Reserves and resources at Kumtor as of December 31, 2015*, **,****

Thousands of tonnes

Grade (g/t)

Contained gold

Thousands of oz

Tonnes

Gold reserves:
– proven  8,832 1.4 402 12.5
– probable 60,406 2.7 5,240 162.98
Total Reserves 69,239 2.5 5,641 175.46
Resources****,*****:
– measured Open Pit 19,450 2.9 1,787 55.58
– indicated Open Pit 10,151 2.4 777 24.17
Total Measured and Indicated Resources 29,602 2.7 2,564 79.75
Inferred Resources****,*****
– Open Pit 3,894 1.2 148 4.60
– Underground Stockwork Zone**** 931 11.6 348 10.82
– Underground SB Zone**** 3,806 10.7 1,315 40.9
Total Inferred Resources 8,631 6.5

 

1,811 56.33

* – One Troy ounce equals to 31.10348 grammes
** – Numbers may not add up due to rounding.
*** – Unless specified otherwise, all dollar figures in this news release are in US dollars
**** – The open pit reserves and resources at Kumtor are estimated based on a cut-off grade of 0.85 grams of gold per tonne for the Central Pit and 1.0 grams of gold per tonne for the Southwest and Sarytor deposits. Underground resources occur below the open pit resources shell and are estimated based on a cut-off grade of 6.0 grams of gold per tonne.
*****- Open pit resources at Kumtor are constrained by a pit shell developed using a gold price of $1,450 per ounce.