Process plant
Process Plant
Emergency Stockpile
Emergency stockpile
Process Plant
ASTER and Sag mill sections of the Process Plant
CCD-BIOX-ASTER tanks
CCD/BIOX/ASTER tanks
CIL
CIL tanks
Neutralization tanks
Neutralizaton tanks
pipes
Piping
pipes
Piping
Air-Water services
Air/Water services
RSI bridge
Bridge that will hold the RSI pipes
RSI pipes
Installation pipes leading to RSI
BIOX laboratory
BIOX laboratory
BIOX laboratory
Switch yard
Mine access road
Mine access road
Safety berm placed along mine access road.
Safety berm placed along mine access roads.
Slope rehab
Slope rehabilitation
Gabion wall to protect river from flooding
Gabion wall to protect river from flooding
female driver
Female driver driving Komatsu HB785-7
Power lines
Power lines in full operation
Fully constructed road rehabilitation
Fully constructed road rehabilitation
Water system
Slope rehabilitation along the processing plant site
Slope rehabilitation along the processing plant site
Nursery
Regular water quality, air and noise monitoring are conducted within the FTAA area
Regular water quality, air and noise monitoring are conducted within the FTAA area
The company donated 1 Million coffee seedlings for the National Greening Program of the Philippine government.
Company donated 1 Million coffee seedlings for the National Greening Program of the Philippine government
Company-sponsored student scholars visiting the project site are given an orientation by a senior geologist
Two scholars of the company recently finished college education
Two scholars of the company recently finished college education
Community pharmacy and medical clinic funded by the company to cater to health needs of the community.
School children beneficiaries of feeding program
Basic Learning Program are given to adults who were not able to go to regular school
Aside from jobs, the community are given livelihood to help them stand on their own feet after the project decommissions
Animal dispersal as part of the livelihood program for the community
Medical mission, feeding program and other program for the benefit of the community

Latest News

15/04/2015 -- Holding in the Company – Ruffer LLPRead More
15/04/2015 -- Holding in Company – Baker Steel Capital ManagersRead More
15/04/2015 -- Holding in the Company – Ruffer LLPRead More
18/03/2015 -- 2015 AGM AnnouncementRead More
23-02/2015 -- Operational Update to 13 February 2015Read More
19/01/2015 -- Director resignation and appointmentRead More

Resource Statement

In March 2011, the Runruno resource was updated to 1.39Moz of gold, and 25.6Mlb of molybdenum, with 1,050,000oz gold reporting to the Measured and Indicated categories and 900,000oz gold within the Mining Proven & Probable Reserve category. This resource estimate was updated in March 2011 to include all drill holes completed and assays returned by the end of December 2010, comprising 807 drill holes for a total of 110,427m. The combined Measured and Indicated resource containing 1,050,000oz gold now comprises 75% of the total resource.

In addition to the 2P reserves the Company has included a further 2.9 Mt @ 1.73 g/t Au; 0.026% Mo of inferred mineral resource in the mine schedule after applying the same mining parameters inclusive of dilution and mine recovery used in estimating the mining reserve.

Runruno Resource Estimate – March 2011
Reserve Ore Gold Molybdenum
Category
Mt g/t M Oz
ppm
M lb
Measured  11.2 1.88
0.68
 604  14.9
Indicated 7.0
1.64
0.37
 425  6.5
Inferred 7.5 1.44
0.35
 253 4.2
           
Total  25.7  1.69 1.39  453  25.6

Notes to accompany the resource estimate:

