K92 Mining Announces Significant Strike Extension to the South at Arakompa and Discovery of Potential Thick High-Grade Zone
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Suite 488 - 1090 West Georgia Street
Vancouver, British Columbia
Canada V6E 3V7
Telephone: +1 (604) 416-4445
Facsimile: +1 (604) 608-9110
www.k92mining.com
NEWS RELEASE
K92 MINING ANNOUNCES SIGNIFICANT STRIKE EXTENSION TO THE SOUTH
AT ARAKOMPA AND DISCOVERY OF POTENTIAL THICK HIGH-GRADE ZONE
Vancouver, British Columbia, October 22, 2024 - K92 Mining Inc. (“K92” or the “Company”)
(TSX: KNT; OTCQX: KNTNF) is pleased to announce its third set of drilling results consisting
of 19 holes for total results of 30 holes released to date from its maiden surface diamond drill
program at Arakompa, located approximately 4.5 km from the Kainantu Gold Mine Process Plant
in Papua New Guinea. K92’s maiden drill program at Arakompa represents the first drilling on the
target in 32 years, with limited historic drilling completed, comprising 18 holes totaling 1.8 km of
mostly shallow drilling.
• Potential thick high-grade zone discovered from two holes stepping out 250 metres along
strike to the south, encountering both high-grade and bulk mineralized zones (see Figures
1-2 & 4), with:
▪ KARDD0029 recording 20.60 m at 9.87 g/t gold equivalent (“AuEq”)(2) (8.90 g/t
Au, 29 g/t Ag, 0.38% Cu), including 10.70 m at 14.97 g/t AuEq (13.81 g/t Au, 25 g/t
Ag, 0.53% Cu).
▪ Located ~60 metre s up-dip, KARDD0025 recording 23.60 m at 6.57 g/t AuEq (2)
(5.89 g/t Au, 8 g/t Ag, 0.35% Cu) including 12.00 m at 11.16 g/t AuEq (10.49 g/t Au,
11 g/t Ag, 0.33% Cu). A separate vein intersection of 2.90 m at 11.47 g/t AuEq (11.26
g/t Au, 9 g/t Ag, 0.06% Cu) was also recorded.
▪ Drilling at KARDD0029 is underway for the remainder of hole.
• Significant extension of bulk tonnage strike by ~250 metres to the south to a total
interpreted strike now exceeding 750 metres, from long step-out drill holes, with
highlights including:
▪ KARDD0025 (~250 m southern step-out along strike): 100.80 m at 1.92 g/t AuEq
(1.71 g/t Au, 3 g/t Ag, 0.10% Cu)
▪ KARDD0030 (~125 m southern step-out along strike): 111.62 m at 1.53 g/t AuEq
(1.35 g/t Au, 4 g/t Ag, 0.08% Cu)
• Multiple high-grade intersections encountered. Drill highlights in addition to the
highlights from KARDD0025 and 29 above, include:
▪ KARDD0018: 1.30 m at 35.72 g/t AuEq (35.29 g/t Au, 17 g/t Ag, 0.14% Cu) and
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4.00 m at 6.59 g/t AuEq (6.15 g/t Au, 30 g/t Ag, 0.04% Cu)
▪ KARDD0030: 5.40 m at 5.88 g/t AuEq (5.01 g/t Au, 15 g/t Ag, 0.43% Cu) and
5.53 m at 4.04 g/t AuEq (3.38 g/t Au, 13 g/t Ag, 0.31% Cu) and
1.62 m at 33.52 g/t AuEq (33.38 g/t Au, 4 g/t Ag, 0.05% Cu) and
1.40 m at 30.99 g/t AuEq (30.77 g/t Au, 13 g/t Ag, 0.04% Cu)
▪ KARDD0013: 7.10 m at 5.69 g/t AuEq (5.47 g/t Au, 13 g/t Ag, 0.04% Cu)
▪ KARDD0028: 7.00 m at 5.26 g/t AuEq (5.04 g/t Au, 10 g/t Ag, 0.06% Cu)
▪ KARDD0023: 2.00 m at 14.60 g/t AuEq (12.44 g/t Au, 60 g/t Ag, 0.88% Cu)
▪ KARDD0015: 4.20 m at 6.55 g/t AuEq (6.08 g/t Au, 12 g/t Ag, 0.20% Cu) and
3.10 m at 5.11 g/t AuEq (5.07 g/t Au, 2 g/t Ag, 0.01% Cu)
▪ KARDD0020: 2.70 m at 6.61 g/t AuEq (4.28 g/t Au, 175 g/t Ag, 0.09% Cu)
