Normandy Mining Ltd.: Gold Reserve Inventory Increases 34 Percent
SOUTH AUSTRALIA, Australia, Aug 30, 2000 (BUSINESS WIRE) -- Resources and Reserves attributable to Normandy (TSE: NDY. chart, msgs) increased for the tenth consecutive year - to 53.8 million ounces and 21.8 million ounces respectively.
Reserves at Normandy-managed operations were estimated using a gold price of $450 per ounce (similar to the past three years).
Importantly, the initial inclusion of a Reserve for Boddington Expansion (22 percent of the inventory), was derived from a $425 per ounce pit shell which excluded Inferred category material from the pit design.
Resources increased by 5.2Moz (11 percent), with increases reported for the Boddington Expansion, Super Pit, Callie and initial positions at Groundrush and Area E (Ntotoroso). Excluded from last year's reported inventory are Big Bell Consolidated and Minjar (both sold) and Kaltails (depleted), an aggregate attributable 2.3Moz.
Reserves increased by 5.6Moz (34 percent), reflecting the inclusion of Boddington Expansion (attributable 4.8Moz), additional delineation drilling at Callie (attributable 0.6Moz increase) and a modest increase from Yandal Operations with the move to full ownership offset by a reassessment to $450 per ounce (previously $500 per ounce) - a net 0.5Moz. Also included is Normandy's share of the respective partner's estimates of Reserves attributable to TVX Normandy Americas, which are essentially unchanged.
The Reserve increase was achieved despite record production (2.2Moz after allowance for plant recovery), and divestment of Big Bell (0.4Moz).
Normandy's exploration commitment remains undiminished in the year ahead, focusing on near-mine targets and advanced projects to deliver further substantial growth in the gold inventory.
Robert J Champion de Crespigny Chief Executive
RESOURCES
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at 30 June 2000 Interest Measured Indicated Inferred Total Gold
(%) (Mt)(g/t) (Mt)(g/t) (Mt)(g/t) (Mt) (g/t) (Moz)
Western Australia
Yandal Operations (100)
Jundee 6.57 4.8 5.41 10.5 5.09 7.6 17.1 7.4 4.09
Bronzewing 1.64 4.6 10.2 5.4 1.06 5.2 12.9 5.3 2.19
Wiluna 0.99 5.8 1.36 6.5 3.78 5.8 6.13 6.0 1.18
Other 2.36 1.9 6.00 2.1 6.66 2.0 15.02 2.0 0.97
Kalgoorlie
Operations (50)
Super Pit 102 2.3 193 2.5 73 2.9 368 2.5 29.9
Mt Charlotte 7.2 3.2 0.8 3.8 - - 8.0 3.3 0.84
Other 12.6 1.5 9.4 1.3 4.4 1.1 26.4 1.4 1.15
Boddington (44.44)
Oxide 18.3 1.1 11.1 0.83 18.4 0.4 47.8 0.77 1.18
Basement 0.94 1.9 0.78 2.1 0.10 9.0 1.82 2.3 0.14
Expansion Project 129 0.93 368 0.83 229 0.8 726 0.84 19.7
Northern Territory
Tanami Operations(84.86)
Callie - - 11.1 6.5 8.45 5.8 19.6 6.2 3.90
DBS Open pits 0.56 3.1 3.43 2.8 0.07 2.4 4.06 2.8 0.37
Groundrush - - - - 3.2 4.5 3.2 4.5 0.46
Other 0.55 2.9 2.72 3.5 4.48 2.9 7.75 3.1 0.78
Tennant Creek
Chariot (85.49) - - - - 0.34 18.0 0.34 18.0 0.2
Queensland
Mt Leyshon (76.36) 5.33 1.59 4.93 0.74 - - 10.3 1.19 0.39
Pajingo
Operations (50) 0.68 17.6 0.80 15.6 3.08 12.6 4.57 13.9 2.03
International
Martha,
New Zealand(2) (67.06) 0.3 2.0 7.3 3.3 - - 7.6 3.2 0.79
Paracatu,
Brazil (24.45) 219 0.42 155 0.41 132 0.41 506 0.41 6.73
Crixas, Brazil(24.95) 2.78 6.9 1.44 8.2 1.00 14.0 5.22 8.6 1.45
La Coipa,
Chile (2) (24.95) 84.5 1.0 - - - - 84.5 1.0 2.77
Musselwhite,
Canada (15.92) - - 15.7 5.8 0.27 6.2 16.0 5.8 2.97
New Britannia,
Canada (24.95) 0.60 4.9 4.67 4.7 0.97 4.0 6.24 4.6 0.92
Gurupi,
Brazil (24.95) - - 60.4 1.39 - - 60.4 1.39 2.71
Ity, Cote d'
Ivoire (51) 3.72 4.4 0.24 4.6 - - 3.96 4.4 0.56
Loulo, Mali (29) 16.2 4.1 5.82 4.2 9.05 2.5 31.0 3.7 3.64
Yamfo-Sefwi,
Ghana (90) 42.2 2.3 16.8 2.2 16.7 2.0 75.7 2.2 5.44
Area E
(Ntotoroso) (42.3) - - - - 14.0 2.6 14.0 2.6 1.17
Mastra, Turkey (100) - - 0.72 13.7 0.27 8.7 0.99 12.3 0.39
Ovacik, Turkey (100) 1.22 12.1 1.16 7.0 1.81 4.9 4.19 7.6 1.02
Perama, Greece (80) 10.7 3.6 2.71 2.7 - - 13.4 3.4 1.46
Attributable Share 53.80
