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MINERAL RESERVES: HUGO NORTH EXTENSION
Joint Venture Mineral Reserve, 25 March 2013
 
Ore
NSR
Cu
Au
Ag
Recovered Metal
(Mt)
(US$/t)
(%)
(g/t)
(g/t)
Cu (Mlb)
Au (koz)
Ag (koz)
Probable
31
95.21
1.73
0.62
3.74
1,090
521
3,229

Notes for Mineral Reserves: Hugo North Extension, Mongolia

  • From AMC Consultants Pty Ltd March 2013 NI 43-101 Technical Report Table 1.2.
  • Metal prices used for calculating the Hugo North underground Net Smelter Return (NSR) are as follows: copper at $2.81/lb; gold at $970/oz; and silver at $15.50/oz, all based on long-term metal price forecasts at the beginning of the mineral reserve work. The analysis indicates that the mineral reserve is still valid at these metal prices.
  • The NSR has been calculated with assumptions for smelter refining and treatment charges, deductions and payment terms, concentrate transport, metallurgical recoveries and royalties.
  • The block cave shell was defined using a NSR cut-off of $15/t NSR.
  • For the underground block cave, all mineral resources within the shell have been converted to mineral reserves. This includes low grade Indicated mineral resources and Inferred mineral resources, which has been assigned a zero grade and treated as dilution.
  • Only Measured mineral resources were used to report Proven mineral reserves and only Indicated mineral resources were used to report Probable mineral reserves.
  • The Joint Venture includes a portion of the Shivee Tolgoi licence and all of the Javhlant licence. Both the Javhlant licence and the eastern portion of the Shivee Tolgoi licence are held in trust for the Joint Venture by Entrée. The Joint Venture Property is operated by Rio Tinto plc on behalf of OTLLC. OTLLC will receive 80% of cash flows after capital and operating costs for material originating below 560 m, and 70% above this depth.
  • The base case financial analysis has been prepared using the following current long term metal price estimates: copper at $2.87/lb; gold at $1,350/oz; and silver at $23.50/oz. Metal prices are assumed to fall from current prices to the long term average over five years.
  • The mineral reserves reported above are not additive to the mineral resources.


MINERAL RESOURCES: HUGO NORTH EXTENSION
Joint Venture Mineral Resources, 20 February 2007 (>0.37% CuEq cut-off)

 
Tonnage
(Mt)
Cu
(%)
Au
(g/t)
Ag
(g/t)
Mo
(ppm)
CuEq
(%)
Indicated
132
1.65
0.55
4.09
35.7
2.00
Inferred
134
0.93
0.25
2.44
23.6
1.09
 
Contained Metal
Cu
(Mlb)
Au
(Moz)
Ag
(Moz)
Mo
(Mlb)
CuEq
(Mlb)
Indicated
4,800
2.32
17.4
10.4
5,810
Inferred
2,760
1.08
10.5
7.0
3,230

Notes for Mineral Resource: Hugo North Extension, Mongolia

  • From AMC Consultants Pty Ltd March 2013 NI 43-101 Technical Report Table 1.1
  • Effective date for the mineral resources for Hugo North Extension is 20 February 2007.
  • Copper Equivalent (CuEq) has been calculated using assumed metal prices of US$1.35/lb for copper, US$650/oz for gold, and US$10.00 for molybdenum. The equivalence formula was calculated assuming that gold and molybdenum recovery was 91% and 72% of copper recovery respectively. CuEq was calculated using the formula: CuEq% = Cu% + ((Au g/t*18.98)+(Mo g/t*.01586))/29.76.
  • The contained copper, gold, copper, and molybdenum in the tables has not been adjusted for metallurgical recovery.
  • The mineral reserves are not additive to the mineral resources.
  • Mineral resources that are not mineral reserves do not have demonstrated economic viability.
  • The Joint Venture includes a portion of the Shivee Tolgoi licence and all of the Javhlant licence. Both the Javhlant licence and the eastern portion of the Shivee Tolgoi licence are held in trust for the Joint Venture by Entrée. The Joint Venture Property is operated by Rio Tinto plc on behalf of OTLLC. OTLLC will receive 80% of cash flows after capital and operating costs for material originating below 560 m, and 70% above this depth.