▪ KARDD0014: 1.40 m at 11.51 g/t AuEq (11.06 g/t Au, 19 g/t Ag, 0.13% Cu)
• K92 has defined a substantial interpreted bulk tonnage zone extending over 750 meters,
with bulk tonnage intersections reported to date recording an average true thickness
of 56 meters and mineralization reaching a vertical depth of up to 350 meters. In
addition to the bulk intersections at KARD0025 and KARDD0030, highlights include:
▪ KARDD0018: 57.0 m at 1.58 g/t AuEq (1.47 g/t Au, 5 g/t Ag, 0.02% Cu)
▪ KARDD0028: 45.9 m at 1.88 g/t AuEq (1.72 g/t Au, 5 g/t Ag, 0.06% Cu)
▪ KARDD0015: 32.7 m at 2.19 g/t AuEq (1.97 g/t Au, 4 g/t Ag, 0.10% Cu)
▪ KARDD0013: 36.9 m at 1.53 g/t AuEq (1.40 g/t Au, 3 g/t Ag, 0.04% Cu)
▪ KARDD0020: 33.9 m at 1.10 g/t AuEq (0.73 g/t Au, 22 g/t Ag, 0.06% Cu)
▪ KARDD0023: 32.4 m at 1.00 g/t AuEq (0.83 g/t Au, 5 g/t Ag, 0.06% Cu) and
19.6 m at 1.04 g/t AuEq (0.72 g/t Au, 8 g/t Ag, 0.14% Cu)
▪ KARDD0027: 23.3 m at 1.05 g/t AuEq (0.98 g/t Au, 2 g/t Ag, 0.02% Cu)
▪ KARDD0016: 19.7 m at 1.06 g/t AuEq (0.73 g/t Au, 11 g/t Ag, 0.11% Cu)
▪ KARDD0019: 17.2 m at 1.12 g/t AuEq (0.67 g/t Au, 15 g/t Ag, 0.17% Cu)
• Exploration expanded from one drill rig at the beginning of 2024, to currently four drill
rigs at Arakompa. Mineralization is open along strike, at depth and only approximately
40% of the +1.7 km mineralized corridor strike length has been drill tested to date by
K92, defined from rock chips, historic drilling and local workings (see Figure 1).
• K92 is targeting a maiden mineral resource estimate for Arakompa by Q1 2025.
Notes:
(1) Drill highlights presented above are core lengths (not true widths).
(2) Gold equivalent (AuEq) exploration results are calculated using longer-term commodity
prices with a copper price of US$4.00/lb, a silver price of US$22.5/oz and a gold price
of US$1,750/oz.
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John Lewins, K92 Chief Executive Officer and Director, stated, “The significant and rapid
progress at Arakompa is a very exciting time for K92, our stakeholders and Papua New Guinea.
These latest 19 holes reported extended the known strike length by approximately 50%, discovered
a potential thick high -grade zone at the southern limit of K92’s drilling to date towards the
Tankaunan Porphyry, while also extend ing the bulk mineralized zone a commensurate amount
along strike. With Arakompa open in both directions along strike, we believe that we are still only
scratching the surface and this is precisely why we have increased the number of drill rigs from
one in Q1 2024 to now four.
Later this month, we are also very excited to be hosting a large group of analysts and investors on
site to showcase the significant progress made to date in multiple areas, including at Arakompa,
in addition to the mining-friendly jurisdiction of Papua New Guinea.”
Chris Muller, K92 Executive Vice President , Exploration, stated , “Progressive drilling at
Arakompa has demonstrated continuation of multiple lodes within the already substantial vein
system. Drilling so far has tested less than half of the +1.7km strike length of the Arakompa
corridor and to a maximum depth of 400m, representing just a small fraction of the presumed
expansive set of mineralized veins.
