Resolute Mining Limited — Capital/Financing Update 2015

Jun 8, 2015

01

ASX Announcement

8 June 2015

Revised PFS Delivers Major Boost for Underground Development at Syama

Resolute Mining Limited (ASX:RSG, "Resolute" or the "Company") is pleased to provide results from an independent revision of the Underground Pre‐Feasibility Study ("PFS" or the "Study") at its Syama gold mine in Mali.

Completion of the updated Study at Syama, confirms an early move to underground mining in 2016 will produce robust economics with operations at strong cash margins. The updated Study also delivers a significant increase in underground ore reserves, incorporating recent high grade results from diamond drilling conducted over 2014, including the previous Stage 2 open pit resource.

Study Highlights

• The updated Underground Ore Reserve has increased to 25.5 million tonnes at 2.8g/t for 2.3 million ounces.
• Probable Ore Reserves will extend mining until at least 2028.
• Compelling project economics with net cash flow of US$441.5M and an Internal Rate of Return (IRR) of 42% at a gold price of US$1,200/oz.
• Average cash operating costs of US$789/oz over the revised life of mine.
• The Syama mineralisation remains robust and open and further diamond drilling is planned in FY2016 to extend and upgrade the deposit at depth.
• The significant increase in underground ore reserves supports the early transition to a large scale Sub Level Cave ("SLC") underground operation.
• In the first half of calendar 2016 a planned portal within the pit will provide early access for accelerated development.

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Table 1:	Key Operational and Financial Study Results
----------	---------------------------------------------	--	--

Key Results at US$1,200 per ounce	Units	Value
Ore	kt	25,474
Grade	g/t Au	2.80
Gold contained	koz	2,291
Gold produced	koz	1,901
Pre‐production capital cost	US$M	74.1
Total cost	US$M	1,680
Key Financial Results	Units	Value
Cash cost per ounce produced (operating only)	US$/oz	789
Revenue	US$M	2,122
Net cash flow	US$M	441.5
Net present value (10.0%)	US$M	189.4
Internal Rate of Return	%	42%
Payback from start of development	years	3.8

Table 2: Key Economic Metrics and Sensitivity to Gold Price

Gold Price	(US$/oz)	1,100	1,200	1,300	1,400
Net cash flow	(US$M)	264.7	441.5	618.4	795.2
NPV (10.0%)	(US$M)	107.6	189.4	271.3	353.2
IRR	(%)	32%	42%	50%	58%
Payback	years	4.5	3.8	3.5	3.3

Resolute Chief Executive Officer, Peter Sullivan said "Completion of the updated PFS validates our confidence in the underground development at Syama and delivers a capital efficient outcome with strong long term cash flows until at least 2028."

"Our activities over the past 12 months have significantly boosted the Syama underground reserves and established it as a robust and long‐life gold mine. Excitingly, the Study has also identified further project upside as the orebody remains open at depth, which with additional drilling, should lead to further resource and reserve increases."

Background to Revised Pre‐Feasibility Study

In March 2014 the Company released results from a PFS for a proposed underground operation at the Syama Project in Mali. The Study completed by independent experts Snowden Mining Industry Consultants identified an opportunity to migrate to a long term, underground mining operation by exploiting the extensive mineral resource beneath the open pit.

During 2014 the Company completed a 13,600m drilling program to infill and extend the underground resource. The results of this drilling were reported throughout the year and were highlighted by many broad high grade intercepts, emphasising the robust and consistent nature of the Syama gold deposit at depth.

In March 2015 the Company announced that ore contained within the Stage 2 open pit mine plan was best extracted from underground, providing greater return on capital and a smoother cash flow profile. It was subsequently concluded that a revised Underground PFS would incorporate the Stage 2 open pit resource, as well as the remodelled deeper resources from the highly successful drilling program, to determine the operational and financial improvements compared to the earlier Study.

Figure 1: Syama Longitudinal Projection and significant deep drill intercepts.

The longitudinal projection (Figure 1) provides a schematic of the results of this revised PFS work, outlining planned underground development, the overall caving outline, the location of interpreted mineralisation and the high grade intercepts at the base of this envelope reported in 2014, which support mineralisation remaining open at depth and along strike to the south. It is apparent that further drilling is warranted to extend the mineral inventory and diamond drilling has been planned for FY2016.

Summary of Revised PFS Analysis

Through geotechnical analysis and investigation of various underground mining methods, Snowden determined that the orebody footprint was sufficiently large for a caving operation to be developed and selected traditional SLC as the preferred mining method for the following reasons:

• The orebody geometry and geotechnical conditions are suited to SLC.
• SLC is a highly mechanised mining method, well‐understood and used in many locations around the world; it can deliver the required production rate to replace open pit production (about 2 Mtpa), at an acceptable cost.
• The subsidence zone will not impact on or affect critical infrastructure.
• Geotechnical conditions are unfavourable for more traditional open stoping methods, making them low production rate and higher cost options.
• Resolute successfully uses a similar method at its Mt Wright operations in Ravenswood, Queensland.

The mine design parameters have been based on Australian experience including Mt Wright and other typical Australian SLC operations. Specific mine design parameters may change as more data and information becomes available through the Definitive Feasibility Study process. However, the accuracy of assumptions is sufficient to meet the ±25% accuracy of a PFS and small changes in parameters are unlikely to materially impact the production schedule or cost model.

On the hangingwall side the cave draw angle is expected to be about 65°, while on the footwall side, failure of the footwall would not extend beyond the footwall contact. The footwall domain to the east of the Syama Shear provides competent rock mass conditions determined suitable for the mine infrastructure (decline, vent raises, substations, sumps and pump stations). Figure 2 below shows the distribution of mineralisation and lithologies in cross section view, along with the location of underground development.

04

05

Figure 2: Syama Cross Section displaying decline and level development

Underground Ore Reserve

In estimating the reserve, Snowden has elected to model global dilution and recovery factors on an individual ring basis to improve accuracy in the overall dilution and recovery estimate. For the SLC, mining a total of 79% of the designed tonnes and 80% of the designed metal has been extracted. The Syama Underground Ore Reserve is shown in Table 3.

Table 3:	Underground Ore Reserve Statement

Classification	Tonnes (Mt)	Grade (g/t Au)	Metal (koz Au)
Probable	25.5	2.80	2,291

Decline development is expected to commence in early calendar 2016 from within the Stage 1 open pit from a portal located 200m below the surface. This will allow early access to underground ore, for development of initial production stopes, while

continuing to extend the decline to the surface for long term access to the underground.

Detailed Operational and Financial Results

The key detailed operational and financial results outcomes (at US$1,200/oz) from the Pre‐Feasibility Study are provided in the following table:

Table 4	Syama Underground Project Outcomes

Line	Key Results at US$1200 per ounce	Units	Value
	Physicals
1	Ore	kt	25,474
2	Grade	g/t Au	2.80
3	Au contained	koz	2,291
4	Au produced	koz	1,901
5	Gold price	US$/oz	1,200
	Costs
6	Pre‐production capital cost	US$M	74.1
7	Sustaining capital cost	US$M	106.1
8	Mining operating cost	US$M	735.8
9	Processing operating cost	US$M	764.2
10	Total cost	US$M	1,680
	Financial key performance indicators
11	Cost per ounce produced(operating only)	US$/oz	789
12	Cost per ounce produced (operating and sustaining capital)	US$/oz	845
13	Revenue	US$M	2,254
14	Net cash flow	US$M	441.5
15	Net present value (10.0%)	US$M	189.4
16	Internal Rate of Return	%	42%
17	Payback from start of development	years	3.8

Explanation of line items:

• 1. Ore: Ore tonnes sent to run of mine ("ROM"), consisting of 25.5 Mt of SLC production and development ore.
• 1. Grade: The base case scenario delivers a grade of 2.80g/t Au for SLC production and development ore to the ROM.
• 1. Au contained: The base case delivers 2,291 koz. from SLC stoping production and ore development to the ROM.

