Queenstake Reserves and Resources Continue to Increase.DENVER Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. -- Queenstake Resources Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :QRL QRL Queensland Rugby League QRL Busy QRL Queen's Royal Lancers (a British Regiment) QRL Qct Resources Ltd QRL Queen's Lancashire Regiment (British) QRL Quadripartite Research List QRL Quadratic Reciprocity Law )(AMEX AMEX See: American Stock Exchange :QEE) announces that estimated proven and probable PROBABLE. That which has the appearance of truth; that which appears to be founded in reason. reserves at its 100% owned Jerritt Canyon canyon Very narrow, deep valley cut by a river through resistant rock and having steep, almost vertical sides. Canyons occur most often in arid or semiarid regions. Some canyons (e.g., the Grand Canyon) are spectacular natural features. See also submarine canyon. property have increased to 875,000 ounces while measured and indicated resources have increased to 2.4 million ounces. An additional 888,000 ounces of inferred resources is also reported. A full tabulation tab·u·late tr.v. tab·u·lat·ed, tab·u·lat·ing, tab·u·lates 1. To arrange in tabular form; condense and list. 2. To cut or form with a plane surface. adj. Having a plane surface. of estimated resources and reserves as at December December: see month. 31, 2004 broken down by area is attached. Reserves during 2004 were depleted de·plete tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d by mining to the extent of 251,000 ounces; total additions to the estimated reserve of 820,000 ounces reported at the end of 2003 are therefore 306,000 ounces. This follows the addition of 426,000 ounces in 2003. Equally significantly, this increase in reserve, while achieved largely through resource conversion, was not achieved at the expense of resource, but in fact a net gain was realized in resources in 2004 as a result of underground drilling and exploration success. Reserves at the time Queenstake acquired the property in 2003 were 524,000 ounces; additions to reserve since that time now total 732,000 ounces. Queenstake president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Chris CHRIS Chemical Hazards Response Information System (US DoD) CHRIS California Historical Resources Information System CHRIS Computerized Human Resources Information System CHRIS Command Human Resources Intelligence System Davie Da·vie A town of southeast Florida southwest of Fort Lauderdale. It is in a citrus-growing area. Population: 79,800. said, "The conversion of resource to reserve combined with the generation of new resource has now become a routine and predictable facet facet /fac·et/ (fas´it) a small plane surface on a hard body, as on a bone. fac·et n. 1. A small smooth area on a bone or other firm structure. 2. of Jerritt Canyon operations. The steadily increasing reserve and resource enable us to project and plan for a substantial increase in mine life at Jerritt Canyon, even before taking into account the great success of our district scale exploration during the last year." Reserves Reserves have been estimated as at December 31, 2004 at a gold price of $360 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. by Mr. Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. Colli, Manager of Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature and Mr. Mark Odell Odell may refer to:
n. A supply stored for future use, usually carefully accrued and maintained. tr.v. stock·piled, stock·pil·ing, stock·piles To accumulate and maintain a supply of for future use. reserves are estimated to be 0.5 million tons at a grade of 0.101 ounces per ton. The reserves have also been reviewed and approved by independent consultants Pincock Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. & Holt holt n. Archaic A wood or grove; a copse. [Middle English, from Old English.] holt Noun the lair of an otter [from of Denver, who confirm that the reserve estimates meet the criteria criteria (krītēr´ē  ),n. of National Instrument 43-101 and that they agree with each component of the estimate. The major areas of reserve addition were the Steer Mine, where access to ore ore, metal-bearing mineral mass that can be profitably mined. Nearly all rock deposits contain some metallic minerals, but in many cases the concentration of metal is too low to justify mining the ore. shapes was provided last year by the development of a new portal, and in the Mahala area of the Smith Mine, where development was sufficiently advanced in August last year to permit the start of close-spaced drilling of this orebody. Ore shapes at Steer were found to be generally substantially larger than had been previously determined by surface drilling, though grades are a little lower. At Mahala, which has a strong vertical component and which was extremely difficult to drill from surface, the ability to drill nearly horizontal horizontal /hor·i·zon·tal/ (hor?i-zon´t'l) 1. parallel to the plane of the horizon. 2. occupying or confined to a single level in a hierarchy. horizontal parallel to the plane of the horizon. holes allowed much firmer definition of ore shapes and the high grade nature of this orebody was confirmed. Other reserve additions include the B-pit area of the Smith Mine, the zone 7 area of the Murray Mine
