Ore Reserves and Mineral Resources Statements 30 June 2013

Transcription

1 ASX Release / 22 August 2013 Ore Reserves and Mineral Resources Statements 30 June 2013 Ore Reserves at 30 June 2013: g/t Au for 5.24 million ounces of contained gold The acquisition of Gold Ridge and Operations during the year has added significantly to Ore Reserves and Mineral Resources. Gwalia Deeps Ore Reserves are estimated at 6.6 million tonnes 8.3 grams per tonne of gold (g/t Au) for 1.75 million ounces (Moz) of contained gold (1.93 Moz at June 2012), representing an indicative mine life of at least 9 years. Gwalia Deeps Mineral Resources as at 30 June 2013 reduced by 0.14 Moz to be g/t Au for 3.79 Moz of contained gold. The Gwalia ore body remains open at depth, particularly South West Branch lode, with potential within the planned mining interval to add to Mineral Resources in both the South Gwalia Series and Main Lodes. Company Summary at 30 June 2013 Total Ore Reserves are estimated at: g/t Au for 5.24 Moz of contained gold, comprising: Australian Operations: g/t Au for 2.13 Moz of contained gold Pacific Operations: g/t Au for 3.11 Moz of contained gold Total Mineral Resources are estimated at: g/t Au for Moz of contained gold, comprising: Australian Operations: g/t Au for 4.91 Moz of contained gold Pacific Operations: g/t Au for 8.31 Moz of contained gold The 30 June 2013 Ore Reserves and Mineral Resources Statements are attached. Tim Lehany Managing Director and CEO St Barbara Limited Ore Reserves and Mineral Resources Statements 30 June 2013 Page 1 of 8 St Barbara Limited Level 10, 432 St Kilda Road, Melbourne VIC 3004 T F ACN Locked Bag 9, Collins Street East, Melbourne VIC 8003 W

2 Mineral Resources Statement as at 30 June 2013 The Company's total Measured, Indicated and Inferred Mineral Resources as at 30 June 2013 are million tonnes 1.5 grams per tonne of gold (g/t Au) containing million ounces of gold (Moz) (refer Table 1). The previous publicly reported estimate of Mineral Resources was g/t Au containing 7.61 Moz of gold as at 30 June The increase in the Company s Mineral Resource Inventory is primarily due to the inclusion of the and Gold Ridge resources for the first time following the acquisition of Allied Gold Mining Plc (Allied Gold) in September During the 2013 financial year the Company finalised the sale of the Southern Cross Operations and reviewed a number of non-operational projects in the Leonora tenements that, along with depletion through mining at Gwalia and King of the Hills Mines, resulted in a reduction of the Mineral Resource inventory of 3.11 Moz of gold. Resource additions were realised through: revision of the geological models for King of the Hills Mine and the Kailis project; revision of the Tower Hill deposit s cut-off grade; and addition of the and Gold Ridge Mineral Resources subsequent to the acquisition of Allied Gold. These changes resulted in resource additions of 8.69 Moz of gold, illustrated in Figure 1. Figure 1: Major sources of variance to Mineral Resource Inventory between FY12 and FY13 koz 14,000 +2,062 13,215 12,000 +5,031 10,000 8,000 7,613 6, ,215 4,000-2,405 2,000 0 June 2012 Mining Depletion (Leonora) Leonora Review Sthn Cross Sale Koth Geology Revision Tower Hill Cut-Off Grade Change Kailis Oxide Sulphide Gold Ridge June 2013 St Barbara Limited Ore Reserves and Mineral Resources Statements 30 June 2013 Page 2 of 8