Resolute Mining Limited	ACN 097 088 689
4th Floor, The BGC Centre28 The Esplanade		Telephone: +61 8 9261 6100Facsimile: +61 8 9322 7597
Perth, Western Australia 6000	$E$ -mail:	contact@rml.com.au

• 1. Au produced: Gold produced based on contained gold delivered to the ROM (3) and 83% processing recovery.
• 1. Gold price: Gold price of US$1,200/oz.
• 1. Pre‐production capital cost:
  • a. The cash flow was modelled on a contractor‐operated basis, allowing for equipment cost to be amortised over the expected life of each type of equipment.
  • b. It was assumed that Resolute will purchase some capital equipment, for example primary ventilation installations, surface buildings specific to the underground operation and safety equipment.
  • c. Pre‐production capital is any equipment or development cost incurred up to first stoping production.
  • d. Pre‐production equipment capital of US$74.1M comprises of US$11.1M for equipment and US$63.0M for mining costs (portal to first stoping).
• 1. Sustaining capital cost:
  • a. Sustaining capital cost includes all equipment purchases and infrastructure development from start of first stoping to completion of the underground mine.
  • b. Sustaining infrastructure capital development cost consists of the remaining decline, primary ventilation raises and escape way raises, level access drives, primary ventilation drives, stockpiles and loading bays on each level from start of first stoping to completion of the underground mine, but excludes cost for:
    • i. Crosscuts, ore drives and slot drives.
    • ii. Drilling, blasting, loading and hauling of ore.

These were allocated as operating cost.

• c. Indirect cost for power, services and management were allocated to operating and capital on the following ratio; 89% operating cost and 11% capital cost. This ratio is based on the operating and capital split for the direct development cost in (7b).
• d. Sustaining capital of US$106.1M comprises of US$15.0M equipment, US$55.5M direct infrastructure development cost and US$35.6M of indirect costs.
• 1. Mining operating cost: Mining operating cost includes all mining cost, but excludes pre‐ production capital (6), sustaining capital (7) and processing cost (9). Mining operating costs of US$735.8M comprises of US$448.5M direct development and stoping costs, and US$287.3M indirect costs (based on split in (7c)).
• 1. Processing cost: The unit processing cost including administration was provided by Resolute at US$30/t ore treated, based on the current operating plant and including cost reductions associated with connection to grid power.
• 1. Total cost: Total project life cycle cost, comprising of pre‐production capital, sustaining capital, mining operating cost and treatment plant operating cost (6)+(7)+(8)+(9).
• 1. Operating cost per ounce produced: Total operating cost for mining (8) and processing (9) divided by the total ounces produced, excluding pre‐production capital (6) and sustaining capital (7).
• 1. Operating and sustaining capital cost per ounce produced: Same as (11), but includes sustaining capital (7).
• 1. Revenue: Total revenue at a gold price of US$1,200/oz. (5) from gold produced (4).
• 1. Net cash flow: Net cash flow of revenue (13) less total cost (10), excluding taxes, but including royalties of 6%, calculated in quarterly increments.
• 1. Discounted cash flow: Discounting the net cash flow (14) at 10% per year (calculated in quarterly increments).

Resolute Mining Limited	ACN 097 088 689
4th Floor, The BGC Centre		Telephone: +61 8 9261 6100
28 The Esplanade		Facsimile: +61 8 9322 7597
Perth, Western Australia 6000	E-mail:	contact@rml.com.au

• 1. IRR: Based on net cash flow (14) calculated in quarterly increments.
• 1. Payback from start of development: The number of years required to reach a positive cumulative net cash flow based on the quarterly net cash flow (14), taken from the start of the portal development.

Definitive Feasibility Study

The Company has already commenced the project work required for a Definitive Feasibility Study ("DFS") to facilitate an early decision to commence underground mining. The DFS is due for completion in the March 2016 Quarter.

PETER SULLIVAN Chief Executive Officer

About Resolute:

Resolute is an unhedged gold miner with two operating mines in Africa and Australia. The Company is one of the largest gold producers by volume listed on the ASX with FY15 guidance of 315,000 ounces of gold production at a cash cost of $890/oz. Resolute's flagship Syama project in Mali is on track for an increase in production to 270,000oz of gold a year following the recent addition of the oxide circuit to the processing plant. At its Ravenswood mine in Queensland Resolute is investigating a number of opportunities to add value by increasing gold production and lowering operating costs. In Ghana, the Company is now the owner and operator of the advanced Bibiani gold project where work is being undertaken on an underground feasibility study including a 25,000m drill program. The Company controls an extensive footprint along the highly prospective Syama Shear and Greenstone Belts in Mali and Cote d'Ivoire. Resolute has also identified a number of highly promising exploration targets at its Ravenswood operations and holds a number of exploration projects in Tanzania surrounding its now completed Golden Pride mine.

Competent Persons Statement

The information in this report that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Richard Bray who is a Registered Professional Geologist with the Australian Institute of Geoscientists and Mr Andrew Goode, a member of The Australasian Institute of Mining and Metallurgy. Mr Richard Bray and Mr Andrew Goode both have more than 5 years' experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which they are undertaking 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 Richard Bray and Mr Andrew Goode are full time employees of Resolute Mining Limited Group and each hold equity securities in the Company. They have consented to the inclusion of the matters in this report based on their information in the form and context in which it appears.

SYAMA GOLD MINE MALI

JORC Code, 2012 Edition – Table 1 report template

Section 1 Sampling Techniques and Data

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Section 2 Reporting of Exploration Results

Criiater	CCoJORdelaniotexpan	Cotammenry
Mineltentraemendlandtenanuretatuss	fer/nTybelociondtpe,reencenameumr,aanhipincludingialtsterownersagreemenormaissihhird piesh ajinttttueswarsucsohipidingliesturtnetvenesparrss,overrroya,,iveileinhisical sitttterts,tortesnaes,ildeionl pk adtwrness or naaarnirol singtattenvnmenes.ffTheiheheld aheimtyttentttsecurouree oinglonih aknimdimtttsreporagwnyownpeenbiningliceinhetotatotetoanceoperaarea.	Drillingisdud wihinheMalianExloiionCoionPeiPE—008/93 which ctetttattconcpncessrmovers2f200.6Kmanarea o
		ReluMiningLimidha80%ininheSyjdheExloiionPeitetetettt attattsos anresamaproecnprmPE-/hichiisbad,hrhiMalianbsidiarSoiêêdeMinedeSySA-00893,tttstonseougscssamawuy,(SOMISY).TheMalianGoholdsfreied20%ininSOMISY.ttetvernmenae carrres
		ThePeiisheldind sdingMalianininglawidehall minel rettatt armgoonmprovsrasources areG(Géo)dminisdbyDNMDireionNaionledelalogiedeMineNaionlDiretetttttotearecaessoracrafGelogdMinedeheMinisfMineEndHydrlogttryooyans unros,ergyanoy.
Exloriondotpane	fAcknledgd aisal ot aowmennppralorionbyheiestttexpaor par	TheSydeiiginallydiscdbyionl gheical sdekebyt wtaamaposasoroverearegaeocmurveyunrnGéo(G)froheDireionNaionldelogiedeMineDNMih aisheUnidNaionttttttattetcaessssncemswDelopPr(UNDP)in198Thehad alsobelonhisf aisal aiviiest5.totttvemenogramreenagryornacfhehill wheinghehoizoiginallykedhedaiionhettctttttonreanoroppcrrn ormarpresenposouyit.openp
byheiesttor par		BHPduinglediheRCddiamddrillholesSy1987-1996 ststreramppncs,augeranonacrossama,,tsprospec
		RadgldReLdduinglediheRAB,RCddiamdt1996-2000 ststrenosourcesramppncs,augeranon,,Sydrillholestsacrossamaprospec
Gelogoy	fDeilogical singd slettytttypospe,geoeanoinelisaiontmra	TheSyPrjisfod oheheinfheAchaPricLeShield whichttttteamaoecunnnorrnmargoean-orozoofof offrCrhehehalheWAicaThejddleshebodatttttot atratrmssornesnan.proecrea sunryubeheKadianMadinaidheKadioloTheKadianMadinaitwttetteteeena–nrraneanrranea-nrranefisdoinadbyked abelinbeddedbald ailliTheKadiolotet otet atemgreywacs annarrowrsanrgiselyiciclomd sdshadfroheKadiantettetott wtrranecomprs pomcongeraananneere sourcemaMadinaiddeidinlaicbain.tetetetotetonrraneanposasyncns-
		Prd oheNNEikingdipingSyBaFalZodtstrettrttospecare cennswespama-nansounean,,BirimianlcadimifheSyFoionThejdibeinghtatstttytvono-seenryunoamarmamaorcommosougisld.go

