Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

GRANGE RESOURCES LIMITED. Audit Report / Information 2013

Feb 27, 2014

65014_rns_2014-02-27_67655142-b2d6-44af-a0e6-2eb0b36ed954.pdf

Audit Report / Information

Open in viewer

Opens in your device viewer

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

28 February 2014 ASX: GRR

GRANGE RESOURCES LIMITED Australia’s most experienced magnetite producer

UPDATED SAVAGE RIVER RESOURCE & RESERVE STATEMENT

HIGHLIGHTS

==> picture [12 x 16] intentionally omitted <==

==> picture [12 x 16] intentionally omitted <==

==> picture [12 x 16] intentionally omitted <==

==> picture [12 x 16] intentionally omitted <==

==> picture [12 x 15] intentionally omitted <==

==> picture [12 x 16] intentionally omitted <==

  • Mineral Resources and Ore Reserves estimated for Grange’s Savage River magnetite deposits in Tasmania as at 31 December 2013

  • Significant increase in Savage River’s Mineral Resource as a result of the addition of the Long Plains Resource (refer ASX announcement dated 19 December 2013)

  • Mineral Resource and Ore Reserves support a long life mining asset to 2030 and beyond

  • Mineral Resource has increased to 386.2Mt @ 47.1% DTR

  • Ore Reserves of 103.1Mt @ 52.6% DTR take into account mine production during the year ended 31 December 2013

  • The attached updated Savage River Mineral Resource & Ore Reserve statement has been compiled in accordance with JORC 2012

==> picture [557 x 34] intentionally omitted <==

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Grange Resources Limited (ASX: GRR) (“Grange” or the “Company”) is pleased to advise that the revised Mineral Resource for the Savage River Ore Deposits has significantly increased since the previous Mineral Resource estimate dated 30 June 2012, as a result of the addition of Long Plains. Ore Reserves have been depleted from mine production during the year.

The resource consists of 386.2 million tonnes at 47.1% DTR (above a cut-off of 15% DTR) as detailed in table 1 and the reserve consists of 103.1 million tonnes at 52.6% DTR (above a cut-off of 15% DTR) as detailed in table 2

Table 1 – Savage River Mineral Resource Estimate (Above a cut-off grade of 15% DTR)

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 71.3 148.7 166.2 386.2
DTR (%) 53.5 49.9 41.7 47.1
Fe (%) 68.1 68.1 68.4 68.2
Ni (%) 0.04 0.04 0.04 0.04
TiO2 (%) 0.68 0.71 0.63 0.67
MgO (%) 1.60 1.55 1.30 1.45
P (%) 0.010 0.009 0.009 0.010
V (%) 0.38 0.36 0.36 0.36
S (%) 0.09 0.08 0.09 0.08

Notes: - Elemental compositions were measured from Davis Tube Concentrate

  • Stockpiles were included in this summary table and are itemised separately in tables of individual mining pits and aggregated stockpiles

Page 2 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Table 2 – Savage River Ore Reserve Estimate

(Above a cut-off grade of 15%DTR)

Proved
Reserves		 Probable
Reserves		 TOTAL
Reserves
Tonnes (Mt) 41.4 61.7 103.1
DTR (%) 52.6 52.7 52.6
Fe (%) 68.0 67.8 67.9
Ni (%) 0.04 0.04 0.04
TiO2 (%) 0.84 0.91 0.88
MgO (%) 1.60 1.68 1.65
P (%) 0.009 0.008 0.009
V (%) 0.37 0.37 0.37
S (%) 0.07 0.06 0.06

Notes: - Elemental compositions were measured from Davis Tube Concentrate

  • Stockpiles were included in this summary table and are itemised separately in tables of individual mining pits and aggregated stockpiles

The Mineral Resource and Ore Reserve have been estimated by the Company’s technical staff, and has been reported in accordance with the guidelines of the JORC Code (2012 edition).

Page 3 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

INTRODUCTION

This document has been prepared to summarise the Mineral Resource and Ore Reserve of Grange’s magnetite deposits, located at Savage River and Long Plains in Tasmania.

This statement covers the material remaining at 31 December 2013 and contains summary details on the history of Savage River, the geology of the deposit and information involved in producing Mineral Resource and Ore Reserve estimates.

TENURE

Grange operates under the conditions of Mining Lease 2M/2001 which consolidates and expands the previous lease 11M/97. This lease stands for 30 years from 2001, encompassing a total of 4,975 hectares.

The mining lease encompasses the Savage River Mine and concentrator, and the pelletising plant, wharf and shipping facilities located on the north west coast at Port Latta. The operation and facilities were previously held under Mining Lease 44M/66 when Pickands Mather & Co International (PMI) were the managers of the project until 1997.

Mining lease 14M/2007 was granted in May 2008 to extend the coverage of 2M/2001 for a total of 91 hectares. Another lease, 11M/2008 was granted in August 2009 to extend coverage by a further 108 hectares. The figure below shows the location of each lease.

EL30/2003 was granted in February 2010 and current tenure expires 18 June 2014 but is renewable. This lease covers the entire Long Plains deposit. The lease comprises 38 km[2] and adjoins 2M/2001 to the north. EL30/2003 covers all potential mining infrastructure sites and haulage routes envisaged should

==> picture [276 x 15] intentionally omitted <==

----- Start of picture text -----

Figure 1 Tenements as at Dec 31 2013
----- End of picture text -----

Page 4 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

the Long Plains magnetite deposits prove up to be economical and progress to mining.

Grange has submitted an exploration lease application shown as EL8/2014 for an 11sq km lease north of 2M-2001. This application is still pending.

All leases previously held by Australian Bulk Minerals (ABM) were transferred to Grange Resources (Tasmania) Pty Ltd following the merger in January 2009.

LOCATION

The Savage River Mine and concentrator plant are located approximately 100km south west by sealed road from Burnie. The pelletising plant and dedicated port facilities at Port Latta are located 70 kilometres northwest by sealed road from Burnie (Figure 2).

Local topography surrounding the mine is rugged, with incised valleys and steep hills. The west flowing Savage River dissects the deposit. Regional vegetation includes undisturbed rain forest with the mine area comprising wet eucalypt, acacia and open heath land. Climate is wet temperate with an average annual rainfall of 1,950mm and mean monthly temperatures ranging from 3-19ºC.

==> picture [407 x 308] intentionally omitted <==

Figure 2 Savage River Project Location

Page 5 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

PROJECT HISTORY

Ironstone outcrops around the Savage River were first discovered by State Government surveyor C.P. Sprent in early 1887 during one of his exploration journeys through western Tasmania. The deposits were first reported as a possible source of iron ore in 1919.

Systematic exploration techniques were employed by the Australian Bureau of Mineral Resources during 1956 that included ground and airborne magnetic surveys. The largest magnetic anomaly was detected at Savage River with two smaller anomalies being detected at Long Plains and Rocky River further to the south (Figure 3).

Diamond drilling commenced during the late 1950’s and into the 1960’s largely by Industrial and Mining Investigations Pty Ltd (IMI).

In 1965, Savage River Mines Ltd, a joint venture of Australian, Japanese and American interests was formed to develop the project. PMI (Pickands Mather International) developed an open cut mine, concentrator plant and township at Savage River to access the magnetite reserve. A pipeline from the concentrator plant to the pelletising plant and dedicated port facilities at Port Latta located on the northwest coast were also constructed.

Mining commenced in 1967 to supply a consortium of Japanese steel mills with 45 million tonnes of pelletised iron ore over a twenty-year period. Annual pellet production reached a maximum of 2.4 million tonnes per annum during the period.

The Savage River Project was operated for the full term of a thirty-year lease by PMI. In early 1997, PMI ceased mining activities at Savage River, transferring ownership of the Savage River Project to the Tasmanian Government on 26 March 1997.

At the end of March 1997, ABM purchased the assets of the Savage River Project from the Tasmanian Government. Following this purchase, ABM continued mining the existing pits through a series of cut-back operations, mined the previously undeveloped South Deposit, and began exploration around the Long Plains area.

In January 2009, Grange merged with ABM.

Page 6 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

GEOLOGY

The Savage River magnetite deposit lies within and near the eastern margin of the Proterozoic Arthur Metamorphic Complex in north western Tasmania. This complex is exposed along a northeast-southwest trending structural corridor, the Arthur Lineament, which separates Proterozoic sedimentary rocks to the northwest from a variety of Palaeozoic rocks to the southeast.

The magnetite deposits at Savage River represent the largest of a series of discontinuous lenses that extend in a narrow belt for some 25 kilometres south of the Savage River Township. The deposit is subdivided into sections on the basis of areas that have been mined. The areas are referred to as North Pit, South Lens, Centre Pit North, Centre Pit South, Centre Pit Southern Extension and South Deposit (Figure 5).

==> picture [225 x 209] intentionally omitted <==

Figure 3 Savage River Regional Magnetics

Magnetite ore is almost entirely enclosed within a highly sheared and strike-faulted belt of mafic and ultramafic rocks specifically serpentinite and talc-carbonate schist. The magnetite ranges in thickness from 40 to 150 metres in width and is termed the Main Ore Zone (MOZ). Narrow (<20 metre) lenses and layers also occur in the mafic sequence to the west. The mafic sequence comprises chlorite-calcite-albite schist and layered green amphibole-chloritealbite schist.

A suite of late, strongly deformed metabasalt and metadolerite intrusive dykes occur either sub-parallel to or cut obliquely across the MOZ. Vein magnesite occurs adjacent to the MOZ with significant bodies developed in the east at South Lens and at the west in North Pit.

The magnetite ores comprise three volumetrically important groups: pyritic ores, serpentinitic ores and talc-carbonate ores. The ore may be massive, layered, or disseminated and range from being fine-grained to coarsely crystalline. Accessory mineral phases may include talc, tremolite, actinolite, chlorite, epidote, apatite and carbonate in varying amounts. The mineral assemblages preserved at Savage River imply middle to upper greenschist facies metamorphic conditions.

Page 7 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

EXPLORATION, DRILLING, SAMPLING AND ANALYSIS

Exploration and resource definition over recent years at Savage River has involved dominantly reverse circulation (RC) and diamond drilling.

Other exploration techniques over recent years include:

==> picture [12 x 15] intentionally omitted <==

==> picture [12 x 15] intentionally omitted <==

==> picture [12 x 14] intentionally omitted <==

  • Ground magnetics to define the airborne magnetic anomalies

  • Costeaning to expose magnetite lenses at surface

  • Prospect mapping from costeans, outcrop and historical drilling

Exploration activity has been mainly focussed around Long Plains with additional resource definition drilling at Centre Pit South. For more details on the Long Plains deposit please refer to ASX release:

”Grange Resources –Significant Magnetite Resource Increase at Long Plains – 19 December 2013” .

Core recoveries are generally high in the ore zones at Savage River (>90%) and there are no significant core recovery issues. Drill collars are surveyed using a combination of conventional surveying (total station) and/or high resolution RTK GPS.

All samples used in resource estimation are taken from diamond drill core of either HQ or NQ size or from reverse circulation drill holes employing a 140mm face sampling hammer. RC drilling has been used in recent years at Savage River to undertake infill drilling to improve confidence of domain boundaries and grade estimates.

Core was half core sampled as standard practice and rarely full core sampled to confirm historic drill intercepts or for metallurgical testing. Sampled length is generally between 0.75m to 2m within lithological units to preserve volume variance and to provide sample weights of 3kg. Reverse circulation drilling was used to give uniform 1m samples by cone or riffle splitter resulting in a 3kg sample. Field quality control procedures included insertion of prepared sample standards at a rate of 1:25 and limited field duplicate samples on the RC suite of samples.

Sample preparation techniques were industry standard for magnetite ores and used the subsampling protocol as recommended by the Savage River Laboratory. Sample preparation was conducted at an external NATA-accredited laboratory for both core and RC chips. The subsampling process for RC was identical to that of the core except for the coarse crush stage. For drill core, the core was first analysed for bulk density by immersion in water. All mineralised core samples have had a density determination completed. The half core samples were oven dried at 110 degrees for 12 hours, then coarse crushed to minus 2mm in a Boyd crusher then split to ~3kg, crushed again to 90% passing 1.7mm and split again with a 150g sub-sample taken for pulverising to 98% passing 75 microns.

Page 8 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

A pulp sub-sample was collected and shipped for analysis at Savage River’s mine lab by Davis Tube Recovery.

The primary assay technique is Davis Tube Recovery (DTR) on a 10g sample, followed by Ferrous Iron (Fe2+) via Satmagan and S, total Fe, TiO2, MgO, V, P, S and Ni via XRF on the Davis Tube Concentrate (DTC) via XRF. All techniques are considered total. DTR is the most appropriate assay technique for determination of magnetite recovery. All DTR samples were completed on the mine site using the Savage River DTR technique. This technique has been used for 40 years and supported by pit reconciliations.

All logging and assay data is stored in a database which was validated against original log sheets. The database includes holes drilled by Savage River Mines Limited, ABM and more recent holes drilled by Grange Resources.

GEOLOGICAL INTERPRETATION AND RESOURCE ESTIMATION

Geological controls and relationships were used to define estimation domains with mostly hard boundaries, based on sharp mineralisation contacts and grade boundaries. A nominal grade cut-off of 15% DTR is a natural grade boundary between magnetite lenses and disseminated wall-rocks. This cut-off was used to help define the mineralised envelope within which the higher grade sub domains were interpreted. 3D wireframes were used to code the drilling intersects and select samples within each domain.

Oxidised material was not included in the resource estimation.

Sample data at Savage River were generally composited to 2 metre down hole length using a best fit-compositing method. Long Plains sample data were composited to 1 metre lengths owing to the thinner mineralised magnetite lenses at Long Plains. Residual samples (those composite intervals for which there was less than 75% of the composite length) were considered biased and hence were not included in the estimate.

Block models were prepared for each part of the deposit using Surpac Software. Block sizes at Savage River are generally 10mE by 10mN by 5mRL parent block size with sub-celling to 5mE by 5mN by 2.5mRL. Block sizes at Long Plains were assigned a 10mE by 25mN by 10mRL parent block size with sub-celling to 1.25mE by 6.25mN by 2.5mRL owing to the thinner mineralised magnetite lenses at Long Plains .

Models were estimated using Ordinary Kriging for the North Pit, Centre Pit South and Long Plains while Inverse Distance Cubed weighting estimation techniques are employed for South Deposit, Centre Pit North and Sprent pits. Estimation parameters were prepared for each of the major areas of mineralisation by Snowden Mining Industry Consultants or Optiro. These recommendations were used to assist in the classification of the resource. Geostatistical analysis, including variography studies to develop estimation parameters and modelling for the Long Plains deposit were prepared by Optiro.

Page 9 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Mineral Resources have been classified on the basis of confidence in geological and grade continuity using the drilling density, geological model, modelled grade continuity and conditional bias measures (kriging efficiency where available). The block model validation results show good correlation between the input data to the estimated grades. The mineralised domains have demonstrated sufficient geological and grade continuity to support the definition of a Mineral Resource, and classifications were applied under the guidelines of the JORC Code (2012 Edition).

ORE RESERVES

Measured and Indicated Mineral Resources are considered for conversion to Ore Reserves, based on assessment against an optimised pit design and with respect to the modifying factors. The Mineral Resource is inclusive of the Ore Reserve.

The Ore Reserve estimation model for Savage River includes Mineral Resources from the North Pit, Centre Pit South and South Deposit, and was developed as part of a Feasibility Study that was completed in September 2006.

Pit designs are based on optimised shells using Whittle software. The cut-off grade of 15%DTR was determined as part of the Feasibility Study and is reviewed periodically. Current Mining and recovery factors are applied to account for mining practices of conventional bulk mining methods utilizing hydraulic face shovels, dump trucks and conventional drill and blast. These are based on reconciliations calculated periodically for the different areas of the deposit. Metallurgical factors are applied to account for mill performance. Localised risk factors are also applied to specific areas to account for geotechnical risk. The overall pit slope criteria used for the design and optimization are based on ongoing geotechnical studies which are reviewed and updated on an annual basis as part of Grange Resource’s Life Of Mine Planning process.

==> picture [260 x 365] intentionally omitted <==

Page 10 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Estimates of Mineral Resources and Ore Reserves at the Savage River Mine including Long Plains are as at the end of December 2013. Mineral Resources and Ore Reserves are categorised in accordance with the guidelines established in the JORC Code (2012 Edition)[i] . Estimated Measured and Indicated Mineral Resources include those Mineral Resources modified to produce the estimated Ore Reserves. Some Mineral Resources including Centre Pit North Sprent pit and Long Plains are not classified as Ore Reserves, due to the fact that they did not demonstrate economic viability at the time of this report, and remain as Mineral Resources

The following tables represent the Mineral Resource for each part of the deposit. In each case, elemental compositions were measured from Davis Tube Concentrate. A cut-off of 15% DTR was used in the calculation of Mineral Resources.