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RESERVES
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at 30 June 2000 Interest Proved Probable Total Gold
(%) (Mt) (g/t) (Mt) (g/t) (Mt) (g/t) (Moz)
Western Australia
Yandal Operations (100)
Jundee 5.59 3.4 4.63 9.3 10.22 6.1 2.00
Bronzewing 0.44 3.6 7.84 4.7 8.28 4.7 1.24
Wiluna 0.48 6.4 0.71 5.8 1.19 6.0 0.23
Other - - - - - - -
Kalgoorlie
Operations (50)
Super Pit 81 2.0 105 2.1 186 2.1 12.4
Mt Charlotte 2.3 2.7 0.2 2.6 2.5 2.7 0.22
Other - - - - - - -
Boddington (44.44)
Oxide 4.46 1.0 3.31 0.83 7.77 0.94 0.23
Basement 0.59 2.6 0.37 2.5 0.96 2.5 0.08
Expansion Project 125 0.94 265 0.84 390 0.87 10.9
Northern Territory
Tanami
Operations (84.86)
Callie - - 8.84 6.2 8.84 6.20 1.76
DBS Open pits 0.55 3.0 1.16 3.1 1.71 3.1 0.17
Groundrush - - - - - - -
Other 0.55 2.9 1.48 3.0 2.03 2.9 0.19
Tennant Creek
Chariot (85.49) - - - - - - -
Queensland
Mt Leyshon (76.36) 4.95 1.65 4.85 0.75 9.80 1.2 0.38
Pajingo
Operations (50) 0.88 13.3 0.93 12.6 1.81 12.9 0.75
International
Martha,
New Zealand(2) (67.06) 0.3 2.0 7.3 3.3 7.6 3.2 0.79
Paracatu,
Brazil (24.45) 185 0.43 97 0.42 283 0.42 3.86
Crixas,
Brazil (24.95) 2.78 6.9 1.44 8.2 4.22 7.4 1.00
La Coipa,
Chile (2) (24.95) 58.9 1.0 - - 58.9 1.0 1.89
Musselwhite,
Canada (15.92) - - 13.8 5.8 13.8 5.8 2.57
New Britannia,
Canada (24.95) 0.6 4.9 2.93 5.3 3.53 5.2 0.59
Gurupi,
Brazil (24.95) - - - - - - -
Ity, Cote d'
Ivoire (51) 3.39 4.5 0.08 2.8 3.47 4.4 0.50
Loulo,
Mali (29) - - - - - - -
Yamfo-Sefwi,
Ghana (90) - - - - - - -
Area E
(Ntotoroso) (42.3) - - - - - - -
Mastra,
Turkey (100) - - - - - - -
Ovacik,
Turkey (100) 0.89 14.3 0.37 9.7 1.26 13.0 0.53
Perama,
Greece (80) 9.19 3.8 1.81 3.2 11.0 3.7 1.31
Attributable Share 21.81
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(1) Figures are 100 percent for each operation. (2) Resources do not include Measured 84.5Mt at 56g/t silver
(attributable 37.9Moz silver). Reserves do not include Proved
58.9Mt at 67.4g/t silver (attibutable 31.8Moz silver). La
Coipa has an average silver grade of 67g/t. Martha has an
average silver grade of 28g/t.
Except where noted, the effective date of Resource and Reserve estimates is 30 June 2000. Resources include that portion separately assigned to Reserves.
Tonnages and grades are quoted on a 100 percent basis. The estimate of contained gold does not account for recovery factors, and may not match tonnage and grade figures due to rounding.
A gold price of $450 per ounce has been used to estimate Reserves for Normandy-managed operations. A different price may apply at joint venture operations not managed by Normandy.
Information in this report relating to ore reserves, mineral resources or mineralisation conforms to the reporting requirements of the "Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves" (The JORC Code), and Australian Stock Exchange Listing Rules. It is based on, and accurately reflects, information compiled by M Hatcher, Chief Operations Geologist, Normandy Mining Limited; B Waitzenegger, Senior Mining Geologist, Normandy LaSource; C. Robinson, Chief Geologist, KCGM; C. Letton, Senior Mining Engineer, Boddington Gold Mine JV, and S. Williams, Mine Superintendent, Boddington Expansion, who are Competent Persons as defined by the Code, and Corporate Members of The Australasian Institute of Mining and Metallurgy. The information is included in this report with their consent.
In the case of TVX Normandy Americas it is based on, and accurately reflects information compiled by A. Schneider, Senior Vice President, Exploration, TVX Gold Inc., who is a recognised mining professional as defined by the Listing Rules. It is included in this report with his consent. Further information on Resources and Reserves for other subsidiary and associate companies (Normandy Mt Leyshon Limited and Normandy NFM Limited), can be found in the Annual Report of each company. |
