Shallow, Open Pit, Heap Leach
Operation with Nearby Infrastructure Models as Low
Cost ~100,000 per annum Gold Production
VANCOUVER, BC, Sept. 15, 2020 /CNW/ - KORE Mining
Ltd. (TSXV: KORE) (OTCQX: KOREF) ("KORE" or the
"Company") is pleased to announce a positive Preliminary
Economic Assessment ("PEA") for the Company's 100% owned
Long Valley Gold Deposit ("Long Valley" or
"Project"), located in California,
USA. The PEA demonstrates Long Valley's potential to
generate strong economic returns while being in full compliance
with California's stringent
operating and reclamation standards. Long Valley has clear
upside potential from targets on-strike and lateral to the current
modelled oxide mineralization and KORE intends to aggressively
explore this untapped potential.
LONG VALLEY PROJECT PEA HIGHLIGHTS:
- Robust economics: US$ 263 million
NPV5% post-tax with 40% IRR at US$ 1,600 per ounce gold
- 100,000 ounces gold per year over 7 years at AISC of
US$ 732 per ounce
- Technically simple: shallow open pit, heap leach with nearby
infrastructure
- Significant leverage to gold: US$ 396
million NPV5% at recent spot US$ 1,900 per ounce gold
- Unmodelled silver potential from metallurgical test-work
- Shallow oxide and sulphide feeder exploration potential to
further enhance project
Watch a video (50 seconds) of Scott
Trebilcock, KORE's CEO, summarizing the highlights of the
Long Valley PEA – click here. Refer to the Long Valley PEA
Summary infographic in Figure 1.
KORE's CEO Scott Trebilcock
stated: "The Long Valley PEA generated an NPV5% of
US$ 396 million at US$ 1,900 per ounce gold. In addition, KORE
has a preliminary economic assessment on its Imperial Project,
published on May 19, 2020, which
generated an NPV5% of US$ 660
million at US$ 1,900 per ounce
gold. KORE has the unique advantage of having two simple,
low-cost heap leach development projects in one Company and can
manage capital needs for growth, permitting and construction to
maximize shareholder value."
Mr. Trebilcock continued, " The Long Valley PEA is a key
milestone towards KORE's becoming a significant North American
producer envisioning production of 250,000 ounces of gold a year
from our US projects."
KORE's COO Marc Leduc added: "The
mine plan at Long Valley complies with California's stringent reclamation and
environmental laws while delivering skilled jobs and long-term
regional economic development. KORE's next step is to grow Long
Valley by drilling oxide and sulphide targets while further
defining silver potential."
The PEA is preliminary in nature and includes inferred mineral
resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them
to be categorized as mineral reserves. There is no certainty
that the PEA will be realized. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.
PEA SUMMARY
The PEA was prepared in accordance with
National Instrument 43-101 ("NI 43-101") by Global Resource
Engineering (Denver)
("GRE") - Terre Lane, RMSME
MMSAQP, Todd Harvey, PhD, RMSME in
conjunction with a revised resource estimate prepared by Mine
Development Associates and authored by Neil Prenn, PE. The
team was led by Marc Leduc, P.Eng.
the COO of KORE Mining. The Company plans to file the PEA on SEDAR
at www.sedar.com within 45 days in accordance with NI
43-101.
This news release contains information from a preliminary
economic assessment, which is a conceptual study, and other
forward-looking information about potential future results and
events. Please refer to the cautionary statements in the footnotes
below and the Cautionary Statements located at the end of this news
release, which include associated assumptions, risks, uncertainties
and other factors.
Unless otherwise stated, all dollar figures are in United States dollars ("$") and masses are in
short tons.
Economics
|
Pre-Tax
|
Post-Tax
|
Net present value
(NPV5%) at 0.75C$/US$
|
C$
millions
|
$479
|
$351
|
Net present value
(NPV5%)
|
US$
millions
|
$359
|
$263
|
Internal rate of
return (IRR)
|
%
|
48%
|
40%
|
Payback
(undiscounted)
|
Years
|
2.0
|
2.3
|
LOM avg. annual cash
flow after tax & capital
|
US$
millions
|
$95
|
$78
|
LOM cumulative cash
flow (undiscounted)
|
US$
millions
|
$503
|
$384
|
Gold price
assumption
|
US$ per
ounce
|
$1,600
|
Mine life
|
Years
|
7
|
Average annual mining
rate
|
million
tons/yr
|
18.5
|
Average annual gold
production
|
thousand
ounces/yr
|
100
|
Total LOM recovered
gold
|
thousand
ounces
|
717
|
Initial capital
costs
|
US$
millions
|
$158
|
Life-of-mine ("LOM") calculation and "Mine Life" is defined as
the duration of mining operations, 7 years. There are
additional years of site work for residual leaching, washing,
back-filling and reclamation modelled.