Mineral Resource Estimate - North Pit - December 2013

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 28.9 77.2 36.5 142.6
DTR (%) 60.5 55.1 53.9 55.9
Fe (%) 67.9 67.7 67.2 67.6
Ni (%) 0.03 0.04 0.03 0.03
TiO2 (%) 0.96 0.92 1.01 0.95
MgO (%) 1.68 1.80 1.83 1.79
P (%) 0.008 0.009 0.008 0.009
V (%) 0.38 0.36 0.36 0.36
S (%) 0.04 0.05 0.04 0.04

Mineral Resource Estimate – South Deposit - December 2013

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 11.6 5.3 10.3 27.1
DTR (%) 45.2 45.4 42.4 44.2
Fe (%) 67.7 67.9 67.7 67.7
Ni (%) 0.07 0.07 0.06 0.06
TiO2 (%) 0.70 0.70 0.74 0.71
MgO (%) 1.73 1.63 1.66 1.69
P (%) 0.008 0.008 0.007 0.008
V (%) 0.30 0.30 0.28 0.30
S (%) 0.12 0.12 0.11 0.11

Page 11 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Mineral Resource Estimate – Centre Pit South - December 2013

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 13.3 16.6 23.8 53.7
DTR (%) 48.5 45.7 39.1 43.5
Fe (%) 68.9 68.5 66.9 67.9
Ni (%) 0.05 0.05 0.05 0.05
TiO2 (%) 0.38 0.38 0.39 0.39
MgO (%) 1.33 1.43 1.62 1.49
P (%) 0.013 0.015 0.017 0.015
V (%) 0.42 0.40 0.36 0.38
S (%) 0.14 0.16 0.17 0.16

Mineral Resource Estimate – Centre Pit North - December 2013

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 16.0 22.1 13.2 51.4
DTR (%) 55.8 54.0 49.7 53.5
Fe (%) 68.1 68.5 68.7 68.4
Ni (%) 0.05 0.05 0.05 0.05
TiO2 (%) 0.39 0.38 0.45 0.40
MgO (%) 1.57 1.57 1.38 1.52
P (%) 0.013 0.013 0.013 0.013
V (%) 0.39 0.39 0.38 0.39
S (%) 0.13 0.14 0.16 0.14

Page 12 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Mineral Resource Estimate – Sprent - December 2013

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 0.0 2.1 0.3 2.4
DTR (%) 0.0 51.1 49.8 51.0
Fe (%) 0.0 69.6 70.8 69.8
Ni (%) 0.00 0.06 0.02 0.06
TiO2 (%) 0.00 0.50 0.18 0.46
MgO (%) 0.00 0.75 0.47 0.72
P (%) 0.000 0.008 0.010 0.008
V (%) 0.00 0.43 0.46 0.44
S (%) 0.00 0.27 0.06 0.24

Mineral Resource Estimate – Long Plains - December 2013

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 0.0 25.4 82.2 107.6
DTR (%) 0.0 33.9 35.6 35.2
Fe (%) 0.0 68.9 69.4 69.3
Ni (%) 0.00 0.05 0.03 0.03
TiO2 (%) 0.00 0.63 0.56 0.57
MgO (%) 0.00 0.91 0.92 0.91
P (%) 0.000 0.004 0.007 0.007
V (%) 0.00 0.33 0.36 0.35
S (%) 0.00 0.05 0.07 0.07

Mineral Resource Estimate – Stockpiles - December 2013

Stockpiles-Measured Tonnes (Mt) Grade (%DTR)
Crushed Ore 0.1 46.9
In-pit Broken stocks 0.4 33.3
Total 1.5 34.6

Page 13 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

The total Mineral Resource for Savage River as at 31 December 2013 is as follows:

Mineral Resource Estimate – Savage River - December 2013

Measured
Resources		 Indicated
Resources		 Inferred
Resources		 TOTAL
Resources
Tonnes (Mt) 71.3 148.7 166.2 386.2
DTR (%) 53.5 49.9 41.7 47.1
Fe (%) 68.1 68.1 68.4 68.2
Ni (%) 0.04 0.04 0.04 0.04
TiO2 (%) 0.68 0.71 0.63 0.67
MgO (%) 1.60 1.55 1.30 1.45
P (%) 0.010 0.009 0.009 0.010
V (%) 0.38 0.36 0.36 0.36
S (%) 0.09 0.08 0.09 0.08

The following tables represent the Ore Reserve for each part of the deposit. In each case, elemental compositions were measured from Davis Tube Concentrate. A cut-off of 15%DTR was used in the calculation of Ore Reserves.

Reserve Estimate - North Pit - December 2013

Proved
Reserves		 Probable
Reserves		 TOTAL
Reserves
Tonnes (Mt) 25.5 56.7 82.2
DTR (%) 57.5 53.6 54.8
Fe (%) 67.9 67.8 67.9
Ni (%) 0.03 0.03 0.03
TiO2 (%) 1.00 0.95 0.96
MgO (%) 1.63 1.69 1.67
P (%) 0.008 0.008 0.008
V (%) 0.39 0.37 0.37
S (%) 0.03 0.05 0.04

Page 14 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Reserve Estimate – South Deposit - December 2013

Proved
Reserves		 Probable
Reserves		 TOTAL
Reserves
Tonnes (Mt) 7.8 1.8 9.6
DTR (%) 44.1 44.6 44.2
Fe (%) 67.9 68.1 67.9
Ni (%) 0.07 0.07 0.07
TiO2 (%) 0.72 0.69 0.71
MgO (%) 1.64 1.54 1.62
P (%) 0.008 0.008 0.008
V (%) 0.31 0.31 0.31
S (%) 0.12 0.13 0.12

Reserve Estimate – Centre Pit South - December 2013

Proved
Reserves		 Probable
Reserves		 TOTAL
Reserves
Tonnes (Mt) 6.6 3.2 9.8
DTR (%) 47.5 41.5 45.5
Fe (%) 68.6 67.9 68.3
Ni (%) 0.05 0.05 0.05
TiO2 (%) 0.37 0.37 0.37
MgO (%) 1.44 1.59 1.49
P (%) 0.014 0.014 0.014
V (%) 0.41 0.38 0.40
S (%) 0.15 0.18 0.16

Page 15 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Ore Reserve Estimate – Stockpiles - December 2013

Stockpiles-Measured Tonnes (Mt) Grade (%DTR)
Crushed Ore 0.1 46.9
In-pit Broken stocks 0.4 33.3
Total 1.5 34.6

The total Ore Reserve for Savage River as at 31 December 2013 is as follows:

Ore Reserve Estimate – Savage River- December 2013

Proved
Reserves		 Probable
Reserves		 TOTAL
Reserves
Tonnes (Mt) 41.4 61.7 103.1
DTR (%) 52.6 52.7 52.6
Fe (%) 68.0 67.8 67.9
Ni (%) 0.04 0.04 0.04
TiO2 (%) 0.84 0.91 0.88
MgO (%) 1.60 1.68 1.65
P (%) 0.009 0.008 0.009
V (%) 0.37 0.37 0.37
S (%) 0.07 0.06 0.06

Page 16 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [370 x 329] intentionally omitted <==

Figure 4 - Grade Tonnage Curve, Savage River

Page 17 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

JORC TABLE 1 - SAVAGE RIVER

SECTION 1 - SAMPLING TECHNIQUES AND DATA

Note: All comments refer to all deposits on the Savage River Mining Lease; comprising North Pit, Centre Pit North, Centre Pit South, Sprent, South Deposit and Long Plains (on an adjacent exploration lease) unless individually identified as being related to a particular prospect.

Criteria Sampling Techniques and Data Comments
Sampling
techniques		 • Nature and quality of sampling (e.g. cut
channels, random chips, or specific
specialised
industry
standard
measurement tools appropriate to the
minerals under investigation, such as
down hole gamma sondes, or handheld
XRF instruments, etc.). These examples
should not be taken as limiting the broad
meaning of sampling.		 • The deposits were sampled using diamond
drilling (DD) with limited Reverse Circulation
(RC) pre-collaring. Drilling was conducted on
approximately
100m
spaced
sections
orientated perpendicular to the overall orebody
strike. On section spacing (down-dip) varies
but is commonly 50-70m. The mineralisation is
sub-vertical and the holes are typically inclined
at -60°. All samples are assayed for DTR,
Fe2+, Total Fe, Ni, TiO2, MgO, P, V, S, CaO,
SiO2 and Al2O3. CaO, SiO2 and Al2O3 are
notpresentlyestimated.
• Include reference to measures taken to
ensure sample representivity and the
appropriate
calibration
of
any
measurement tools or systems used.		 • The drill hole locations were picked up and
down-hole surveys completed. Diamond core
was used to obtain the best possible sample
quality for lithology, structural, grade and
densityinformation.
•
Aspects
of
the
determination
of
mineralisation that are Material to the
Public Report. In cases where ‘industry
standard’ work has been done this would
be
relatively
simple
(e.g.
‘reverse
circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised
to produce a 30 g charge for fire assay’).
In other cases more explanation may be
required, such as where there is coarse
gold that has inherent sampling problems.
Unusual commodities or mineralisation
types (e.g. submarine nodules) may
warrant disclosure of detailed information.		 • Drilling of Diamond core was a combination
of HQ and NQ sizes, some triple tube.
Samples were controlled based on geological
contacts and generally no more than 2m in
length.
Sample
selection
was
nominally
>=0.75m and <=1.25m. All core samples were
half cored. Core was split by diamond sawing.
Samples were dried, crushed, split and
pulverised to nominally 98% passing 75µm for
Davis Tube Recovery (DTR) determination.

Page 18 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Drilling
techniques		 • Drill type (e.g. core, reverse circulation,
open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc.) and details
(e.g. core diameter, triple or standard
tube, depth of diamond tails, face-
sampling bit or other type, whether core is
oriented and if so, by what method, etc.).		 • Samples used in the resource estimation
were taken from diamond drill core of either
HQ or NQ size or RC samples. (recent
programs).
• RC drill holes employ a 140mm face
sampling hammer.
Criteria Sampling Techniques and Data Comments
Drill sample
recovery		 •Method of recording and assessing core
and chip sample recoveries and results
assessed.		 • Core recoveries were recorded in the
geotechnical logs and in the sample records.
Core recoveries are generally high in the ore
zones at Savage River (>90%) and there are
no significant core recovery issues.
•Measures taken to maximise sample
recovery
and
ensure
representative
nature of the samples.		 • Drilling penetration rates were controlled in
order to maximise recovery in ore zones.
•Whether a relationship exists between
sample recovery and grade and whether
sample bias may have occurred due to
preferential
loss/gain
of
fine/coarse
material.		 • No relationship between sample recovery
and grade is known at Savage River.
Logging •Whether core and chip samples have
been geologically and geo-technically
logged to a level of detail to support
appropriate Mineral Resource estimation,
mining studies and metallurgical studies.		 • Core samples from all deposits have been
logged for lithology, mineralogy, alteration and
mineralisation. Geotechnical logging including
domain
and
structural
defects
logging
including orientations were undertaken. The
level of detail is sufficient to support Mineral
Resource estimation, mining studies and
metallurgical studies.
•Whether
logging
is
qualitative
or
quantitative in nature. Core (or costean,
channel, etc.) photography.		 • Logging is a combination of qualitative and
quantitative. Core was photographed wet and
dry. No photos available for the oldest core.
•The total length and percentage of the
relevant intersections logged.		 • All core and RC chips were fully logged.

Page 19 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Sub-
sampling
techniques
and sample
preparation		 •If core, whether cut or sawn and whether
quarter, half or all core taken.		 • Core was half core sampled as standard
practice and rarely full core sampled in the
very few older holes. Core was cut using a
diamond impregnated saw blade on site at the
Savage River core farm. The ore is relatively
massive and the preferred orientation for core
sawing is just left of the orientation line.
•If
non-core,
whether
riffled,
tube
sampled, rotary split, etc. and whether
sampled wet or dry.		 • For non-core, samples are dry riffled and
sampled dry.
•For all sample types, the nature, quality
and
appropriateness of
the
sample
preparation technique.		 • Sample preparation techniques were industry
standard for magnetite ores and use the sub-
sampling protocol as recommended by the
Savage river laboratory. Sample prep on
recent
drill
core
was
completed
at
a
commercial lab [NATA accredited]. The half
core samples were oven dried at 110 degrees
for 12 hours, then coarse crushed to minus
2mm on a Boyds crusher then split to ~3kg,
crushed again to 90% passing 1.7mm and split
again with a 150g sub-sample taken for
pulverising to 98% passing 75 microns.
•Quality control procedures adopted for all
sub-sampling stages to maximise the
representativeness of samples.		 • RC chips were riffle split when dry and a 3kg
sample was taken for each single metre drilled.
When RC sample was damp, samples were
speared uniformly.
When RC sample in ore was RC holes were
stopped and completed later for diamond tails.
•Measures taken to ensure that the
sampling is representative of the in situ
material collected, including for instance
results for field
duplicate/second-half
sampling.		 Limited numbers of duplicate samples were
taken for intervals of HG, MG and LG within
the RC drilling suite.
Field QC procedures for RC and diamond
samples involve the insertion of assay
standards at a rate of 1 in 25.
Standards were derived from 2006 MLEP
drilling campaign in North Pit Savage River.

Page 20 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

•Whether sample sizes are appropriate to
the grain size of the material being
sampled.		 • The sample sizes are considered to be
appropriate
based
on
the
style
of
mineralisation, the thickness and consistency
of the intersections and assay range for the
primary analysis (% recoverable magnetite
concentrate).
Quality of
assay data
and
laboratory
tests
Quality of
Assay Data
continued		 •The nature, quality and appropriateness
of
the
assaying
and
laboratory
procedures
used
and
whether
the
technique is considered partial or total.		 • The primary assay technique is Davis Tube
Recovery (DTR) on a 10g sample, followed by
Ferrous Iron (Fe2+) via Satmagan and S, total
Fe, TiO2, MgO, V, P, S and Ni via XRF on the
Davis Tube Concentrate (DTC). All techniques
are considered total. DTR is the most
appropriate assay technique for determination
of magnetite recovery. All DTR samples
completed
on
site
using
Savage
River
technique. This technique has been use for 40
years at Savage River and pit reconciliations
are good.
•For geophysical tools, spectrometers,
handheld XRF instruments, etc., the
parameters used in determining the
analysis including instrument make and
model, reading times, calibrations factors
applied and their derivation, etc.		 • Magnetic susceptibility instruments are used
for initial geological logging to help the
geologist classify the logged interval as ore
grade or waste. Ore samples have sample
prep, DTR and XRF determinations done and
these inform the resource estimate. No mag
sus values are used in the resource estimate.
•Nature of quality control procedures
adopted
(e.g.
standards,
blanks,
duplicates, external laboratory checks)
and
whether
acceptable
levels
of
accuracy (i.e. lack of bias) and precision
have been established.		 • Field assay standards are inserted at a rate
of 1 in 25 in drilled core and RC through ore
zones. DTR determinations are performed in
duplicate.
Limited field duplicates were analysed. No
external
laboratory
checks
have
been
performed and no check assaying has been
undertaken. Data analysis has been performed
and the data demonstrates sufficient accuracy
and precision for use in Mineral Resource
estimation.
Verification
of sampling
and assaying		 •The
verification
of
significant
intersections by either independent or
alternative company personnel.		 • Significant intersections are verified by
alternative company personnel.
•The use of twinned holes. • No twinned holes have been drilled.

Page 21 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

•Documentation of primary data, data
entry procedures, data verification, data
storage
(physical
and
electronic)
protocols.		 Primary data is captured directly to
standard template Microsoft Excel log
sheets using tough book laptops with
standard logging codes and data entry
control. The data is verified by the
geologist and then loaded into the central
(project-wide) database.
•Discuss any adjustment to assay data. No adjustments are made to assay data.
Extensive use of the resubmitted pulps
has been used in the past for NP, esp
2005-06 for the feasibility study.
Location of
data points		 •Accuracy and quality of surveys used to
locate drill holes (collar and down-hole
surveys), trenches, mine workings and
other locations used in Mineral Resource
estimation.		 All significant surface features were
surveyed by Grange staff surveyors using
a combination of conventional surveying
(total station) and/or high resolution RTK
GPS. In each case, the features were
located to within 100mm in X, Y and Z.
For downhole surveys, older drilling used
single-shot Eastman dips at 50m spacing
downhole
(accurate
to
0.5°).
Hole
azimuths were assumed to be straight
(compass data is not useable due to the
magnetic nature of the mineralisation).
North seeking gyro was used prior to the
use of the DeviFlex downhole survey tool.
This has a stated accuracy of +/- 0.01° per
station in azimuth and +/- 0.1° in dip, with
stations every 3m downhole.
•Specification of the grid system used. The grid system used is the Savage River
Mine Grid, where;
10o18’ 23” (N) SRG= 00(N) GDA94
•Quality and adequacy of topographic
control.		 The topographic surface in the vicinity of
the deposit was surveyed by Grange staff
surveyors
using
a
combination
of
conventional
surveying
(total
station)
and/or high resolution RTK GPS. In each
case, the data points are located to within
100mm in X, Y and Z and the point
spacing is approximately 5m in X and Y.
For areas further away from the deposit,
LIDAR data is used.

