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6

Inferred Mineral Resource

The term “Inferred Mineral Resource” refers to that part of a Mineral Resource for

which quantity and grade or quality can be estimated on the basis of geological

evidence and limited sampling and reasonably assumed, but not verified, geological

and grade continuity. The estimate is based on limited information and sampling

gathered through appropriate techniques from locations such as outcrops, trenches,

pits, workings and drill holes.

Qualified Person

(1)

The term “Qualified Person” refers to an individual who is an engineer or geoscientist

with at least five years of experience in mineral exploration, mine development or

operation or mineral project assessment, or any combination of these, and has

experience relevant to the subject matter of the mineral project and the technical

report, and is a member in good standing of a professional association.

SEC Industry Guide 7 Definitions

Reserve

The term “Reserve” refers to that part of a mineral deposit that could be economically

and legally extracted or produced at the time of the reserve determination. Reserves

must be supported by a feasibility study

(2)

done to bankable standards that

demonstrates their economic extraction (“bankable standards” implies that the

confidence attached to the costs and achievements developed in the study is sufficient

for the project to be eligible for external debt financing). A reserve includes

adjustments to the in-situ tonnes and grade to include diluting materials and allowances

for losses that might occur when the material is mined.

Proven Reserve

The term “Proven Reserve” refers to reserves for which (a) quantity is computed from

dimensions revealed in outcrops, trenches, workings or drill holes; (b) grade and/or

quality are computed from the results of detailed sampling; and (c) the sites for

inspection, sampling and measurement are spaced so closely and the geologic character

is so well-defined that size, shape, depth and mineral content of reserves are well

established.

Probable Reserve

The term “Probable Reserve” refers to reserves for which quantity and grade and/or

quality are computed from information similar to that used for proven (measured)

reserves, but the sites for inspection, sampling and measurement are farther apart or are

otherwise less adequately spaced. The degree of assurance, although lower than that

for proven reserves, is high enough to assume continuity between points of

observation.

Mineralized Material

(3)

The term “Mineralized Material” refers to material that is not included in the reserve as

it does not meet all of the criteria for adequate demonstration for economic or legal

extraction.

Non-Reserves

The term “Non-Reserves” refers to mineralized material that is not included in the

reserve as it does not meet all of the criteria for adequate demonstration for economic

or legal extraction.

Exploration Stage

An “Exploration Stage” prospect is one that is not in either the development or

production stage.

Development Stage

A “Development Stage” project is one that is undergoing preparation of an established

commercially mineable deposit for ore extraction but that is not yet in production.

This stage occurs after completion of a feasibility study.

Production Stage

A “Production Stage” project is actively engaged in the process of extraction and

beneficiation of Mineral Reserves to produce a marketable metal or mineral product.