DrillholeInforiontma		Af allinforionialhettertotsummaryomamafdedinghelorionltantttsunrsoexparesuincludingbulaionfhefollowingtattaoforforinionllMaialdrillholesttermaa:ingd nhingfhedrillholellarttteasanorocoo(levionRLRedudLel –teaorceveolevionbolevlin)fhettreteaaveseaemesodrillholellarcodipd aimhfheholettanzuoodoholelenh adiniondehtterttwngnceppoWholelenh.tgoIfhelusionfhisinforionisjifiedttttexcomausforhebaishaheinionisttttttonsmanoMaial adhislusiondodetertttratnexcesnocfrohededingfhehettantt,tmunrsoreporCoPehold clealylaintentmperson surexphyhisishettwcase	foAllinionincludinginghingleviondip,imh,dinadrillholettttttetermaeasnoreaacoorsysmzu,,,,lenh,inlenh addeh ad addedinUTMZo29WGS84.ttetttgrcepgnpremeasurenrecorneTheSybelislylocd oheTela/he(SheNCXVIII).tttet1200,000tott29-amamosanngrepo seeSyGSThelocl gidhabeiedheUTMZo29W84dinattotteteamaarsenneco-orsysmSpSu&MaingfroAuliablished sl aSyingAuPotrutratatrotecmrveyppmsesurveyconamaussslineingbinUTMZo(WGS)d'aboid'RLfohetotate2984tonprocessoanaccuraneanvegeoriginfhel pinttrotsorosurveyconoAcfheisidedbleindudadsttstot atatrytacuracyosurveymeasuremenconsremeeccepssnrfofofDrillholeinionhabebuladhisleainTable3 oheingttatetttext.rmasenrreseaccompanyDeiledinfoioninlaionhelfrodrillingdlculaheRedtatttottstotetrmareresumusecasourceanReisincludedinhisleattservenoresefofoFolehellowinginionbohedrillholesdinhelculaiontettttttr compnessrmaauusereservecaddiamddrillingisided:anonprovf1.EaingNohingdRL ohedrillholellard addedinUTMtttsrancos aremeasurenrecor,Zo29(WGS84).neffro2.Dipisheinclinaionhedrillholehoizol.Foledrillholedrilled attttatomrnr exampa0060is60frohehoizol.ttamrn-f3.Doholelenhishedisdoheinclinaionheholedisd atttatttwngncewnoanmeasureshedisfrohehoizold ofhole.ttattatoncemrnenfroff4.Indehishedisheheholedoheinclinaionheholetettttattat ottttrceppncemsrwnohedeh ofindinl ofintotttet otetet.presr assayervaresTheCoPedobelievhelisingfheiredrillholedabadtetttttttatompenrsonsnoeoenseseulculaheislevfohisleatetttcaresourcesreanrrese
Daiontataggregahodstme		IningExlorionRelighingttts,treporpasuweinghniqimd/otecaveragues,maumanrxinimdeion(ingftrutttmumgrancase.g. cuohigh gde)d cff gdellyt-orasanras areusuauMaial ad sholdbed.tertatenusWheininchotetertstetreaggregaceporporasrlenhsfhigh gdeldlonttsgoraresuangerlenhsflowdelhedutts,tgograresuproceredforh aionholdbedttateusesucggregassud sical elesf shtyanomepxampouc	ExlorionlbeingdfohePrFeibiliiningdyttsttettytuparesuarenoreporreasms

	ionholdbehoindeil.ttaaggregas suswnTheiondforingfttassumps useanyreporol eivalenlueholdbelealytat vmequas sucrd.tates
Relaionhiptsbetweeninelisaiontmraidhsdtanwinlenhsterttcepg	TThelaionhipicularlyimtttantseress areparporfinheingExlorionReltttts.reporopasuDriffIheheinelisaionihttrytttgeomeomrawinchedrillholeleisknittottsrespecangown,anholdbed.turtenae sreporuhatIfiisknd olyhedoholetttnoown annwnlenhsd,heholdbeleattetgarereporresuacrffec('dohisholetatemttottsenee.gwnlenh,idh nkn').ttruttgewoown	0froheinelisaionislydipingimly60hehoizol.ttet atettamraseppapproxamrn00(GS)llholeimhsland alocl gid9095UTMZo29W84lttt aazuwerepnearneagenera0 elinaionf -hievlosdicularheible.Ahet60ttotototttoasace as ceperpenorezoneas posslefhedrillholesdhedipfhehedinillbelighlytttttetetstgoanoorezones,reporrcepwsmoreidh.trutne w
Diagrams	ReApiad sion(ih sles)tettproprmaps anecswcadbulaionfinholdbetattertsans ocepsuincludedforigificadiscbeingtanysnnoverydTheholdincludebubetet ntreporsesou,limidlaniewfdrillholellartetoa pvocolociond aiaionl viewttetas anpproprsecas.	levdiagdbulaionincludedinhebodyft mtatttext.anaps,ramsans areo
Baland ringtceepor	ExWheheiveingf alltrecomprensreporoExlorionRelisicable,ttst ptpasunoraciveingfbohlowdhightatttrepresenreporoanded/oidhsholdbeicedtttogras anr wsupracid misleadingingfExlorionttavoreporopaRelts.su	lorionlbeingdinhisttsttett.paresuarenoreporannouncemen
Ohebsivettantr suloriondattaexpa	NoOheloriondaif mingful adttta,r expaeannial,holdbedincluding(butertetremasreporulimid)logical obsionttetotno: geoervas;hyical slheicalts;geopsurveresugeocmylbulk slesizedts;surveyresuampsan–fhod olluricalttretmt;tatestmeaenmeglbulkdeidwts;ty,terresunsgrouna,hnical ad rk chaisicstectertgeonocrac;ialdeleiouinaingtenttertamtpos or conbstansuces.	hyical ad gheicaldad addiionl elorioninfoionhabetatttgeopsneocmannyaaxparmasendinhisleahededlevheleatetttttotporreseasyarenoemereanrese

f pfurThed slelandhekturtnae ancaoner wor(forlal eiondehteststertente.gaxss orp).ionlarledrillingtenteptexss orge-scas-oufDiaglealyhighlighinghettramscrareasoFuhektrr woribleionincludingheintentpossexss,mafulogicalinionddrillingtertatturgeopres aneidedhisinforionistttareas,provmanoiallyiivetcommercsens

Deh eiondrillingislandhedo-dipialSybodydeh adttetotetttetttpxnspneswnponama oreapnfbehhelimidrillingtttt oneacurrenRelevddiagincludedinhebodyft mttext.anaps anramsareo

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Section 3 Estimation and Reporting of Mineral Resources