Page 22 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Data spacing
and
distribution		 •Data spacing for reporting of Exploration
Results.		 For Deposits on the Savage River Mine
lease the nominal drill hole spacing is 50m
(between sections) and by 50-70m (on
section).
Drill spacing at Long Plains is wider given
that the parts of the resource are at an
early stage of delineation. Indicated
Mineral Resources at Long Plains have
been defined generally in areas of 50 by
50 m drill spacing.
Inferred Mineral Resources at Long Plains
have been defined in areas of 100x100
metre up to 600x100 metre drill spacing.
•Whether
the
data
spacing
and
distribution is sufficient to establish the
degree of geological and grade continuity
appropriate for the Mineral Resource and
Ore Reserve estimation procedure(s) and
classifications applied.		 Data
spacing
and
distribution
were
analysed using semi-variograms. The
general
quality
of
the
experimental
variograms was good. The ranges of the
variograms
were
used
to
provide
guidance for resource classification.

Page 23 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

•Whether sample compositing has been
applied.		 Samples have been composited prior to
geostatistical
analysis
and
Mineral
Resource estimation. At Savage River
Mine, the composite length was 2m. At
Long Plains, the composite length was
1m.
Criteria Sampling Techniques and Data Comments
Orientation
of data in
relation to
geological
structure		 •Whether the orientation of sampling
achieves unbiased sampling of possible
structures and the extent to which this is
known, considering the deposit type.		 The majority of drill holes are oriented to
achieve intersection angles as close to
perpendicular to the mineralization as is
practicable.
•If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.		 No significant sampling bias occurs in the
data due to the orientation of drilling with
regards to mineralized structures/bodies.
Sample
security		 • The measures taken to ensure sample
security.		 All samples are logged and bagged on
site by Grange geological staff and assay
determinations are performed by Grange
staff.

Page 24 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Audits or
reviews		 •The results of any audits or reviews of
sampling techniques and data.		 During the Mine Life Extension Project in
2006 AMC peer reviewed the NP resource
for the mine life extension project (MLEP).
A sample prep audit was conducted for
the external provider. No audits or
reviews have been undertaken on SR lab
recently.

SECTION 2 - REPORTING OF EXPLORATION RESULTS

Criteria JORC Code explanation Commentary
Mineral
tenement
and land
tenure
status		 Type, reference name/number,
location and ownership
including agreements or
material issues with third
parties such as joint ventures,
partnerships, overriding
royalties, native title interests,
historical sites, wilderness or
national park and
environmental settings.
The security of the tenure held
at the time of reporting along
with any known impediments
to obtaining a licence to
operate in the area.		 3 Mining leases are held on the Savage
River site and are 100% owned by Grange
Resources Tasmania Ltd. (formerly
Goldamere Proprietary Ltd operating as
Australian Bulk Minerals).
Mining lease 2M/2001was granted
11/12/2001 comprising 4,987 hectares
which includes the main orebodies North
Pit (NP), South Lens (SL), Centre Pit north
(CPN), Centre Pit South (CPN), Sprent
(SP) and South Deposit (SD) and the
pipeline corridor from site to the Port Latta
pellet plant. Locality is listed as Savage
River-Port Latta. This lease expires 7 Nov
2031 and currently has a security bond
held by the State of Tasmania.
Land tenure on ML 2M 2001 includes;
State forest, Forest Reserve, Informal
reserve,Crown Land, Private parcel,
Conservation area, Regional Reserve and
national Estate.
Mining lease 14M/2007was granted
14/5/2008 comprising 91 hectares as an
easement (including a sewerage
easement) on the Savage River townsite.
This lease expires 7 Nov 2031 and no bond
is held by the State of Tasmania.
Land tenure on ML 14M/2007
includes:Forest Reserve, Regional
Reserve, Private land, Proposed public
reserve-CLAC, Crown land Authority Land
and Crown Land
Mining lease 11M/2008wasgranted

Page 25 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
3/3/2009 comprising two lots totaling 108
hectares with the north west area required
for the South Deposit Tailings Storage
facility on Main Creek and the eastern lot
required to cover the remaining part of the
Savage river town ship not previously
covered by a mining lease. This lease
expires 24 April 2014 (renewal documents
are being submitted) and a bond is held by
the State of Tasmania.
Exploration
done by
other parties		 Acknowledgment and
appraisal of exploration by
other parties.		 Systematic exploration commenced during
the late 1950’s with the Bureau of Mineral
Resources conducting airborne & ground
magnetic surveys to delineate Savage
River & two smaller anomalies south at
Long Plains & Rocky River. Diamond
drilling commenced in the late 1950’s-early
1960’s by Industrial & Mining Investigations
Pty Ltd (8 holes). Savage River Mines Ltd
formed in 1965 as a JV to develop the
project and mined Savage River for the
next 30 years before Australian Bulk
Minerals (ABM – now Grange) took over
the mine lease in 1997.
Geology Deposit type, geological
setting and style of
mineralization.		 The Savage River Magnetite deposit lies
within and near the eastern margin of the
Proterozoic Arthur Metamorphic Complex
in northwestern Tasmania. This complex is
exposed along a northeast–southwest
trending structural corridor, The Arthur
Lineament, which separates Proterozoic
sedimentary rocks to the northwest from a
variety of Paleozoic rocks to the southeast
(Turner 1990). These Paleozoic rocks
include some major mafic and ultramafic
intrusive complexes which lie just to the
east of Savage River.
The magnetite orebodies are enclosed
within a highly sheared and strike faulted
belt of mafic and ultramafic schists and
mylonite. This belt is 0.5km wide, strikes
North-north-east to south-south-west, and
is enclosed in a thick sequence ofquartz-

Page 26 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
white mica schist (Whyte schist). Magnetite
ore is almost entirely confined within
ultramafic rocks, specifically serpentinite
and talc-carbonate schist. These ore-
bearing ultramafic rocks are exposed in an
axial zone above the belt, ranging from
about 40 to 100m wide and termed the
Main Ore Zone. They also form rare, much
narrower (mostly <20m wide) lenses and
layers in the mafic sequence to the west.
Magnetite ore ranges from disseminated to
massive, with much of the main Ore Zone
comprising massive to semi-massive
magnetite.1
11994 Thornett report on structural and
lithogical mapping of North Pit and South
Lens.
Drill hole
Information		 A summary of all information
material to the understanding
of the exploration results
including a tabulation of the
following information for all
Material drill holes:
o easting and northing of the
drill hole collar
o elevation or RL (Reduced
Level – elevation above sea
level in metres) of the drill
hole collar
o dip and azimuth of the hole
o down hole length and
interception depth
o hole length.
If the exclusion of this
information is justified on the
basis that the information is
not Material and this exclusion
does not detract from the
understanding of the report,
the Competent Person should
clearly explain why this is the		 The Savage River deposit has been mined
for over 45 years and a comprehensive
database of 547 drill holes for over 88K
meters of drilling has been accumulated
which informs the resource models.
Drill hole information has been included in
table 3 attached

Page 27 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
case.
Data
aggregation
methods		 In reporting Exploration
Results, weighting averaging
techniques, maximum and/or
minimum grade truncations (eg
cutting of high grades) and cut-
off grades are usually Material
and should be stated.
Where aggregate intercepts
incorporate short lengths of
high grade results and longer
lengths of low grade results,
the procedure used for such
aggregation should be stated
and some typical examples of
such aggregations should be
shown in detail.
The assumptions used for any
reporting of metal equivalent
values should be clearly
stated.		 Davis Tube Recovery (“DTR”) analyses
were conducted on core and RC chips that
had first had an estimated grade
determined by magnetic susceptibility
(mag-sus). If the mag-sus indicated an
estimated grade greater than 15% DTR,
the analytical DTR technique was used for
assay.
2m composites were use at Savage River
and 1m composites were used at Long
Plains. Both intercept methods
allowedwith75% of sample. There was no
cutting of high grades based on statistical
analysis. Sampling protocol insists on
samples between 0.75 and 1.25m in length
within unique lithologies.
Short intervals were sampled, where
discrete lithologies were present. The
compositing routine aggregates these to
1m composites.
Relationship
between
mineralizati
on widths
and
intercept
lengths		 These relationships are
particularly important in the
reporting of Exploration
Results.
If the geometry of the
mineralization with respect to
the drill hole angle is known,
its nature should be reported.
If it is not known and only the
down hole lengths are
reported, there should be a
clear statement to this effect
(eg ‘down hole length, true
_width not known’). _		 Plans and sections included in attachment
Diagrams Appropriate maps and sections
(with scales) and tabulations of
intercepts should be included
for any significant discovery
being reported These should
include, but not be limited to a
plan view of drill hole collar
locations and appropriate
sectional views.		 A locality plan (figure 5) and typical cross
sections (figure 6-8) for each deposit area
are attached.

Page 28 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
Balanced
reporting		 Where comprehensive
reporting of all Exploration
Results is not practicable,
representative reporting of
both low and high grades
and/or widths should be
practiced to avoid misleading
reporting of Exploration
Results.		 All individual drilling results have been
incorporated into the resource estimations.
See table 3 attached
Other
substantive
exploration
data		 Other exploration data, if
meaningful and material,
should be reported including
(but not limited to): geological
observations; geophysical
survey results; geochemical
survey results; bulk samples –
size and method of treatment;
metallurgical test results; bulk
density, groundwater,
geotechnical and rock
characteristics; potential
deleterious or contaminating
substances.		 The Savage River Mine has been in
operation for 45 years with substantial data
collected including geophysical surveys,
geological mapping of exposures and
metallurgical test work. Waste
management plans are based upon acid
based accounting analyses of selected
representative data from each deposit at
Savage River.
Further
work		 The nature and scale of
planned further work (eg tests
for lateral extensions or depth
extensions or large-scale step-
out drilling).
Diagrams clearly highlighting
the areas of possible
extensions, including the main
geological interpretations and
future drilling areas, provided
this information is not
commercially sensitive.		 No further potential for lateral extensions to
the Savage River ore-bodies have been
identified. Further drilling to infill the depth
extent of the resources will be required to
define the potential for further cutbacks on
existing pits.

Page 29 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

SECTION 3 - ESTIMATION AND REPORTING OF MINERAL RESOURCES

Criteria JORC Code explanation Commentary
Database
integrity		 Measures taken to
ensure that data has not
been corrupted by, for
example, transcription or
keying errors, between
its initial collection and
its use for Mineral
Resource estimation
purposes.
Data validation
procedures used.		 Transcription errors are limited by having assay
data directly merged into the database with key
fields on sample ID.
Visual validation in 3D is utilized having sections
plotted with block grades, the drill-hole assays
and geology intervals displayed.
Validation of the database occurs at distinct
stages.
Data entry – data is mostly entered into Excel
spreadsheets, controlled by lookup lists and
ranges of acceptable values.
Before upload to the database – data is cross-
checked in Excel.
Before extracting composites – a set of queries
are run, checking for data continuity, abnormal
values and overlapping ranges.
At all stages spot checks are made on specific
areas against raw data or core where available,
to check for accuracy and/or correlation. Where
applicable, data is plotted out on section or
graphicallyfor visual checking.
Site visits Comment on any site
visits undertaken by the
Competent Person and
the outcome of those
visits.
If no site visits have
been undertaken
indicate why this is the
case.		 Competent person works on site and has an
intimate knowledge of the operation.
All pits have mining history, with North Pit and
South Deposit being mined currently.
Geological
interpretation		 Confidence in (or
conversely, the
uncertainty of ) the
geological interpretation
of the mineral deposit.
Nature of the data used
and of any assumptions
made.
The effect, if any, of
alternative		 Each
section
was
interpreted
for
magnetite
mineralization in a live-3D environment, i.e. the
sections were not printed out for interpretation
purposes. The work was all done in Geovia Surpac.
Historically, there were three types of mineralization
defined (termed sparse, moderate and abundant and
given the codes ZS, ZM and ZA respectively).
Recent practice has been to amalgamate the ZM and
ZA.
The
mineralized
zones
were
therefore
subdivided into moderate and high grade (ZAZM,
>35 DTR) and low grade (ZS 15-35 DTR) categories.

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary Commentary Commentary Commentary
interpretations on
Mineral Resource
estimation.
The use of geology in
guiding and controlling
Mineral Resource
estimation.
The factors affecting
continuity both of grade
and geology.		 The geological interpretation has high confidence on
a deposit scale, informed by regularly spaced drilling,
in-pit mapping, grade control drilling and monthly
reconciliations.
The boudinaged nature of the high grade lenses
does sometimes result in some areas having to be
adjusted by on ground mapping and grade control,
during mining.
Geology, lithology and structure are used to guide
and control the interpretation and wireframing of ore
lenses in preparation for resource estimation.
Wireframes are validated in section, then in plan
(flitch) to enable robust shapes to be developed.
Continuity is greatest down dip owing to the strike-
slip deformation at Savage River. Continuity along
strike is characterized by discontinuous swarms of
boudinaged high grade magnetite lenses surrounded
by lower grade magnetite ore hosted in serpentinite
gangue.
Dimensions The extent and
variability of the Mineral
Resource expressed as
length (along strike or
otherwise), plan width,
and depth below surface
to the upper and lower
limits of the Mineral
Resource.		 The Savage River ore-bodies occur discontinuously
over a strike length of 6km with thickness ranging
from 40-150m.
All lenses remain open at depth.
A summary of the defined extents of individual
deposits follows:
Deposit
Strike
Extent(m)
Width
Extent(m)
Depth
Extent(m)
North Pit
2,400
250
800
Centre Pit
North
860
200
500
Centre Pit
South
1,140
250
400
Sprent
250
50
150
South Deposit
550
100
360
Strike
Extent(m)		 Width
Extent(m)
Deposit
North Pit 2,400 250 800
Centre Pit
North
860 200 500
Centre Pit
South
1,140 250 400
Sprent 250 50 150
South Deposit 550 100 360
Estimation
and modeling
techniques		 The nature and
appropriateness of the
estimation technique(s)
applied and key
assumptions, including
treatment of extreme grade
_values, domaining, _		 Estimations have generally been undertaken by
Grange staff using recommendations and
parameters defined in variographic studies
completed by Snowden Mining Industry
Consultants.
Mineralized domains were established from high
Page 31 of 91
Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
interpolation parameters
and maximum distance of
extrapolation from data
points. If a computer
assisted estimation method
was chosen include a
description of computer
software and parameters
used.		 grade and low grade intersects as interpreted in
the geological model.
Ordinary Kriging (OK) was employed to estimate
the North Pit resource from 2007 based on the
recommendation of a report by Snowden in
2006. Other deposits have progressively moved
from inverse distance methods to OK as
appropriate. The Sprent deposit is comparatively
small (<3M tonnes) and considered to be an
extension of Centre Pit South. It was developed
in 2010 to supplement ore supply.
Drill hole sample data was flagged as ore in the
database
within
the
domain
wireframes
interpreted
for
each
deposit.
Composites
extracted from the database for each domain
were therefore controlled by the geological
interpretation.
Sample data was generally composited to 2
metres down hole length using a best fit-
compositing method. Residual samples (those
composite intervals for which there was less
than 75% of the composite length) were
considered biased and hence were not included
in the estimate.
Snowden have recommended top cuts as tabled
below to reduce the impact of significant outliers
and positively skewed populations.
No top cuts have been applied to the Centre Pit
South or Sprent models.
DTR is not directly estimated but instead
weighted by density with which it has a very
strong correlation. Density values and the

Page 32 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
interpolation parameters
and maximum distance of
extrapolation from data
points		 calculated attribute Density x DTR are both
subjected to variography and estimation, with
DTR back calculated in the model.
Grange personnel have generally created the
block models and run the estimations with
Geovia
Surpac
software
using
in-house
estimation macros to ensure consistency of
methodology.
Block models were constructed for each deposit
using a 10mE by 10mN by 5mRL parent block
size with sub-celling to 5mE by 5mN by 2.5mRL.
Variography studies for each deposit have been
completed by Snowden Consultants with
recommendations for estimation parameters
appropriate for each deposit and the modelling
technique employed as tabulated below.
Estimation Parameters
North Pit
Element
Pass
Direction
1 Strike
Direction
2 Dip
Direction
3 Across
Strike
Major/
Semi-
major
Ratio
Major/
Minor
Ratio
Min
Samp
Max
Samp
Main Ore Zone ZAZM
Density
and
d_x_dtr
1
70
23
12
3
6
12
32
2
150
50
25
3
6
12
32
3
300
100
50
3
6
12
32
Main Ore Zone ZS
Density
and
d_x_dtr
1
50
17
17
3
3
20
32
2
100
33
33
3
3
20
32
3
300
100
100
3
3
20
32
West Lens Mineralised Domains (ZAZM and ZS)
Density
and
d_x_dtr
1
50
17
17
3
3
20
32
2
100
33
33
3
3
20
32
3
300
100
100
3
3
20
32

Page 33 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
interpolation parameters
and maximum distance of
extrapolation from data
points		 South Deposit
Element
Pass
Bearing
(Z)
Plunge
(X)
Dip
(Y)
Major
Axis
(m)
Major/
Semi-
major
Ratio
Major/
Minor
Ratio
Min
Samp
Max
Samp
East Lens Mineralised Domains (ZAZM and ZS)
Density
and
d_x_dtr
1
0
10
-80
50
1.2
6
2
32
2
0
10
-80
90
1.2
6
2
32
3
0
10
-80
180
1.2
6
2
32
West Lens Mineralised Domains (ZAZM and ZS)
Density
and
d_x_dtr
1
25
0
-90
100
2
10
2
32
2
25
0
-90
150
2
10
2
32
3
25
0
-90
300
2
10
2
32
Centre Pit South & Sprent
Element
Pass
Bearing
(Z)
Plunge
(X)
Dip
(Y)
Major
Axis
(m)
Major/
Semi-
major
Ratio
Major/
Minor
Ratio
Min
Samp
Max
Samp
Mineralised Domains (ZAZM and ZS)
ALL
1
20
0
-80
60
1.7
3
2
32
2
20
0
-80
150
1.7
3
2
32
3
20
0
-80
300
1.7
3
2
32
Centre Pit North
Element
Pass
Direction
1
Direction
2
Direction
3
Major/
Semi-
major
Ratio
Major/
Minor
Ratio
Min
Samp
Max
Samp
Strike
Dip
Across
Strike
Main Ore Zone ZAZM
Density
and
d_x_dtr
1
60
40
10
1.5
6
2
32
2
150
100
25
1.5
6
2
32
3
300
200
50
1.5
6
2
32
Main Ore Zone ZS
Density
and
d_x_dtr
1
60
30
15
2
4
2
32
2
150
75
38
2
4
2
32
3
300
150
75
2
4
2
32
West Lens Mineralised Domains (ZAZM and ZS)
Density
and
d_x_dtr
1
60
12
15
5
4
2
32
2
150
30
38
5
4
2
32
3
300
60
75
5
4
2
32
The availability of check
estimates, previous
estimates and/or mine
production records and
whether the Mineral
Resource estimate
takes appropriate
account of such data.		 New model estimates were compared against
previous model estimates by flitch plots, visual
inspection of the model around new drill hole
data in section, and have been reconciled with
production data as part of the validation
process.