GOLD PRICE SENSITIVITIES
The following table demonstrates the post-tax sensitivities of
NPV and IRR to gold price per ounce. The base case, highlighted in
the table below, assumes US$1,600 per
ounce of gold:
Economic
Sensitivities to Gold Prices
(post-tax)
|
Per ounce of
gold
|
(NPV5%) millions
|
IRR%
|
US$1,200
|
US$ 86
|
19%
|
US$1,400
|
US$ 174
|
30%
|
US$1,600
|
US$
263
|
40%
|
US$1,800
|
US$ 351
|
49%
|
US$2,000
|
US$ 440
|
57%
|
US$2,200
|
US$ 527
|
65%
|
OPPORTUNITIES
The PEA outlined a number of initiatives
that may enhance the Project including:
- Assaying silver in all future drill programs to add silver into
the resources;
- Conducting metallurgical tests to establish optimal crush size
and cement addition;
- Performing test work on very low-grade samples to determine
viability of run-of-mine leaching;
- Reviewing contract mining to reduce initial capital; and
- Drilling for more oxide resources and deep sulfides to look for
high-grade feeder zones.
NEXT STEPS
This PEA demonstrates the robust nature of
the current Long Valley mineralization. However, there is a
clear opportunity to grow shallow oxide mineralization as the
mineralization remains open in all directions and on a separate
parallel structure. Additional mineralization could extend mine
life, reduce capital intensity and generate higher project economic
returns. A summary of oxide expansion targets is included in
Figure 2.
Additionally, as a fully intact epithermal deposit with a large
at surface footprint, Long Valley has the potential for high-grade
sulphides in the underlying feeder structures. Discovering
high-grade sulphides would open up additional development pathways
for the Project, such as underground mining and milling of
mineralization. A summary of sulphide expansion targets is
included in Figure 3.
KORE plans to drill-test the highest priority oxide and sulphide
targets. KORE is currently permitting drill pads with our
regulator the US Forest Service ("USFS"). Drilling is
planned for H1 2021, subject to USFS permitting timelines.
Details of the Long Valley exploration targets are in KORE news
releases dated January 30, 2020 and
March 24, 2020.
LONG VALLEY PEA DETAILS
GRE notes that the
Long Valley Project has an abundance of drill data as a result of
the exploration completed in the 1980s and 1990s. The Project
also has metallurgical sampling and testing from previous owners,
reviewed by GRE, to support the initial engineering design.
This data will act as an important background and aid in the design
of future work on the project.
MINING & PROCESSING
The PEA presents an open-pit,
heap leach scenario where oxide, transition and sulphide ore is
stacked on the leach pads by conveyors after two stages of crushing
and agglomeration. The conveyor system is also used at
the end of the mine life to backfill the final pits and reclaim the
site to California's stringent
standards. In the design process, the engineering team also looked
at several other scenarios:
- Silver production; a Merrill- Crowe precious metal recovery
circuit is included in the project design to recover both gold and
silver. Silver is NOT quantified in the resource or PEA as it was
not assayed regularly in historic drilling but was seen in all of
the previous metallurgical test work.
- Smaller, oxide only mine plan that had lower stripping ratio,
lower capital and operating costs but yielded less ounces. KORE
ultimately selected the mine plan with the most ounces recovered as
those ounces would likely be mined at current metal prices.
Mining Plan and
Processing Summary
|
Mine life
|
years
|
7
|
Mining
rate
|
average tons per
day
|
50,600
|
Strip
ratio
|
waste:
mineralization
|
1.4
|
Total tonnage
mined
|
million
tons
|
130.7
|
Total mineralized
material mined
|
million
tons
|
54.2
|
Heap leach stacking
rate
|
average tons per
day
|
21,100
|
Average LOM
grade
|
gram per metric
tonne
|
0.671
|
Average LOM
recovery
|
%
|
68%
|
A detailed mine plan by year is included in Table 1 at
the end of this news release.
