Queenstake Resources Ltd.: Jerritt Canyon Reserve and Resource Update.Business Editors DENVER--(BUSINESS WIRE)--Sept. 19, 2003 A reconciliation of reserves and resources at Queenstake's 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 as at June June: see month. 30, 2003, relative to those previously stated as at December December: see month. 25, 2002 has been prepared and is reported on the attached 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. . Reserves have been calculated on the basis of a $320 gold price and are based on resources estimated by PAC PAC, see political action committee. (1) See perceptual audio coding. (2) (Programmable Automation Controller) A programmable microprocessor-based device that is used for discrete manufacturing, process control Kriging Kriging is group of geostatistical techniques to interpolate the value of a random field (e.g. the elevation Z of the landscape as a function of the geographic location) at an unobserved location from observations of its value at nearby locations. , a method that has produced highly reliable resource estimates in the past. The Jerritt Canyon resource and reserve estimates are reported as part of an ongoing rigorous data review program supervised su·per·vise tr.v. su·per·vised, su·per·vis·ing, su·per·vis·es To have the charge and direction of; superintend. [Middle English *supervisen, from Medieval Latin 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, Chief Mine Geologist, and Mr. Mark Odell Odell may refer to:
Production by the previous owners in the first half of the year totaled 152,000 ounces while proven and probable PROBABLE. That which has the appearance of truth; that which appears to be founded in reason. reserves for the period decreased by only 56,745 ounces. Total proven and probable reserves at June 30, 2003 are 524,168 ounces compared to 580,913 ounces at December 25, 2002. Measured and indicated resources stand at 1,952,590 ounces, compared to 1,837,685 ounces as reported at December 25, 2002. The net change in reserves relative to December 2002 is comprised of depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able due to production, additions due to increased definition drilling and inclusion of some blocks of resource which previously met reserve criteria criteria (krītēr´ē  ),n. but which were not included in the December 2002 reserve statement. In addition, reevaluation Noun 1. reevaluation - the evaluation of something a second time (or more) rating, valuation, evaluation - an appraisal of the value of something; "he set a high valuation on friendship" of the stockpile stock·pile 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. and cessation cessation Vox populi The stopping of a thing. See Smoking cessation. of stockpile screening have brought additional material to the reserve category while lowering the overall grade of the reserve. Depletion has been at a lower rate than that of production as some resource material and some material that was neither resource nor reserve was mined during the period. Non reserve resource material provided 24,929 ounces. This is typical of the production pattern at Jerritt, where 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. material additional to resource is routinely discovered by underground drilling and is frequently developed and mined before being brought to the reserve category. The pace of development is increasing at Jerritt and over the next few months the results of definition drilling performed from newly developed drifts will be incorporated into a new resource and reserve estimate as at the end of this year. Queenstake is approaching the end of its first quarter as owner of Jerritt Canyon. Third quarter production is expected at approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 78,000 ounces. Revenues for the quarter from 73,000 ounces of gold shipped and sold are expected to total $26,400,000, representing an average sale price of $362 per ounce ounce, in zoology ounce, in zoology: see leopard. ounce, unit of measurement ounce: see English units of measurement. . Cash operating costs operating costs npl → gastos mpl operacionales are expected to total $265 per ounce. This is a little higher than budgeted and is due mainly to additional administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. associated with the acquisition and to the reestablishment Re`es`tab´lish`ment n. 1. The act reëstablishing; the state of being reëstablished. of gold inventory post acquisition as inventory at closing was for the account of the sellers. It is anticipated that cash operating costs will normalize normalize to convert a set of data by, for example, converting them to logarithms or reciprocals so that their previous non-normal distribution is converted to a normal one. in the fourth quarter leading to cash costs of the order of $250 per ounce. Forward looking statement - This news release contains "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. " 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
---------------------------------------------------------------------
JERRITT CANYON TOTAL MINERAL RESOURCES - JUNE 2003
---------------------------------------------------------------------
Deposit /area Measured Indicated
-------------------------------------------------------
Tons Oz/st Cont'd Tons Oz/st Cont'd
Oz Oz
---------------------------------------------------------------------
---------------------------------------------------------------------
Murray 221,479 0.369 81,714 557,606 0.285 159,002
---------------------------------------------------------------------
MCE 15,925 0.486 7,738 57,602 0.331 19,043
---------------------------------------------------------------------
SSX 456,954 0.378 172,598 1,913,434 0.279 534,290
---------------------------------------------------------------------
Smith 146,092 0.416 60,813 569,396 0.280 159,616
---------------------------------------------------------------------
B-Pit - - - 63,453 0.261 16,574
---------------------------------------------------------------------
Smith East - - - 252,769 0.333 84,172
---------------------------------------------------------------------
Mahala - - - 212,729 0.342 72,753
---------------------------------------------------------------------
---------------------------------------------------------------------
Subtotal 840,451 0.384 322,863 3,626,989 0.288 1,045,450
---------------------------------------------------------------------
Stockpiles 48,999 0.121 5,927 1,409,721 0.060 84,014
---------------------------------------------------------------------
