Update on Resources and Reserves
As of January 1, 2014, the open pit Proven & Probable gold reserves now stand at 9.37 million (M) ounces at a fully diluted average gold grade of 1.04 grams per tonne (“g/t Au”), following total 2013 production of 475,277 ounces of gold. Total precious metal production from the beginning of operations in April 2011 to December 31, 2013 was 1,044,388 ounces gold and 753,776 ounces silver. Global Measured and Indicated (M&I) resources stand at 11.10 M ounces gold, and global Inferred resources stand at 1.16M ounces gold. The global in situ 2014 resources include reserves but exclude production. This new estimate, calculated using a price of US$1,300 per ounce of gold, combines the reserves and resources of the main Canadian Malartic (CM), the South Barnat deposit and the defined satellite deposits. (press release of March 12, 2014)
Hammond Reef global M&I resources are estimated at 196.4 Mt @ 0.86 g/t Au, for 5.43 Moz Au. Global Inferred resources stand at 75.7 Mt @ 0,72 g/t for 1.75 Moz Au, based on a 0.50 g/t Au lower cut-off. Global M&I resources currently stand at 7.47 Moz Au at an average grade of 0.65 g/t Au and the global Inferred resource stands at 3.12 Moz Au at an average grade of 0.52 g/t Au, based on a 0.30 g/t Au lower cut-off (press release of January 28, 2013).
Upper Beaver - Kirkland Lake
The Upper Beaver - Kirkland Lake Project global M&I resources are 12.9 Mt @ 5.0 g/t Au for 2.1 Moz Au, and global Inferred resources are 12.9 Mt @ 4.4 g/t Au for 1.8 Moz (Kirkland Lake Project fully disclosed global resources).