Criiater	JORCCodelaniotexpan	Cotammenry
	Mkehadahabetatotttateasuresnensures noenfordbyle,ipionkeingtetratcorrupexampnscrory,beiiniial clleciondifortwtstttserrors,eenoanuseMinelReimionttrasourceesapurposesDalidaiondud.tatvaproceres use	SQfDahabeiledinlaionlLdabahehisdabaludetatottattuttaveencompareaseseposeprecs;heloadingfdahichdoheired vlidaionls.Thedaisdttat mttttotaownoeerequaprocomanageS©fSQingDaheddrillholeingLdabahniqValidaiontat stwtatetusmanagemenoareussecues.heksdudingSQL adDaShed©laionldabadadsDahalsotetattatataccareconcusnreasesnrs afoffrobeheked ainsiginalhad cies85%hedad wheible,loadedt ottaenccgarroproanrepossm,iginaldataorsources.
Dabatase		Reluied ohefollowingbaiclidaionhekshedaliediortetttttatosocarrusvacconsuppprresourceimionttesa:
initegtyr		llholeshlaplels.Driiinginttewoverpsamprva
		lelshdaldsSainiDuicatettatemprvawnoassayprecor
		deAssaygraranges
		llardCoinatecoorranges
		ldholedaVaiieniotattaorn
		ffTheigiicaissideiied wihhedatttttarearenosnnuesn
Siisitetsv	Coiisidekebyhet otetstatmmenn anysunrnvCoPedhefhotentttcotmperson anoume oseisits.v	MrRichadBrisReisdPrfeionlGelogisihheAulianInsiftet wtttrattuterayagreossaosoGeGoffienisdMrAndrdebeheAulasianInsiMiningdttsttrattuteoscanewoamemr osoan,MellurheCoPehohaboh visidhisiiontattetttettegyarempenrsonswvesonnumerous occass.
	If niisihabedekeindicahytetstateo sveennrnvuwhisishettcase	All afdrillinglingdiningidedbyheCoPebef atsttettospecosampanmareconsrempenrsonso,highindudad.trytassnr
	Co()fideinly,heinfttatynnceorconverseuncerohelogicalinionfheinelttertattgeopreomradeit.pos	ThedigildabadfoheinionincludedlogdinlsfohekeighictatattetattettratseuserrpregervarysrapfSyDeiled glogicallogilableinhadcddigil adiewdtatazones oama.eos were avaropyannrevehewrenecessary.
Gelogicalo	ff aNahedad ad oionturttate ousennyassumpsde	()fofSyfoffDrilldei15mby50mhejihellowideiniontyttytttetatnsrmaoroama area asr connrpreo
iniontertatpre	maTheffecif af aliveiniont,terttertatenyonapres on,MinelReimionttrasourceesa	helogdinelizeddoinsMoinfill/veificaiondrillingf slecdttttegeoyanmramarerecenroemoreff mGellylicad airmheiioninelized zlogical adtrututettscracompreasconsposs oraoneson,l clsdelledinelized ztrututrot mscraonsupporomraones
	f gTheloginidingd cllingtroseoeoganonuyuMinelReimionttrasourceesa
	Thefacffecinginuibohf gdedtortttyts aconoraan

	loggeoy.	Coinuif minelizaionisffedbyimil cdui(llowingflowfttyttetytotrututsnoraacproxscraonaof),ffinelizedluidsighiciionlihologkeighicidihotrattttrattstytmrasrappososrapunanporososyy,lihologiest
		Theinionfoheheingfahabeiledbyilogical pltetatttterpresrwearsurcesveencompsgeoersonneOxinghedrillholedabadhelogideifyingideTriionl adFrh mial.ttatttteusseansnansanesar,
Dimionenss	ThediabilifheMinelRetent atytexnvarorasourced alenh(lonikeheise),ttrtexpressesgagsor orwlanidh,ddehbelowfachetttotpwanpsureupperdlowlimifheMinelRetstanerorasource	TheSydydsfoimlyinikedhedipingldtutete1,000tretrttama sarea exnr approxamessanwespgoinelised zisbe100-200inhoizol widh,ingihedtwtretatttstmraoneeenmesrnnarrowasournanhelimiTheMinelReislimidindehbydrillinghich edsfrofattstettenorrnrasourcepwxnmsurce,imdeh of aimly800ically.tottetretamaxumppproxames ver
Esimiondttaandellingmohniqtecues	Thed aiafheimionturtentttnae anppropress oesa()hniqlied adkeiontectuesappnyassumps,includingf edeluetretmt otreaenxme gravas,doininginlaiondterttermapoparames an,imdisf elaionfrodatantrattamaxumceoxpom	()Thehod ofMulipleIndicaKrigingMIKdimld.MIKf gld gdetttotottemerwas useesagooorasindicaioghybad oheiledeihindisinctottetttuser varrapsenresourcecompossampgras winelisedlaiondefinedbyire-frWihinhdoinld gdeinuittttymrapopuswameseacmagoraconwashaisedbyindicaiogindicahrholdsinghelobal raftetot14tottcracrr varramsaresspanngnge odegras.
	inIf aisd eimionhodts.tertetttpocompuasssamehoincludedeipionf ctterwas csenascroompufd pd.twtersoare anarames useTheilabilif chek eimioutyttesavaocsaprevs	Daiewingiingd wire-fringfodingMicrine©ftattwvcomposanamwereperrmeusomsoare.,Exlordalyis,ioglculaionddellingdimionhatotatttparyanasvarramcaanmoanresourceesave,befodingSuiso©,MP©dMicrine©fkatwenperrmeuspervranomsoarepacges
	,imd/oineduiondsdttestesaanr mprocrecoranheheheMinelReimkettttetawrrasourceesasiaf shdatet ota.appropraccounucTheiondedingfbytassumps maregarrecoveryo	MIKd ahefedhodfoimionf gld aSyhehhabettttttwas usesprerremer esaooama asapproacsendedk wllinlarbefdeifdivelogical slesMIKhatratetotstymonsworeagenumr oposorsegeosbed sfullyinheimionTheldinelisaionSyistt ettttenseuccessopencsagomraseenaamauuical ofhainllylled glddeid wheheMIKhodhatytt st strututrotsttpeenmoscraconoposanremes
	duts.proc	befodbef mbefitott.enunoosne
	fEsimiondeleioulemhetttertstaos eenoror nondeiablesf eicigifica(gravaroconomsnncee.g).lphuforid minedrinahaizaiontertsuracage cracfInheblock mdelinlaionheblockttertt	SySOS()Exiveiininghad abyMIYReluMiningLddioutet mttetnsopenps occurreamasoanprevsfhejTheimhabeiledduiontt.t rttetot ptownersoproeccurrenesourceesasenreconcrecenrocd shod at.anwsgoogreemen
	caseoopo,izeinlaionheleingdttotsreaverage sampspacanhehloyd.tsearcempe	Thedel alsoimlphided oicboingOrdinaKrigingfotteresourcemoesas suanrgancarn usryrllurical chaizaiontatetmegracr
	f sAnionbehind mdellinglecivettassumpsooeyiningits.munAnionbolaionbett cttw	Blockdimiond w5mEby12.5mNby5mRL ad choduhisdimiontotenss useerenseneensiminghedimionfheded eionhodsiewd.ttttrattapproxaaverageenss onrgrouncmereeuxv
	yassumps auorreeeniablesvar	Goldishelyicl eimdinhedel.ttattett moneconommesacurreno
	fDeipionhohelogicaliniontttertatscrogeoprewdlheimtotrottteswas useconresourceesaDiscionfbaisforingingdet uussosusor nosgra	Mineliseddoinire-frdelopd ainal cffinlshellsdt nt otetoteramawamesveeomurvagenerasandflagid cdedoinionheblock mdel.Thedointotettotuseresourcecomposs anomaproporsosema

