21 February 2019
Mineral Reserves and Mineral Resources were last updated as at June 30, 2017. Mineral Reserves reported herein were estimated using a long-term gold price of US$1,250/oz and US$/C$ exchange rate of 0.80. Mineral Resources were estimated using a long-term gold price of US$1,400/oz and US$/C$ exchange rate of 0.80.
Updated Proven and Probable Mineral Reserves for the entire Hope Bay Project decrease slightly by 19,000 contained gold ounces to a total of 3.59 million ounces compared to a total of 3.61 million ounces in the June 30, 2017 statement. Material factors between the June 30, 2017 and December 31, 2018 revised Mineral Reserve estimate include:
The Doris mine and ore stockpile total Proven and Probable Mineral Reserves decreased by approximately 193,000 contained gold ounces as a result of processing depletion and remodelling, drilling and refined mining parameters. These were partially offset by the addition of approximately 45,000 contained gold ounces of new high-grade Mineral Reserves identified by exploration drilling within the Doris North BTD zone during the period.
At Madrid North and South deposits, Proven and Probable Mineral Reserves increased by 378,000 contained gold ounces as a result of new diamond drilling during the period, improved resource modelling of both the Naartok and Suluk deposits and updated mining parameters used to convert Mineral Resources to Mineral Reserves.
At the Boston deposit, Proven and Probable Mineral Reserves decreased by approximately 204,000 contained gold ounces as a result of improved resource modelling, refined mining parameters used to convert Mineral Resources to Mineral Reserves and a more conservative methodology in resource classification of Mineral Resources which reclassified some Indicated Mineral Resources in the June 30, 2017 back to Inferred Resources for the December 31, 2018 estimate.