Page 34 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
The assumptions made
regarding recovery of
by-products.		 No byproduct recoveries have been considered.
Estimation of deleterious
elements or other non-
grade variables of
economic significance
(eg sulphur for acid
mine drainage
_characterization). _		 Concentrate grades and deleterious elements
(impurities) have all had variography completed
where samples were available and were
estimated using the appropriate method with the
resource run.
In the case of block
model interpolation, the
block size in relation to
the average sample
spacing and the search
employed.		 Sample spacing on a 50 x 70m grid is 5-7 times
the block size. This sample spacing is supported
by the very strong geological continuity (low
sample variance). See tables above.
Any assumptions behind
modelling of selective
mining units.		 No assumptions were made behind modeling of
selective mining units.
Any assumptions about
correlation between
variables.		 There is a strong correlation between DTR and
density which is described below in the Bulk
Densitysection.
Description of how the
geological interpretation
was used to control the
resource estimates.		 Geology, lithology and structure are used to
guide and control the interpretation and wire-
framing of ore lenses in preparation for resource
estimation. Wireframes are validated in section,
then in plan (flitch) to enable robust shapes to
be developed.
Discussion of basis for
using or not using grade
_cutting or capping. _		 Top cuts were used where recommended by
geo-statistical data analysis.
The process of
validation, the checking
process used, the
comparison of model
data to drill hole data,
and use of reconciliation
data if available. New
model estimates are
compared against old
model estimates and
reconciliations as part of
validation.		 Block estimates were cross-validated by
comparison with printed block sections showing
drilling, block values and constraining
wireframes.
Moisture Whether the tonnages
are estimated on a dry
basis or with natural
moisture, and the		 Tonnages were estimated on a dry basis

Page 35 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
method of determination
of the moisture content.
Cut-off
parameters		 The basis of the
adopted cut-off grade(s)
or quality parameters
applied.		 The cut-off grade of 15%DTR is based on a
natural break in the Grade-Tonnage Curve and
is supported by economic analysis undertaken
during 2010.
Mining
factors or
assumptions		 Assumptions made
regarding possible
mining methods,
minimum mining
dimensions and internal
(or, if applicable,
external) mining dilution.
It is always necessary
as part of the process of
determining reasonable
prospects for eventual
economic extraction to
consider potential
mining methods, but the
assumptions made
regarding mining
methods and
parameters when
estimating Mineral
Resources may not
always be rigorous.
Where this is the case,
this should be reported
with an explanation of
the basis of the mining
assumptions made.		 No mining factors (i.e. dilution, ore loss, recoverable
resources at selective mining block size) have been
applied.
Selective mining unit is block model parent size for
each model, and the equipment selection allows for
finer discretization.
Metallurgical
factors or
assumptions		 The basis for
assumptions or
predictions regarding
metallurgical
amenability. It is always
necessary as part of the
process of determining
reasonable prospects
for eventual economic
extraction to consider
potential metallurgical
methods, but the		 DTR has been incorporated into the model as a
measure of magnetite recovery in the magnetic
separation process. This is based on the
performance of DTR at the Savage River mine,
where it has been employed as a good measure
of delineating ore and waste and in modeling the
anticipated recoveries through the magnetic
separation process for over 45 years.
Historical records indicate the Metallurgical
recovery of magnetite from the magnetic
separators has been demonstrated to be 95% of

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

Page 36 of 91

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
assumptions regarding
metallurgical treatment
processes and
parameters made when
reporting Mineral
Resources may not
always be rigorous.
Where this is the case,
this should be reported
with an explanation of
the basis of the
metallurgical
assumptions made.		 the DTR derived from laboratory DTR process.
This factor is not applied to the resource model.
Environmen-
tal factors or
assumptions		 Assumptions made
regarding possible
waste and process
residue disposal
options. It is always
necessary as part of the
process of determining
reasonable prospects
for eventual economic
extraction to consider
the potential
environmental impacts
of the mining and
processing operation.
While at this stage the
determination of
potential environmental
impacts, particularly for
a greenfields project,
may not always be well
advanced, the status of
early consideration of
these potential
environmental impacts
should be reported.
Where these aspects
have not been
considered this should
be reported with an
explanation of the
environmental
assumptions made.		 Waste rock: waste is segregated while mined into
one of four waste types based on the rocks acid-
base chemistry. These units are disposed of in
encapsulated dumps according to the waste
management plan as part of the environmental
permit conditions.
Tailings are disposed of as sediment beaches in
engineered tailing ponds. The tailings management
plan is part of the environmental permit conditions.
Bulk density Whether assumed or
determined. If assumed,
the basis for the
assumptions. If		 All ‘modern’ (post-2005) diamond drilling
samples have measured density values.
However, some historic drilling samples do not

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

Page 37 of 91

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
determined, the method
used, whether wet or
dry, the frequency of the
measurements, the
nature, size and
representativeness of
the samples.
The bulk density for bulk
material must have been
measured by methods
that adequately account
for void spaces (vugs,
porosity, etc), moisture
and differences between
rock and alteration
zones within the deposit.
Discuss assumptions for
bulk density estimates
used in the evaluation
process of the different
materials.		 have density data and it is not possible to
measure density for RC samples. The density of
the ore for the RC samples and legacy diamond
drilling samples was determined based on the
first principles equation, where:
The First Principles equation relates density to
DTR and provides a reasonable fit to the
measured data. Density is related to DTR
because the gangue mineralogy generally has a
lower specific gravity than that of magnetite.
The ore zones at Savage River are very
competent and void space is not considered
significant to make allowance for in the density
determination method.
Audits or
reviews		 The results of any audits
or reviews of Mineral
Resource estimates.		 During the Mine Life Extension Project in 2006,
AMC peer reviewed the NP resource estimation
process and parameters for the mine life
extension project (MLEP).
The estimation process and parameters are
considered to be still valid for this deposit as
additional drilling has been infill in nature.
Several due diligence studies have reviewed the
estimation methodologies as recommended by
Snowden and found them to be valid
Discussion
of relative
accuracy/
confidence		 Where appropriate a
statement of the relative
accuracy and
confidence level in the
Ore Reserve estimate
using an approach or
procedure deemed
appropriate by the
Competent Person. For
example, the application
of statistical or
geostatistical
procedures to quantify
the relative accuracy of
the reserve within stated
confidence limits, or, if		 Global reconciliations and bench reconciliations
are used to feedback into the resource model.
Regular reconciliations show a good
performance of model vs actual.
Reconciliations are calculated from material
survey movement against changes in stockpiles
and actual magnetite concentrate production.
Grange believes that the relative accuracy and
confidence in the Mineral Resources is
appropriate for the generally- accepted error
ranges understood by the resource confidence
categories which have been allocated

Page 38 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
such an approach is not
deemed appropriate, a
qualitative discussion of
the factors which could
affect the relative
accuracy and
confidence of the
estimate.
The statement should
specify whether it
relates to global or local
estimates, and, if local,
state the relevant
tonnages, which should
be relevant to technical
and economic
evaluation.
Documentation should
include assumptions
made and the
procedures used.
Accuracy and
confidence discussions
should extend to specific
discussions of any
applied Modifying
Factors that may have a
material impact on Ore
Reserve viability, or for
which there are
remaining areas of
uncertainty at the
current study stage.
It is recognized that this
may not be possible or
appropriate in all
circumstances. These
statements of relative
accuracy and
confidence of the
estimate should be
compared with
production data, where
_available. _		 Historically, model predictions have been well
within 10% of actual production.

Page 39 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Section 4 - Estimation and Reporting of Ore Reserves

(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)

Criteria JORC Code explanation Commentary
Mineral
Resource
estimate for
conversion
to Ore
Reserves		 Description of the
Mineral Resource
estimate used as a
basis for the
conversion to an
Ore Reserve.
Clear statement as
to whether the
Mineral Resources
are reported
additional to, or
inclusive of, the Ore
Reserves.		 The Ore Reserve estimate for Savage River
includes Mineral Resources from North Pit, Centre
Pit and South Deposit. The Mineral Resources used
are from updated Mineral Resource models for
each deposit as at 31 December 2013.
The stated Mineral Resource is inclusive of the Ore
Reserve
Site visits Comment on any site
visits undertaken by
the Competent Person
and the outcome of
those visits.
If no site visits have
been undertaken
indicate why this is the
case.		 The Competent Person has more than 10 years of
experience in an open pit Magnetite mine at senior
operational management and technical level.
Competent person is an employee of the company.
Study status The type and level of
study undertaken to
enable Mineral
Resources to be
converted to Ore
Reserves.
The Code requires
that a study to at least
Pre-Feasibility Study
level has been
undertaken to convert
Mineral Resources to
Ore Reserves. Such
studies will have been
carried out and will
have determined a
mine plan that is
technically achievable
and economically
viable, and that		 This Ore Reserve estimate is based on a Feasibility
Study that was completed, in September 2006. The
information used for estimation and reporting of this
Ore Reserve is based upon that Feasibility Study
with current production reconciled modifying factors.
The Life Of Mine Plan process is undertaken
annually which encompasses reviews of conversion
of mineral resource to ore reserve and assessment
of current economic and other reconciled modifying
factors.

Page 40 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary Commentary Commentary Commentary Commentary
material Modifying
Factors have been
considered.
Cut-off
parameters		 The basis of the cut-
off grade(s) or quality
parameters applied.		 Cut-Off-Grade Analysis was undertaken as part of
the Feasibility Study and is updated on an annual
basis as part of Grange Resource’s Life Of Mine
Budgetprocess. The Cut-offgrade is 15% DTR.
Mining
factors or
assumptions		 The method and
assumptions used
as reported in the
Pre-Feasibility or
Feasibility Study to
convert the Mineral
Resource to an Ore
Reserve (i.e. either
by application of
appropriate factors
by optimization or by
preliminary or
detailed design).
The choice, nature
and appropriateness
of the selected
mining method(s)
and other mining
parameters
including associated
design issues such
as pre-strip, access,
etc.
The assumptions
made regarding
geotechnical
parameters (eg pit
slopes, stope sizes,		 The Whittle optimizer is used to derive an economic
pit outline which is then used as the basis for mine
design. The software uses profit maximization
algorithms to generate pit shells. The cost inputs
used in the Whittle optimizer were based initially
upon the parameters determined in the Feasibility
Study and are reviewed as part of The ongoing Life
Of Mine Planning and evaluation process.
The Ore Reserves are reported within a detailed
staged pit designs which are based on Whittle open
pit optimization.
Mining is be undertaken by conventional bulk
mining methods utilizing hydraulic face shovels,
dump trucks and conventional drill and blast, which
is suited to the local terrain.
The overall pit slopes used for the design and
optimization are based on geotechnical studies
undertaken in the Feasibility Study and are
reviewed and updated on an annual basis as part of
Grange Resource’s Life Of Mine Planning process.
The current overall slopeparameters are as follows:
Pit
Overall Slope Angle
degrees
East
West
North
South
North Pit
48
33
32
25
Centre Pit
44
32
35
36
South
Deposit
40
38
36
42
Pit Overall Slope Angle
degrees
East West North South
North Pit 48 33 32 25
Centre Pit
44		 32 35 36
South
Deposit		 40 38 36 42

Page 41 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
etc), grade control
and pre-production
drilling.
The major
assumptions made
and Mineral
Resource model
used for pit and
stope optimization (if
appropriate).
The mining dilution
factors used.
The mining recovery
factors used.
Any minimum
mining widths used.
The manner in
which Inferred
Mineral Resources		 The Smallest Mining Unit (SMU) assumed is 5 m x
5 m x 2.5 m in the X, Y and Z direction consistent
with the sub-cell resolution in the resource.
The mining block model includes an allowance for
likely mining dilution based on a regularization of
the geological model. The regularization has added
approximately 2% tonnage and reduced the DTR by
8%.
These factors reflect the expected ore dilution
leading to a decrease in recovered grade and an
increase in recovered ore volume, and are based
on
historic
reconciliation
performance.
Reconciliations (global) are compiled annually and
bench reconciliations are compiled as benches are
completed (about 8 per year).
Temporal or period reconciliations are run to check
the quality of the 3 month plan cycle
No minimum mining widths have been applied
The Whittle Optimization on which the mine design
is based utilizes only Measured and Indicated
Material._Ore_Reserve classification is that portion
of the mineral resource that resides within an
economic pit design. Only Measured and indicated
resources are considered.
Inferred resources are not scheduled but are
considered during optimizations. The current North
pit design has less than 30,000 tonnes of inferred
resource.
The mine has introduced remote blast hole drilling,
five years ago, and has recently introduced remote
blast hole charging

Page 42 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
are utilised in mining
studies and the
sensitivity of the
outcome to their
inclusion.
The infrastructure
requirements of the
selected mining
methods.
Metallurgical
factors or
assumptions		 The metallurgical
process proposed
and the
appropriateness of
that process to the
style of
mineralization.
Whether the
metallurgical
process is well-
tested technology or
novel in nature.
The nature, amount
and
representativeness
of metallurgical test
work undertaken,
the nature of the
metallurgical
domains applied
and the
corresponding
metallurgical
recovery factors
applied.		 The Concentrator comprises primary crushing,
primary and secondary grinding and magnetic
separation. Concentrate is pumped by a slurry
pipeline for drying, pelletizing and ship loading at
the Port Latta. This process is well proven at
Savage River over the last 45 years and is used
extensively for magnetite deposits throughout the
world.
The Concentrator and Pellet Plant have been have
operated continuously by Grange Resources since
2009 and before by Australian Bulk Minerals since
1997.
There has been metallurgical test work undertaken
as part of the Feasibility Study and subsequent
drilling programs.
All of the historical information has shown that
concentrate recovery is non-linear and is a function
of the mined grade DTR% as processed through
the concentrator as shown in the table below.
These figures are reviewed on an annual basis as
part of Grange Resource’s Life Of Mine planning
process.
Mined
Grade
DTR%
Plant
Recovery
%
47.92
96
51.58
95
56.38
94
59.14
93
61.96
92
65.93
91

Page 43 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
Any assumptions or
allowances made for
deleterious
elements.
The existence of
any bulk sample or
pilot scale test work
and the degree to
which such samples
are considered
representative of the
ore-body as a
whole.
For minerals that
are defined by a
specification, has
the ore reserve
estimation been
based on the
appropriate
mineralogy to meet		 The Ore Reserve and the associated mine schedule
produce an output on which the sale of pellet is
based and includes any deleterious elements.
Deleterious elements (also referred to as
impurities), are identified in product specification
and are estimated in the resource model .
The mineral resource model appropriately
addresses the chemical criteria and the emergent
physical properties to meet a high quality iron ore
product.
The current operating plant.
Magnetite concentrate and hematite pellets are
sold on a market specification.
The
mineral
resource
model
appropriately
addresses the chemical criteria and the emergent
physical properties to meet a high quality iron ore
product.

