Gibraltar - Reserves & Resources

Gibraltar Reserves and Resources at December 31, 2014

CATEGORY
(AT 0.15% CU CUT-OFF)

SIZE
(MILLION TONS)

GRADE

RECOVERABLE METAL
CU (BILLIONS LBS)

CONTAINED METAL
CU (BILLIONS LBS)

CU (%)

MO (%)

Proven & Probable Reserves

749

0.256

0.008

3.3

3.8

Measured & Indicated Resources

1092

0.254

0.008

-

5.5

The resource and reserve estimation was completed by Gibraltar mine staff under the supervision of Scott Jones, P.Eng., Vice President, Engineering and a Qualified Person under National Instrument 43-101. Mr. Jones has verified the methods used to determine grade and tonnage in the geological model, reviewed the long range mine plan, and directed the updated economic evaluation. The estimates used long term metal prices of US$2.75/lb for copper and US$11.00/lb for molybdenum and 0.85 C$/US$ foreign exchange. Mr. Jones has reviewed this release. A technical report will be filed on www.sedar.com. Reserves and Resources were updated as of Dec 31/14.

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