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Maiden Ore Reserve Statement

Cominco is pleased to announce the maiden Ore Reserve (“Reserve”) for the Hinda Project which complies with Joint Ore Reserves Committee Australian Code for Reporting of Exploration Results, Mineral and Ore Reserves 2012 (“JORC”; “the Code”). The Reserve is based on a Resource Estimate (“Resource”) with a cut-off of 5% P2O5 plus an economic cut-off by block. The Reserve is reported in accordance with JORC and signed off by a Competent Person as defined by the Code. The Reserve will support the long life of the Project.

The Chief Executive Officer Roderick Smith said:
“The announcement of an Ore Reserve is an important step for any project; this is an acknowledgement by an impartial and competent third-party that the significant Hinda Resource is indeed economic. A great deal of drilling, data collection, modelling and metallurgical test work by a team of industry experts in five countries has resulted in this significant step for the development of our world-class Project. The fast track to development is being continued with the commencement of a pilot scale production program at Mintek, and a Definitive Feasibility Study.”

The Ore Reserve reflects the outcome of the Project’s Feasibility Study, conducted on a 4Mtpa phosrock production. The Feasibility Study forms a robust basis for the continued development of the Project, the results of which will be announced shortly.

The Feasibility Study determined a mine plan considered to be technically achievable and economically viable; all material modifying factors having been considered. This has formed the basis for the conversion from Resources to Reserves.

Reserves are those portions of a Resource which, after the application of all mining factors, result in an estimated tonnage and grade which, in the opinion of the Competent Person conducting the estimates, forms the basis of a viable project.

Click link below for full announcement.