Page 44 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
the specifications?
**Environmental ** The status of studies of
potential environmental
impacts of the mining
and processing
operation. Details of
waste rock
characterisation and
the consideration of
potential sites, status of
design options
considered and, where
applicable, the status
of approvals for
process residue
storage and waste
dumps should be
reported.		 The mining and exploration tenements held by the
Company contain environmental requirements and
conditions that the entities must comply with in the
course of normal operations. These conditions
and regulations cover the management of the
storage of hazardous materials and rehabilitation
of mine sites. The Company obtained approvals
to operate in 1996 and 1997 under Tasmania's
Land Use Planning and Approvals Act (LUPA) and
the Environmental Management and Pollution
Control Act (EMPCA) as well as the Goldamere
Act and Mineral Resources Development Act. The
land use permit conditions for Savage River and
Port Latta are contained in Environmental
Protection Notices 248/2 and 302/2 respectively.
The
currently
approved
Environmental
Management Plans were submitted for Savage
River and Port Latta on 21 December 2010. The
extension of the project’s life was approved by the
Department of Tourism, Arts and the Environment
on 12 March 2007 and together with the
Goldamere Act and the Environmental Protection
Notices, is the basis for the management of all
environmental aspects of the mining leases. The
Goldamere Act limits the Company's liability under
Tasmanian law for remediation of contamination to
that caused by the Company's operations, and
indemnifies
the
Company
for
certain
environmental
liabilities
arising
from
past
operations. Where pollution is caused or might be
caused by previous operations and this may be
impacting on Grange’s operations or discharges.
Grange is indemnified against anyassociated

Page 45 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
emissions. Grange is however required to operate
to Best Practice Environmental Management
(BPEM).
The Goldamere Act provides overriding legislation
against all other Tasmanian legislation.
Grange has current approvals to mine North Pit
until 2031. The waste rock from North Pit is to be
segregated into potentiall acid forming and non
acid forming waste in the pit and then disposed of
in the Broderick Creek waste rock dump which
has sufficient capacity for the current life of the
mine. The potentially acid forming waste is
encapsulated with layers of clay and alkaline rocks
to prevent the formation of acid rock drainage.
Process residue from the concentration of ore
(tailings) is stored in the Main Creek Tailings Dam
which has sufficient capacity until 2017. Grange
has received approval from the Tasmanian
Environmental Protection Authority to construct
and operate a new tailings storage facility called
South Deposit Tailings Storage Facility. This has
sufficient capacity to store tailings from North Pit,
Centre Pit and South Deposit until at least 2031.
Approval for this facility is needed from the
Department of Environment and the Waratah
Wynyard Council. These approvals are expected
in March 2014.
Infrastructure The existence of
appropriate
infrastructure:
availability of land
for plant
development,
power, water,
transportation
(particularly for bulk
commodities),
labour,
accommodation; or
the ease with which
the infrastructure
can beprovided, or		 Current operation consists of North Pit and South
Deposit and one previously mined pit (Centre Pit)
which is planned to be mined as part of the Life Of
Mine Plan. There are also two primary crushers and
conveyors, concentrator, pipeline and pellet
processing plant with process water sourced on-site
and dedicated power transmission lines. Townsite
hosts a workforce of 250 persons. Concentrate is
transported by slurry pipeline to the Grange-owned
Port Latta pellet plant and dedicated ship loading
facility for export. The current Main Creek Tails
Storage Dam (facility) will be closed in 2017 and the
construction of a new South Deposit Tails Storage
Facility will commence in March 2014. The new
facilitywill have sufficient capacityto support the

Page 46 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
accessed. Life of Mine operation.
Costs The derivation of, or
assumptions made,
regarding projected
capital costs in the
study.
The methodology
used to estimate
operating costs.
Allowances made
for the content of
deleterious
elements.
The source of
exchange rates
used in the study.
Derivation of
transportation
charges
The basis for
forecasting or
source of treatment
and refining
charges, penalties
for failure to meet
specification, etc.
The allowances
made for royalties
payable, both
Government and
private.		 The Life Of Mine Plan is updated annually. All
assumptions regarding capital costs are reviewed
monthly and as part of the annual budgeting
process. Capital costs are well documented,
managed and understood for the operation.
The Concentrator and Pellet Plant have operated
continuously by Grange Resources since 2009
and before by Australian Bulk Minerals since
1997. The operating and capital costs are based
upon actual operating historical data.
Allowances are made for the various deleterious
elements and adjustments are made to the Iron
Content.
The exchange rate is sourced fromSpecialist Matter
Experts in the market analysis for mining and
metals), with periodic updates for forecast.
Product is sold Free On Board from Port Latta
Forecasting of treatment and refining charges
including penalties in concentrate are completed
annually using the scheduled annual feed grade
(including impurities).
No royalty or other government charges are used in
the Whittle Optimization, however all operating and
capital costs including royalties and other
government charges are included in the Life Of
Mine Plan.

Page 47 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
Revenue
factors		 The derivation of,
or assumptions
made regarding
revenue factors
including head
grade, metal or
commodity price(s)
exchange rates,
transportation and
treatment charges,
penalties, net
smelter returns, etc
.
The derivation of
assumptions made
of metal or
commodity
price(s), for the
principal metals,
minerals and co-
products.		 The 2013 Whittle optimization was carried out
including Measured and Indicated Mineral
Resource categories and using: a gross FOB price
at Port Latta expressed as US$/dmt pellet and a
nominated AUD:USD exchange rate
The commodity pricing is sourced from Specialist
Matter Experts in the market analysis for mining and
metals
Market
assessment		 The demand,
supply and stock
situation for the
particular
commodity,
consumption
trends and factors
likely to affect
supply and
demand into the
future.
A customer and
competitor analysis
along with the
identification of
likely market
windows for the
product.
Price and volume
forecasts and the
basis for these		 The
mine
and
concentrator
have
operated
continuously by Grange Resources since 2009 and
before by Australian Bulk Minerals since 1997, and
various parties since 1967. Product is presently
sold as Concentrate and Pellet into the Asian and
Australian markets.
There are long term contracts in place and we also
see a strong spot market.
Prices are negotiated based on market indices.

Page 48 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
forecasts.
For industrial
minerals the
customer
specification,
testing and
acceptance
requirements prior
to a supply
contract.
Economic The inputs to the
economic analysis
to produce the net
present value
(NPV) in the study,
the source and
confidence of these
economic inputs
including estimated
inflation, discount
rate, etc.
NPV ranges and
sensitivity to
variations in the
significant
assumptions and
inputs.		 The NPV is most sensitive to product price and
exchange rate
Land Tenure Land use North Pit, Centre Pit, South Deposit and the
associated waste dumps, tails storage facility,
concentrator, accommodation and pellet plant all lie
wholly within ML 2M/2001 and ML 11M/2008. There
are no restrictions placed on the operation by these
leases which materiallyrestrict its operation.
Social The status of
agreements with key
stakeholders and
matters leading to
social licence to
operate.		 The Mine is relatively isolated, being situated 45 km
off the Murchison Highway, which links the north-
west and western coasts of Tasmania (Figure 12).
The nearest localities are Corinna (population 6), 24
km to the south-west and Waratah (population 380),
38 km to the north-east. The nearest major town by
road is Burnie (population ~20,000), located on the
north-west coast, about 100 km distant.

Page 49 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
Grange maintains a Community Liaison Committee
which includes representatives of Government,
Non-government and community groups which
have shown an interest in the operation over the
past decade.
Grange
also
works
with
the
Tasmanian
Government in the Savage River Rehabilitation
Project. This work has seen water quality in the
Savage
River
improve
from
where
it
was
significantly degraded by acid rock drainage in 1997
to where modified ecosystem targets are being met
and pelagic aquatic species are re-populating the
middle reaches of the river. On the back of this
work, Grange has community support for the
ongoingoperation of the mine.
Other To the extent
relevant, the impact
of the following on
the project and/or on
the estimation and
classification of the
Ore Reserves:
Any identified
material naturally
occurring risks.
The status of
material legal
agreements and
marketing
arrangements.
The status of
governmental
agreements and
approvals critical to
the viability of the
project, such as
mineral tenement
status, and
government and
statutory approvals.
There must be
reasonable grounds
to expect that all
necessary
Government
approvals will be
received within the		 Asbestos group of minerals have been identified at
Savage River. The asbesti-form materials are
handled according to the fibrous materials policy at
Grange, whereby risks from inspirable particles are
monitored and controlled.
A long term contract for supply of magnetite pellet
to various customers exists.
The Goldamere Act provides Tasmanian legislation
to support the Savage River Operation
Final approval for the SDTSF is expected in March
2014. Approval has been received from a state
level.

Page 50 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
timeframes
anticipated in the
Pre-Feasibility or
Feasibility study.
Highlight and discuss
the materiality of any
unresolved matter
that is dependent on
a third party on which
extraction of the
reserve is contingent.
Classification The basis for the
classification of the
Ore Reserves into
varying confidence
categories.
Whether the result
appropriately reflects
the Competent
Person’s view of the
deposit.
The proportion of
Probable Ore
Reserves that have
been derived from
Measured Mineral
Resources (if any).		 Reserve classification is that portion of the
mineral resource that resides within an
economic pit design. Only Measured and
Indicated resources are considered and have
been converted to proven and probable
reserves (respectively).
The result reflects the Competent persons view
of the deposit.
No probable Ore Reserves have been derived
from measured mineral resources.
Audits or
reviews		 The results of any
audits or reviews of
Ore Reserve
estimates.		 The Feasibility Study that was completed in
September 2006 had been peer reviewed by
Australian Mining Consultants (AMC) for the
NP reserve for the mine life extension project
(MLEP).
Discussion of
relative
accuracy/
confidence		 Where appropriate a
statement of the
relative accuracy and
confidence level in
the Ore Reserve
estimate using an
approach or
procedure deemed
appropriate by the
Competent Person.		 Global reconciliations and bench
reconciliations are used to feedback into the
resource model. Regular reconciliations show a
good performance of model vs actual.
Reconciliations are calculated from material
survey movement against changes in
stockpiles and actual magnetite concentrate
production.
Grange believes that the relative accuracyand

Page 51 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
For example, the
application of
statistical or
geostatistical
procedures to
quantify the relative
accuracy of the
reserve within stated
confidence limits, or,
if such an approach
is not deemed
appropriate, a
qualitative discussion
of the factors which
could affect the
relative accuracy and
confidence of the
estimate.
The statement
should specify
whether it relates to
global or local
estimates, and, if
local, state the
relevant tonnages,
which should be
relevant to technical
and economic
evaluation.
Documentation
should include
assumptions made
and the procedures
used.
Accuracy and
confidence
discussions should
extend to specific
discussions of any
applied Modifying
Factors that may
have a material
impact on Ore
Reserve viability, or
for which there are
remaining areas of
uncertainty at the
current study stage.		 confidence in the Mineral Resources is
appropriate for the generally- accepted error
ranges understood by the resource confidence
categories which have been allocated
Historically model predictions are well within
10% of actual production
Mod factors apply globally and metallurgical
factors are reviewed annually.
Some factors are applied locally, for example
geotechnical parameters are applied locally.
All modifying factors are reviewed annually.
Modifying Factors are reviewed periodically
with reconciliations to evaluate accuracy and
confidence of the estimates.
Relative accuracy of the mod factors compares
well with production data which is compared on
a monthly and annual basis.

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

Page 52 of 91

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Criteria JORC Code explanation Commentary
It is recognised that
this may not be
possible or
appropriate in all
circumstances.
These statements of
relative accuracy and
confidence of the
estimate should be
compared with
production data,
where available.

Page 53 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [155 x 344] intentionally omitted <==

==> picture [278 x 550] intentionally omitted <==

Figure 5 Regional Geology (2008)

Page 54 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [455 x 308] intentionally omitted <==

Figure 6 Typical Cross Section for NP

==> picture [455 x 307] intentionally omitted <==

Figure 7 Typical Cross Section of CPS

Page 55 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [455 x 307] intentionally omitted <==

Figure 8 Typical Cross Section for SD

Page 56 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [361 x 533] intentionally omitted <==

Figure 9 Typical Cross Section for Long Plains

Page 57 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

Competent Person Statement

The information in this report that relates to Mineral Resources and Ore Reserves is based on information compiled by Mr Ben Maynard, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy, and is a full time employee of Grange Resources, and who holds shares in Grange Resources as part of the company incentive scheme.

Mr Maynard has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Mr Maynard consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Page 58 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

DRILL HOLE DATA

Pursuant to the guidelines established in the JORC Code (2012 Edition), the following table represents the drill hole intercepts which support the Mineral Resource and Ore Reserve estimates for Savage River.

Page 59 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

lp2013_resource hole_id x y z dip azimuth depth_from depth_to hole_depth
2 IMI28 348036 5396583 280 -47 259 24.37 83.33 166.72
1 IMI29 348011 5396883 263 -50 258 111.86 115.21 182.88
1 IMI29 348011 5396883 263 -50 258 141.57 151.24 182.88
1 IMI29 348011 5396883 263 -50 258 79.44 90.3 182.88
1 IMI29 348011 5396883 263 -50 258 16.45 36.32 182.88
2 IMI30 348311 5395383 230 -45 255 128.52 157.01 192.02
2 IMI30 348311 5395383 230 -45 255 98.38 110.76 192.02
2 IMI30 348311 5395383 230 -45 255 58.16 83.09 192.02
2 IMI35 347976 5397188 253 -85 257 65.2 79.8 137.76
2 IMI46 347976 5397188 253 -44 257 98.5 116.5 233.5
2 IMI46 347976 5397188 253 -44 257 30.92 46.44 233.5
1 LPC06001 347832.334 5396884.196 274.325 9.975 97.4236 52 52.07 136
1 LPC06001 347832.334 5396884.196 274.325 9.975 97.4236 85.71 97.25 136
1 LPC06001 347832.334 5396884.196 274.325 9.975 97.4236 115.44 122.03 136
1 LPC06002 347824.675 5396929.225 275.468 7.633 73.084 72 72.14 182.5
1 LPC06002 347824.675 5396929.225 275.468 7.633 73.084 140 142.34 182.5
1 LPC06002 347824.675 5396929.225 275.468 7.633 73.084 151 156 182.5
1 LPC06003 347878.762 5396988.981 278.285 5.374 99.484 18.14 30.97 115.5
1 LPC06003 347878.762 5396988.981 278.285 5.374 99.484 86 90 115.5
1 LPC06004 347789.948 5396998.136 274.601 -22.742 74.0721 184 185.35 222
1 LPC06005 347839.92 5397087.878 262.647 6.756 102.2647 28.99 29 157
1 LPC06005 347839.92 5397087.878 262.647 6.756 102.2647 70.46 71.21 157
1 LPC06006 347800.287 5397139.931 251.357 1.5 96.39 66.16 98.85 232
1 LPC06006 347800.287 5397139.931 251.357 1.5 96.39 121.23 141.85 232
1 LPC06006 347800.287 5397139.931 251.357 1.5 96.39 166.9 169.18 232
1 LPC06007 347794.805 5397184.637 238.578 10.962 94.769 85 103.99 226
1 LPC06007 347794.805 5397184.637 238.578 10.962 94.769 117.81 125.3 226
1 LPC06007 347794.805 5397184.637 238.578 10.962 94.769 130.62 146.2 226
1 LPC06008 347937.035 5396682.272 282.404 2.312 90.2152 4.1 27.98 56.5
1 LPC06008 347937.035 5396682.272 282.404 2.312 90.2152 43.27 56.5 56.5
1 LPC06009 347994.785 5396703.768 287.834 -2.586 71.4756 35.08 39.02 75.5
1 LPC06010 347968.41 5396582.489 277.129 6.828 86.3733 8 48.91 111
1 LPC06010 347968.41 5396582.489 277.129 6.828 86.3733 72 79 111
1 LPC06011 347955.274 5396486.27 269.432 7.154 93.0714 12.02 22.41 90.5
1 LPC06011 347955.274 5396486.27 269.432 7.154 93.0714 69.08 73.12 90.5
1 LPC06012 347996.683 5396384.121 264.179 11.897 91.1609 32 33 35
1 LPC06012 347996.683 5396384.121 264.179 11.897 91.1609 9.02 15.12 35
1 LPDD1103 348437.026 5394659.961 259.328 -54.29 89.64 71.04 76 293.2
1 LPDD1103 348437.026 5394659.961 259.328 -54.29 89.64 123.5 137.47 293.2
1 LPDD1103 348437.026 5394659.961 259.328 -54.29 89.64 184.3 186 293.2
1 LPDD1103 348437.026 5394659.961 259.328 -54.29 89.64 232 245.53 293.2
1 LPDD1204 348295.353 5394950.179 259.373 -59.57 94.09 97.21 143.61 488.34
1 LPDD1204 348295.353 5394950.179 259.373 -59.57 94.09 175.08 215 488.34
1 LPDD1204 348295.353 5394950.179 259.373 -59.57 94.09 220.18 297.31 488.34
1 LPDD1204 348295.353 5394950.179 259.373 -59.57 94.09 297.32 351.95 488.34
1 LPDD1205 348194.817 5395259.99 240.681 -57.36 84.36 24.04 31.2 278.5
1 LPDD1205 348194.817 5395259.99 240.681 -57.36 84.36 66.55 120.66 278.5
1 LPDD1205 348194.817 5395259.99 240.681 -57.36 84.36 120.66 145 278.5
1 LPDD1205 348194.817 5395259.99 240.681 -57.36 84.36 166.9 179.58 278.5
1 LPDD1212 348080.499 5396392.012 267.101 -59.82 268 219.87 235.2 301.3
1 LPDD1212 348080.499 5396392.012 267.101 -59.82 268 123.98 132.1 301.3
1 LPDD1212 348080.499 5396392.012 267.101 -59.82 268 145.44 159.06 301.3
1 LPDD1212 348080.499 5396392.012 267.101 -59.82 268 265.33 268.97 301.3
1 LPDD1212 348080.499 5396392.012 267.101 -59.82 268 55.1 61.25 301.3
1 LPDD1215 348123.424 5396480.009 271.778 -56.96 273.29 204.6 252.2 301.4
1 LPDD1215 348123.424 5396480.009 271.778 -56.96 273.29 178.1 189.9 301.4
1 LPDD1218 348088.841 5396580.143 282.278 -60 270 101.5 232.12 288.1
1 LPDD1218 348088.841 5396580.143 282.278 -60 270 73.95 81.2 288.1
1 LPDD1220 348083.671 5396676.398 275.584 -52.29 259.25 178.8 207.53 236.6
1 LPDD1220 348083.671 5396676.398 275.584 -52.29 259.25 61 165.85 236.6
1 LPDD1223 347995.504 5396772.048 290.53 -73.49 280.98 142.3 201.2 300
1 LPDD1223 347995.504 5396772.048 290.53 -73.49 280.98 33.1 103.3 300
1 LPDD1228 347988.855 5397078.404 263.659 -60.76 274.49 111.9 156.51 270.2
1 LPDD1228 347988.855 5397078.404 263.659 -60.76 274.49 79.72 107 270.2
1 LPDD1228 347988.855 5397078.404 263.659 -60.76 274.49 24.48 52.38 270.2
1 LPDD1229 348007.081 5397181.123 254.693 -60 270 175.1 183.75 261.8
1 LPDD1229 348007.081 5397181.123 254.693 -60 270 74.42 83.87 261.8
1 LPDD1301 347991.708 5397130.271 262.24 -61 270 131 167 201.8
1 LPDD1301 347991.708 5397130.271 262.24 -61 270 37.02 48.89 201.8
1 LPDD1302 347992.196 5397130.286 262.136 -71 270 192.5 203.7 228.7
1 LPDD1302 347992.196 5397130.286 262.136 -71 270 72 78 228.7
1 LPDD1306 347795.267 5396931.67 276.328 -46.99 88.6 173.5 243 488.2
1 LPDD1306 347795.267 5396931.67 276.328 -46.99 88.6 278.2 300 488.2
1 LPDD1307 347845.553 5396939.252 283.403 -49.53 94.3 93 145 260.5

