Update on Resources and Reserves
As of January 1, 2013, the open pit Proven & Probable gold reserves (using US$1475 gold) now stand at 10.1 million (M) ounces at a fully diluted average gold grade of 1.01 g/t Au, following total production of 588,615 ounces of gold since beginning of operations in 2011. Global Measured and Indicated (M&I) resources above a cut-off grade of 0.31 (Barnat) to 0.34 g/t Au (Canadian Malartic and satellites) stand at 11.70 M ounces gold, and global Inferred resources stand at 1.20 M ounces gold. The global in situ resources include reserves but exclude production (press release of February 19, 2013).
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).