3 Mineral Resource Depletion (Leonora) - A total of 210 thousand ounces (koz) of gold has been depleted from the Company's Resources, 155 koz from Gwalia and 55 koz from King of the Hills. The total includes resource additions resulting from grade control and resource definition drilling. Leonora Review The Gwalia Intermediates (resource within the Gwalia Mine), Harbour Lights, McGraths, Rainbow and Royal Arthur Bore projects are legacy Mineral Resources that have been carried since the Company acquired the Sons of Gwalia gold assets in These projects were reviewed over the year, as part of the Company s Leonora Province Plan, which aimed to identify deposits that could provide mill feed to Gwalia in the eventuality King of the Hills Mine ceases production. Resources for Gwalia Mine West Lode and stockpiles at Tarmoola and Tower Hill were also reviewed. This review has resulted in the removal of 477 koz from the mineral inventory, due either to low grade, lack of treatment options or high risk, high cost and low recovery mining options. Southern Cross Sale - A total of 2.41 Moz of gold have been depleted from the Company s mineral inventory following the sale of the Southern Cross Operation, completed in April Gwalia The Gwalia resource has reduced by 147 koz overall with small resource additions to the South West Branch and Main Lode helping to offset mining depletion of 155 koz. King of the Hills Mine Geology Review Underground mapping, a review of the local structural geology and infill drilling has resulted in the revision of the controls on high grade mineralisation at King of the Hills. Previous models have interpreted the orientation of high grade lodes to follow the granite contact as it plunged to the north-west. However, recent work has shown that lodes have a shallow south-west dipping orientation. The revised geological model has resulted in additional 84 koz of gold. Tower Hill deposit cut-off grade change - The Tower Hill Mineral Resource was reported at cut-off grade of 3.2 g/t Au in the 2012 statement. This cut-off grade has been be dropped to 2.5 g/t Au which is in line with reporting for the Gwalia Mineral Resource estimate. This has resulted in the addition of 188 koz of gold. Kailis Project - The Kailis geological model and Mineral Resource estimate has been revised this year following on from a structural study of the Leonora region and has added approximately 114 koz. Mine Oxide - The Oxide Mineral Resource is reported for the first time as part of the Company s mineral inventory and contributes 1.22 Moz of gold. Sulphide - The Sulphide Mineral Resource is reported for the first time as part of the Company s mineral inventory and contributes 5.03 Moz of gold Gold Ridge Mine - The Gold Ridge Mineral Resource is reported for the first time as part of the Company s mineral inventory and contributes 2.06 Moz of gold. St Barbara Limited Ore Reserves and Mineral Resources Statements 30 June 2013 Page 3 of 8

4 ASX Release / 22 August 2013 Table 1: Mineral Resource Summary June 2013 Category Measured Indicated Inferred Total Region Project Tonnes (k) Au g/t k oz Tonnes (k) Au g/t k oz Tonnes (k) Au g/t k oz Tonnes (k) Au g/t k oz Leonora Gwalia Deeps 5, ,088 7, ,362 1, , ,791 King of the Hills , , Tower Hill , , Kailis , , Total Leonora 5, ,088 14, ,335 2, , ,907 Oxide Bekou (Oxide) Botlu (Oxide) , , Pigibo (Oxide) , , Pigiput (Oxide) 4, , , , Pigicow (Oxide) Samat (Oxide) , , Sorowar(Oxide) 4, , , , Total Oxide 9, , , , ,215 Sulphide Bekou (Sulphide) Botlu ( Sulphide) , , , Pigibo (Sulphide) , , , Pigiput (Sulphide) , ,784 24, , ,515 Pigicow(Sulphide) , , Samat (Sulphide) , , , Sorowar(Sulphide) 2, , , , Total Sulphide 2, , ,719 76, , , ,031 Gold Ridge Valehaichichi 1, , , , Namachamata , Kupers 3, , , , Dawsons 1, , , , Total Gold Ridge 5, , ,273 14, , ,062 Total All Areas 23, , , , , , , ,215 St Barbara Limited Ore Reserves and Mineral Resources Statements 30 June 2013 Page 4 of 8

5 ASX Release / 22 August 2013 Notes to Table 1: 1. Mineral Resources are reported inclusive of Ore Reserves. 2. Cut-off Grades Leonora: Gwalia Deeps (2.5 g/t Au), King of The Hills (3.0 g/t Au), Tower Hill (2.5 g/t Au), Kailis (0.8 g/t Au). 3. Cut-off Grade Oxide (0.3 g/t Au). 4. Cut-off Grade Sulphide (0.5 g/t Au). 5. Cut-off Grade Gold Ridge (0.5 g/t Au). 6. Details relating to each of the estimates are contained in the St Barbara Ltd Annual Mineral Resource Report which is available at 7. Data is rounded to thousands of tonnes and thousands of ounces. Discrepancies in totals may occur due to rounding. Competent Persons Statement The information in this report that relates to Mineral Resources is based on information compiled by Mr Phillip Uttley, who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Uttley is a full-time employee of St Barbara Ltd and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Uttley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The Competent Persons who have completed work on each of the mines or deposits are as follows: Gwalia and King of the Hills Mines Mr Robert Love (FAusIMM) Kailis and Tower Hill Deposits Ms Jane Bateman (MAusIMM) Mine Mr Jacek Drzymulski (MAusIMM) Gold Ridge Mine Mr Kevin Crossling (MAusIMM) St Barbara Limited Ore Reserves and Mineral Resources Statements 30 June 2013 Page 5 of 8