OPERATING COSTS
Mining costs for owner operated mining, processing and other
costs were developed from a mix of first-principle engineering and
benchmarked to the many ROM heap leach operations in California and nearby Nevada. The Long
Valley Project is located near a large skilled labour pool and has
local access to road and power infrastructure. The Project has
several options for water locally with potential surface and ground
water sources.
Operating Costs
(LOM average) (1)
|
Mining costs (per ton
mined)
|
US$/st
mined
|
$1.78
|
Mining
costs
|
US$/st
processed
|
$4.29
|
Processing
costs
|
US$/st
processed
|
$2.64
|
G&A
costs
|
US$/st
processed
|
$0.69
|
Total site operating
costs
|
US$/st
processed
|
$7.62
|
Cash
Costs*
|
Cash costs
(LOM)*
|
US$/oz
|
$612
|
|
(1) Not including
post-production reclamation and backfilling. See LOM
description above.
|
The assumed truck diesel fuel price in the PEA is US$ 2.00 per US gallon. About 11% of the
mining cost is fuel so lower fuel prices would decrease mining
costs moderately.
INITIAL PRE-PRODUCTION AND SUSTAINING CAPITAL
COSTS
Initial capital costs in the PEA are US$ 158 million including a 25% contingency of
US$ 31.6 million. Infrastructure
costs are low due to the proximity of road, water and power
infrastructure. Initial capital also assumes KORE is the
owner-operator of all equipment. Further enhancements may be
possible with contract mining. Sustaining capital is mainly for
heap leach pad expansion and additional mining equipment.
Pre-Production and
Sustaining Capital Costs (US$
millions)
|
Mining and mine
infrastructure
|
$40.6
|
Heap leach pads and
plant
|
$55.5
|
Infrastructure and
G&A
|
$16.8
|
Working
capital
|
$4.4
|
Contingency
(25%)
|
$27.1
|
Pre-production
mining
|
$13.7
|
Total
Pre-Production Cost
|
$158.0
|
LOM sustaining
capital
|
$18.4
|
Closure incl.
backfill (1)
|
$67.5
|
|
(1) Closure cost includes
final backfilling of the open pit and site reclamation to
California's stringent standards. The cost includes US$38.7
million in mining cost, US$13.5 million in site operating G&A
during back-filling of the final pit, in addition to US$15.3
million in other site closure costs. Backfill will return the
site to plus 25 feet of original topography while re-establishing
drainages. The balance of the closure cost is for normal
non-backfill site closure costs to remediate disturbances, remove
structures, etc.
|
ALL-IN-SUSTAINING-COST*
All-in-sustaining costs
("AISC")* are competitive with peer projects and in the
second quartile when compared to the World Gold Council AISC cost
metric. Long Valley's AISC* is built up as follows:
AISC* per
ounce (US$ millions)
|
Operating cost
(1)
|
$580
|
Royalties
(2)
|
$32
|
Sustaining
capital
|
$26
|
Closure
|
$94
|
Total
AISC*
|
$732
|
|
(1) Operating costs includes
US$5 per ounce offsite refining.
|
(2) Royalties consist of: (a)
1% NSR royalty to Royal Gold; and (b) 1% NSR royalty to Vista
Gold.
|
UPDATED MINERAL RESOURCE ESTIMATE
Long Valley is well
drilled with a total of 896 holes, the majority being completed by
reverse circulation with lesser core, rotary and air track from
1988-1996. The mineral resource model, as presented within
KORE's December 18, 2019 Technical
Report, has been updated using a more detailed geologic model which
has allowed for the assigning of lithology-specific density values.
In addition, the reported resource estimate has been updated using
revised optimization parameters for the constraining pit shell. The
updated estimate, effective September 15,
2020, was prepared by Mine Development Associates and the
resource block model derived by Mine Development Associates was
used in the development of this PEA. The current Mineral
Resources are shown in Imperial and Metric units in the tables
below. The revised pit-shell parameters, including the use of
a higher gold price, US$ 1,800 per
ounce, are within the table footnotes.