Long Plains Drill-hole Intersects as at 31 Dec 2013 1 of 2

Page 60 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

lp2013_resource hole_id x y z dip azimuth depth_from depth_to hole_depth
1 LPDD1307 347845.553 5396939.252 283.403 -49.53 94.3 158.7 174 260.5
1 LPDD1307 347845.553 5396939.252 283.403 -49.53 94.3 203.9 209.3 260.5
1 LPDD1309 347948.173 5396780.587 290.548 -69.53 92.66916667 46.3 172.9 284.7
1 LPDD1309 347948.173 5396780.587 290.548 -69.53 92.66916667 242.9 257.1 284.7
1 LPDD1310 348081.84 5396676.7 270 -74.1 270 153.96 309.8 309.8
1 LPDD1311 348070.753 5396534.388 281.853 -70.91 261.1580556 162.6 241 271.6
1 LPDD1311 348070.753 5396534.388 281.853 -70.91 261.1580556 120 129 271.6
1 LPDD1312 348090 5396160 262.527 -65 270 101 153.6 222.2
1 LPDD1313 348133.62 5396058.823 258.612 -72 279.31 172 206.4 298.8
1 LPDD1313 348133.62 5396058.823 258.612 -72 279.31 170.2 172 298.8
1 LPDD1313 348133.62 5396058.823 258.612 -72 279.31 128.3 166.5 298.8
1 LPDD1314 348159.542 5395961.302 251.144 -69.86 259 190 228.4 283.8
1 LPDD1314 348159.542 5395961.302 251.144 -69.86 259 150.8 183.1 283.8
1 LPDD1314 348159.542 5395961.302 251.144 -69.86 259 78 119.05 283.8
1 LPDD1315 348155.99 5395864.405 246.255 -76 270 175.3 204.7 312.7
1 LPDD1315 348155.99 5395864.405 246.255 -76 270 83 137.2 312.7
1 LPDD1315 348155.99 5395864.405 246.255 -76 270 5 43 312.7
1 LPDD1316 348158.501 5395867.783 246.338 -50 209 197.6 216.55 303.6
1 LPDD1316 348158.501 5395867.783 246.338 -50 209 140.8 171.3 303.6
1 LPDD1316 348158.501 5395867.783 246.338 -50 209 8.36 39.12 303.6
1 LPDD1318 347988.855 5397078.404 263.659 -75.84 274.5 143.7 220 245.9
1 LPDD1318 347988.855 5397078.404 263.659 -75.84 274.5 112.55 121 245.9
1 LPDD1318 347988.855 5397078.404 263.659 -75.84 274.5 34.16 69.07 245.9
1 LPDDH0707 347942.14 5397183.33 262 -55.32 268.42 52.3 89.6 156.2
1 LPDDH0707 347942.14 5397183.33 262 -55.32 268.42 37 46.72 156.2
1 LPDDH0707 347942.14 5397183.33 262 -55.32 268.42 5 23.9 156.2
1 LPDDH100 347993 5397029 260 -50 255 111.04 154.2 181
1 LPDDH100 347993 5397029 260 -50 255 78 105 181
1 LPDDH100 347993 5397029 260 -50 255 32.8 46.7 181
1 LPDDH101 347945.548 5397030.359 274.873 -50 255 34.88 80 95
1 LPDDH101 347945.548 5397030.359 274.873 -50 255 26.1 28 95
1 LPDDH102 347896.183 5397018.656 275.786 -50 255 0 10 49
1 LPDDH103 348038 5397041 249 -50 255 180.6 199 199
1 LPDDH103 348038 5397041 249 -50 255 144.2 175.6 199
1 LPDDH103 348038 5397041 249 -50 255 81.7 96.5 199
1 LPRC07001 347942.22 5397124.86 267.41 -60.38 270.14 52 125 160
1 LPRC07001 347942.22 5397124.86 267.41 -60.38 270.14 7 36 160
1 LPRC07002 347936.054 5397079.973 266.893 -70.82 270.21 54 119 154
1 LPRC07002 347936.054 5397079.973 266.893 -70.82 270.21 34 45.64 154
1 LPRC07003 347891 5396985.04 280.04 -68.83 94.92 21 120 184
1 LPRC07003 347891 5396985.04 280.04 -68.83 94.92 123 163 184
1 LPRC07003 347891 5396985.04 280.04 -68.83 94.92 179.52 184 184
1 LPRC07004 347895.79 5396985.02 282.11 -56.02 92.25 2.05 41 160
1 LPRC07004 347895.79 5396985.02 282.11 -56.02 92.25 54 92 160
1 LPRC07004 347895.79 5396985.02 282.11 -56.02 92.25 102 121 160
1 LPRC07005 347908.03 5397133.71 263.89 -60.49 270.03 6 70 167
1 LPRC07006 347896.8 5397082.05 265.92 -70.38 270.36 23 66 93
1 LPRC1113 348042.602 5396380.131 271.166 -60.1 269.16 144 155 220
1 LPRC1113 348042.602 5396380.131 271.166 -60.1 269.16 29.27 33.3 220
1 LPRC1113 348042.602 5396380.131 271.166 -60.1 269.16 79.12 88.36 220
1 LPRC1113 348042.602 5396380.131 271.166 -60.1 269.16 200 203 220
1 LPRC1114 347973.878 5396383.201 266.921 -58.1 273.78 6 17 103
1 LPRC1114 347973.878 5396383.201 266.921 -58.1 273.78 45 58 103
1 LPRC1116 348044.813 5396479.946 281.345 -57.1 269.44 47 114 200
1 LPRC1116 348044.813 5396479.946 281.345 -57.1 269.44 29 42 200
1 LPRC1117 347972.774 5396480.018 274.563 -58.71 272.96 3.51 15 100
1 LPRC1121 348007.536 5396674.801 290.545 -55.7 266.77 74 111 196
1 LPRC1121 348007.536 5396674.801 290.545 -55.7 266.77 1.54 49 196
1 LPRC1122 347949.997 5396679.889 287.229 -60.26 269.48 0 16 106
1 LPRC1127 347929.009 5396879.567 292.593 -59.74 276.21 0 21 100
1 LPRC1127 347929.009 5396879.567 292.593 -59.74 276.21 65 73 100
1 LPRC1209 348156.736 5396270.128 258.904 -57.34 262.93 127.03 131 131
1 LPRC1210 348075.085 5396280.1 262.102 -59.31 271.34 135 170 200
1 LPRC1210 348075.085 5396280.1 262.102 -59.31 271.34 7 22 200
1 LPRC1210 348075.085 5396280.1 262.102 -59.31 271.34 42.31 57.48 200
1 LPRC1211 348013.93 5396278.708 258.77 -59.5 277.09 37 61 88
1 LPRC1224 347996.064 5396774.079 290.517 -58.22 272.08 95.55 141 200
1 LPRC1224 347996.064 5396774.079 290.517 -58.22 272.08 24.8 76 200
1 LPRC1225 347943.252 5396780.434 290.429 -61.25 276.21 25.44 66 100
1 LPRC1308 347949.088 5396780.572 290.574 -48 92 39.33 61 166
1 LPRC1308 347949.088 5396780.572 290.574 -48 92 127 136 166
1 LPRC1310 348085.212 5396674.553 275.746 -74 270 150.77 153 153
1 LPRC1317 348091.727 5396161.494 262.527 -65 90 17 28 149
1 LPRC1317 348091.727 5396161.494 262.527 -65 90 51 62 149
1 MC29 347888.057 5397120.877 263.792 -49.26 258.83 7.99 30.83 348
2 rtae1 347991 5397143 257 -45 255 90 145 195
2 rtae1 347991 5397143 257 -45 255 72.11 72.99 195
2 rtae1 347991 5397143 257 -45 255 26 35 195

Long Plains Drill-hole Intersects as at 31 Dec 2013 2 of 2

Page 61 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [460 x 601] intentionally omitted <==

South Deposit Drill-hole Intersects as at 31 Dec 2013 1 of 1

Page 62 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [493 x 506] intentionally omitted <==

Centre Pit South Drill-hole Intersects as at 31 Dec 2013 1 of 11

Page 63 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [505 x 576] intentionally omitted <==

Centre Pit South Drill-hole Intersects as at 31 Dec 2013 2 of 11

Page 64 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [483 x 636] intentionally omitted <==

Centre Pit South Drill-hole Intersects as at 31 Dec 2013 3 of 11

Page 65 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

CPS_1302 hole_id x y z dip azimuth depth_from depth_to max_depth
1 CD200403 6156.56 6705.33 149.06 235.7 239.08 249.9
1 CD200403 6156.56 6705.33 149.06 239.08 239.16 249.9
1 CD201 6407.2 6876.3 322.9 -55.0 270.0 0 3.26 46.9
1 CD201 6407.2 6876.3 322.9 -55.0 270.0 30.2 46.9 46.9
1 CD202 6319.4 6868.1 299.9 -55.0 270.0 0 13.58 47.2
1 CD202 6319.4 6868.1 299.9 -55.0 270.0 32.6 47.2 47.2
1 CD203 6255.7 6868.1 287.1 -55.0 90.0 5.2 33.42 61
1 CD203 6255.7 6868.1 287.1 -55.0 90.0 33.42 33.56 61
1 CD203 6255.7 6868.1 287.1 -55.0 90.0 33.56 59.98 61
1 CD203 6255.7 6868.1 287.1 -55.0 90.0 0 5.2 61
1 CD204 6255.1 6868.1 287.1 -55.0 270.0 30.17 55.09 63.4
1 CD204 6255.1 6868.1 287.1 -55.0 270.0 0 25.4 63.4
1 CD204 6255.1 6868.1 287.1 -55.0 270.0 25.4 30.17 63.4
1 CD204 6255.1 6868.1 287.1 -55.0 270.0 55.09 63.4 63.4
1 CD205 6394.4 6952.5 321.7 -45.0 90.0 0 2.65 48.2
1 CD205 6394.4 6952.5 321.7 -45.0 90.0 10.1 25.71 48.2
1 CD206 6363.9 6952.5 309.6 -45.0 90.0 7.9 37.8 57.3
1 CD206 6363.9 6952.5 309.6 -45.0 90.0 0 7.9 57.3
1 CD206 6363.9 6952.5 309.6 -45.0 90.0 48.2 57.3 57.3
1 CD207 6340 6954 301.1 -45.0 90.0 19.64 20.88 59.4
1 CD207 6340 6954 301.1 -45.0 90.0 20.88 22.04 59.4
1 CD207 6340 6954 301.1 -45.0 90.0 22.04 36 59.4
1 CD207 6340 6954 301.1 -45.0 90.0 44.18 59.35 59.4
1 CD207 6340 6954 301.1 -45.0 90.0 0 18.9 59.4
1 CD208 6544.1 7043.9 343.3 -45.0 270.0 16.2 18.4 85.6
1 CD208 6544.1 7043.9 343.3 -45.0 270.0 23.03 41.29 85.6
1 -45.0 270.0
1 -45.0 270.0
1 -90.0 0.0
1 CD215 6324 6788 301.3 -45.0 90.0 1.02 1.67 46
1 CD215 6324 6788 301.3 -45.0 90.0 39.3 46 46
1 CD217 6294.7 6787.3 296.8 -45.0 90.0 13.7 14.59 52.1
1 CD217 6294.7 6787.3 296.8 -45.0 90.0 14.59 14.67 52.1
1 CD217 6294.7 6787.3 296.8 -45.0 90.0 14.67 14.68 52.1
1 CD217 6294.7 6787.3 296.8 -45.0 90.0 14.68 14.95 52.1
1 CD217 6294.7 6787.3 296.8 -45.0 90.0 2.55 12.63 52.1
1 CD217 6294.7 6787.3 296.8 -45.0 90.0 12.63 13.7 52.1
1 CD217 6294.7 6787.3 296.8 -45.0 90.0 19.12 31.6 52.1
1 CD217 6294.7 6787.3 296.8 -45.0 90.0 32.12 51.5 52.1
1 CD218 6266.4 6787.9 288.8 -45.0 90.0 1.38 1.55 60.4
1 CD218 6266.4 6787.9 288.8 -45.0 90.0 16.53 20.4 60.4
1 CD218 6266.4 6787.9 288.8 -45.0 90.0 32.6 60.4 60.4
1 CD218 6266.4 6787.9 288.8 -45.0 90.0 20.4 32.6 60.4
1 CD220 6232.6 6786.1 281.2 -45.0 90.0 31.7 39.9 51.8
1 CD220 6232.6 6786.1 281.2 -45.0 90.0 48.8 51.8 51.8
1 CD220 6232.6 6786.1 281.2 -45.0 90.0 18.6 27.1 51.8
1 CD222 6181 6789 264.2 -45.0 90.0 17.1 28 54.9
1 CD222 6181 6789 264.2 -45.0 90.0 33.43 46.9 54.9