  1. The tenement holder is FCF Minerals Corp (“FCF”).
  2. Metals Ex owns 100% of the FCF.
  3. Resource estimate based on all drillholes completed and assays returned by 31 December 2010.  The resource was estimated on the basis of 807 drillholes (110,427 metres) consisting of 485 diamond drillholes (65,517 metres) and 322 RC drillholes (45,911metres).
  4. All analyses undertaken by Intertek, an internationally accredited independent laboratory.
  5. Gold analysis by classical 1kg screen fire assay analysis.
  6. Molybdenum analysis by mixed acid digest and ICP-OES.
  7. Block model block sizes selection of XYZ 20x20x5m is based on Kriging Neighbourhood Analysis as reported in November 2009.  Sub-blocking for volumes only to 5x5x1.25m. Screened for topography by sub-block.
  8. Geological resource constrained by sub-block with 86 wireframes in 13 domains based on lithology, structure, alteration, artisanal surface workings and a minimum sample grade of 0.3 g/t Au, includes minor internal dilution.  Each sub-block can only belong to one domain.
  9. Drill intercepts within each domain flagged in a database table and composited to 2m downhole giving 6,439 informing samples from 687 drillholes.
  10. A gold grade cap was applied to informing composites to remove minor outliers  Of the 20 composites capped to 12 g/t Au the maximum uncapped grade was 39.14 g/t Au. No grade cap was applied to molybdenum grades.
  11. Routine bulk density measurements show little variation within rock types. An average bulk density based on rock type and oxidation state was assigned to resource model based on interpreted geological units and oxidation state.
  12. Grade interpolated into a constrained block model by domain using Ordinary Krige estimation in 4 passes with parameters based on variography by domain. Estimates validated against informing samples and with nearest neighbour and inverse distance squared block estimation.
  13. Resources have been classified in compliance with the JORC Code as Measured, Indicated and Inferred. Categories allocated by block by domain, based on drill spacing and type, number of informing samples, fill pass and Krige estimate confidence.
  14. Lower cut off grade of 0.3g/t gold applied to blocks in reporting the resource estimates.
  15. Molybdenum grades are reported along with the gold grades by resource categories but a consistent laboratory bias low in molybdenum assay standards of about 20% is recognised by FCF but has as yet not been addressed.

The Mineral Resource block model was interrogated using Whittle Optimization and FCF estimated costs and using a gold price of US$1,000/oz to produce a set of pit shells and hence detailed mine design and production schedule as shown in the table and notes below.  A small portion of the Inferred Mineral Resource is contained within this final pit shell and included in the production schedule and is also reported here with allowance for mining loss and dilution.  The Inferred Mineral Resources estimates stated here are additional to the Ore Reserves but have not been aggregated with them as this not allowed under the JORC code.

Malilibeg South Mineral Resource Estimate - March 2013
Resource Grades Contained Metal
Category M Tonnes Au g/t Mo ppm Au M oz Mo M lb
Inferred 7.55 1.4 1,200 0.34 19.98

