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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Paladin Energy Ltd | TSX:PDN | Toronto | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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| -0.05 | -0.65% | 7.65 | 7.65 | 7.75 | 7.85 | 7.64 | 7.71 | 50,910 | 21:10:10 |
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Paladin Energy Ltd (TSX:PDN)(ASX:PDN) ("Paladin" or the "Company") is pleased to
announce that a revised mineral resource estimate for the Michelin Deposit (the
"2014 Mineral Resource Estimate"), effective 26 June 2014, conforming to both
the JORC(2012) Code and National Instrument 43-101 - Standards of Disclosure for
Mineral Projects of the Canadian Securities Administrators ("NI 43-101") has now
been completed.
2014 Mineral Resources Estimate
The 2014 Mineral resources estimate for the Michelin Deposit was successful in
converting some 13.2Mlb U3O8 of previously Inferred category material into the
Measured and Indicated categories as well as adding an additional 3.8Mlb U3O8
for a Measured and Indicated mineral resource total of 84.1Mlb U3O8. Additional
mineral resources remaining in the Inferred category now stand at 22.9Mlb U3O8.
---------------------------------------------------------------------------
Aurora Michelin Mineral Resource (2009)(1)
---------------------------------------------------------------------------
Open Pit portion Cut-off grade 200ppm
---------------------------------------------------------------------------
Tonnes Grade Pounds
Measured 5,783,000 765 9,755,000
Indicated 6,839,000 629 9,480,000
M + I 12,622,000 691 19,235,000
Inferred 3,393,000 326 2,442,000
---------------------------------------------------------------------------
Underground portion Cut off grade 500ppm
---------------------------------------------------------------------------
Measured 1,289,000 1,165 3,310,000
Indicated 16,170,000 1,251 44,582,000
M + I 17,459,000 1,244 47,892,000
Inferred 12,577,000 1,213 33,647,000
---------------------------------------------------------------------------
Combined
---------------------------------------------------------------------------
Measured 7,072,000 838 13,065,000
Indicated 23,009,000 1,066 54,062,000
M + I 30,081 1,012 67,127,000
Inferred 15,970,000 1,025 36,089,000
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Paladin 2014 Mineral Resource Estimate(2)
---------------------------------------------------------------------------
Open Pit portion Cut-off grade 250ppm
---------------------------------------------------------------------------
Volume Tonnes Grade Pounds
3,881,000 10,456,000 938 21,630,000
2,207,000 5,935,000 937 12,257,000
6,089,000 16,391,000 938 33,887,000
614,000 1,641,000 1,343 4,860,000
---------------------------------------------------------------------------
Underground portion Cut off grade 500ppm
---------------------------------------------------------------------------
1,894,000 5,113,814 1,104 12,450,466
5,925,000 15,996,185 1,072 37,790,503
7,819,000 21,110,000 1,080 50,241,000
2,655,000 7,168,000 1,140 18,020,000
---------------------------------------------------------------------------
Combined
---------------------------------------------------------------------------
5,775,000 15,570,000 993 34,080,000
8,132,000 21,932,000 1,035 50,048,000
13,907,000 37,501,000 1,017 84,128,000
3,269,000 8,809,000 1,178 22,880,000
---------------------------------------------------------------------------
Figures for volume, tonnes and pounds are rounded to nearest thousand and
may not add.
Notes
(1) These mineral resources are reported in a technical report prepared by
Aurora Energy Resources Inc. (Aurora) (acquired by Paladin in February
2011) and authored by AMEC ERC Services, dated 1 August 2009, titled
'Michelin Uranium Project, Labrador, Canada NI 43-101 Technical Report
on Preliminary Assessment' and filed on SEDAR. This technical report
was reviewed by David Princep and, following the decision by the
Nunatsiavut government to lift the moratorium on uranium processing,
Paladin considered these mineral resources to be current mineral
resources as defined in NI 43-101.
(2) Effective date 26 June 2014
All historical data, both British Newfoundland Exploration Limited (Brinex) from
the 1970's and more recent Aurora data for the period 2005 to 2008 has been
entered into the geological database and validated. The additional drilling that
Paladin completed in 2012 and 2013 has infilled some areas within the previous
mineral resource and has allowed for the creation of a much more robust
geological interpretation. The mineral resource detailed above is broken down on
a similar basis to the previous mineral resource estimated by Aurora in 2009.
The Open Pit (OP) and Underground (UG) split is determined now to be
approximately at 230m below surface (or 100m RL) following pit optimisation
studies using previous costs and a variety of uranium prices. This is slightly
lower (80m) than the boundary used in the previous estimate.
