33
Ore Reserves and Mineral Resources
Ore Reserves and Mineral Resources
Notes to the Ore Reserves and Mineral 
Resources Table: 
Some rounding of figures may cause numbers 
to not add correctly.
(1) Nueva Esperanza equivalent factors: 
	 •	 	Silver	equivalent:	AgEq	(g/t)	=	Ag	(g/t)	
+	Au(g/t)	x	60;	
	 •	 	Gold	Equivalent:	AuEq	(g/t)	=	Au	(g/t)	
+	Ag	(g/t)	/	60;	
	 •	 	Calculated	from	prices	of	US$1,380/
oz	Au	and	US$21.50/oz	Ag,	and	
metallurgical recoveries of 70% Au 
and	75%	Ag	estimated	from	test	work	
by	Kingsgate,	and	metallurgical	
recoveries	of	85%	Au	and	78%	Ag	
estimated	from	test	work	by	
Kingsgate and Laguna. 
(2) Bowdens equivalent factors:
	 •	 	Silver	equivalent:	AgEq	(g/t)	=	Ag	(g/t)	
+	22.4	x	Pb	(%)	+	25.5	x	Zn	(%);	
	 •	 	Gold	equivalent:	AuEq	(g/t)	=	AgEq	
(g/t)	/45	;
	 •	 	Calculated	from	prices	of	US$28/oz	
Ag,	US$1250/oz	Au,	US$2200/t	Pb,	
US$2200/t	Zn	and	metallurgical	
recoveries	of	81%	Ag,	73%	Pb,	and	
83%	Zn	estimated	from	test	work	by	
Silver	Standard,	and	assuming	
consistent metallurgical recoveries for 
gold	and	silver	of	81%.	
(3) Chatree equivalent factors:
	 •	 	Chatree	gold	equivalent:	AuEq/t	=	Au	
(g/t)	+	Ag	(g/t)	/105;
	 •	 	Silver	equivalent:	AgEq	g/t	=	Au	(g/t)	
x	105	+	Ag	g/t;
	 •	 	Calculated	from	prices	of	US$1480/oz	
Au	and	US$26/oz	Ag	and	metallur-
gical	recoveries	of	80.5%	Au	and	
43.6%	silver	based	on	metallurgical	
testwork	and	plant	performance.
(4) Challenger equivalent factors:
	 •	 	Silver	equivalent:	AgEq/t	=	Au	(g/t)	 
x	57;
	 •	 	Calculated	from	prices	of	US$1480/oz	
Au	and	US$26/oz	Ag	and	consistent	
metallurgical recoveries for gold and 
silver.
(5)	 	Cut-off	grade	for	Chatree	is	0.35g/t	Au;	
Nueva	Esperanza	is	0.5g/t	AuEq;	
Bowdens	is	30g/t	AgEq.	For	Challenger	it	
is	1.5	Au	g/t	for	open	cut	resources,	and	
5.0	g/t	for	undeground	resources.
(6)	 	It	is	the	Company's	opinion	that	all	the	
elements included in the metal equiva-
lents calculation have a reasonable 
potential to be recovered.
In this report, information concerning Thailand 
operations relates to Exploration Results, 
Mineral Resources and Ore Reserve estimates 
and is based on and fairly represents information 
compiled by the following Competent Persons: 
Ron James, Brendan Bradley, Kevin Woodward 
and Suphanit Suphananthi who are employees 
of the Kingsgate Group – all except Brendan 
Bradley are members of The Australasian 
Institute of Mining and Metallurgy. Brendan 
Bradley is a member of the Australian Institute 
of Geoscientists. These people qualify as 
Competent Persons as defined in the 
‘Australasian Code for Reporting of Exploration 
Results, Mineral Resources and Ore Reserves’ 
(the JORC Code, 2012 edition) and possess 
relevant experience in relation to the mineralisa-
tion being reported herein as Exploration 
Results, Mineral Resources and Ore Reserves. 
Each Competent Person has consented to the 
public reporting of these statements and the 
inclusion of the material in the form and context 
in which it appears.
In this report, the information concerning 
Challenger operations that relates to Exploration 
Results, Mineral Resources and Ore Reserves 
estimates is based on and fairly represents 
information compiled by Stuart Hampton and 
Luke Phelps who are full-time employees of the 
Kingsgate Group. Both are members of The 
Australasian Institute of Mining and Metallurgy. 
These persons have sufficient experience that is 
relevant to the mineralisation and type of 
deposit under consideration and to the activity 
that they are undertaking to qualify as 
Competent Persons as defined in the 2012 
Edition of the ‘Australasian Code for Reporting 
of Exploration Results, Mineral Resources and 
Ore Reserves’. Stuart Hampton and Luke Phelps 
consent to the inclusion in the report of the 
matters based on their information in the form 
in which it appears.
The information in this report that relates to 
Bowdens Mineral Resource estimation is based 
on and fairly represents work completed by