The high grades and appreciable widths, as well as the characteristics and composition, of the
Arakompa veins have all the hallmarks of the Kora consolidated veins and are equally as
prospective. Four rigs are drilling on a prescribed spacing at Arakompa, on track to define a
maiden modern resource estimate early in 2025.”
Arakompa Vein System Background
The Arakompa project is interpreted to be an intrusive related gold -copper-silver epithermal vein
system with similarities to the producing Kora and Judd vein systems. A significant difference at
Arakompa is that it is hosted in tonalite to dioritic rock, whereas Kora and Judd are hosted
predominantly in metasediments (phyllite).
Mineralization at Arakompa is in pronounced vein lodes but is also widespread across a very broad
envelope, hosted in strongly altered tonalite and diorite. This has been interpreted to have resulted
from collapsing argillic and advanced argillic alteratio n, and the propylitic alteration of the
basement tonalite are interpreted to originate from the intrusion of a large magmatic porphyry
body. Phyllic alternation appears to be associated with gold mineralization, providing a large halo
(at least 100 m wide) around the vein corridor. There has likely been an upwelling of phyllic
alteration from the porphyry into the high-grade veins. This has resulted in mineralization between
the veins, providing the potential for bulk mining.
Multi-stage mineralizing events with several phases of quartz-sulphide development are apparent
within the veins themselves. The sequence of early quartz deposited from a mesothermal dilute
fluid followed by pyrite -copper-gold ± Bi -Te-Pb-Zn-Sn mineralization at Arakompa has many
similarities to the same events encountered at Kora and Judd.
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The main sulphides are pyrite, chalcopyrite, bornite and bismuthinite. As at Kora, chalcopyrite
forms late, overprinting early phases of pyrite. Gold is documented in petrological reports and
shown in photomicrographs as occurring in quartz, or often as in clusions overgrown by
chalcopyrite.
Porphyry evidence is widespread at Arakompa. Locali zed, high -level B veins (quartz with
centreline pyrite) are present, typical of the upper parts of a porphyry system. Magnetite -epidote
alteration represents classic prograde porphyry assemblages, indicative of the inner propylitic
shell. Chalcocite is also locally present, suggesting an underlying copper-enriched body.
The maiden drill program by K92 is the first drilling completed on the target in 32 years, with
limited and shallow drilling completed historically (18 holes, 1,766 m drilled). Of the 18 holes
drilled historically, there were 15 intersections above 5 g/t A uEq, 8 intersections above 10 g/t
AuEq and 3 intersections above 20 g/t AuEq, with highlights including:
004DA92 – 4.00 m at 32.03 g/t AuEq (3.32 m true thickness)
013AD92 – 4.00 m at 20.21 g/t AuEq (3.40 m true thickness)
001AD92 – 2.80 m at 16.18 g/t AuEq (2.41 m true thickness)
005AD92 – 2.00 m at 32.01 g/t AuEq (1.26 m true thickness)
016AD92 – 6.30 m at 14.96 g/t AuEq (2.39 m true thickness)
010AD92 – 9.20 m at 10.67 g/t AuEq (4.32 m true thickness)
Surface field work completed historically and by K92 has demonstrated that the target size of
Arakompa is significant, with mineralization observed from drill holes, rock samples and surface
workings for at least 1.7 km of strike, hosted within an approxim ately 150 - to 225 -m-wide
mineralized intense phyllic altered package, and a vertical extent of over 500 m.
Figures
A plan map for Arakompa is provided in Figure 1.
A cross section showing KARDD0025 and KARDD0029 at Arakompa is provided in Figure 2.
A cross section showing KARDD0030 at Arakompa is provided in Figure 3.
A long section showing Arakompa drilling to date is provided in Figure 4.
A location map is provided in Figure 5.
Core photographs of drill hole KARDD0025 are provided in Figure 6.