		ingingttcuor cappThef vlidaionhehekingttprocessoaccprocess,d,heisof mdeldadrillholettatousecomparnoodadf riliaiondaif ailable.ta,ttaanuse oeconcva	©////hellsdingLefroimlicidellingf0.5 g1.0g1.5g2.0gtet mtwtt,t,t,tsweregenerausapgposoare ad/ffs3.0gt ct oanuAfuhedivisionfhedeldoinsinidedfrehkisliedbyianladtttotrterromomaoxansrocappgufaindfrohelogingfhedrill slestetettsurcesrpremgoampSisical alyishodheldlaioninhdoinhell,belogl olostatttttotonasswegopopeacmasnormar ceuloglindisibuionEahdaihinh shellhadelowfficienftrttat wttetot onormacseeacs amoracoeiaionSelecionfhedianhedefhehigheindicahrholddtttttttottovaromeasaverage graosresuse
			duheinfluef eidehedel gld eimttretettterecence oxmecomposgras onmoosas.Visul vlidaionf gdedsd glddisibuionied oReiliaionihttretrtt.tttaaorananos wascarruconcwrecenduionhod abehedicdimdiningtttwttetteprocswsgoogreemeneenpreresourceesas anmtcooumes.
Misturoe		Wheheheimd odrytttontternagesareesan abaisih nl misdhehod oftturturttsorwaaoe,anmedeinaionfheisterttturtent.momoe con	Allimd odrbais.tottennagesareesan asy
Cufft-oterparames		Thebaisfhedod cff gde()ttet-osoapurasorlilied.tyterquaparames app	/fffoMinelRed a1.9 gAudehisdeddel.Thisistet att-otrasources reporgracrunrgrounmoanuicff which widedinhe201PrFeibiliSdyheSyt-ot5tytuteconomcuasconsree-asonamaUnded.rgroun
Miningfactorsoriontassumps		Asiondedingibleiningtsumps maregarpossmhodsiniminingdimiondtmemummenss an,(f a)inlilicable,liningdiluiontertertnaorppexnam,Iislwfheftt otaays necessaryasparprocessofordeiningbleltertstuamreasonaprospecevenicionideial miningtrattotenteconomexcconsr pohodsbuheiondedingttttmeassumps maregar,ininghodsd pheimingtterttmmeanarames wnesaMinelRelwbeigt arasources maynoaysrorous.Whehisishehisholdbedtttterecasesurepor,ffih alanionhebaisheiningttttnexpaosomwiondetassumps ma	Mininghodfoheionf gld aSyislybyiiningingtttratttt mtmerexcooamacurrenopenpexcavabehefinheighGrdelisdud olingfrohigh qli2.5tret.trotetyncs omesaconconcn sampmuairclaiondrillingd aimly4mEby10mN,ih sleskett atettat oreversecuspacepproxawampn ane,dhalf minlsdo-hle.treteanervawnoSuCa(SC).TheicipdininghodfoUnded eloiionillbeb-LelingLttettatanammerrgrounxpwvevTheUndeddel wdfrohe20mRLhe400mRL.Opihodstet5tott mtrgrounmoasgeneramenpe-illbedbyReluhe120mRL.Theiliaionlogical cinuiltetottttytrutusesoreconcgeoonscrawu,,dsdlluricalfaiend wihinheidlyhetretatottt atototnanmegcrsexperceopenpreassumeappded.unrgroun
Mlluricaltaegfactors oriontassumps		Thebaisforiondicionttsassumps or presdingllurical abiliIislwtaty.tregarmegmenaaaysfhefdeiningt otternecessaryas parprocessomforblel eictstuareasonaprospecevenconomionideial mlluricaltrattotenttaexcconsr poeg	Exivelluricalinvigiondinghabelediorhetetattttetotnsmegesas anreporveencompprf miningdillingSyt otcommencemenanmaama.Theinghodinvlvehingillingfloiondingfollowdbyionlttatttprocessmeos crusmanroaseconvena,,,CIL recovery.

	hodsbuheiondingttttmeassumps regar,lluricald ptatretmt ptermegaenrocessesanaramesdeheingMinelRettmawn reporrasources maynolwbeigWhehisishehistttaaysrorous.recase,holdbedih alanionfhetetttsureporwnexpaofbaishellurical aiondettatsomegssumps ma	TheSylaninifohabeinful oioninc200ttstt7.amapcurrenrmsensuccessperaseTheisidehahellurical chaisicsf odfrototttttatettraterenoevncesuggesmegracroreexcmded will chafrohaddaihinheiiontt etetotettt otunrgrounngemncounrewopenpperas.
Eniroltavnmenfactors oriontassumps	Asiondedingibledttesumps maregarposswasanidudispl oionIislwttprocessreseosaps.aaysffhedeiningt otternecessaryas parprocessombleforl eictstuareasonaprospecevenconomionideheial eiroltrattottenttaexcconsrponvnmenimfheiningd pingiontsttpacomanrocessoperaf pWhilehishedeinaionialtttagtterttentasemooirolimicularlyfortats,tenvnmenpacparagreen	IisirefDeNo03-94/P-RMf31Debe2003 ofMalianlawhatt o5tt aarequmencreeocemrnÉEnirol adSoialImSdy(ded'ImEnirol eSoial –EIES)betattututtattnmenncpacpacnmencmusvvdekedaheial eirol ad sialimfheine'statotettettatstunrnupponnvnmennocpacomSfoSyGodelopInNobe2007heEIEheldMined ad at.ttrevemenvemrramaasapprovennwEniroPei(0004/MEASG)issdbyheMinisfEnirodSaiiontt7-5ttryt atatvnmenrmueovnmennn–he22Nobe2007.tonvemrASyhehrkeicefodispl of wdiduly,kingftttttetaamareareeeypracsrosaass anresesnamescokfroiiningfilingfroinel pd"tall-sktet mtotatawasrocmopenpsrage osmmrarocessesanc;;
	fieldsjlwbell advd,t,t aproecmaynoaysweancehef elyideionfheialttatustttentsoarconsraosepoirolimholdbed.Whetatsteennmenpacsreporrevuhehabeidedhisttsttseaspecvenoenconsreholdbedih alanionfhetetttsureporwnexpaoirol aiondetatenvnmenssumps ma	dispion" of slphudioxidefroheingf gldbeingtttrateersurmroasooarconcenTheEnirol&SoialImSdy"SiéédeMinedeSySyGoldMinetattutvnmencpacocssama,ama–,fofofroMali,dad2007,d"ainiml pialiddrinak,hisicaltetettetounmaonr acagemwasrocasrlyisindicahahehigh cbofheial will sial aidtettttetet ottetetanassarnaconnmaruppress anyponcion"Privehabiliionf wklandfohabed attattetgeneraogressreoasrocrmssgunanmanagemenlanfokduingishebjf oingdeloptett ot.pr wasrocmpsuecngovemen
		fofThelandilingimdmdohaid gingial.Thelartatstt attettrmospounenesnoveanecenerapongeslumisfloionilinghehelphideinelshalredybedfrohehotattatttvoes wresumraveaaenremovemsfuffefofrok.Iinelogincludebohichhebuid-ionialtstetttetrocmras carnas wrrr anyacrmaponmylphidehalsobett mt.susayapresen
		Cyidelevlsinheleahed-lcineilingicallyleshainhek aidttatyt50taneccas arepsnppmweacGrdissiablefodwfroheilinglandfoisindbyhedtettatetetreocrmounar awaymsrmrcepncs ansumppumps.
		Sufrof glphudioxideisdheingld chald cbedtetttratett gtratergeneramroasoooncensooanecxdfined.Tall-Sk"dispion" ofhelphudioxideissionisid cinuly.tattotanrecerssuremmonreonousPrilingheddissipionfhelphudioxideisdelleddailydichedttttotttoevawear anaosurmopreneeheingindeheir qliiiainheEnirol&tttotttytet otttapauseroasprocessorrmeeauacrrseuvnmenSoSialImdyttucpac
Bulkdeityns	f aWhehed odeined.Id,hettertr assumermssumebaisforheionIfdeined,hetttertsassumps.m	SilhaledSGimHQdrill cheiabilitetettetottypersonnevecompnumerousesas onoreassessvarfingheArhimdehod odrighighinttt vtteusces meyweersus wewar.

	hodd,hehedryhefrefttt otmeusewr werquencyo,	OheledbySGSinghehod.ttetstettetrswerecompuspycnomer me
	heheizedtts,tturmeasuremennae,sanivefhelestattrepresennessosamp	OnhebaisfhedallecdhefollowingSGimliedhedel:tttatetttetot2013socoesas were appmo
	Thebulkdeiforbulk mial mhabetytertnsausveen	)inglllHaWBa2.80tangasa
	dbyhodshadelyforttt atetmeasuremequaaccoun	b)deMinLo2.75a
id s(vopacesfferdibeencesihinhedettwpDiscuss assdinhetusee	i),isdty,tcturvugs,porosemoe ank ad aliontwtert	)llFoWZo2.75tcoane
	eenrocnazonesit.os	)dhy2.8ULP –La7mpropre
	ionforbulkdeiimttyttesumpsnsesa	)koSiFoio2.78terorman
	ffferluaionheditttvaprocessoen	)flomCo2.73tengera
	ials.terma	)lldeAOxi1.80gs

