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Newcrest Mining Ltd.
Summary
| Project: | Wafi-Golpu | |
|---|---|---|
| Deposit: | Golpu | |
| Location: | Papua New Guinea | |
| Commodities: | Gold-Silver-Copper | |
| Date: | 2/13/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 13-2-2017: Newcrest Mining Ltd. announces a Resource Estimation report for its Golpu deposit at the Wafi-Golpu project. JV - Annual update of mineral resources and ore reserves. Newcrest Mining Limited has updated its Mineral Resource and Ore Reserve esti | |
| Resources: | (Reserve, Prob.): 190Mt @ 0.91g/t Au for 5.5Moz Au (in-situ) contained at project | |
| CP/QP: | [Resources]: Paul Dunham, Greg Job (Internal) | |
| ABSTRACT: | Newcrest Mining Limited has updated its Mineral Resource and Ore Reserve estimates for the twelve month period ending 31 December 2016 and for this purpose, has completed a detailed review of all production sources. The review has taken into account updated long term metal prices, foreign exchange and cost assumptions, and mining and metallurgy performance to inform cut-off grades and physical mining parameters. Updated mining, metallurgical and long term cost assumptions were developed with reference to recent performance data. The revised long term assumptions include performance improvements consistent with changing activity levels at each site over the life of the operation and the latest study for each deposit. Long term metal prices and foreign exchange assumptions for Mineral Resources and Ore Reserves are set out in Table 1. Gold, copper and silver metal price assumptions remains unchanged from that used for December 2015 reporting. There has been no change to the AUD:USD exchange rate assumption since December 2015 reporting but local currency assumptions for Indonesian Rupiah and PNG Kina have been updated (the Côte d’Ivoire Franc remains unchanged). MMJV long term metal price and exchange rate assumptions are aligned to Newcrest assumptions. The Namosi Joint Venture (NJV) continues to use the joint venture agreed long term metal price and exchange rate assumptions unchanged from December 2015. NJV agreed metal price assumptions are USD 1,350/oz gold and USD 3.40/lb copper for Mineral Resources and USD 1,250/oz gold and USD 3.00/lb copper for Ore Reserves. Where appropriate, Mineral Resources are also spatially constrained within notional mining volumes based on metal prices of USD 1,400/oz for gold and USD 4.00/lb for copper. This approach is adopted to eliminate mineralisation that does not have reasonable prospects of eventual economic extraction from Mineral Resource estimates. | |
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