Table 1
Kainantu Gold Mine – Significant Intercepts from Arakompa Diamond Drilling
Hole ID From
(m) To (m) Interval
(m)
True
width (m) Gold g/t Silver g/t Copper
% Gold Eq Vein
KARDD0012 246.80 370.20 123.40 66.64 0.25 1 0.03 0.32 Bulk Intersection
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Hole ID From
(m) To (m) Interval
(m)
True
width (m) Gold g/t Silver g/t Copper
% Gold Eq Vein
KARDD0013 0.00 36.90 36.90 29.52 1.40 3 0.04 1.53 Bulk Intersection
KARDD0013 12.90 20.00 7.10 5.68 5.47 13 0.04 5.69
KARDD0014 74.20 225.50 151.30 136.17 0.32 2 0.03 0.40 Bulk Intersection
KARDD0014 74.20 75.50 1.30 1.17 2.36 50 1.37 5.19
KARDD0014 218.00 219.40 1.40 1.26 11.06 19 0.13 11.51
KARDD0014 225.00 225.50 0.50 0.45 5.54 35 0.25 6.38
KARDD0015 312.50 345.20 32.70 17.66 1.97 4 0.10 2.19 Bulk Intersection
KARDD0015 318.20 322.40 4.20 2.27 6.08 12 0.20 6.55
KARDD0015 340.00 343.10 3.10 1.67 5.07 2 0.01 5.11
KARDD0016 101.50 121.20 19.70 12.02 0.73 11 0.11 1.06 Bulk Intersection
KARDD0016 112.00 116.30 4.30 2.62 2.22 18 0.18 2.73
KARDD0017 229.50 307.60 78.10 70.29 0.21 2 0.02 0.26 Bulk Intersection
KARDD0018 66.80 123.80 57.00 39.33 1.47 5 0.02 1.58 Bulk Intersection
KARDD0018 66.80 70.80 4.00 2.76 6.15 30 0.04 6.59
KARDD0018 122.50 123.80 1.30 0.90 35.29 17 0.14 35.72
KARDD0019 255.70 272.90 17.20 11.87 0.67 15 0.17 1.12 Bulk Intersection
KARDD0020 116.10 150.00 33.90 23.39 0.73 22 0.06 1.10 Bulk Intersection
KARDD0020 105.90 106.60 0.70 0.48 4.95 47 0.04 5.60
KARDD0020 116.10 116.90 0.80 0.55 9.14 43 0.28 10.12
KARDD0020 148.30 151.00 2.70 1.86 4.28 175 0.09 6.61
KARDD0021 72.30 280.20 207.90 143.45 0.20 1 0.02 0.25 Bulk Intersection
KARDD0022 127.80 376.40 248.60 124.30 0.15 2 0.02 0.20 Bulk Intersection
KARDD0023 78.00 110.40 32.40 19.44 0.83 5 0.06 1.00 Bulk Intersection
KARDD0023 328.00 347.60 19.60 11.76 0.72 8 0.14 1.04 Bulk Intersection
KARDD0023 78.00 78.80 2.00 1.20 12.44 60 0.88 14.60
KARDD0023 346.50 349.00 2.50 1.50 2.11 29 0.68 3.57
KARDD0024 190.60 276.30 85.70 51.36 0.20 2 0.03 0.29 Bulk Intersection
KARDD0025 191.00 299.80 100.80 50.40 1.71 3 0.10 1.92 Bulk Intersection
KARDD0025 191.00 214.60 23.60 11.80 5.89 8 0.35 6.57 Potential Southern
HG Zone
KARDD0025 199.00 211.00 12.00 6.00 10.49 11 0.33 11.16 Potential Southern
HG Zone
KARDD0025 199.00 200.40 1.40 0.70 65.62 64 1.01 68.05
KARDD0025 296.90 299.80 2.90 1.45 11.26 9 0.06 11.47
KARDD0025 334.40 338.30 3.90 1.95 3.15 4 0.04 3.27
KARDD0026 180.50 280.70 100.20 70.14 0.18 2 0.01 0.22 Bulk Intersection
KARDD0027 0.00 23.30 23.30 11.65 0.98 2 0.02 1.05 Bulk Intersection
KARDD0028 83.00 128.90 45.90 32.13 1.72 5 0.06 1.88 Bulk Intersection
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Hole ID From
(m) To (m) Interval
(m)
True
width (m) Gold g/t Silver g/t Copper
% Gold Eq Vein
KARDD0028 101.20 107.80 6.60 4.62 2.95 3 0.05 3.08
KARDD0028 113.00 120.00 7.00 4.90 5.04 10 0.06 5.26
KARDD0028 123.60 128.90 5.30 3.71 2.83 19 0.21 3.40
KARDD0029 240.60 261.20 20.60 8.24 8.90 29 0.38 9.87 Potential Southern
HG Zone
KARDD0029 240.60 251.30 10.70 4.28 13.81 25 0.53 14.97 Potential Southern
HG Zone
KARDD0030 216.50 328.12 111.62 78.13 1.35 4 0.08 1.53 Bulk Intersection
KARDD0030 30.00 30.90 0.90 0.63 3.61 2 0.02 3.66