Underground
(Polygonal) - - - 1,458,374 0.265 386,333
---------------------------------------------------------------------
Open Pit
(Polygonal) - - - 683,546 0.158 108,003
---------------------------------------------------------------------
---------------------------------------------------------------------
TOTAL 889,450 0.370 328,790 7,178,630 0.226 1,623,800
---------------------------------------------------------------------
---------------------------------------------------------------------
JERRITT CANYON TOTAL MINERAL RESOURCES - DECEMBER 2002
---------------------------------------------------------------------
---------------------------------------------------------------------
TOTAL 1,102,744 0.370 412,896 5,875,010 0.243 1,424,789
---------------------------------------------------------------------
---------------------------------------------------------------------
JERRITT CANYON TOTAL MINERAL RESOURCES - JUNE 2003
---------------------------------------------------------------------
Deposit /area Total Measured and
Indicated Resources Inferred
-------------------------------------------------------
Tons Oz/st Cont'd Tons Oz/st Cont'd
Oz Oz
---------------------------------------------------------------------
---------------------------------------------------------------------
Murray 779,085 0.309 240,716 482,560 0.278 134,364
---------------------------------------------------------------------
MCE 73,527 0.364 26,781 63,389 0.365 23,143
---------------------------------------------------------------------
SSX 2,370,388 0.298 706,888 1,516,578 0.235 356,041
---------------------------------------------------------------------
Smith 715,488 0.308 220,429 346,745 0.233 80,880
---------------------------------------------------------------------
B-Pit 63,453 0.261 16,574 64,822 0.245 15,849
---------------------------------------------------------------------
Smith East 252,769 0.333 84,172 83,127 0.256 21,280
---------------------------------------------------------------------
Mahala 212,729 0.342 72,753 263,574 0.239 63,122
---------------------------------------------------------------------
---------------------------------------------------------------------
Subtotal 4,467,440 0.306 1,368,313 2,820,795 0.246 694,679
---------------------------------------------------------------------
Stockpiles 1,458,720 0.062 89,941 - - -
---------------------------------------------------------------------
Underground
(Polygonal) 1,458,374 0.265 386,333 420,012 0.273 114,512
---------------------------------------------------------------------
Open Pit
(Polygonal) 683,546 0.158 108,003 76,388 0.127 9,734
---------------------------------------------------------------------
---------------------------------------------------------------------
TOTAL 8,068,080 0.242 1,952,590 3,317,195 0.246 818,925
---------------------------------------------------------------------
---------------------------------------------------------------------
JERRITT CANYON TOTAL MINERAL RESOURCES - DECEMBER 2002
---------------------------------------------------------------------
---------------------------------------------------------------------
TOTAL 6,977,754 0.263 1,837,685 3,867,388 0.268 1,034,652
---------------------------------------------------------------------
---------------------------------------------------------------------
JERRITT CANYON TOTAL PROVEN AND PROBABLE RESERVES - JUNE 2003
(Included in Resources)
---------------------------------------------------------------------
Mine PROVEN PROBABLE
------------------------------------------------------
Tons Oz/St Cont'd Tons Oz/St Cont'd
Oz Oz
---------------------------------------------------------------------
Murray 147,624 0.334 49,281 206,553 0.266 54,849
---------------------------------------------------------------------
MCE 16,394 0.401 6,570 20,511 0.358 7,339
---------------------------------------------------------------------
SSX 255,162 0.356 90,931 558,987 0.265 148,321
---------------------------------------------------------------------
Smith 93,672 0.412 38,585 141,552 0.271 38,351
---------------------------------------------------------------------
Stockpiles 48,999 0.121 5,927 1,409,721 0.060 84,014
---------------------------------------------------------------------
---------------------------------------------------------------------
TOTAL 561,851 0.340 191,294 2,337,324 0.142 332,874
---------------------------------------------------------------------
---------------------------------------------------------------------
JERRITT CANYON TOTAL PROVEN AND PROBABLE RESERVES - DECEMBER 2002
(Included in Resources)
---------------------------------------------------------------------
---------------------------------------------------------------------
TOTAL 668,635 0.375 250,474 1,794,885 0.184 330,439
---------------------------------------------------------------------
---------------------------------------------------------------------
JERRITT CANYON TOTAL PROVEN AND PROBABLE RESERVES - JUNE 2003
(Included in Resources)
---------------------------------------------------------------------
Mine TOTAL PROVEN AND PROBABLE
---------------------------
Tons Oz/St Cont'd
Oz
---------------------------------------------------------------------
Murray 354,177 0.294 104,130
---------------------------------------------------------------------
MCE 36,905 0.377 13,909
---------------------------------------------------------------------
SSX 814,149 0.294 239,252
---------------------------------------------------------------------
Smith 235,224 0.327 76,936
---------------------------------------------------------------------
Stockpiles 1,458,720 0.062 89,941
---------------------------------------------------------------------
---------------------------------------------------------------------
TOTAL 2,899,175 0.181 524,168
---------------------------------------------------------------------
---------------------------------------------------------------------
JERRITT CANYON TOTAL PROVEN AND PROBABLE RESERVES - DECEMBER 2002
(Included in Resources)
---------------------------------------------------------------------
---------------------------------------------------------------------
TOTAL 2,463,520 0.236 580,913
---------------------------------------------------------------------
The TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension has neither reviewed nor accepts responsibility for the adequacy or accuracy of this release. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion