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Mines & Properties

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Buffalo Reef

Resources


Estimated at August 31, 2012, proven and probable reserves at Selinsing, including the adjacent Buffalo Reef property, are 222.9 koz of gold from 4,890 kilotonnes (kt) of material at a grade of 1.4 grams of gold per tonne (g/t). These reserves are within a newly estimated measured and indicated resource of 289.4 koz of gold from 6,307 kt of material at a grade of 1.4 g/t. The inferred resource at Selinsing and Buffalo Reef is an additional 48.0 koz of gold from 1,070 kt of material at a grade of 1.4 g/t. The tables below summarize the newly calculated reserves and resources by area and ore type.

The new reserve estimate was calculated using an average gold price of US$1,550 per ounce whereas the resources were calculated using a US$1,700 per ounce gold price. The updated mineral resource estimate incorporates a new property-wide geological model which includes a total of 28 new surface diamond drilling results completed by Monument since the last resource estimate was completed in 2007. Drill hole assays received as of June 8, 2012 were used in this resource and reserve update along with the August 31, 2012 mine face positions as surveyed by Monument staff.

The 2012 Selinsing and Buffalo Reef mineral resources were estimated by Mark Odell, P.E. and owner of Practical Mining LLC, who is the independent Qualified Person for the August 31, 2012 Mineral Resources and Reserves as defined by NI 43-101.

Table 1. Selinsing and Buffalo Reef Mineral Reserves: August 31, 2012
   Cut off 
 Grade 
Proven Probable  Proven + Probable 
Area g/t  Kt   g/t   koz   kt   g/t   koz   kt   g/t   koz 
Oxide Reserves                    
Selinsing 0.30 - - - 6 0.6 0.1 6 0.6 0.1
Buffalo Reef South and Central 0.30 14 1.6 0.7 336 1.9 20.8 350 1.9 21.5
Buffalo Reef North 0.31 12 0.9 0.3 155 1.2 5.7 166 1.1 6.1
Stockpile 0.30 2,335 0.7 53.6 - - - 2,335 0.7 53.6
Oxide Total   2,360 0.7 54.6 496 1.7 26.7 2,857 0.9 81.3
                     
Sulfide Reserves                    
Selinsing 0.62 183 2.7 16.1 630 2.2 44.6 812 2.3 60.7
Buffalo Reef
South and Central
0.65 59 2.3 4.3 1,008 2.1 69.5 1,068 2.2 73.8
Buffalo Reef North 0.66 4 1.5 0.2 130 1.5 6.1 133 1.5 6.3
Stockpile 0.62 20 1.3 0.8 - - - 20 1.3 0.8
Sulfide Total   266 2.5 21.4 1,768 2.1 120.2 2,034 2.2 141.7
                     
Total All Sources   2,626 0.9 76.0 2,264 2.0 146.9 4,890 1.4 222.9
Notes:
  1. the following parameters were used to determine the gold cutoff grade for each reserve area: a US$1,550 per oz gold price; metallurgical gold recoveries ranging from 85% to 87% for sulfide materials and 92% for oxide material; processing costs of $10.84/tonne for oxide and $22.99/tonne for sulfide material; and mining costs ranging from $2.08 to $2.25 per tonne;
  2. reserves are contained within fully engineered pits based on Lerch Grossman optimized pits and include 5% mining losses and 5% mining dilution;
  3. mineral reserves were determined by Mark Odell, P.E., Practical Mining LLC.
Table 2. Selinsing and Buffalo Reef Measured and Indicated Mineral Resources, Including Reserves: August 31, 2012
   Cutoff 
 Grade
Measured Indicated  Measured + Indicated 
Area g/t kt  g/t  koz kt  g/t  koz kt  g/t  koz
Oxide Resources                    
Selinsing 0.27 - - - 9 0.7 0.2 9 0.7 0.2
Buffalo Reef South and Central 0.28 14 1.6 0.7 373 1.8 21.9 386 1.8 22.6
Buffalo Reef North 0.28 12 0.8 0.3 207 1.1 7.4 219 1.1 7.7
Stockpile 0.27  2,335 0.7  53.6 - - -  2,335 0.7 53.6
Oxide Total   2,361 0.7 54.6 588 1.6 29.5 2,949 0.9 84.1
                     
Sulfide Resources                    
Selinsing 0.56 229 2.2 16.0 1,436 1.9 88.4 1,664 2.0 104.5
Buffalo Reef South
and Central
0.59 60 2.3 4.3 1,283 2.0 81.6 1,343 2.0 86.0
Buffalo Reef North 0.60 13 1.3 0.6 317 1.3 13.5 331 1.3 14.0
Stockpile 0.56 20 1.3 0.8 - - - 20 1.3 0.8
Sulfide Total   322 2.1 21.7  3,036 1.9  183.6 3,358 1.9 205.3
                     
Total All Sources   2,682 0.9 76.3 3,624 1.8 213.0 6,307 1.4  289.4
Notes:
  1. the resource cutoff grades were calculated based on a US$1,700 per oz gold price and metallurgical gold recoveries of 92% for oxide and 85% to 87% for sulfide materials, respectively;
  2. the open pit resources are constrained by a Lerch Grossman pit shell;
  3. mineral resources that are not mineral reserves do not have demonstrated economic viability; and
  4. mineral resources determined by Mark Odell, P.E., Practical Mining LLC.
Table 3. Selinsing and Buffalo Reef Inferred Mineral Resources: August 31, 2012
  Cutoff Grade Inferred
Area g/t  Kt    g/t     koz  
Oxide Resources        
Selinsing 0.27 3 0.6 0.1
Buffalo Reef South and Central 0.28 216 1.2 8.5
Buffalo Reef North 0.28 49 0.9 1.4
Stockpile 0.27 - - -
Oxide Total   268 1.2 10.0
         
Sulfide Resources        
Selinsing 0.56 121 1.1 4.5
Buffalo Reef South and Central 0.59 632 1.6 31.9
Buffalo Reef North 0.60 48 1.1 1.7
Stockpile 0.56 - - -
Sulfide Total   801 1.5 38.0
         
Total Inferred Resources   1,070 1.4 48.0
Notes:
  1. similar resource tabulation methodologies described for Table 2 above apply to the resources in Table 3;
  2. mineral resources that are not mineral reserves do not have demonstrated economic viability; and
  3. mineral resources determined by Mark Odell, P.E., Practical Mining LLC.

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