Long Valley Mineral Resource Estimate – Imperial Units (as at
September 15, 2020)
Classification
|
Cut-Off
(oz /
ton)
|
Quantity
('000
tons)
|
Grade
Gold
(oz /
ton)
|
Contained
Gold ('000 oz)
|
Indicated
|
Oxide
|
0.005
|
35,276
|
0.018
|
635
|
Transition
|
0.006
|
4,026
|
0.014
|
56
|
Sulphide
|
0.006
|
30,914
|
0.017
|
526
|
Total
Indicated
|
|
70,216
|
0.017
|
1,217
|
Inferred
|
Oxide
|
0.005
|
8,997
|
0.020
|
180
|
Transition
|
0.006
|
1,277
|
0.016
|
20
|
Sulphide
|
0.006
|
14,033
|
0.018
|
253
|
Total
Inferred
|
|
24,307
|
0.019
|
456
|
Long Valley Mineral Resource Estimate – Metric Units (as at
September 15, 2020)
Classification
|
Cut-Off
(g /
tonne)
|
Quantity
('000
tonnes)
|
Grade
Gold
(g /
tonne)
|
Contained
Gold ('000 oz)
|
Indicated
|
Oxide
|
0.17
|
32,002
|
0.62
|
635
|
Transition
|
0.21
|
3,653
|
0.48
|
56
|
Sulphide
|
0.21
|
28,045
|
0.58
|
526
|
Total
Indicated
|
|
63,699
|
0.58
|
1,217
|
Inferred
|
Oxide
|
0.17
|
8,162
|
0.69
|
180
|
Transition
|
0.21
|
1,159
|
0.55
|
20
|
Sulphide
|
0.21
|
12,731
|
0.62
|
253
|
Total
Inferred
|
|
22,052
|
0.65
|
456
|
- Numbers may not add or multiply accurately due to
rounding.
- Mineral Resources do not have demonstrated economic
viability.
- CIM Definition and Standards were followed for the Mineral
Resource estimates.
- The Mineral Resource estimate was prepared by Neil Prenn P.E., who is an independent
consultant and Qualified Person for the purpose of NI 43-101.
- Mineral Resources are reported at a 0.005oz Au/ton cut-off
grade for oxide material to be processed using heap leach methods
and 0.006oz Au/ton cut-off grade for transition and sulfide
material to be processed by milling methods.
- Mineral Resources are contained within a US$1,800 per ounce optimized pit. Other pit
optimization parameters are:
-
- Pit Slope: 45 degrees
- Mining: US$1.80 / ton mined
- Crushing: US$1.40 / ton
processed
- Heap Leach: US$1.80 / ton
processed
- Sulfide Mill: US$10.0 / ton
processed
- G&A: US$0.70 / ton
processed
- Refining: US$5 / oz Au
produced
- Recovery (Oxide): 80% heap recovery
- Recovery (Transition): 90% mill recovery
QUALIFIED PERSONS/QUALITY ASSURANCE
The Preliminary
Economic Assessment was prepared by GRE with Terre Lane, PE being
the Qualified Person in charge of its preparation and who is
independent of KORE. The mineral resource portion of the PEA
was prepared by Neil Prenn, P.E. of Mine Development Associates and
who is independent of KORE. With regards to technical matters
in this press release Marc Leduc,
P.Eng. is the Qualified Person within the meaning of NI 43-101 and
has reviewed and validated that the information in this press
release is consistent with that provided by the Qualified Persons
responsible for the PEA.
Further information about the PEA referenced in this news
release, including information in respect of data verification, key
assumptions, parameters, risks and other factors, can be found in
the NI 43-101 technical report for the Long Valley Gold Deposit
that the Company intends to file on SEDAR (www.sedar.com) under
KORE's profile and on the Company's website (www.koremining.com)
within the next 45 days from the date of this news release.
ALTERNATIVE PERFORMANCE MEASURES (NON-IFRS
MEASURES)
Items marked with a * in this news release are
alternative performance measures. Alternative performance measures
are furnished to provide additional information. These
non-IFRS performance measures are included in this news release
because the Company believes these statistics are key performance
measures that provide investors, analysts and other stakeholders
with additional information to understand the costs associated with
the Project. These performance measures do not have a standard
meaning within IFRS and, therefore, amounts presented may not be
comparable to similar data presented by other mining companies.
These performance measures should not be considered in isolation as
a substitute for measures of performance in accordance with
IFRS.
"Cash Costs " and "Cash Costs (LOM)" are a non-IFRS measure
reported by KORE on an ounces of gold sold basis. Cash costs
include mining, processing, refining, general and administration
costs and royalties but excludes depreciation, reclamation, income
taxes, capital and exploration costs for the life of the mine,
defined above as 7 years.