Centre Pit South Drill-hole Intersects as at 31 Dec 2013 4 of 11

Page 66 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

CPS_1302 hole_id x y z dip azimuth depth_from depth_to max_depth
1 CD222 6181 6789 264.2 -45.0 90.0 49.41 49.67 54.9
1 CD222 6181 6789 264.2 -45.0 90.0 49.67 54.9 54.9
1 CD225 6179 6789 263.9 -45.0 90.0 32.86 35.7 35.7
1 CD227 6279.5 6690 287.5 -55.0 270.0 25.3 104.73 106.7
1 CD227 6279.5 6690 287.5 -55.0 270.0 106.38 106.47 106.7
1 CD227 6279.5 6690 287.5 -55.0 270.0 0 25.3 106.7
1 CD235 6285.6 6915.6 287 -45.0 90.0 0 13.7 91.7
1 CD235 6285.6 6915.6 287 -45.0 90.0 50.38 78 91.7
1 CD235 6285.6 6915.6 287 -45.0 90.0 84.1 89.6 91.7
1 CD235 6285.6 6915.6 287 -45.0 90.0 13.7 41.8 91.7
1 CD236 6358.1 6830.3 303 -45.0 90.0 0 0.3 91.6
1 CD236 6358.1 6830.3 303 -45.0 90.0 16.5 20.4 91.6
1 CD236 6358.1 6830.3 303 -45.0 90.0 39 51.2 91.6
1 CD236 6358.1 6830.3 303 -45.0 90.0 0.3 13.4 91.6
1 CD237 6479.7 7089 342.9 -45.0 90.0 90.9 91.4 91.4
1 CD237 6479.7 7089 342.9 -45.0 90.0 57.59 77.08 91.4
1 CD238 6348.1 6915.6 309.8 -45.0 90.0 0 17.35 99.4
1 CD238 6348.1 6915.6 309.8 -45.0 90.0 36.17 50.9 99.4
1 CD239 6281.3 6553.5 310.19 -45.0 90.0 66.8 79.25 79.25
1 CD239 6281.3 6553.5 310.19 -55.0 270.0 13.97 39.3 79.25
1 CD240 6192.3 6544.97 277.03 -55.0 270.0 18.3 59.7 59.7
1 CD241 6296 6640 296.8 -45.0 90.0 11.6 21.6 56.1
1 CD241 6296 6640 296.8 -45.0 90.0 39.6 44.8 56.1
1 CD242 6178.3 6420.6 290.6 -45.0 90.0 0 5.8 91.4
1 CD242 6178.3 6420.6 290.6 -45.0 90.0 29.6 71.77 91.4
1 CD243 6242.3 6553.2 298.4 -55.0 270.0 34.7 88.1 103.6
1 CD243 6242.3 6553.2 298.4 -55.0 270.0 0 15.2 103.6
1 CD244 6203 6509 281.5 -45.0 90.0 0 17.4 82.6
1 CD244 6203 6509 281.5 -45.0 90.0 73.52 78.33 82.6
1 CD248 6379.8 7001 320.3 -45.0 90.0 0 4.45 91.4
1 CD248 6379.8 7001 320.3 -45.0 90.0 4.45 5.7 91.4
1 CD248 6379.8 7001 320.3 -45.0 90.0 21.3 23.99 91.4
1 CD248 6379.8 7001 320.3 -45.0 90.0 25.29 34.4 91.4
1 CD248 6379.8 7001 320.3 -45.0 90.0 37.52 43.25 91.4
1 CD248 6379.8 7001 320.3 -45.0 90.0 5.7 5.86 91.4
1 CD248 6379.8 7001 320.3 -45.0 90.0 5.86 21.3 91.4
1 CD248 6379.8 7001 320.3 -45.0 90.0 43.25 57.99 91.4
1 CD248 6379.8 7001 320.3 -45.0 90.0 65.44 83.04 91.4
1 CD248 6379.8 7001 320.3 -45.0 90.0 86.9 91.4 91.4
1 CD249 6315.5 7002 290.3 -45.0 90.0 0 13.24 91.4
1 CD249 6315.5 7002 290.3 -45.0 90.0 24.4 57.9 91.4
1 CD249 6315.5 7002 290.3 -45.0 90.0 63.4 71.6 91.4
1 CD249 6315.5 7002 290.3 -45.0 90.0 72.65 82.9 91.4
1 CD249 6315.5 7002 290.3 -45.0 90.0 88.52 91.4 91.4
1 CD249 6315.5 7002 290.3 -45.0 90.0 14.47 24.4 91.4
1 CD302 6006.1 6324.3 231.6 -45.0 90.0 9.8 22.1 243.8
1 CD302 6006.1 6324.3 231.6 -45.0 90.0 35.1 44.2 243.8
1 CD302 6006.1 6324.3 231.6 -45.0 90.0 49.4 54.9 243.8
1 CD302 6006.1 6324.3 231.6 -45.0 90.0 62.3 81.7 243.8
1 CD302 6006.1 6324.3 231.6 -45.0 90.0 104.5 111.33 243.8
1 CD302 6006.1 6324.3 231.6 -45.0 90.0 136.6 146.4 243.8
Centre Pit South Drill-hole Intersects as at 31 Dec 2013 5 of 11

Page 67 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

CPS_1302 hole_id x y z dip azimuth depth_from depth_to max_depth
1 CD302 6006.1 6324.3 231.6 -45.0 90.0 155 169.6 243.8
1 CD302 6006.1 6324.3 231.6 -45.0 90.0 186.51 188.6 243.8
1 CD302 6006.1 6324.3 231.6 -45.0 90.0 222.5 227.57 243.8
1 CD302 6006.1 6324.3 231.6 -45.0 90.0 124.8 136.6 243.8
1 CD302 6006.1 6324.3 231.6 -45.0 90.0 183.5 186.51 243.8
1 CD302 6006.1 6324.3 231.6 -45.0 90.0 199.3 208.5 243.8
1 CD303 6113 6416 269.6 -45.0 90.0 30.6 46 201.2
1 CD303 6113 6416 269.6 -45.0 90.0 99.5 129.3 201.2
1 CD303 6113 6416 269.6 -45.0 90.0 144.56 157.16 201.2
1 CD303 6113 6416 269.6 -45.0 90.0 92 99.5 201.2
1 CD303 6113 6416 269.6 -45.0 90.0 129.3 129.5 201.2
1 CD305 6128 6599 247.8 -47.0 90.0 9.53 41.5 204.2
1 CD305 6128 6599 247.8 -47.0 90.0 85.8 91.1 204.2
1 CD305 6128 6599 247.8 -47.0 90.0 97.5 125.3 204.2
1 CD305 6128 6599 247.8 -47.0 90.0 172.7 201.9 204.2
1 CD305 6128 6599 247.8 -47.0 90.0 144.6 172.7 204.2
1 CD307 6136.8 6681.8 238.1 -45.0 90.0 13.41 22.1 243.8
1 CD307 6136.8 6681.8 238.1 -45.0 90.0 88.4 96.5 243.8
1 CD307 6136.8 6681.8 238.1 -45.0 90.0 106.4 134 243.8
1 CD307 6136.8 6681.8 238.1 -45.0 90.0 145.7 173.4 243.8
1 CD307 6136.8 6681.8 238.1 -45.0 90.0 214.6 234.2 243.8
1 CD307 6136.8 6681.8 238.1 -45.0 90.0 33.5 61.7 243.8
1 CD307 6136.8 6681.8 238.1 -45.0 90.0 134 137.43 243.8
1 CD307 6136.8 6681.8 238.1 -45.0 90.0 173.4 181.12 243.8
1 CD308 6220 6830 274.7 -48.0 90.0 25.3 58.61 286.82
1 CD308 6220 6830 274.7 -48.0 90.0 59.11 75.33 286.82
1 CD308 6220 6830 274.7 -48.0 90.0 84.9 123.3 286.82
1 CD308 6220 6830 274.7 -48.0 90.0 141.1 183.6 286.82
1 CD308 6220 6830 274.7 -48.0 90.0 206.6 222.2 286.82
1 CD308 6220 6830 274.7 -48.0 90.0 0 25.3 286.82
1 CD308 6220 6830 274.7 -48.0 90.0 183.6 195.2 286.82
1 CD308 6220 6830 274.7 -48.0 90.0 250.1 254.7 286.82
1 CD309 6224 6900 273.3 -45.0 90.0 12.2 26.96 240.2
1 CD309 6224 6900 273.3 -45.0 90.0 44.2 61 240.2
1 CD309 6224 6900 273.3 -45.0 90.0 61 79.96 240.2
1 CD309 6224 6900 273.3 -45.0 90.0 92.2 120.89 240.2
1 CD309 6224 6900 273.3 -45.0 90.0 125.82 136.4 240.2
1 CD309 6224 6900 273.3 -45.0 90.0 167.3 173.4 240.2
1 CD309 6224 6900 273.3 -45.0 90.0 205.46 225.6 240.2
1 CD309 6224 6900 273.3 -45.0 90.0 0 12.2 240.2
1 CD309 6224 6900 273.3 -45.0 90.0 79.96 81.8 240.2
1 CD309 6224 6900 273.3 -45.0 90.0 81.8 84.76 240.2
1 CD309 6224 6900 273.3 -45.0 90.0 225.6 238.7 240.2
1 CD401 6526 7002 301.3 -60.0 90.0 106.04 119.35 119.35
1 CD403 6438 6990 265 -45.0 90.0 0 12.95 171.67
1 CD403 6438 6990 265 -45.0 90.0 67.83 71.91 171.67
1 CD403 6438 6990 265 -45.0 90.0 83.05 88.4 171.67
1 CD403 6438 6990 265 -45.0 90.0 109.54 118.02 171.67

Centre Pit South Drill-hole Intersects as at 31 Dec 2013 6 of 11

Page 68 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

CPS_1302 hole_id x y z dip azimuth depth_from depth_to max_depth
1 CD406 6268 6811 228.6 -45.0 270.0 22.91 32.77 100.78
1 CD406 6268 6811 228.6 -45.0 270.0 32.77 32.99 100.78
1 CD406 6268 6811 228.6 -45.0 270.0 65.31 67.31 100.78
1 CD406 6268 6811 228.6 -45.0 270.0 73.81 75.73 100.78
1 CD408 6208 6787 231 -90.0 0.0 0 16.27 58
1 CD411 6297 6690 231 -60.0 90.0 0 25.5 149.96
1 CD411 6297 6690 231 -60.0 90.0 40.7 50.22 149.96
1 CD411 6297 6690 231 -60.0 90.0 50.22 51.08 149.96
1 CD411 6297 6690 231 -60.0 90.0 99.4 100.46 149.96
1 CD411 6297 6690 231 -60.0 90.0 123.5 135.4 149.96
1 CD412 6253 6416 267 -50.0 90.0 46.18 46.32 115.7
1 CD412 6253 6416 267 -50.0 90.0 100.56 100.67 115.7
1 CD412 6253 6416 267 -50.0 90.0 46.32 50.14 115.7
1 CD412 6253 6416 267 -50.0 90.0 94.97 100.56 115.7
1 CD413 6135 6788 233 -55.0 90.0 143.02 152.49 169.86
1 CD413 6135 6788 233 -55.0 90.0 157.92 169.86 169.86
1 CD501 6134.5 6461.4 239.2 -50.0 270.0 0 34.8 115.5
1 CD501 6134.5 6461.4 239.2 -50.0 270.0 110.05 112.74 115.5
1 CD502 6040.6 6186.9 238.6 -55.0 270.0 23.2 52.1 140
1 CD502 6040.6 6186.9 238.6 -55.0 270.0 58.5 90.4 140
1 CD502 6040.6 6186.9 238.6 -55.0 270.0 130.14 130.19 140
1 CD503 6195 6596 222.3 -45.0 270.0 95.98 99.31 102.5
1 CD506 6014.1 6186.8 238.1 -50.0 90.0 0 6.8 136.4
1 CD506 6014.1 6186.8 238.1 -50.0 90.0 8.57 20.4 136.4
1 CD506 6014.1 6186.8 238.1 -50.0 90.0 27.6 33.45 136.4
1 CD506 6014.1 6186.8 238.1 -50.0 90.0 42.5 62.12 136.4
1 CD506 6014.1 6186.8 238.1 -50.0 90.0 68 85.03 136.4
1 CD506 6014.1 6186.8 238.1 -50.0 90.0 97.65 109.8 136.4
1 CD506 6014.1 6186.8 238.1 -50.0 90.0 85.03 85.05 136.4
1 CD506 6014.1 6186.8 238.1 -50.0 90.0 85.05 92.63 136.4
1 CD506 6014.1 6186.8 238.1 -50.0 90.0 109.8 125.3 136.4
1 CD506 6014.1 6186.8 238.1 -50.0 90.0 136.28 136.4 136.4
1 CD509 6200 6502.9 223.3 -55.0 90.0 0 19.3 29
1 CD511 6321.7 6954 204.5 -60.0 270.0 0 22.65 66.7
1 CD513 6233.3 6690.5 209.7 -50.0 270.0 0 18.6 80.5
1 CD513 6233.3 6690.5 209.7 -50.0 270.0 43.3 43.9 80.5
1 CD513 6233.3 6690.5 209.7 -50.0 270.0 74.53 78.12 80.5
1 CD514 6344.5 7000 203.7 -45.0 90.0 0 3.04 146
1 CD514 6344.5 7000 203.7 -45.0 90.0 15 16.21 146
1 CD514 6344.5 7000 203.7 -45.0 90.0 24.9 28.98 146
1 CD514 6344.5 7000 203.7 -45.0 90.0 47.89 82 146
1 CD514 6344.5 7000 203.7 -45.0 90.0 105.76 112.9 146
1 CD514 6344.5 7000 203.7 -45.0 90.0 28.98 41 146
1 CD514 6344.5 7000 203.7 -45.0 90.0 122.81 133 146
1 CD515 6078.4 6277.7 238.9 -55.0 270.0 7.2 67.1 104.3
1 CD515 6078.4 6277.7 238.9 -55.0 270.0 88.1 104.3 104.3
1 CD516 6119.4 6415.4 240.4 -60.0 90.0 11.17 16.7 151.2
1 CD516 6119.4 6415.4 240.4 -60.0 90.0 58.15 75.2 151.2
1 CD516 6119.4 6415.4 240.4 -60.0 90.0 88.65 91.27 151.2
1 CD516 6119.4 6415.4 240.4 -60.0 90.0 118.16 140.6 151.2
1 CD516 6119.4 6415.4 240.4 -60.0 90.0 57.67 58.15 151.2
Centre Pit South Drill-hole Intersects as at 31 Dec 2013 7 of 11

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320 Page 69 of 91

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

CPS_1302 hole_id x y z dip azimuth depth_from depth_to max_depth
1 CD516 6119.4 6415.4 240.4 -60.0 90.0 91.54 100.7 151.2
1 CD517 5898 6000 222.5 -40.0 90.0 79.54 85.4 152.4
1 CD517 5898 6000 222.5 -40.0 90.0 63.6 68.85 152.4
1 CD517 5898 6000 222.5 -40.0 90.0 90.85 100.8 152.4
1 CD517 5898 6000 222.5 -40.0 90.0 103.8 106.3 152.4
1 CD517 5898 6000 222.5 -40.0 90.0 115.7 124.8 152.4
1 CD520 5968 6096.2 213.23 -40.0 90.0 21.9 29.5 158.3
1 CD520 5968 6096.2 213.23 -40.0 90.0 33.9 38.1 158.3
1 CD520 5968 6096.2 213.23 -40.0 90.0 48.8 54 158.3
1 CD520 5968 6096.2 213.23 -40.0 90.0 84.06 85.46 158.3
1 CD520 5968 6096.2 213.23 -40.0 90.0 73.5 77.4 158.3
1 CD520 5968 6096.2 213.23 -40.0 90.0 85.46 108.63 158.3
1 CD520 5968 6096.2 213.23 -40.0 90.0 116.2 134.3 158.3
1 CD601 6222 6645 209 -45.0 90.0 3.5 28.6 117.1
1 CD601 6222 6645 209 -45.0 90.0 28.96 29.24 117.1
1 CD601 6222 6645 209 -45.0 90.0 42.07 94.4 117.1
1 CD601 6222 6645 209 -45.0 90.0 102.23 102.73 117.1
1 CD601 6222 6645 209 -45.0 90.0 28.6 28.96 117.1
1 CD602 6173 6503 213 -45.0 270.0 0 17.13 146.6
1 CD602 6173 6503 213 -45.0 270.0 56.5 70.5 146.6
1 CD602 6173 6503 213 -45.0 270.0 129.66 129.67 146.6
1 CD603 6135.8 6417 214.7 -45.0 270.0 73.2 81.5 140
1 CD603 6135.8 6417 214.7 -45.0 270.0 124.37 128.56 140
1 CD604 6332 6689.4 243.2 -50.0 90.0 11.3 26.5 113.3
1 CD604 6332 6689.4 243.2 -50.0 90.0 51.24 53.95 113.3
1 CD604 6332 6689.4 243.2 -50.0 90.0 83.17 83.9 113.3
1 CD608 6360 7090.2 190.9 -40.0 90.0 76.51 84.22 169.5
1 CD610 6233 6497.5 235.14 -45.0 90.0 17.08 24.9 121.5
1 CD611 6349.2 6832 229.5 -40.0 90.0 9.7 15.64 140
1 CD611 6349.2 6832 229.5 -40.0 90.0 39.48 42.53 140
1 CD611 6349.2 6832 229.5 -40.0 90.0 77.29 84.8 140
1 CD611 6349.2 6832 229.5 -40.0 90.0 121 126.71 140
1 CD613 6436 7090 222.5 -40.0 90.0 117.22 125.21 169
1 CD613 6436 7090 222.5 -40.0 90.0 68.93 85.19 169
1 CD614 6149 6279.5 230.29 -40.0 90.0 26.24 26.28 118
1 CD614 6149 6279.5 230.29 -40.0 90.0 32.76 32.91 118
1 CD614 6149 6279.5 230.29 -40.0 90.0 96.95 97.33 118
1 CD614 6149 6279.5 230.29 -40.0 90.0 0 23.6 118
1 CD614 6149 6279.5 230.29 -40.0 90.0 32.95 37.92 118
1 CD706 6381 7136 190.5 -40.0 90.0 66.33 76.1 115.85
1 CD707 6304.9 7001 193.5 -40.0 90.0 0 4.48 112.5
1 CD707 6304.9 7001 193.5 -40.0 90.0 4.48 4.55 112.5
1 CD707 6304.9 7001 193.5 -40.0 90.0 26.78 29.36 112.5
1 CD707 6304.9 7001 193.5 -40.0 90.0 52.3 56.9 112.5
1 CD707 6304.9 7001 193.5 -40.0 90.0 69.02 98 112.5
1 CD707 6304.9 7001 193.5 -40.0 90.0 98 112.5 112.5
1 CD707 6304.9 7001 193.5 -40.0 90.0 56.9 68.25 112.5
1 CD708 6259.8 6873.5 196.2 -45.0 90.0 5.45 6.19 120.5