The 2014 Mineral Resource Estimate is based on Multi Indicator Kriging (MIK) of
grade values with no top cuts; a variance adjustment has been applied to the MIK
estimates in order to more appropriately address mining constraints and
selectivity. The cut-off grades of 250ppm U3O8 for open pit mineable material
and 500ppm U3O8 for underground mineable material have been chosen based on
previous economic assessments of the deposit and likely expected future uranium
prices. The open pit cut-off grade was increased from 200ppm to 250ppm to
reflect the current and likely near term uranium price and align with cut-off
grades for the Company's other projects. The open pit/underground transition
position was based on pit optimisations run at various uranium prices using
previously defined processing and mining costs. Other than the probability that
the deposit will be processed using both open pit and conventional underground
mining techniques no additional modifying factors have been considered to date.
The classification of the 2014 Mineral Resource Estimate into Measured,
Indicated and Inferred Mineral Resource categories is based on the global
density of drilling in association with the results from the validation of all
historic data. As the deposit is not drilled on a regular grid it is not
possible to specify particular drill spacing associated with any particular
resource category. Mineral resources in addition to those at the Michelin
Deposit for the Michelin Project are referred to under 'Additional Potential'
below.
Geological and Data Information
More detail on the modelling techniques and estimation parameters used for the
2014 Mineral Resource Estimate can be found in the additional information
attached to this announcement. A NI 43-101 Technical Report for the Michelin
deposit will be filed on SEDAR in due course. All sampling, analytical and test
data used in this Mineral Resource Estimation has been verified by David Princep
B.Sc., FAusIMM(CP), an employee of Paladin and a Qualified Person under NI
43-101.
Data for the 2014 Mineral Resource Estimate is based on a combination of down
hole logging (total gamma) and diamond drill core sampling. Drill core samples
were split on site and sent for geochemical analysis at the ALS laboratory in
Vancouver. Analysis was based on pressed powder XRF for Uranium and Zirconium
and a four acid digest followed by atomic emission spectrometry for other
elements and are considered appropriate for the quantities and style of
mineralisation present. Down hole logging was conducted at 5cm intervals for
gamma data. Drill core from the most recent drilling programme was split using a
core saw, during previous programmes the core was split using a mechanical
splitter, and sampled at 1.0m lengths for the mineralised intervals plus at
least 1-2m above and below.
Drilling for the project has been based exclusively on Diamond Core with all
holes from the most recent drilling programme down hole surveyed for deviation
and radiometric logs. As part of this process a number of historic holes were
re-logged where available. The mineral resource remains substantially open along
strike and at depth though it does narrow in all directions. There are still
areas within the deposit which require infill drilling to either increase the
contained mineral resource pounds or effectively close off the mineral resource.
The estimate above does not use any of the underground adit face sampling as the
actual location of these samples is subject to some debate.
The image below shows the drill collars from the current dataset with historic
Brinex and Aurora holes with the winter (February/March) 2014 Paladin holes as
triangles. For full details on the 2014 drilling programme see the ASX
announcement 'Positive drilling results, Michelin Project, Labrador' released by
the Company on the 7th May 2014. Due to drilling conditions, in some cases
multiple drill holes may be drilled from one site and will therefore appear as a
single location. The image shows the Michelin 2014 Mineral Resource Estimate
model and mineral resource definition drilling with the grid shown being the
Aurora drilling grid. The adit area is indicted by the dense cluster of drill
collars and is located approximately along the 0mN grid line.
To view the figure accompanying this press release, please visit the following link:
http://media3.marketwire.com/docs/954265.pdf
The mineralisation at Michelin occurs in a strongly deformed package of
intercalated finely and coarsely porphyritic metavolcanic rocks of the Aillik
group. These host rocks have a rhyolite composition comprising
potassium-feldspar, quartz with minor plagioclase, biotite, magnetite and traces
of apatite, titanite and zircon. The Aillik group lithologies in the immediate
area also include metamorphosed mafic volcanics, banded siltstones and
volcanoclastic sediments. This volcano-sedimentary package has been intruded by
granites and granodiorites in the form of plutons, sheets and dykes. The
Michelin mineralised zone is about 1,200 metres long, 5-50 metres thick and has
been drilled to a depth of over 800 metres, and is open at depth and along
strike. The thicker core of the mineralisation plunges to the west. The Michelin
host rocks were subject to intense sodic metasomatism, this is displayed by the
replacement of potassium-feldspar by albite, and biotite by sodic amphibole and
sodic pyroxene. Furthermore, quartz phenocrysts show dissolution textures and
are partly replaced by albite.
ADDITIONAL POTENTIAL
The Michelin Deposit is still open along strike and at depth and, due to the
difficulty in drilling from lake based platforms, still has a number of internal
under-drilled areas. Drilling programmes have already been designed to both
infill and extend the existing mineral resource. In addition there are also a
number of promising targets within the Michelin - Rainbow trend which are
actively being explored and are expected to contribute to the economic viability
of the project. Additional mineral resources for other deposits within the
Michelin project are detailed below.