Murray Mine is a defunct nickel and copper mine in Greater Sudbury, Ontario. It was the site of the original ore discovery that led to the launch of mining operations in the Sudbury area. and zones 5 and 1 of the SSX SSX Surabaya Stock Exchange (Indonesia) SSX Synovial Sarcoma X SSX Snowboarding Supercross (video game) SSX Snowboarding Supercross SSX Student Stock Exchange SSX Super Snowboarding Extreme Mine. Zone 5, which extends the SSX Mine toward the Steer Mine, was found to contain much larger ore shapes than previously determined, though grades are somewhat lower than is typical for the SSX Mine. Resources Measured and indicated total resources (including reserves) are estimated to be 10.0 million tons at a grade of 0.241 ounces per ton. Of these, measured and indicated resources in the immediate area of existing mines total 6.7 million tons at a grade of 0.282 ounces per ton. Looking in more detail at the estimates shows that the measured and indicated resources (including reserves) in the immediate vicinity of existing mines has increased from 1.66 million ounces at the beginning of 2004 to 1.88 million ounces, or about 1 million ounces in addition to reserves. All of these resources are accessible either from surface or from existing mine openings. This critical component of resource is the "pipeline" from which additional conversion to reserve may be expected over the next few years as development reaches these resources, allowing the detailed drilling necessary for conversion of resource to reserve. 327,000 ounces were added to near mine resource by drilling. In the longer term, reserve generation and replacement will depend upon results of the district-scale exploration program, which Queenstake has revived re·vive v. re·vived, re·viv·ing, re·vives v.tr. 1. To bring back to life or consciousness; resuscitate. 2. To impart new health, vigor, or spirit to. 3. following a hiatus hiatus /hi·a·tus/ (hi-a´tus) [L.] an opening, gap, or cleft.hia´tal aortic hiatus the opening in the diaphragm through which the aorta and thoracic duct pass. of several years under the property's previous owners. Literally dozens of promising targets are being explored throughout the over 100 square mile Jerritt Canyon land package. The most exciting of these targets is Starvation starvation, condition in which deprivation of food has forced the body to feed on itself. Causes are famine, fasting, malnutrition, or abnormalities of the mucosal lining of the digestive system. Canyon, exploration results from which were summarized in the Company's News Release 2004-32. Starvation currently contains an estimated indicated resource of 577,000 tons at a grade of 0.271 ounces per ton together with a small component of inferred reserve. The high ratio of indicated to inferred resource, unusual in this stage of an exploration project, is a measure of how rigorously rig·or·ous adj. 1. Characterized by or acting with rigor: a rigorous program to restore physical fitness. 2. Full of rigors; harsh: a rigorous climate. the resource calculation has been constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. by geologic ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. understanding and the degree of confidence that may be placed in it. The Starvation Canyon mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. system remains open in all directions and is only a small part of what is now recognized as a much larger mineralized trend. The Company expects to resume aggressive exploration of Starvation Canyon when weather permits it later this year. Long Term Planning In reviewing the resource and reserve calculations, Pincock Allen & Holt notes that "there is a reasonable expectation of converting some of Jerritt Canyon's currently defined geologic resources to mineral reserves to meet the production forecast beyond the mid-year 2007." With the experience gained to date at Jerritt Canyon, management is of the opinion that the confidence with which conversion of resource to reserve may be predicted is sufficiently high to project production well beyond the life of current reserves. Based on current resources and a reasonable continuation continuation - continuation passing style of resource to reserve conversion, management is confident of a mine life of at least five years and likely additions to resource could extend this to as much as seven years, without taking into account potential future mining operations at Starvation Canyon or other possible district scale exploration success. Considering such a life enables management to consider optimizing operations by investment in mine development to maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. mine production, minimize In a graphical environment, to hide an application that is currently displayed on screen. For example, in Windows and Mac, the application's window is removed from the screen and represented by an icon on the Windows Taskbar. In the Mac, the icon is placed in the Dock. See Win Minimize windows. unit operating costs operating costs npl → gastos mpl operacionales and invest in new equipment to minimize the risk of production interruptions. Queenstake's Executive Vice President and Director of Exploration, Dorian Dorian Any member of a major division of the ancient Greeks. Coming from the north and northwest, they conquered the Peloponnese c. 1100–1000 BC, overran the remnants of the Mycenaean and Minoan civilizations, and ushered in a dark age that lasted almost three (Dusty) Nicol, commented, "Our near-mine exploration and engineering teams added 731,625 ounces of gold to reserves during 18 months. This translates into reserve addition at a rate of over 40,000 ounces of gold per month; it also translates into well over 1 ounce of gold added to reserve per foot drilled as part of the near-mine exploration program. These results, together with district exploration results like those reported at Starvation Canyon add validity to our belief that Jerritt Canyon will continue replacing and adding to its reserves for a number of years to come." Queenstake Resources Ltd. is a gold mining and exploration company based in Denver, Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. . Its principal asset is the Jerritt Canyon District in Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). , acquired in June June: see month. 