Centre Pit South Drill-hole Intersects as at 31 Dec 2013 8 of 11

Page 70 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

CPS_1302 hole_id x y z dip azimuth depth_from depth_to max_depth
1 CD708 6259.8 6873.5 196.2 -45.0 90.0 6.19 12.01 120.5
1 CD708 6259.8 6873.5 196.2 -45.0 90.0 12.01 12.1 120.5
1 CD708 6259.8 6873.5 196.2 -45.0 90.0 22.54 56 120.5
1 CD708 6259.8 6873.5 196.2 -45.0 90.0 60 88.1 120.5
1 CD708 6259.8 6873.5 196.2 -45.0 90.0 88.1 89 120.5
1 CD708 6259.8 6873.5 196.2 -45.0 90.0 89 98.2 120.5
1 CD709 6166.2 6640.8 201.6 -45.0 90.0 0 4.17 100.5
1 CD709 6166.2 6640.8 201.6 -45.0 90.0 23.99 29.33 100.5
1 CD709 6166.2 6640.8 201.6 -45.0 90.0 53.1 76.5 100.5
1 CD709 6166.2 6640.8 201.6 -45.0 90.0 85.25 93.9 100.5
1 CD709 6166.2 6640.8 201.6 -45.0 90.0 100.37 100.5 100.5
1 CD711 6151.5 6369.5 205.2 -40.0 90.0 9 48 91.5
1 CD711 6151.5 6369.5 205.2 -40.0 90.0 59.64 59.67 91.5
1 CD711 6151.5 6369.5 205.2 -40.0 90.0 0 5.5 91.5
1 CD711 6151.5 6369.5 205.2 -40.0 90.0 48 52.46 91.5
1 CD712 6098.8 6234.5 208.3 -40.0 270.0 0 13.3 144
1 CD712 6098.8 6234.5 208.3 -40.0 270.0 41.8 78.3 144
1 CD712 6098.8 6234.5 208.3 -40.0 270.0 123.7 139.5 144
1 CD712 6098.8 6234.5 208.3 -40.0 270.0 31.99 41.8 144
1 CD712 6098.8 6234.5 208.3 -40.0 270.0 78.3 105.3 144
1 CD713 6359 7043 192.7 -40.0 90.0 28.03 42 112
1 CD713 6359 7043 192.7 -40.0 90.0 92.7 98.3 112
1 CD713 6359 7043 192.7 -40.0 90.0 46.2 61.4 112
1 CD714 6149.5 6462.5 204.3 -45.0 90.0 5.58 19.99 131.6
1 CD714 6149.5 6462.5 204.3 -45.0 90.0 23.58 48.1 131.6
1 CD714 6149.5 6462.5 204.3 -45.0 90.0 71.79 72 131.6
1 CD714 6149.5 6462.5 204.3 -45.0 90.0 72.02 99.7 131.6
1 CD715 6219.5 6500 202.8 -50.0 270.0 18.47 18.9 91.4
1 CD715 6219.5 6500 202.8 -50.0 270.0 51.37 52.37 91.4
1 CD715 6219.5 6500 202.8 -50.0 270.0 50.84 50.91 91.4
1 CD715 6219.5 6500 202.8 -50.0 270.0 50.91 51.37 91.4
1 CD715 6219.5 6500 202.8 -50.0 270.0 52.41 52.94 91.4
1 CD717 6237 6830 197.2 -50.0 90.0 0 3.5 120
1 CD717 6237 6830 197.2 -50.0 90.0 24.3 33.6 120
1 CD717 6237 6830 197.2 -50.0 90.0 60.8 80.8 120
1 CD717 6237 6830 197.2 -50.0 90.0 100.25 120 120
1 CD718 6193.1 6736.5 199.5 -45.0 90.0 38.4 40.3 129.4
1 CD718 6193.1 6736.5 199.5 -45.0 90.0 54.3 56.5 129.4
1 CD718 6193.1 6736.5 199.5 -45.0 90.0 79.2 107.9 129.4
1 CD718 6193.1 6736.5 199.5 -45.0 90.0 26.21 36.65 129.4
1 CD718 6193.1 6736.5 199.5 -45.0 90.0 36.65 38.4 129.4
1 CD718 6193.1 6736.5 199.5 -45.0 90.0 56.5 65.3 129.4
1 CD719 6233.9 6688.8 200.3 -40.0 90.0 0 12.3 120
1 CD719 6233.9 6688.8 200.3 -40.0 90.0 20.9 25.7 120
1 CD719 6233.9 6688.8 200.3 -40.0 90.0 35.75 76.6 120
1 CD719 6233.9 6688.8 200.3 -40.0 90.0 98.18 103.65 120
1 CD719 6233.9 6688.8 200.3 -40.0 90.0 12.3 20.9 120
1 CD720 6244.5 6599.5 201.85 -45.0 90.0 7 16.9 104.7
1 CD720 6244.5 6599.5 201.85 -45.0 90.0 48.7 64.03 104.7
1 CD720 6244.5 6599.5 201.85 -45.0 90.0 16.9 48.7 104.7
1 CD720 6244.5 6599.5 201.85 -45.0 90.0 85.3 95.2 104.7
Centre Pit South Drill-hole Intersects as at 31 Dec 2013 9 of 11

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320 Page 71 of 91

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

CPS_1302 hole_id x y z dip azimuth depth_from depth_to max_depth
1 CD721 6107.5 6325 207.25 -40.0 90.0 0 8.69 103.5
1 CD721 6107.5 6325 207.25 -40.0 90.0 68.9 75.26 103.5
1 CD721 6107.5 6325 207.25 -40.0 90.0 32.9 45.7 103.5
1 CD722 6075 6235 208.3 -45.0 90.0 17.5 50.8 90
1 CD722 6075 6235 208.3 -45.0 90.0 0 6 90
1 CD722 6075 6235 208.3 -45.0 90.0 50.8 58.3 90
1 CD722 6075 6235 208.3 -45.0 90.0 77.5 77.54 90
1 CD723 6041.6 6140 233.3 -45.0 270.0 10.2 29.9 76.5
1 CD723 6041.6 6140 233.3 -45.0 270.0 35 44.7 76.5
1 CD724 6115 6139.7 240.9 -45.0 270.0 72.4 97.2 102
1 CD724 6115 6139.7 240.9 -45.0 270.0 53.3 64.35 102
1 CD726 6360.5 6958.1 194 -40.0 90.0 29.74 40.8 89
1 CD726 6360.5 6958.1 194 -40.0 90.0 40.8 68.34 89
1 CD727 6294.6 6787.6 198.3 -40.0 90.0 0 11.71 100
1 CD727 6294.6 6787.6 198.3 -40.0 90.0 16.42 33 100
1 CD727 6294.6 6787.6 198.3 -40.0 90.0 62.5 97.4 100
1 CD728 6139.7 6498.8 204.8 -45.0 90.0 0 8.88 99.7
1 CD728 6139.7 6498.8 204.8 -45.0 90.0 24.8 52.25 99.7
1 CD728 6139.7 6498.8 204.8 -45.0 90.0 60.5 73 99.7
1 CD729 6132.6 6553 203 -40.0 90.0 41.2 47.1 164.5
1 CD729 6132.6 6553 203 -40.0 90.0 64.65 78 164.5
1 CD729 6132.6 6553 203 -40.0 90.0 96.9 131.2 164.5
1 CD729 6132.6 6553 203 -40.0 90.0 57.52 64.65 164.5
1 CD729 6132.6 6553 203 -40.0 90.0 131.2 149.65 164.5
1 CD730 6062.6 6279 208.1 -40.0 90.0 0 20.5 126
1 CD730 6062.6 6279 208.1 -40.0 90.0 33.9 53.2 126
1 CD730 6062.6 6279 208.1 -40.0 90.0 79.65 79.85 126
1 CD730 6062.6 6279 208.1 -40.0 90.0 110.44 110.56 126
1 CD730 6062.6 6279 208.1 -40.0 90.0 65.25 78.18 126
1 CD807 6015 6235.4 155.9 -50.0 90.0 28.9 42.1 80.3
1 CD807 6015 6235.4 155.9 -50.0 90.0 67.9 75.36 80.3
1 CD807 6015 6235.4 155.9 -50.0 90.0 0 28.9 80.3
1 CD807 6015 6235.4 155.9 -50.0 90.0 75.48 80.26 80.3
1 CD808 6042.8 6278.8 147 -45.0 90.0 0 16.3 80.3
1 CD808 6042.8 6278.8 147 -45.0 90.0 45.7 50.8 80.3
1 CD808 6042.8 6278.8 147 -45.0 90.0 75.7 80.3 80.3
1 CD808 6042.8 6278.8 147 -45.0 90.0 40.7 45.7 80.3
1 CD808 6042.8 6278.8 147 -45.0 90.0 52.7 75.7 80.3
1 CD809 6063.4 6324.7 145.3 -50.0 270.0 14.28 23.08 63
1 CD809 6063.4 6324.7 145.3 -50.0 270.0 47.04 50.46 63
1 CD810 6124.9 6502.1 155.1 -45.0 90.0 28.5 37 77
1 CD810 6124.9 6502.1 155.1 -45.0 90.0 52.1 70.5 77
1 CD903 5926 6158.3 209.5 -50.0 90.0 104.9 118.5 241.3
1 CD903 5926 6158.3 209.5 -50.0 90.0 127.6 154.3 241.3
1 CD903 5926 6158.3 209.5 -50.0 90.0 155.49 171 241.3
1 CD903 5926 6158.3 209.5 -50.0 90.0 208.5 224.4 241.3
1 CD903 5926 6158.3 209.5 -50.0 90.0 78.11 79.09 241.3
1 CD903 5926 6158.3 209.5 -50.0 90.0 171 192.7 241.3

Centre Pit South Drill-hole Intersects as at 31 Dec 2013 10 of 11

Page 72 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

CPS_1302 hole_id x y z dip azimuth depth_from depth_to max_depth
1 CD903 5926 6158.3 209.5 -50.0 90.0 203.2 207.98 241.3
1 CD903 5926 6158.3 209.5 -50.0 90.0 207.98 208.5 241.3
1 CD903 5926 6158.3 209.5 -50.0 90.0 235.38 241.3 241.3
1 CD904 5942.2 6325.1 192.5 -50.0 90.0 178.8 187.65 272
1 CD904 5942.2 6325.1 192.5 -50.0 90.0 198.08 219.3 272
1 CD904 5942.2 6325.1 192.5 -50.0 90.0 227.6 264.6 272
1 CD904 5942.2 6325.1 192.5 -50.0 90.0 197.7 197.79 272
1 CD905 6061.8 6499.9 173 -50.0 90.0 93.11 109.16 247
1 CD905 6061.8 6499.9 173 -50.0 90.0 123.3 126.5 247
1 CD905 6061.8 6499.9 173 -50.0 90.0 138.3 142.3 247
1 CD905 6061.8 6499.9 173 -50.0 90.0 152.1 178.43 247
1 CD905 6061.8 6499.9 173 -50.0 90.0 196.8 211.9 247
1 CD905 6061.8 6499.9 173 -50.0 90.0 237.92 242.4 247
1 CD905 6061.8 6499.9 173 -50.0 90.0 14.54 18.78 247
1 CD905 6061.8 6499.9 173 -50.0 90.0 211.9 230.7 247
1 CD906 6163 6780 168.5 -50.0 83.0 114.9 161.2 236.7
1 CD906 6163 6780 168.5 -50.0 83.0 87.1 96.8 236.7
1 CD906 6163 6780 168.5 -50.0 83.0 96.8 107.7 236.7
1 CD910 6111 6599 160 -45.0 90.0 85.42 86.88 242
1 CD910 6111 6599 160 -45.0 90.0 134.1 164.9 242
1 CD910 6111 6599 160 -45.0 90.0 61.09 61.15 242
1 CD910 6111 6599 160 -45.0 90.0 116.2 134.1 242
1 CD911 6007 6095 222 -60.0 90.0 0 1.54 111
1 CD911 6007 6095 222 -60.0 90.0 12 24 111
1 CD911 6007 6095 222 -60.0 90.0 58 92 111
1 CD911 6007 6095 222 -60.0 90.0 110.35 111 111
1 CD913 5948 6045 222 -60.0 90.0 70 80 96
1 CD913 5948 6045 222 -60.0 90.0 93.93 96 96
1 CD913 5948 6045 222 -60.0 90.0 30 42 96
1 CD913 5948 6045 222 -60.0 90.0 48.15 49.72 96
1 CD913 5948 6045 222 -60.0 90.0 49.72 49.8 96
1 CD913 5948 6045 222 -60.0 90.0 49.8 52 96
1 CD913 5948 6045 222 -60.0 90.0 93.87 93.9 96
1 CD913 5948 6045 222 -60.0 90.0 93.9 93.93 96
1 DH023 6252 6736 284 -46.0 270.0 2.13 62.79 90.5
1 DH023 6252 6736 284 -46.0 270.0 71.44 90.5 90.5
end

Centre Pit South Drill-hole Intersects as at 31 Dec 2013 11 of 11

Page 73 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [441 x 613] intentionally omitted <==

Centre Pit North Drill-hole Intersects as at 31 Dec 2013 1 of 7

Page 74 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [444 x 636] intentionally omitted <==

Centre Pit North Drill-hole Intersects as at 31 Dec 2013 2 of 7

Page 75 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [435 x 626] intentionally omitted <==

Centre Pit North Drill-hole Intersects as at 31 Dec 2013 3 of 7

Page 76 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [437 x 627] intentionally omitted <==

Centre Pit North Drill-hole Intersects as at 31 Dec 2013 4 of 7

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320 Page 77 of 91

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [398 x 614] intentionally omitted <==

Centre Pit North Drill-hole Intersects as at 31 Dec 2013 5 of 7

Page 78 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [400 x 614] intentionally omitted <==

Centre Pit North Drill-hole Intersects as at 31 Dec 2013 6 of 7

Page 79 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [424 x 580] intentionally omitted <==

Centre Pit North Drill-hole Intersects as at 31 Dec 2013 7 of 7

Page 80 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [492 x 564] intentionally omitted <==

North Pit Drill-hole Intersects as at 31 December 2013 (Table 1 of 11)

Page 81 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [487 x 541] intentionally omitted <==

North Pit Drill-hole Intersects as at 31 December 2013 (Table 2 of 11)

Page 82 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [472 x 535] intentionally omitted <==

North Pit Drill-hole Intersects as at 31 December 2013 (Table 3 of 11)

Page 83 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [497 x 557] intentionally omitted <==

North Pit Drill-hole Intersects as at 31 December 2013 (Table 4 of 11)

Page 84 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [489 x 528] intentionally omitted <==

North Pit Drill-hole Intersects as at 31 December 2013 (Table 5 of 11)

Page 85 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [476 x 462] intentionally omitted <==

North Pit Drill-hole Intersects as at 31 December 2013 (Table 6 of 11)

Page 86 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [424 x 552] intentionally omitted <==

North Pit Drill-hole Intersects as at 31 December 2013 (Table 7 of 11)

Page 87 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [445 x 366] intentionally omitted <==

North Pit Drill-hole Intersects as at 31 December 2013 (Table 8 of 11)

Page 88 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [480 x 447] intentionally omitted <==

North Pit Drill-hole Intersects as at 31 December 2013 (Table 9 of 11)

Page 89 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [477 x 507] intentionally omitted <==

North Pit Drill-hole Intersects as at 31 December 2013 (Table 10 of 11)

Page 90 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

==> picture [557 x 100] intentionally omitted <==

----- Start of picture text -----

ANNUAL RESOURCE & RESERVE
STATEMENT 31 DECEMBER 2013
----- End of picture text -----

==> picture [471 x 448] intentionally omitted <==

North Pit Drill-hole Intersects as at 31 December 2013 (Table 11 of 11)

Page 91 of 91

Registered Office: 34a Alexander Street, Burnie, Tasmania 7320

More from GRANGE RESOURCES LIMITED.

Declaration of Voting Results & Voting Rights Announcements 2026
May 12
AGM Information 2026
May 12
Capital/Financing Update 2026
May 12
Interim / Quarterly Report 2026
Apr 27
Director's Dealing 2026
Apr 14
Board/Management Information 2026
Apr 14
Major Shareholding Notification 2026
Apr 12
Major Shareholding Notification 2026
Apr 9
AGM Information 2026
Apr 9
Annual Report 2026
Apr 9
View all filings →