Auditsoriewrevs	Thelf adiiewfMineltstsresuonyaorres orauvReimttessourceesa	Anl adiledbyMrLWidebafWidebadAsiaPLdfodhahetet ctetetyttttexrnauompnr onr ansocsundellinghodologlied wiafoheininghodsd.ttettmomeappasapproprrmmeproposeyRelubelievhaheisdeduionllurical ad gdel reiliaiontettttettatrotsoesreauarocmenraconconc
		qpg,dafroheionidefideinheimtatt ottotttemcurrenperaprovconnceesas.,
Discionfussolaivetre/accuracyfideconnce	Wheiafhelaivetetatemt ottreappropra senrefd cidelevlinheMineltaccuracyanonnceeraReiminghttesourceesausan approacorCoduded aiabyhetettentprocereemepproprmpePeFole,helicaionf sisicaltttattrson.r exampappoisical pduifyhelaivetatttotttorgeosroceresquanrefheihind cfidetttateaccuracyoresourcewsonncef slimiih ahisdedts,tor,ucn approacnoemeialiivediscionfhefacte,tatttorappropraquaussoshald affechelaivedtt ctttoureaccuracyanfidefheimttte.connce oesaThehold sifyheheilatatemt stt rtestosenupecwrelobal olocl eimd,iflocl,hettestatetgrasaanas,levhich sholdbelevttonttoreannageswurean,hnical ad eicluaiontectnconomevaDoionholdincludeiondetattcumensuassumps madhedud.tanproceres usef rThelaivedtatemtstsesenoeaccuracyanfidefheimholdbedttteconnce oesasucompareih pduiondaheilable.ttta,wrocwreava	fffThelaiveheMinelReimislecdinheingMed,ttttetettreaccuracorasourceesarereporoasureyIndicad adInfed aheidelinefhe2012JORCCodetettnrres pergus oInddiioniliaionihduionhohedicdinheMedtttt ptttetareconcrecenrocswspreresourceasurew,dIndicad ciesihinblelimi(10%)ineduionlbytetettatstottsanagorcompare waccepmprocresu<h,d ally.ttemonquarr annnuaSyTheisicalhniqliedimhededtatttetottettgeoscues appesaunrgrounresourceaama,areded aiaheimionfSubLelCaing(SLC)ininghod adhetetottttemeppropresaovevmmenncelicablefoimionttappr reserveesa

Section 4 Estimation and Reporting of Ore Reserves

Criiater	JORCCodelaniotexpan	Cotammenry
MinelRerasourceimfortteesaOriontoconverseReserves	DeipionfheMinelReimttttescrorasourceesaOrd abaisforheionttouses asconversaneReserveCleaheheheMineltatemt atottr senswrraRed addiionltetto,sources arereporaorinclusivef,heOrRetoeserves	OrTheRebadMinelReimdbyReluingMulipletteteteservesareseonarasourceesasousIndicaKriging(MIK)del gdeinllsEbyNbyZ.Thell sizetototo5.012.55rmorascemmmsecesSyiafohebulk udedininghodsidedfotettare approprrnrgrounmmeconsrerama.OnlyMinelRebelowhebafhefinal oidodbelowRL,hattt250rasourcesseopenpwnanmvebeidedinheiningdiesThehighededl cfrottuttotatet aenconsremssnnesgraanmeonnrem,fimdialybelowhebaheibo120 mRLbo50 ml.Below50 ml,hetettt at attot -tmeseoopenparruu-dedl cdeidly,hichfleclowdrilldeiiestotatettttnnage,graanmeonncreaserapwmayreernsadeh.tpReSydbo/ff.Thisislculadinal adtte1.0t ct-otesourcesaamaarereporaveagucaasamargnff.fflogical cMaialbelowhisisidedinhet otett-ot ctgeourcunoonsreresourceOrReheial red ab-fhehich cbedfrottetet ottrateeserves aremarpors asuseresourcewanexcm,heined pd wih aicallybleTheOrRehabetttatcomanrocessen economaccepoumeeservesveenOlculadbyf aichich rlinLifefMinePlanRedtet,tstecameanson economassessmenwesuaporOrRelusiveheRetoteserves areexcsources.
Siisitetsv	Coiisidekebyhet otetstatmmenn anysvunrnCoPedhefhotentttcotmperson anoume oseisits.vf nIiisihabedekeindicatetstateo sveennrnvuhyhisishettwcase	MrRichadBrhoisReisdPrfeionlGelogisihheAulianInsiftet wtttrattuteraywagreossaosoGeGoienisdMrAndrdebefTheAulasianInsifMiningdttstrattuteoscanewoamemr osoan,MellurheCoPeBohhadudlariisihejtattetttetetstottgyarempenrsonsveconcregusvproeclocionta
Sdytutatuss	Thedlevl of sdydeketytutatope aneunrnbleMinelRebedtotetoenarasourcesconverOrReeservesTheCodeirehadyleatt atutottrequssasSPrFeibilidylevlhabetytue-asesendekeMinelRetatottounrnconverrasourcesOrSuReh sdiesillhabetueservescveenwied odillhadeined ainet atercarrunwvemmlanhaishnicallyhievbledtttecpacaanicallyiable,dhaialtt mtereconomvanafyMdiingFahabeided.torocsveenconsre	SyTheiislyionl adll eblished.Thisdyidedhettttatutamaopenpcurrenoperaanwessconsreial uded oionbelowhelimiPrFeibiliSdylevl.Optetttttettotytuponnrgrounperauaopenpae-aseenfrofreiiningisheduledbeledbyid-2015,hich will relindelayh ot mtotetpsccompmsuamsrewduionDuinghisdelayiod of abo18hskpiledial ad slliiningtttttoteteteprocrperumonscmarnam,ial willbed.temarprocesseGehnical phabedeivedfrohnical clogingialsingtetetetetetocaramersveenrmgeocoregmars,Ordlicaionf sdadinduhodslosddiluionimhabettatrytttteanapponrsmeesanesasveenimdfroimilariondSnde'sienIndubeicefttettryt-pttwesamsoperasanownexpercessracsoareGO©CSCSC(EVIAPL)ddelheiniveialflowdinLtottettetewasusemoracmarsexpecaiontopera