2003. The Jerritt Canyon District consists of four underground mines, a 1.5 million ton per year capacity processing facility and a 100 square mile land package that represents some of the most exciting gold exploration ground in Nevada. Jerritt Canyon has produced more than 7,000,000 ounces of gold since 1981. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. - This news release contains "Forward-Looking Statements" within the meaning of Section 21E of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. All statements, other than statements of historical fact, included in this release, and Queenstake's future plans are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made, and Queenstake does not undertake any obligation to update forward-looking statements should conditions or management's estimates or opinions change. SEC file number 0-24096
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JERRITT CANYON RESERVES - DECEMBER, 2004
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PROVEN PROBABLE
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Cont'd Cont'd
Mine Tons Oz/St Oz Tons Oz/St Oz
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Murray
Zones 1-6 90,573 0.315 28,502 14,173 0.309 4,381
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Murray
Zone 7 43,437 0.266 11,545
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SSX 470,738 0.268 126,335 1,090,662 0.253 275,886
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Steer 31,251 0.250 7,797 310,816 0.282 87,499
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Smith
Zones 2,3 88,059 0.321 28,289 55,633 0.344 19,148
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Smith
Zone 4,
Mahala 217,348 0.381 80,688
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B Pit
(Smith) 10,611 0.235 2,496 152,451 0.231 35,190
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East Dash
Smith 316,803 0.276 87,426
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Saval 4 82,347 0.268 22,056
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Wright
Window
Open Pit 32,605 0.226 7,369
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Total
Mines 691,232 0.280 193,419 2,316,275 0.273 631,187
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STOCKPILES 69,256 0.186 12,871 433,820 0.087 37,869
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TOTAL 760,488 0.271 206,291 2,750,095 0.243 669,056
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TOTAL PROVEN AND PROBABLE
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Cont'd
Mine Tons Oz/St Oz
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Murray
Zones 1-6 104,746 0.314 32,883
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Murray
Zone 7 43,437 0.266 11,545
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SSX 1,561,400 0.258 402,221
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Steer 342,067 0.279 95,296
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Smith
Zones 2,3 143,692 0.330 47,436
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Smith
Zone 4,
Mahala 217,348 0.371 80,688
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B Pit
(Smith) 163,062 0.231 37,686
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East Dash
Smith 316,803 0.276 87,426
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Saval 4 82,347 0.268 22,056
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Wright
Window
Open Pit 32,605 0.226 7,369
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Total
Mines 3,007,507 0.274 824,607
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STOCKPILES 503,076 0.101 50,740
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TOTAL 3,510,584 0.249 875,347
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JERRITT CANYON TOTAL MINERAL RESOURCES - DECEMBER, 2004
(INCLUDES PROVEN AND PROBABLE RESERVES)
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Measured Indicated
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Cont'd Cont'd
Deposit Tons Oz Tons Oz
/area (000's) Oz/st (000's) (000's) Oz/st (000's)
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Murray 517,937 0.290 150,186 60,860 0.262 18,460
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Murray
Zone 7 - - - 112,882 0.243 27,374
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SSX 1,079,978 0.298 322,093 1,865,751 0.282 527,037
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Steer 81,300 0.246 20,000 441,449 0.289 127,430
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Smith 503,578 0.282 142,093 254,003 0.289 73,333
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Mahala - - - 485,506 0.305 148,031
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B-Pit 10,982 0.261 2,861 169,764 0.255 43,341
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Smith
East - - - 508,765 0.293 149,030
