Kupol

completed

The project company is the Closed Stock Company Chukotka Mining and Geological Company (CMGC). Exploration and production licenses have been issued to CMGC to develop the greenfield Kupol deposit. Kupol is expected to produce 552,000 ounces of gold per annum and 5.8 million ounces of silver per annum for at least 6.5 years. The Kupol property has inferred resources estimated at approximately 4 million tons that can extend the life for up to an additional 6 years. Mining will be a combination of open pit and underground, with the underground providing a majority of the ore from the fifth year of operation onward. The mine is expected to produce an average of approximately 550,000 ounces of gold per year at an operating cash cost of $47 per ounce and a total cash cost of $88 per ounce for a minimum of 6.5 years.** (using silver as an operating credit)