our 90% interest in the Otjikoto Mine.
(5)    Stockpile estimates were tabulated by personnel at the respective mine site. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control methods.

Measured and Indicated Mineral Resource Estimates(1)
  Tonnes Grade
(g/t)
Gold
(Ounces)
Gold
(Kilograms)
Kiaka(7) 27,310,000 1.09 953,000 29,600
Gramalote(8) 15,980,000 0.79 406,000 12,600
Total Measured Mineral Resources     1,359,000 42,300
  Tonnes Grade
(g/t)
Gold
(Ounces)
Gold
(Kilograms)
Fekola(2) 55,420,000 2.16 3,853,000 119,900
Masbate(3,9) 133,190,000 0.9 3,833,000 119,200
Otjikoto(4,9) 33,000,000 1.37 1,455,000 45,300
La Libertad(5) 4,940,000 2.61 415,000 12,900
Limon(6) 2,690,000 4.91 424,000 13,200
Kiaka(7) 96,830,000 0.96 2,986,000 92,900
Gramalote(8) 70,230,000 0.48 1,092,000 34,000
Total Indicated Mineral Resources     14,059,000 437,300
  Tonnes Grade
(g/t)
Gold
(Ounces)
Gold
(Kilograms)
Fekola(2) 55,420,000 2.16 3,853,000 119,900
Masbate(3,9) 133,190,000 0.9 3,833,000 119,200
Otjikoto(4,9) 33,000,000 1.37 1,455,000 45,300
La Libertad(5) 4,940,000 2.61 415,000 12,900
Limon(6) 2,690,000 4.91 424,000 13,200
Kiaka(7) 124,140,000 0.99 3,938,000 122,500
Gramalote(8) 86,220,000 0.54 1,498,000 46,600
Total Measured and Indicated Mineral Resources     15,418,000 479,500
Inferred Mineral Resource Estimates(1)
  Tonnes Grade
(g/t)
Gold
(Ounces)
Gold
(Kilograms)
Fekola(2) 8,150,000 1.68 441,000 13,700
Masbate(3) 10,830,000 0.84 292,000 9,100
Otjikoto(4) 1,580,000 4.45 227,000 7,100
La Libertad(5) 2,510,000 4.53 366,000 11,400
Limon(6) 1,510,000 4.15 202,000 6,300
Kiaka(7) 27,330,000 0.93 815,000 25,300
Gramalote(8) 143,060,000 0.4 1,841,000 57,200
Total Inferred Mineral Resources     4,183,000 130,100
Footnotes (Click to expand)

Notes:
(1) Mineral Resources reported herein are based on the CIM standards and reporting of Mineral Resources is in accordance with the disclosure requirements of NI 43-101. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Mineral Resources are reported inclusive of Mineral Reserves, hence stockpile balances as of December 31, 2015 are included in the Indicated Mineral Resource category. Mineral Resource numbers are rounded to reflect the accuracy of the estimate and numbers may not add due to rounding.
(2) Mineral Resource estimates for the Fekola Project were prepared as of January 24, 2015 by our staff under the supervision of Tom Garagan, P.Geo., our Senior Vice President of Exploration, and a Qualified Person. Mineral Resources reflect the attributable Mineral Resources on a 90% ownership basis to reflect the State of Mali's right to acquire an initial 10% interest in the Fekola Project. For further details of our interest in the Fekola Project, see the heading "Material Properties – Fekola Project – Property Description, Location and Access". It is anticipated that the State of Mali will also exercise its right to acquire an additional 10% interest in the Fekola Project (resulting in the State of Mali holding a 20% interest), the terms of which are currently under negotiation.
(3) Mineral Resource estimates for the Masbate Gold Project have an effective date of December 31, 2015 and were prepared under the supervision of Tom Garagan, P.Geo., our Senior Vice President of Exploration, and a Qualified Person. Pursuant to the ore sales and purchase agreement between FRC and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project and as such, the Mineral Resources are reported at 100% interest.
(4) Mineral Resource estimates for the Otjikoto Mine were prepared as of December 31, 2015 under the supervision of Tom Garagan, P.Geo., our Senior Vice President of Exploration, and a Qualified Person. The estimates reflect the attributable Mineral Resources based on our 90% interest in the Otjikoto Mine.
(5) Mineral Resource estimates for La Libertad Mine were compiled and verified as of December 31, 2015 under the supervision of Brian Scott, P.Geo., our Vice President Geology and Technical Services, and a Qualified Person. The estimates reflect a 100% interest in La Libertad Mine. (6) Mineral Resource estimates for the Limon Mine were compiled and verified as of December 31, 2015 under the supervision of Brian Scott, P.Geo. our Vice President Geology and Technical Services, and a Qualified Person. The estimates reflect the attributable Mineral Resources based on our 95% interest in the Limon Mine.
(7) The Mineral Resource estimate for the Kiaka Project was prepared as of January 8, 2013 by Ben Parsons, MSc, MAusIMM (CP), Principal Consultant for SRK Consulting (UK) Limited, a Qualified Person as defined under NI 43-101. The estimate reflects the attributable Mineral Resources based on our 81% interest in the Kiaka Project.
(8) The Mineral Resource estimate for the Gramalote Project was prepared by Gramalote Colombia Limited personnel as of October 6th, 2015 under the supervision of Mr. Vaughan Chamberlain, FAusIMM, Senior Vice President: Geology and Metallurgy for AngloGold and a Qualified Person as defined under NI 43-101. The estimate reflects the attributable Mineral Resources based on our 49% interest in the Gramalote Project.
(9) Stockpile estimates were tabulated by personnel at the respective mine site. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control methods.

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