"All-In-Sustaining-Costs" ("ASIC") is a non-IFRS measure
reported by KORE on a per ounce of gold sold basis that includes
all cash costs noted above (mining, processing refining, general
and administration and royalties), as well as sustaining capital
and closure costs, but excludes depreciation, capital costs and
income taxes.
ABOUT LONG VALLEY GOLD DEPOSIT
Long Valley is 100%
owned epithermal gold project located in Mono County California. The Long Valley
deposit is an intact epithermal gold deposit with a large 2.5 by 2
kilometer oxide gold footprint.
The Long Valley deposit is an intact low sulphidation epithermal
gold/silver deposit, hosted within a melange of fine to coarse
volcanogenic sedimentary lithologies. Mineralization at Long
Valley has developed due to a combination of deep-rooted fault
structures and a resurgence of rhyolite within an active
caldera. The Hilton Creek Fault structure transects and
served as a fluid conduit for interaction with the underlying
hydrothermal system, while the rhyolite resurgence caused brittle
fracturing of sediments and created voids or traps for
mineralization and gold deposition. The combination of these
factors yields strongly altered kaolin and quartz-hematite zones
that are the primary host for gold mineralization.
The Hilton Creek Fault remains underexplored on-strike north and
south and several parallel structures have been defined using
geophysics, the eastern one hosting some of the current mineral
resource and the western one being unexplored. Long Valley is
therefore open to new oxide discoveries in all directions.
More details on the deposit geology and exploration potential can
be found in KORE's January 30,
2020 and March 24,
2020 news releases.
ABOUT KORE
KORE is 100% owner of a portfolio of
advanced gold exploration and development assets in California and British Columbia. KORE is
supported by strategic investor Eric
Sprott who recently invested $7.0
million, bringing his total ownership to 26%. KORE
management and Board are aligned with shareholders, owning
and additional 38% of the basic shares outstanding. KORE is
actively developing its Imperial Gold project and is aggressively
exploring across its portfolio of assets.
Further information on the Long Valley project and KORE can be
found on the Company's website at www.koremining.com or by
contacting us as info@koremining.com or by telephone at (888)
407-5450.
On behalf of KORE Mining Ltd
"Scott
Trebilcock"
Chief Executive Officer
(888) 407-5450
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward-looking statements relating
to the future operations of the Company and other statements that
are not historical facts. Forward-looking statements are often
identified by terms such as "will", "may", "should", "anticipate",
"expects", "intends", "indicates" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
the future plans and objectives of the Company are forward-looking
statements. Forward-looking statements in this news release
include, but are not limited to, statements with respect to: the
results of the PEA, including future Project opportunities, future
operating and capital costs, closure costs, AISC, the
projected NPV, IRR, timelines, permit timelines, and the ability to
obtain the requisite permits, economics and associated returns of
the Long Valley Project, the technical viability of the Long Valley
Project, the market and future price of and demand for gold, the
environmental impact of the Long Valley Project, and the ongoing
ability to work cooperatively with stakeholders, including the
local levels of government. Such forward-looking statements, and
any assumptions upon which they are based, are made in good faith
and reflect our current judgment regarding the direction of our
business. Management believes that these assumptions are
reasonable. Forward looking information involves known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information.
Such factors include, among others: risks related to exploration
and development activities at the Company's projects, and factors
relating to whether or not mineralization extraction will be
commercially viable; risks related to mining operations and the
hazards and risks normally encountered in the exploration,
development and production of minerals, such as unusual and
unexpected geological formations, rock falls, seismic activity,
flooding and other conditions involved in the extraction and
removal of materials; uncertainties regarding regulatory matters,
including obtaining permits and complying with laws and regulations
governing exploration, development, production, taxes, labour
standards, occupational health, waste disposal, toxic substances,
land use, environmental protection, site safety and other matters,
and the potential for existing laws and regulations to be amended
or more stringently implemented by the relevant authorities;
uncertainties regarding estimating mineral resources, which
estimates may require revision (either up or down) based on actual
production experience; risks relating to fluctuating metals prices
and the ability to operate the Company's projects at a profit in
the event of declining metals prices and the need to reassess
feasibility of a particular project that estimated resources will
be recovered or that they will be recovered at the rates estimated;
risks related to title to the Company's properties, including the
risk that the Company's title may be challenged or impugned by
third parties; the ability of the Company to access necessary
resources, including mining equipment and crews, on a timely basis
and at reasonable cost; competition within the mining industry for
the discovery and acquisition of properties from other mining
companies, many of which have greater financial, technical and
other resources than the Company, for, among other things, the
acquisition of mineral claims, leases and other mineral interests
as well as for the recruitment and retention of qualified employees
and other personnel; access to suitable infrastructure, such as
roads, energy and water supplies in the vicinity of the Company's
properties; and risks related to the stage of the Company's
development, including risks relating to limited financial
resources, limited availability of additional financing and
potential dilution to existing shareholders; reliance on its
management and key personnel; inability to obtain adequate or any
insurance; exposure to litigation or similar claims;
currently unprofitable operations; risks regarding the ability of
the Company and its management to manage growth; and potential
conflicts of interest.