MINERAL RESOURCE: HERUGA
Joint Venture Mineral Resources, 30 March 2010 (>0.37% CuEq cut-off)

 
Tonnage
(Mt)
Cu
(%)
Au
(g/t)
Ag
(g/t)
Mo
(ppm)
CuEq
(%)
Inferred
1,824
0.38
0.36
1.35
110
0.67
 
Contained Metal
Cu
(Mlb)
Au
(Moz)
Ag
(Moz)
Mo
(Mlb)
CuEq
(Mlb)
Inferred
15,190
21.2
79.4
444
26,850

Notes for Mineral Resources: Heruga, Mongolia

  • From AMC Consultants Pty Ltd March 2013 NI 43-101 Technical Report Table 1.1
  • Effective date for the mineral resources for Heruga is 30 March 2010.
  • Copper Equivalent (CuEq) has been calculated using assumed metal prices of US$1.35/lb for copper, US$650/oz for gold, and US$10.00 for molybdenum. The equivalence formula was calculated assuming that gold and molybdenum recovery was 91% and 72% of copper recovery respectively. CuEq was calculated using the formula: CuEq% = Cu% + ((Au g/t*18.98)+(Mo g/t*.01586))/29.76.
  • The contained copper, gold, copper, and molybdenum in the tables has not been adjusted for metallurgical recovery.
  • The mineral reserves are not additive to the mineral resources.
  • Mineral resources that are not mineral reserves do not have demonstrated economic viability.
  • The Joint Venture includes a portion of the Shivee Tolgoi licence and all of the Javhlant licence. Both the Javhlant licence and the eastern portion of the Shivee Tolgoi licence are held in trust for the Joint Venture by Entrée. The Joint Venture Property is operated by Rio Tinto plc on behalf of OTLLC. OTLLC will receive 80% of cash flows after capital and operating costs for material originating below 560 m, and 70% above this depth.


PIT-CONSTRAINED MINERAL RESOURCE:  ANN MASON DEPOSIT
100% Entrée, 14 August 2012

 
Cut-off
(% Cu)
Tonnage
(Mt)
Cu
(%)
Mo
(%)
Au
(g/t)
Ag
(g/t)
Contained Metal
Cu (000 lb)
Mo (000 lb)
Indicated
0.15
1,233
0.31
0.006
0.02
0.55
8 530 000
160 000
0.20
1,137
0.33
0.006
0.02
0.57
8 150 000
150 000
0.25
912
0.35
0.006
0.03
0.60
7 020 000
120 000
0.30
639
0.38
0.006
0.03
0.64
5 370 000
90 000
0.35
388
0.42
0.007
0.03
0.69
3 580 000
60 000
Inferred
0.15
1,017
0.27
0.004
0.03
0.61
6 160 000
100 000
0.20
873
0.29
0.004
0.03
0.65
5 590 000
80 000
0.25
594
0.32
0.004
0.04
0.73
4 200 000
50 000
0.30
330
0.36
0.004
0.04
0.81
2 600 000
30 000
0.35
152
0.40
0.004
0.04
0.86
1 340 000
10 000

Notes for Mineral Resource: Ann Mason, Yerington, USA

  • The mineral resource estimate has an effective date of August 14, 2012 and was prepared by Scott Jackson, F. AusIMM from Quantitative Group Pty Ltd.
  • Due to rounding, some of the totals may not sum exactly.
  • Mineral resources that are not mineral reserves do not have demonstrated economic viability.
  • The pit parameters used to constrain the Ann Mason mineral resource estimate are:
    • 3-year trailing average gross metal values of $3.61/lb copper, $14.94/lb molybdenum, $1,425/oz gold, and $27.91/oz silver.
    • Metallurgical recoveries of 92% copper, 50% molybdenum, 50% gold and 55% silver.
    • Mining costs: $1.09/t base cost to the 1605 level then increasing by $0.02/t/15m bench below that level.
    • Process and general management and administration (“G&A”) costs of $6.12/t  ($5.82/t process plus $0.30/t G&A).
    • Pit slopes of 52° in the volcanic rock and 44° in the porphyry mineralization.

 
PIT-CONSTRAINED MINERAL RESOURCES (SUMMARY):  BLUE HILL DEPOSIT
100% Entrée, 31 July 2012
 
Zone
Cut-off
(% Cu)
Tonnage (Mt)
Cu
(%)
Mo
(%)
Au
(g/t)
Ag
(g/t)
Contained Metal
Cu (000 lb)
Inferred
Oxide
0.10
47.44
0.17
---
---
---
179 370
Mixed
0.10
24.69
0.18
---
---
---
98 120
   Oxide/Mixed
   Sub-total
0.10
72.13
0.17
---
---
---
277 490
Sulphide
0.15
49.86
0.23
0.005
0.01
0.3
253 460

Notes for Mineral Resources: Blue Hill Deposit, Yerington, USA:

  • The mineral resource estimate has an effective date of July 31, 2012 and was prepared by M. Waldegger, P. Geo. from AGP.
  • Summations within the tables may not agree due to rounding. 
  • Molybdenum, gold and silver were estimated for the sulphide zone only.
  • Contained metal values are in-situ and not in consideration of metallurgical recoveries.

 

 

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