		Mineinglculadfrofirsinciplesinglocl radbeh mkttstet-pteoperacoswerecamrusas,anncarduiviiesdjdfleclocl oingdiionPringd sidtttetottttetsprocausreaperacons.ocessancosan,,Syiesbad oheiontt ottrecoveraresencurrenperas aama.
	()Thebaisfheff gdelitt-otysocurasorqualied.terparames app	Theininglinedefined wihinigiclopff gdeftttt at-omouwasa conuouseconomenvee acurao$/S/o(ffo),1.9 gAubad oU1,275ldice77.2%llowliesttetsen az goprrecoveryar aancer roya,diningd ched adingWihinhisloptetst otsttexpecmcosanurrenveranprocesscosenvee a/brk-ehuff gdef1.42Auliedbad ohed adingt ottseaven sraogwasappsen overanprocesscosdincl miningtat.anremencos
Cuff pt-oterarames		fuff gTheinedeigledingllyd cdeimtetet-ottemsn wascompusacosraesau
		Thisisladhedrial eimd odrfoDiluiontetottettet otreoverawmarsan currenverawperrmanced odrdelledingPCSLCfihinpbad odtwtt ptet aanverawwasmoussoare wuaramerssen currennhisicionf aimilarThelfhedellingided abaisfotottutstroperas osnareresuomoprovsrimingd gdeiad wihhedrioinhelowlevls.tttotetttesannesanraassocoverawscenarere
Miningfactors oriontassumps	Thehod ad aiond attmenssumps usesdinhePrFeibiliFeibilitettytyrepore-asorasSdyheMinelRetutotttoconverrasourceanOrRe(i.eihebylicaionftteserve. erappoiafacbyimizaionbytetorttapproprsoporliminadeileddeig).tapreryorsnThehoiced aiafturtencnae anppropress o,helecd mininghod()d ohettettsemesanriningincludingiadtertemparamesassocdeigissh aip,trtc.snues sucs pre-saccess,eTheiondedingtassumps maregarhnical p(iloptectert sgeoaramese.g. pes,ize),del ad ptoptc.trose ss,egraconnreduiondrillingtprocThejiondedMineltmaorassumps maanraRedel udforid st atopsourcemosepneimizaion(if aia).ttteoppproprTheiningdiluionfacd.ttorms useTheiningfacd.tormrecoverys useAniniminingidhsd.tymummwuseferTheinhichIndMinelmannerwreraReilizedininingdiesdttusources areumsan	SnSCde'shnical sdyfirmdhahedeiisbleingkingLhetetutttttotowngeocconeposamenacavma,fedininghod.SLCishighlyhaized,bulkininghoddindinttprerremmeamecnmmeuseuseionld-ideAimilarininghodisd sfullyRelu'sMWighinettttett moperas worwsmmeuseuccessasorinQuland.Theisblasddiisdhedingkisllowdtettratettoeensoreanasexcsurrounrocaecavellybakfillingisired.SLCffehedvfhighduiviiesdlowtut rttattnara;cnoequorsaangesoprocaneriningd wih mleciveininghodsh aingtsttttomcoscompareore semmesucs openspThebodyislydipingih afoll clomd obodybletettettwteoreseppwcompenoaongeraanreamena(f).ingLabsheRMR4560Thehoininghodlecdbyludingtotottecavucrocsenmmewas seexcheial mininghodsbad ohnical ad/oical risk.Caingideifiedttetttetor ponmesencnr economvwasnfoffhelyial mininghodllowingimionhedeinedRettetttrattasonponmear maxumecosourcexThefollhaUCSf133MPahilehebodyisically100MPatettwtty75tocompenoas anoworep,ffavThehaingllisinhede100MPaTheisbleheiningttetrattotngaorr ocompencconsouramwyhod.tmeThebodylineisdeigdingff gdef/Aubadhedtt-o1.9gtt ooreousneusacuraoseoncurrenveraSddfroheibinedihPFlevl eimfohetretmt ctstt,tttetanaenosanrecoverymopenpcomwesasrded cfheinet otunrgrounomponenmAsionfoiningddiluionfatttosumpsr mancrs:

	heiivifheheirtttyttcototsensooumeinclusionTheinfrairefhetruturtstsce requmenolecd mininghodstetseme	Delop100%blockdel gdeNobrkisincludedfot ototvemenrennesamoraoverear–delophisldiredingduioninduionidt ottttovemenreasworeqacorresponrecprocoreavouudoble-ingThisdohaialimhell reltttet ott.uaccounesnoveamarpacnoverasuCSCPrduioningibudbylevl addrindeinedbyfPLtttrtet –tetcoocrs aenawpormoumeocavedellingRinginedichuff gdef/Audinghetot o1.9 gtt etmos weremaneconomsraonoxcee,imdrlisdbelowtatemaxumawpercenges:firslevlbelowi60%tt –toepnnesdlevlbelowit –80%toseconepnneshirdlevlbelowi100%tt –toepnnesfoh ad civelevls125%tttournonsecuennes–bodrlevls150%ttotwtomo overawennes–OvCSCfrofrodrdeledinPLd wdeivedialhigheinhelumdteterawwasmoanasrmmarrcon anmldiluionExldiluionieskefroheblock mdel wheheialtettetttattteexrnarnaproperwerenmoremarfrofyiginahichideimhalyingivel mdiingtetettetorsmprovsamoreaccuraesanappnrsaowu,faTheinedeigbad ohefollowingdeigiia:tottecrsmsn wassensn crrDriningfdlevl singft s14m25mawpopacoanepacoAlaydeigdfoheiredeiTheheionisidedtrat wttt.ttnsverseouassnerenposnorrnsecwr anillbediniiaingTheheionisdheinadtottetttteteusecasornsecnarrower ancaveasrmwvuwheheinuicidhdubelow30tttwreconous economwrecesmHydrlicdiusf12()17(haingll)lculadiniiaingtotetotteauraoorengwawas cacavTheineillbed viahalagdelinehaislocdhefhebodyintttetott otmaccesseaecaeasorewuhefoll clomimlylhef olonikettettwtetetratottrcompenoaongeraapproxacenmass oreags,frafof eEahlevl reireinilaiondddrinatrututtceqsscrer venseconmeans ogress,anage.u,All c(1%)fInfedReisincludedinhelasfhelifef minettt ytsmaomponenorresourcesearsoo
		lanOrReThisdoiallyimhefhedyt mtetttcottuporeserves.esnoarpacomeosu
facMlluricaltatoregsiontorassumps	Thellurical pd adhetatmegrocessproposeniafhaheleftentt ptottyappropress orocesssoinelizaiontmraWhehehellurical pislltttarmegrocesswedhnloglintestetecturoyornovenae.	SyExienfroheihohahefrohedeibehighlytt ot sttttt cpercemcurrenpenpwsoremamaposanfradulockingf gldihinhelphided/oiablef riveltototttstturecryeoowsuanr varamounoeacnarabohich rbsideleah sluionfdisslved gld.Pringfheillbeiahetttcarn,wocyancos oooocessoorewvfollowingtasges:

	Thed riveturt atatnae,amounnepresennessf mlluricalk udekehetatest wtatoegornrn,fhelluricaldoiningliedturttanae omegmaappdhedingllurical rttaancorresponmegecoveryfaclied.tors appAnionllowdefortyassumps or aances madeleioulemterts.s eenf aTheisbulk sleilotenteceonyamporpxlek adhedehich shtest wttoscaorngreewucflesided rivehetattsampareconsreepresenobodyhole.oreas awFoinelshadefinedbytt ar mrareafiicaionhaheimionttttspecsorereserveesa,bebad oheiainelogttetoensenapproprmrayf?heiicaiontttmeespecs	hingd gindingcrusanrfloiondulphideich ctattotrateproceasuroncenhickeingtratetconcenningfollowdbylcineh ad wh.troasecaquencnas,CIL.ilingdispldatasosamThehingindingdfloionircihadeigd cif2.4Mdhetatttytpttecrusgrancus asneapacoa anroasr,ill pf cTheCIL circihadeigd cif196,000t otratettyrocessoncenperannums asneapacowu2.0Mtpa.
Eniroltavnmen	Thef sdiesf pialtatustutentsoooirolimfheiningdtatstenvnmenpacomaningionDeilsf wkttateprocessoperaoasrochaizaiondheideionftertttcracanconsraoial sifdeigiontenttestatustpososnops,ided ad,helicable,hettatusconsrenwreappsf aforlsidudtoropprovaprocessrese sage anduholdbed.tetewasmps surepor	TheSyGoldMineindaihheEnirol&SoialImSdytetttattuamaoperasaccornce wvnmencpac–"SiéédeMinedeSySyGoldMineMali,dadWktte2007.teocssama,amaasroc,haisaionhabehebjf piordiesfohisEnirol&SoialImtettt otuttatcracrsensuecrsrvnmencpacSdyWkisingimiseheiningiond eirol mbytutottttatorongoopmoperaannvnmenanagemenf:wayodrillinglogl afdrll cineicaimrassayooref rkfodineingiingiesttetttrousoocr acgeneraproperddefhells,digimizaioniinetetttt mtesequence,raansnopoopen‐pwaramps anwaskdulandforocmprmThefhisk af ainuingimd cibutcott ott ptrtetooumes oworreparconprovemenrogramme anonhekdulanl reingd clioniingttet pttatttetasrocmpmanagemenannuaporanonsu- commemeesw,ih gd ciivett atytatwovernmennommunrepresens.Tailingfohelifef mineisfobeimded oheisingfointotttotttpt as sragerorecaspounvereorreaxSoSdinheEnirol&ialImdyPriveisingfheilingttattuttaapprovevnmencpacogressraosimdmill oinlifef-mineiRoinehetstotatotyttpounenccurcon-osrage capacprogress onwuiingisdd akeholdeinginihinetotetot at statt wttmonrreporgovernmennr meesconcerrouinsionbyheGottt.pecsvernmen