KARDD0030 46.50 47.90 1.40 0.98 30.77 13 0.04 30.99
KARDD0030 101.70 104.00 2.30 1.61 3.49 10 0.02 3.64
KARDD0030 233.10 238.50 5.40 3.78 5.01 15 0.43 5.88
KARDD0030 241.30 241.70 0.40 0.28 3.93 15 0.21 4.45
KARDD0030 255.57 261.10 5.53 3.87 3.38 13 0.31 4.04
KARDD0030 276.20 279.50 3.30 2.31 2.52 17 0.46 3.47
KARDD0030 285.73 290.60 4.87 3.41 3.29 7 0.03 3.43
KARDD0030 326.50 328.12 1.62 1.13 33.38 4 0.05 33.52
Table 2
Kainantu Gold Mine – Collar Locations for Arakompa Surface Drilling
Hole ID Collar location Collar orientation
Local
North Local East mRL Dip
Local
azimuth
EOH depth
(m)
KARDD0012 70125 90159 1449 -46 228 424
KARDD0013 70094 90216 1424 -60 287 362
KARDD0014 69953 90053 1415 -44 47 312
KARDD0015 70119 90162 1433 -58 237 362
KARDD0016 70088 90216 1415 -61 89 385
KARDD0017 69949 90059 1419 -46 83 315
KARDD0018 70123 90163 1434 -46 280 301
KARDD0019 70089 90215 1415 -75 88 286
KARDD0020 70090 90215 1415 -75 83 314
KARDD0021 69949 90060 1419 -75 74 314
KARDD0022 70125 90162 1434 -60 273 455
KARDD0023 69957 90057 1419 -58 121 445
KARDD0024 70098 90214 1427 -51 135 276
KARDD0025 70110 89642 1573 -62 267 357
KARDD0026 69949 90060 1419 -44 58 308
KARDD0027 70088 90217 1428 -71 41 295
KARDD0028 69963 89879 1447 -60 89 300
KARDD0029 70107 89642 1577 -71 271 450
KARDD0030 70204 89814 1519 -47 260 368
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Drill Hole Sampling Methodology, QA/QC and Qualified Person
The diamond drill hole is first logged to determine the sampling intervals, which range from a
minimum of 0.1 metres to generally 1 metre. The drill core is sawn half core cut along a reference
line, with the remainder of the core returned to the core tray . Core samples are then placed in
numbered calico and plastic bags, with a numbered sample ticket for dispatch to the assay
laboratory. Samples are separately assayed for gold, copper and silver. K92’s procedure includes
the insertion standards, blanks and duplicates. Gold assays are by the fire assay method. Copper
and silver assays are by three-acid-digestion method (nitric, perchloric and hydrochloric mix).
K92 maintains an industry-standard analytical quality assurance and quality control (QA/QC) and
data verification program to monitor laboratory performance and ensure high quality assays.
Results from this program confirm reliability of the assay results. All sampling and analytical work
for the mine exploration program is performed by Intertek Testing Services (PNG) Ltd, an
independent accredited laboratory that is located on site. External check assays for QA/QC
purposes are performed at SGS Australia Pty Ltd in Townsville, Queensland, Australia.
K92 Executive Vice President , Exploration, Mr. Chris Muller, PGeo, and K92 Mine Geology
Manager and Mine Exploration Manager, Andrew Kohler, MAIG, both Qualified Persons under
the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects, have
reviewed and are responsible for the technical content of this news release. In addition to the
analytical QA/QC program outlined above, data verification also includes significant time onsite
reviewing drill core, soil and outcrop sampling, artisan al workings, as well as discussing work
programs and results with geology personnel and external consultants.