Notes to accompany Malilibeg South Inferred Resource estimate

  1. This information should be read in conjunction with Appendix 1, Table 1 of the report 'Runruno Project , Malilibeg South Resource' prepared by Mining Associates which can be found on the Company's website as an Appendix to the Operational Update.
  2. The Runruno Project is located in the Nueva Viscaya Province, Philippines.
  3. The Runruno project is operated by FCF Minerals Corporation ('FCF') under a Financial or Technical Assistance Agreement ('FTAA') No 4-2009-II.
  4. FCF is a Philippine incorporated company and a subsidiary of AIM (London) listed Metals Exploration plc ('MetalsEx'). MetalsEx owns 100% of FCF
  5. The resource estimate is based on diamond drilling results and assays received to the end of December 2012 in an area to the south of the existing Runruno resource.
  6. Mineralisation style and lithologies are similar to the main Runruno deposit and drill holes have intersected the mineralised structures at depths predicted by the geological model.
  7. A total of 30 diamond drillholes (7,220m) have been used to inform the estimate
  8. All analyses undertaken by Intertek, an internationally accredited independent laboratory.
  9. Gold analysis by classical 1kg screen fire assay analysis.
  10. Molybdenum analysis by mixed acid digest and ICP-OES
  11. Block model estimation block sizes of XYZ 20x20x5m. Sub-blocking for volumes only to 5x5x1.25m. Screened for topography by sub-block.
  12. Geological model constrained by sub-block with 4 domains based on lithology, structure, alteration, and a minimum sample grade of 0.3 g/t Au, includes minor internal dilution. Each sub-block can only belong to one domain.
  13. Drill intercepts within each domain flagged in a database table and composited 2m downhole giving 256 informing samples from 30 drillholes.
  14. A gold grade cap was applied to informing 2 metre composites to remove minor outliers. Only the main structure had sufficient intercepts to determine a suitable grade capping strategy. Gold was capped at 9.5g/t (99.5%ile) and molybdenum was capped at 7090ppm (98%ile).
  15. Routine bulk density measurements undertaken on drill core by FCF show that it varies mainly according to weathering (fresh, transition, and oxidised) and lithology (crystal lithic tuff, tephrite porphyry, monzonite).
  16. Grade interpolated into a constrained block model by domain using Ordinary Krige estimation in 2 passes with parameters based on variography by domain. Estimates validated against informing samples and with nearest neighbour and inverse distance squared block estimation on a global basis and by swath plots.
  17. Resources have been classified in compliance with the JORC Code as Inferred. Geological evidence is sufficient to assume geological continuity. The drill density is insufficient to assure grade continuity though it is assumed and is based on limited sampling.
  18. Lower cut-off grade of 0.5g/t gold applied to blocks in reporting the resource estimates.
  19. Molybdenum grades are reported along with the gold grades by resource categories but a consistent laboratory bias low in molybdenum assay standards of 12% to 20% is recognised by FCF but has as yet not been addressed.
  20. Drilling, logging, sampling, and assaying techniques used were similar to those used to produce the Runruno deposit resource and reserve estimate of March 2011.
  21. Routine bulk density measurements (which show little variation according to oxidation state or lithology) were undertaken on drill core by FCF. The bulk density of 2.5 used for tonnage estimates was the same as that used to produce the Runruno resource and reserve estimate of March 2011.

March 2011 Mining Reserve and Schedule Resource
Category Tonnes Gold Molybdenum
g/t Moz ppm Mlb
Proven  10.2 1.90 0.62
 616  13.9
Probable 4.8
1.77
0.27
 415  4.4
2P Reserves 15.0 1.85
0.90
 603 18.3
Additional Inferred Resource in-pit 2.9 1.73
0.16
 258 1.7

Notes to accompany ore reserve statement:

  1. Stated Inferred Resource is not included in reserves and is in addition to reserves within the defined pit limits and is included in the planned production schedule with a 5% mining loss applied.
  2. The tenement holder is FCF Minerals Corp (“FCF”). Metals Ex currently holds 100% of FCF.
  3. Reserve estimate are derived from the March 2011 MA Resource Estimate by application of Modifying Factors.
  4. Cut-off grade of 0.3 g/tAu
  5. Optimisation for final pit selection using Whittle Global Optimiser and following parameters.
    1. Maximum material movement of 13Mtpa
    2. Target of 1.75Mtpa delivered to mill
    3. Mining Ore loss of 5%, Mining Dilution included in the resource estimates.
    4. Mining costs varied by region from US$1.11 to US$1.22/tonne
    5. Processing Costs of US$14.45/tonne milled
    6. Period Costs (including mining period costs) of US$2.25/t milled
    7. Gold recovery of 90.4%
    8. Gold Price used of US$1,000/ ounce
    9. No value or process costs attributed to the Molybdenum
    10. A discount rate of 10% pa for DCF and NPV
  1. Scheduling of production using Gemcom Minesched within final Pit Shell.

The information in this report that relates to Mineral Resources and Ore Reserves is based on information compiled by Mr Andrew Vigar, who is a Fellow of The Australasian Institute of Mining and Metallurgy.  Mr Vigar is an employee of Mining Associates Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.  Mr Vigar consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

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