MOY 0.00% 5.1¢ millennium minerals limited

Ann: Updated Mineral Resource and Reserve Statement-MOY.AX, page-11

  1. 250 Posts.
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    Resource and reserves are two different things. Reserves relate to mineability at a given cost and given pog. Because most of the drill intersects are near mine extensions or continuations along strike and width they can use all previous resource information in their estimation parameters providing higher confidence in results.

    The mining and processing cost estimates used varied between pits due to different material and haulage distance these are well known from past performance.

    Gold sales price was 1550 for existing pits and 1600 for new pits. The pog used affects the reserve cut off significantly.

    The jorc statement and explanation is quite comprehensive and I suggest reading the answers to each question to get an idea.

    Resources can be quite subjective worth regard to estimation techniques used. Modelling etc. Reserves are generally more robust as long as accurate costs and pog are used.

    Hope that helps
 
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