43-101 2008 Technical Report On The La Fortuna Project, Durango ...

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Mineral reserves for this study were reported using a 0.15g/tonne Au operating cut-off grade. Blocks within the optimum pit with grades less than 0.15g/tonne Au would have to be mined, but would be considered as waste. 14.2.5.1 Reserve Cut-off Grades There are several different types of cut-off grades. During the pit design process when one is determining whether a block will be mined and processed, an operational cut-off grade is used. This is the grade at which revenue exceeds mining and processing costs. For the base case, $625 gold price scenario, the operational cut-off grade was 0.22 grams Au per tonne. Once the pit limit has been decided, it follows that everything within the pit must be mined. In other words, mining costs are sunk and the decision shifts to whether a mined block will be sent to the mill or to the waste pile. The processing cut-off grade is the grade at which revenue exceeds only the processing costs. For the base case, $625 gold price scenario, the processing cut-off grade was 0.15 grams per tonne. The following tables are the undiluted reserves results of the pit optimization based on various gold prices: Undiluted Reserves at $550 per Ounce Gold Overburden Tonnes 12,100,000 Oxide Below 0.15 g/tonne* 11,100,000 Subtotal, Waste Rock 23,200,000 In-Pit Proven and Probable Reserves In-Pit Inferred Resources Cut-off Tonnes Average Cut-off Tonnes Average Grade Above Grade Grade Above Grade (g/tonne) Cut-off (g/tonne) Ounces (g/tonne) Cut-off (g/tonne) Ounces 0.15 40,000,000 0.53 680,000 0.15 35,000 0.32 400 Undiluted Reserves at $575 per Ounce Gold Overburden Tonnes 12,800,000 Oxide Below 0.15 g/tonne* 11,800,000 Subtotal, Waste Rock 24,600,000 In-Pit Proven and Probable Reserves In-Pit Inferred Resources Cut-off Tonnes Average Cut-off Tonnes Average Grade Above Grade Grade Above Grade (g/tonne) Cut-off (g/tonne) Ounces (g/tonne) Cut-off (g/tonne) Ounces 0.15 42,400,000 0.52 707,000 0.15 41,000 0.32 400 44
Undiluted Reserves at $600 per Ounce Gold Overburden Tonnes 13,500,000 Oxide Below 0.15 g/tonne* 12,200,000 Subtotal, Waste Rock 25,700,000 In-Pit Proven and Probable Reserves In-Pit Inferred Resources Cut-off Tonnes Average Cut-off Tonnes Average Grade Above Grade Grade Above Grade (g/tonne) Cut-off (g/tonne) Ounces (g/tonne) Cut-off (g/tonne) Ounces 0.15 44,300,000 0.51 725,000 0.15 63,000 0.33 700 Undiluted Reserves at $625 per Ounce Gold Overburden Tonnes 14,900,000 Oxide Below 0.15 g/tonne* 13,300,000 Subtotal, Waste Rock 28,200,000 In-Pit Proven and Probable Reserves In-Pit Inferred Resources Cut-off Tonnes Average Cut-off Tonnes Average Grade Above Grade Grade Above Grade (g/tonne) Cut-off (g/tonne) Ounces (g/tonne) Cut-off (g/tonne) Ounces 0.15 46,800,000 0.50 752,000 0.15 101,000 0.32 1,000 Undiluted Reserves at $650 per Ounce Gold Overburden Tonnes 15,600,000 Oxide Below 0.15 g/tonne* 14,000,000 Subtotal, Waste Rock 29,600,000 In-Pit Proven and Probable Reserves In-Pit Inferred Resources Cut-off Tonnes Average Cut-off Tonnes Average Grade Above Grade Grade Above Grade (g/tonne) Cut-off (g/tonne) Ounces (g/tonne) Cut-off (g/tonne) Ounces 0.15 49,500,000 0.49 774,000 0.15 108,000 0.31 1,100 Undiluted Reserves at $675 per Ounce Gold Overburden Tonnes 22,400,000 Oxide Below 0.15 g/tonne* 18,400,000 Subtotal, Waste Rock 40,800,000 In-Pit Proven and Probable Reserves In-Pit Inferred Resources Cut-off Tonnes Average Cut-off Tonnes Average Grade Above Grade Grade Above Grade (g/tonne) Cut-off (g/tonne) Ounces (g/tonne) Cut-off (g/tonne) Ounces 0.15 56,600,000 0.47 852,000 0.15 122,000 0.30 1,200 45
Page 1 and 2:
TECHNICAL REPORT ON THE EL CASTILLO
Page 3 and 4: SUMMARY Introduction At the request
Page 5 and 6: Castillo Remaining Mineral Resource
Page 7 and 8: Undiluted Reserves at $550 per Ounc
Page 9 and 10: epresent an incremental increase in
Page 11 and 12: TABLE OF CONTENTS 1.0 INTRODUCTION
Page 13 and 14: Table 4. Driving distances from Dur
Page 15 and 16: Castle Gold has accepted that the q
Page 17 and 18: 2.0 PROPERTY DESCRIPTION, LOCATION,
Page 19 and 20: Figure 2. Map showing mining conces
Page 21 and 22: 2.1.2.3 Property Taxes The property
Page 23 and 24: Table 5. Maximum precipitation in a
Page 25 and 26: 3.0 HISTORY The El Castillo Project
Page 27 and 28: commonly reach elevations of 2,500
Page 29 and 30: Figure 4. Cross-section through the
Page 31 and 32: At El Castillo, the presence of cha
Page 33 and 34: Toward the center of the mineralize
Page 35 and 36: 7.0 EXPLORATION In 2006, Castle Gol
Page 37 and 38: 9.0 SAMPLING METHOD AND APPROACH Th
Page 39 and 40: 11.0 DATA VERIFICATION 11.1 INTRODU
Page 41 and 42: Morgain Minerals Inc. El Cairo Gold
Page 43 and 44: 13.0 MINERAL PROCESSING AND METALLU
Page 45 and 46: Table 9. Castle Gold test heap leac
Page 47 and 48: material is relatively consistent a
Page 49 and 50: Plate 6. View of the El Castillo si
Page 51 and 52: 14.2.1 Methods A shift of -500,000
Page 53: 14.2.4 Pit Optimization Parameters
Page 57 and 58: Table 13. Comparison of Howe 2003 a
Page 59 and 60: 15.2.2 Change of Land Use The Compa
Page 61 and 62: 16.2.1 Capital and Operating Cost E
Page 63 and 64: Table 15. Operating Cost Summary (U
Page 65 and 66: will be operating the mine indirect
Page 67: Table 17. Sensitivity Analysis - Gr
Page 70 and 71: 16.2.2 Economic Evaluation The Base
Page 72 and 73: Table 23. US$ - Mexican Peso Exchan
Page 74 and 75: • Castle Gold should complete geo
Page 76 and 77: Panteleyev, A., 1996, Epithermal Au
Page 78 and 79: 9. To the best of my knowledge, inf
Page 80 and 81: CERTIFICATE OF AUTHOR dated July 31
Page 82 and 83: Appendix A Pit Optimization Level P
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43-101 2008 Technical Report On The La Fortuna Project, Durango ...

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