		TheSyiineisinhafiinglifeIirolt pt mtutsttstaama opencuamarepseooperaenvnmenisidbyEnirolAuhoid sdbyEniroltttetattytetamanagemenpermannmenranupporannmenvvMaPlanIisdhalevlsillbebinedfohetttett at atatnagemenexpecnyreanpprovawordedineunrgrounm
Infratrutursce	Theisf aiainfratentetrutureceopproprsce:xilabiliflandforlandeloptytt,avaopvemenion(icularlyfortertratattpowerwansporpar,,bulk cdiies),labodaionttommouraccommo;,heihhichheinfrattttruturoreasesce canwwbeided,d.provoraccesse	STheiislocdjinMali,KadioladikaKadiola,55kmhetetetwtowtt,sanearomaornsansso.souasisheionl cil whileSikaimlykmheheishedlarttate85tottt,ttregaapsso,approxanorassecongesiinMali adlocd closhebodeihBukinaFatytetottcnaerr wrsoAcisiafod gl rod offheledSikaCôd'IvirehighwhrhKadiola,ttotetcessvrmeraveaseassooayougfrodheFoiMoblesdlieshisibettotet cttet cannmuroussonsumaansuppseroasanuuhedihefroCôd'IvirehrhhebodeZelivelyfrottettt attetapproacermoougrr posgouaorarnamSBukinaFadTohrhikaThedhhrhBaFakala,hettttotrsoangoougsso.roanorougnansoraoninhighwfroBakoSikaideld shoBakoThistotetetetetomaaymmasso,provs an arnaanrr rouma"bdisllyimbleduinghehehelowlevlidg" aBaistt sttroagenerapassareeasonnerenansowwd wih wttecoverear.Suinginfrafoheihaincludeddingfhe0kmionfttrututt ott7tpporscrercurrenpenpsupgraosecodfroKadiolaheifubishmf adminisionbuildinglanibuildingdtottet otratt steroamsrerens,psan,daionfohoingiadiorionl sff.Thisinfraill alsobettrtettatrutuaccommorusexpaansennaascrewdbyheded oionih addiionl allowdeinhedyfodedttttttuuseunrgrounperas,waancemasr unrgrounificinfrafahimilaionfainsllaionddiionl wktrututttattspecscreonsurcesucaspraryvenns,aaor,fffohod oiced chaded wkesps ans anngeroomsr unrgrounorrsTheihak cinuded of aimlyMWih ainslledttte17.7ttaopenps apeaonous powermanpproxanwSuif24MWPoislyliedfrodieslfiredionlytyttatpowercapacowercurrensuppmaepowersppf pfroheionl gidislikelyinhefud wdfoheded.ttttutoowermnaarnearreanasassumernrgrounu
Cotss	Thedeivaionf,iondettroorassumps ma,dingjd cil cinhedytetatstturegarproecapossThehodologdimingttottetmeyuseesaoperats.cosAllowdeforhefttent oances macondeleioulemterts.s eenThedeivaionf aiondef mltttarossumps maoediice(),forheincipltytorcommoprsprainelsd cduts.mraano-procThef ehadinhetestsource oxcnge rausedytus	Miningimdical of aPFSdel.Thedy25%tsttetotyt mtucoswereesaaccuracypcososassumes,keilihilaionfalydfficedkshoillbetatettycapmssucasvennspowersuppanosanworpsw,hadbyReludbileipdininglanillbehadbyheiningtet at wtpurcsesoanmoeqmennmppurcsemud aized oheionllifefheitratottttteconcr anmorveroperaaspanomsMineinglculadfrofirsinciplesingfixed ad viabledttstet-ptsoperacosare camrusnarcomponenanfoffiningAllowdeionl eicieniesisiondtratoassumeconcr mancesweremar regacsuperanv,iningCuingddminisionlied.Theiningtrat ptrattstrrenrocessanacoswereappaveragemcos$()/Owfraincludingdelinedelopisedinis35'sint,tratot.trutucvemenrasanconcr margnerscre$il cimdbe4.1M.tatstteto7caposare esa

	fDeivaionionhattratatronsporcrgesforforfThebaisingtsecasor source od rfininghaliesfortretmt ataennecrgespena,fafiluriicaiontot sttc.emeepece,forThellowdeliesble,taances maroapayaybohGod pivatt ate.vernmennr	Asd gldicehabedeivedbyfeUSDldicetott gsumeoprsveenrrerencerecenspooprs.SAll red cimhabedeinUD,huhaired.t ettettevenue anossasveenmas no excngeras wererequffroTrdininghahabedeiveditmt at ot pt ctseaennrecrgesveenrmcurrenpencosuRoliesl7%f slesdsincludedinhedel adisbadttott mtyaequaoaproceearecosonseoncurrenliesid.troyapaNoheliesJoinVed.ttttutsteor royaornreagreemenare expec
facRetorvenues	Thedeivaionf,iondettroorassumps madingfacincludinghedtorregarrevenuesadel odiice()hatatygramer commoprsexcnge,iondhatestratattretmt cransporanaenrges,,liesltt sterturtc.penanemerense,,hedeivaionf aiondef mltttarossumps maoe(),fordiiceheincipltytorcommoprsprals,inelsd cdutats.memraano-proc	Ihabedhald willbeld aheilingldiceAll red cttt gttt gtsenassumeosoprevaspooprvenue anosimhabedeinUSD,haionhabettetettesasveenmasoexcngeraassumpsvenoennecessary.$fSfeSAsd gldiceU1,275habedeivedbyUDtottsumeoproperouncesenrrerencerecenspoldicehe3 yttgoprs overpasears
Maket atrssessmen	Theded,lyd sk siionfortoctuatmansuppanheiculardiiondsttty,ttreparcommoconsumpndfaclikelyffeclyddedtortot sansauppanmaninhefutotture.Ad cilyislontomttorcuseranompeanasagihheideificaionflikelyketttttwnomarindoforhedutt.wsprocwPricedlumfordhebaisfortstanvoeecasanshefortts.seecasFoinduial minelshetrttomrsracuserificaioningd attesttanspecanccepce,ireiorlytstotrat.requmenpra suppconc	Theisdkefohelef gld.trat qtettreansparenuomarrsaoofeffofeOfTheinelihejdingbad oLiMinePlantt atsmoproecnprocessrecasaresens.Noinduial minelsidedhetrsraare consrere
Eciconom	Theinpheiclyiststottoeconomanasuduhelue(NPV)inhett pt vtproceneresenaffdyhed cidehetuttssource anonnce ose,icinpincludingimdinflaiontstteteconomuesa,disct rte,tc.ounae	Aief gldiceinddiscdhebufhetytst rtetottntvarooprpoanounas wereuseassessrosess of rjlikelybak piodshebrkeindhejdinl rat,tt attetetetuproecpaycereaven ponproecrnaoern,S$ThejfU2,122Md wih aiiveIRRf42%t gte-tatt-taproeceneras prexrevenueoanposprexo$InheimldicefUSd.ttte1,200esaa goproperouncewasassume,

	NPVd siiviiaioninttytotrangesanensvarsfheigiicaiondinptt atts.snnssumps anu
Soialc	Thef aihketatuststsogreemenwykeholded mleadingialtattertosrsanassoclicetote.nseopera	ReludfSoiéédeMinedeSyinMa2004.Thetet ott osoassumemanagemencssamaycurrenpeniinudehePeiSy(NoPE-/).Iisicipdha199393003t cttotetttttettponesoperaunrrmamaanafeblekillsfroheionillbeilizedfohedediondtratt ottttnsrrasmcurrenperawurunrgrounoperaanhaisingloyillbekilled wheible.tt etempees wpsrepossxuffIniiallylecd piringiickillsienill mlikelybeilledbyiattetsttrteseosreqspecsorexperceosexpas.uwInddiionfoingheirjbfuionial willbedfettotttrtetetotraaperrmoncexpapersonneexpecnsr,fff.knledgdiseindedelophebiliiesheirMalianInhelonttottttatoweanexperorrvecapaosgeriisicipdhaMalianionlsillfill mingd miionihintetttetttt ott pttrmananaawosperaananagemenoss whetcoan
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