NB: They assumed an increased price of $1400 per oz gold and decreased the cutoff grade to 0.6 g/t , both of which added considerably to reserves. But this is a Feasibility Study, which means the ounces are now bankable and are reserves, which makes all the difference. Ike

• The mineral reserve estimate was calculated by Bret C Swanson BE (Min), Principal Consultant, of SRK Consulting (U.S.), Inc. Effective Date of July 1, 2012.
• Reserves are inclusive of mineral resources.
• Reserves are based on a gold price of US$1,400/oz.
• Open pit reserves assume full mine recovery.
• Open pit reserves are not diluted (Further to dilution inherent in the resource model and assume selective mining unit of 3m x 3m x 3m).
• Underground reserves assume planned dilution, 5% unplanned dilution at Nicholas Lake and 9% at Ormsby.
• In situ Au Ounces do not include metallurgical recovery of 92% for Ormsby, Clan Lake and Bruce or 82% for Nicholas Lake.
• An open pit Cut-off grade (CoG) of 0.6g/t-Au was applied to open pit resources constrained by the final pit design.
• An underground CoG of 2.0 g/t-Au was applied to underground resources constrained by a final underground design.
• Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.