6 Ore Reserves Statement as at 30 June 2013 As at 30 June 2013, the Company s Proved and Probable Ore Reserves are estimated to be million tonnes (Mt) at 2.1 grams per tonne of gold (g/t Au) containing 5.24 million ounces (Moz) (refer Table 2). The previously reported Reserve in 2012 was g/t Au for 2.53 Moz of contained gold. Ore Reserves are located at Gwalia, King of the Hills, Tower Hill, and Gold Ridge. This represents a net increase of 2.71 Moz over the June 2012 estimate. The acquisition of Allied Gold has significantly rescaled and reshaped the reportable Reserve through the addition of large tonnage low grade open pit reserves. This is the first time these Reserves have been reported by St Barbara. The sale of Southern Cross Operations was completed in April 2013, after the operations were placed on care and maintenance in December Southern Cross Operations produced 1.08 Moz between 2005 and 2012 under St Barbara ownership. Key events influencing the 2013 estimate are as follows: A gold price of $A1,250 per ounce has been used for all projects and operations. This is consistent with last year s price estimate and peer producers. Leonora has total Reserves depletion of 279 koz, comprising 249 koz depletion from mining activities, and a net 30 koz depletion from design and interpretation changes at King of Hills, Tower Hill and Gwalia. Southern Cross depletion from mining activities was 36 koz, inclusive of 6 koz for unclassified material. Reserves at sale were 90 koz, resulting in a net depletion of 120 koz. Oxides have been added to Company s Reserves and are estimated to have a Proved and Probable Reserve of 756 koz. Oxides were estimated using current operating parameters, with an updated Life of Mine plan. Sulphides are estimated to have a Proved and Probable Reserve of 1.55 Moz. This estimate is based on a Pre-Feasibility Study (PFS) completed by Allied Gold prior to acquisition. An updated Life of Mine Plan has been completed to support the study using existing operating parameters. Gold Ridge has been added to the Company s Reserves and has an estimated 905 koz of Proved and Probable Reserves. Dawson s deposit holds the majority of Reserves and is scheduled for development in FY14. Reserve depletion and addition are illustrated in Figure 2. Figure 2: Major variances to Ore Reserves between FY12 and FY13 koz 5,500 5, ,238 4,500 +1,449 4,000 3,500 3, ,500 2, , ,500 Jun-12 Gwalia Mining Depletion Gwalia Changes* KoTH Mining Depletion KoTH Changes* Tower HillSthn CrossSthn CrossSthn Cross Changes* Mining Depletion Changes* Sale Oxide Sulphide Gold Ridge Jun-13 * Changes include Geology, Design and Factor Changes St Barbara Limited Ore Reserves and Mineral Resources Statements 30 June 2013 Page 6 of 8

7 Table 2: June 2013 Ore Reserve Summary Category Proved Probable Total Region Project Kt Au g/t Koz Kt Au g/t Koz Kt Au g/t koz Leonora Southern Cross Gwalia Deeps 1, , ,330 6, ,754 Tower Hill 2, , King of the Hills Total Leonora 1, , ,704 9, ,128 Sorowar 4, , , Pigiput 3, , ,174 27, ,262 Pigibo , , Samat , , Botlu , , Pigicow Bekou Stockpiles Total 9, , ,929 50, ,205 Gold Ridge Dawsons , , Kupers 2, , , Valehaichichi , , Namachamata Stockpiles Total Gold Ridge 3, , , Total All Areas 14, , ,348 77, ,238 St Barbara Limited Ore Reserves and Mineral Resources Statements 30 June 2013 Page 7 of 8

8 Notes to Table 2: 1. Reserves based on a gold price of A$1,250/oz for Gwalia, King of the Hills,, Gold Ridge and Tower Hill. 2. Resources are reported as inclusive of Reserves. 3. All data is rounded to two significant figures. Discrepancies in summations will occur due to rounding. 4. Details relating to each of the estimates are available as short form reports at Competent Persons Statement The Ore Reserves have been estimated and complied under the direction of Mr John de Vries. Mr de Vries is a Member of The Australasian Institute of Mining and Metallurgy and a full time employee of St Barbara Limited. Mr de Vries has sufficient experience relevant to the style of mineralisation, type of deposit under considerations and for the activity being undertaken to qualify as a Competent Person as defined by the 2012 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore reserves'. Mr de Vries consents to the inclusion in the report of the matters based on their information in the form and context in which it appears. St Barbara Limited Ore Reserves and Mineral Resources Statements 30 June 2013 Page 8 of 8