In addition to the above summary, additional risks and
uncertainties are described in the "Risks" section of the Company's
management discussion and analysis for the year ended December 31, 2019 prepared as of April 27, 2020 available under the Company's
issuer profile on www.sedar.com.
Forward-looking statements contained herein are made as of the
date of this news release and the Company disclaims any obligation
to update any forward-looking statements, whether as a result of
new information, future events or results, except as may be
required by applicable securities laws. There can be no assurance
that forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information.
There is no certainty that all or any part of the mineral
resource will be converted into mineral reserve. It is uncertain if
further exploration will allow improving the classification of the
Indicated or Inferred mineral resource. Mineral resources are
not mineral reserves and do not have demonstrated economic
viability.
Cautionary Note Regarding Mineral Resource Estimates:
Information regarding mineral resource estimates has been prepared
in accordance with the requirements of Canadian securities laws,
which differ from the requirements of United States Securities and
Exchange Commission ("SEC") Industry Guide 7. In October 2018, the SEC approved final rules
requiring comprehensive and detailed disclosure requirements for
issuers with material mining operations. The provisions in Industry
Guide 7 and Item 102 of Regulation S-K, have been replaced with a
new subpart 1300 of Regulation S-K under the United States
Securities Act and will become mandatory for SEC registrants after
January 1, 2021. The changes adopted
are intended to align the SEC's disclosure requirements more
closely with global standards as embodied by the Committee for
Mineral Reserves International Reporting Standards (CRIRSCO),
including Canada's NI 43-101 and
CIM Definition Standards. Under the new SEC rules, SEC registrants
will be permitted to disclose "mineral resources" even though they
reflect a lower level of certainty than mineral reserves.
Additionally, under the New Rules, mineral resources must be
classified as "measured", "indicated", or "inferred", terms which
are defined in and required to be disclosed by NI 43-101 for
Canadian issuers and are not recognized under SEC Industry Guide
7. An "Inferred Mineral Resource" has a lower level of
confidence than that applying to an "Indicated Mineral Resource"
and must not be converted to a Mineral Reserve. It is reasonably
expected that the majority of "Inferred Mineral Resources" could be
upgraded to "Indicated Mineral Resources" with continued
exploration. Accordingly, the mineral resource estimates and
related information may not be comparable to similar information
made public by United States
companies subject to the reporting and disclosure requirements
under the United States federal laws and the rules and
regulations thereunder, including SEC Industry Guide 7.
TABLE 1 – DETAILED LONG VALLEY PEA MINE PLAN
|
Years
|
|
LOM
Total
|
-1
|
1
|
2
|
3
|
4
|
5
|
6
|
7
|
|
Ore (ton)
|
54,155,978
|
118,479
|
6,380,750
|
8,030,000
|
8,042,969
|
8,030,000
|
8,028,378
|
8,108,024
|
7,417,377
|
|
Waste Tons
(ton)
|
76,500,818
|
1,168,143
|
11,596,382
|
5,561,176
|
11,838,715
|
7,236,130
|
14,762,720
|
14,052,046
|
10,285,506
|
|
Stripping
Ratio
|
1.4
|
-
|
1.8
|
0.7
|
1.5
|
0.9
|
1.8
|
1.7
|
1.4
|
|
Mined Ore Grade
(g/t)
|
0.671
|
0.60
|
0.66
|
0.67
|
0.67
|
0.66
|
0.71
|
0.81
|
0.50
|
|
Contained Gold (troy
oz)
|
1,059,850
|
2,070
|
122,226
|
156,679
|
157,822
|
154,993
|
167,045
|
191,328
|
107,688
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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SOURCE Kore Mining