About K92
K92 Mining Inc. is engaged in the production of gold, copper and silver at the Kainantu Gold Mine
in the Eastern Highlands province of Papua New Guinea, as well as exploration and development
of mineral deposits in the immediate vicinity of the mine. The Company declared commercial
production from Kainantu in February 2018 , is in a strong financial position, and is working to
become a Tier 1 mid-tier producer through ongoing plant expansions. A maiden resource estimate
on the Blue Lake copper -gold porphyry project was completed in August 2022. K92 is operated
by a team of mining company professionals with extensive international mine -building and
operational experience.
On Behalf of the Company,
John Lewins, Chief Executive Officer and Director
For further information, please contact David Medilek, P.Eng., CFA, President and Chief
Operating Officer at +1-604-416-4445
CAUTIONARY STATEMENT REGARDING FORWARD -LOOKING INFORMATION: This news
release includes certain “forward -looking statements” under applicable Canadian securities legislation.
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Such forward-looking statements include, without limitation: (i) the results of the Kainantu Mine Definitive
Feasibility Study, and the Kainantu 2022 Preliminary Economic Assessment, including the Stage 3
Expansion, a new standalone 1.2 mtpa process plant and supporting infrastructure; (ii) statements
regarding the expansion of the mine and development of any of the deposits; (iii) the Kainantu Stage 4
Expansion, operating two standalone process plants, larger surface infrastructure and mining throughputs;
and (iv) the potential extended life of the Kainantu Mine.
All statements in this news release that address events or developments that we expect to occur in the future
are forward-looking statements. Forward-looking statements are statements that are not historical facts
and are generally, although not always, id entified by words such as “expect”, “plan”, “anticipate”,
“project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe”
and similar expressions or their negative connotations, or that events or conditions “will”, “wo uld”,
“may”, “could”, “should” or “might” occur. All such forward -looking statements are based on the
opinions and estimates of management as of the date such statements are made. Forward -looking
statements are necessarily based on estimates and assumption s that are inherently subject to known and
unknown risks, uncertainties and other factors, many of which are beyond our ability to control, that may
cause our actual results, level of activity, performance or achievements to be materially different from those
expressed or implied by such forward-looking information. Such factors include, without limitation, Public
Health Crises, including the COVID-19 virus; changes in the price of gold, silver, copper and other metals
in the world markets; fluctuations in the price and availability of infrastructure and energy and other
commodities; fluctuations in foreign currency exchange rates; volatility in price of our common shares;
inherent risks associated with the mining industry, including problems related to weat her and climate in
remote areas in which certain of the Company’s operations are located; failure to achieve production, cost
and other estimates; risks and uncertainties associated with exploration and development; uncertainties
relating to estimates of m ineral resources including uncertainty that mineral resources may never be
converted into mineral reserves; the Company’s ability to carry on current and future operations, including
development and exploration activities; the timing, extent, duration and economic viability of such
operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of
estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve
estimates, projectio ns and forecasts; the availability and cost of inputs; the availability and costs of
achieving the Stage 3 Expansion or the Stage 4 Expansion; the ability of the Company to achieve the inputs
the price and market for outputs, including gold, silver and cop per; failures of information systems or
information security threats; political, economic and other risks associated with the Company’s foreign
operations; geopolitical events and other uncertainties, such as the conflicts in Ukraine, Israel and
Palestine; compliance with various laws and regulatory requirements to which the Company is subject to,
including taxation; the ability to obtain timely financing on reasonable terms when required; the current
and future social, economic and political conditions, including relationship with the communities in Papua
New Guinea and other jurisdictions it operates; other assumptions and factors generally associated with
the mining industry; and the risks, uncertainties and other factors referred to in the Company’s Annu al
Information Form under the heading “Risk Factors”.
Estimates of mineral resources are also forward -looking statements because they constitute projections,
based on certain estimates and assumptions, regarding the amount of minerals that may be encountered in
the future and/or the anticipated economics of production. The estimation of mineral resources and mineral
reserves is inherently uncertain and involves subjective judgments about many relevant factors. Mineral
resources that are not mineral reserves do not have demonstrated economic viability. The accuracy of any
such estimates is a function of the quantity and quality of available data, and of the assumptions made and
judgments used in engineering and geological interpretation, Forward -looking statements are not a
guarantee of future performance, and a ctual results and future events could materially differ from those
anticipated in such statements. Although we have attempted to identify important factors that could cause