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Saval - - - 460,500 0.245 112,932
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Wright
Window - - - 114,175 0.147 16,784
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Subtotal 2,193,775 0.290 637,233 4,473,654 0.278 1,243,751
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Stockpiles 69,256 0.186 12,870 1,239,746 0.059 73,059
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Pit Resources
Burns
Basin Pit - - - 29,700 0.134 3,970
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California
Mtn Pit - - - 8, 031 0.115 923
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Coyote Zone
10 Pit - - - - - -
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Pie Creek
Pit - - - 293,700 0.140 41,100
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Road Canyon
Pit - - - 171,100 0.105 18,000
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U/G Resources
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Burns Basin - - - 30,700 0.194 5,956
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California
Mtn - - - 32,148 0.377 12,120
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Coyote
Zone 10 - - - 45,200 0.212 9,582
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MCE - - - 4,430 0.201 890
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Murray
Zone 9 - - - 219,500 0.258 56,704
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Starvation - - - 576,900 0.271 156,225
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Waterpipe II - - - - - -
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West Dash - - - 83,000 0.269 22,327
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West Mahala - - - 368,100 0.224 82,454
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Winters
Creek - - - 148,900 0.218 32,460
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TOTAL 2,263,031 0.287 650,103 7,724,809 0.228 1,759,522
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Total Measured and
Indicated Resources Inferred
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Cont'd Cont'd
Deposit Tons Oz Tons Oz
/area (000's) Oz/st (000's) (000's) Oz/st (000's)
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Murray 578,797 0.291 168,646 350,084 0.273 95,462
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Murray
Zone 7 112,882 0.243 27,374 12,857 0.197 2,526
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SSX 2,945,728 0.288 849,130 943,015 0.242 228,077
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Steer 522,749 0.282 147,430 379,017 0.262 99,327
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Smith 757,582 0.284 215,426 476,210 0.217 103,405
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Mahala 485,506 0.305 148,031 280,934 0.244 68,492
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B-Pit 180,747 0.256 46,202 65,626 0.252 16,544
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Smith East 508,765 0.293 149,030 126,079 0.239 30,125
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Saval 460,500 0.245 112,932 270,000 0.245 66,228
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Wright
Window 114,175 0.147 16,784 277,988 0.105 29,099
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Subtotal 6,667,429 0.282 1,880,984 3,181,808 0.232 739,285
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Stockpiles 1,309,002 0.066 85,929 - - -
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Pit Resources
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Burns
Basin Pit 29,700 0.134 3,970 - - -
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California
Mtn Pit 8,031 .115 923 - - -
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Coyote Zone
10 Pit - - - 20,100 0.104 2,090
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Pie Creek
Pit 293,700 .0140 41,100 232,100 0.095 22,000
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Road Canyon
Pit 171,100 0.105 18,000 111,400 0.105 11,700
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U/G Resources
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Burns
Basin 30,700 0.194 5,956 50,600 0.228 11,537
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California
Mtn 32,148 0.377 12,120 9,377 0.330 3,095
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Coyote
Zone 10 45,200 0.212 9,582 2,700 0.184 498
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MCE 4,430 0.201 890 7,769 0.189 1,466
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Murray
Zone 9 219,500 0.258 56,704 65,200 0.207 13,494
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Starvation 576,900 0.271 156,225 51,600 0.227 11,729
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Waterpipe II - - - 37,400 0.206 7,704
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West Dash 83,000 0.269 22,327 109,600 0.244 26,784
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West Mahala 368,100 0.224 82,454 141,865 0.209 29,650
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Winters
Creek 148,900 0.218 32,460 37,200 0.199 7,403
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TOTAL 9,987,840 0.241 2,409,624 4,058,719 0.219 888,435
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The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. has neither reviewed nor accepts responsibility for the adequacy or accuracy of this release. Queenstake Resources Ltd. (TSX:QRL) (AMEX:QEE) |
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