----------------------------------------------------------------------------
Measured Mineral Indicated Mineral Inferred Mineral
Deposit Resource Resource Resource
----------------------------------------------------------------------------
Cut-off
0.05%
& 0.02% Grade Grade Grade
U3O8 Mt % t U3O8 Mt % t U3O8 Mt % t U3O8
----------------------------------------------------------------------------
Jacques
Lake 0.9 0.09 747 6.0 0.07 4,327 8.1 0.05 4,103
----------------------------------------------------------------------------
Rainbow 0.2 0.09 193 0.8 0.09 655 0.9 0.08 739
----------------------------------------------------------------------------
Inda 1.2 0.07 826 3.3 0.07 2,171
----------------------------------------------------------------------------
Nash 0.7 0.08 564 0.5 0.07 367
----------------------------------------------------------------------------
Gear 0.4 0.08 270 0.3 0.09 279
----------------------------------------------------------------------------
940 6,642 7,659
Total 1.1 0.09 (2.1Mlb) 9.1 0.07 (14.6Mlb) 13.1 0.06 (16.9Mlb)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
The mineral resources for the satellite deposits are reported at cut-off grades
that contemplated underground (0.05% U3O8 cut-off) and open pit (0.02% U3O8
cut-off) mining, based on preliminary economic assumptions carried out by
Aurora.
Information in the table above in relation to the Michelin project area mineral
resources was prepared and first disclosed under the JORC Code 2004. It has not
been updated since to comply with JORC Code 2012 on the basis that the
information that the estimates are derived from has not materially changed since
it was last reported.
The updated 2014 Mineral Resource Estimate for the Michelin Deposit has provided
added confidence in the character of the mineralisation with the significant
increase in Measured and Indicated category material. Importantly, in addition,
the near surface open pittable portion of the deposit now contains a substantial
increase in both uranium grade and contained metal. Future drilling will
concentrate on expanding the mineral resources at both the Michelin Deposit and
the deposits and prospects occurring in the immediate surrounds.
Declaration
The information in this announcement that relates to exploration results and
mineral resources is based on information compiled by David Princep B.Sc.,
FAusIMM(CP). Mr Princep has sufficient experience that is relevant to the style
of mineralisation and type of deposit under consideration and to the activity
that he is undertaking to qualify as a Competent Person as defined in the 2012
Edition of the "Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves", and as a Qualified Person as defined in NI 43-101.
Mr Princep is a full-time employee of Paladin Energy Ltd and approves of and
consents to the inclusion of the information in this announcement (and the
attachment to this announcement) in the form and context in which it appears.
Caution regarding forward-looking information
Except for historical information contained in this news release, this news
release contains "forward-looking information" within the meaning of securities
laws of applicable jurisdictions. The forward-looking information includes, but
is not limited to, statements with respect to the economic viability and
additional potential of the Michelin Project, the estimated Mineral Resources of
the Michelin Project and Paladin's intentions to file a NI 43-101 technical
report for the Michelin project, undertake additional infill drilling and
complete additional field work, exploration and drilling at the Michelin
Project. Assumptions upon which such forward-looking information is based
include that exploration programs will proceed as planned, that the Company will
continue to have the ability to carry on its exploration activities, will have
or will be able to obtain sufficient funding, will receive required approvals on
a timely basis, will not be affected by adverse political events, will continue
to operate in a safe, efficient and effective manner and will be able to obtain
further financing as and when required and on reasonable terms and that there
will be a sufficient increase in the uranium price to incentives project
development. Management believes these assumptions are reasonable. However,
forward-looking information involves known and unknown risks, uncertainties and
other factors, many of which are outside the control of Paladin, and its
officers, employees, agents or associates. Such risks, uncertainties and other
factors include, but are not limited to, that the business of exploration for
uranium involves a high degree of risk and is highly speculative in nature,
mineral resources are not mineral reserves, they do not have demonstrated
economic viability at this time and there is no certainty that they can be
upgrades to mineral reserves through continued exploration; few properties that
are explored are ultimately developed into producing mines; geological factors;
the actual results of current and future exploration; changes in project
parameters as plans continue to be evaluated, and those factors discussed in the
section entitled "Risk Factors" in Paladin's most recent Annual Information Form
available under Paladin's profile on SEDAR at www.sedar.com. Although Paladin
has attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking information, there may
be other factors that cause results not to be as anticipated, estimated or
intended. Actual results, performance or achievements may vary materially from
those suggested by such forward-looking information. Readers are cautioned not
to place undue reliance on forward-looking information and Paladin assumes no
obligation to update such information, except as required by applicable law.
JORC Code, 2012 Edition - Michelin deposit 2014
Section 1: For information relating to section 1 please see Paladin ASX
announcement 'Positive Drilling Results, Michelin Project, Labrador', 7th
May 2014
Section 2: For information relating to section 2 please see Paladin ASX
announcement 'Positive Drilling Results, Michelin Project, Labrador', 7th
May 2014
Section 3 Estimation and Reporting of Mineral Resources
----------------------------------------------------------------------------
Criteria JORC Code explanation Commentary
----------------------------------------------------------------------------
Database - Measures taken to ensure - All data has been
integrity that data has not been extensively validated back to
corrupted by, for example, the original paper and
transcription or keying electronic logs and any issues
errors, between its initial have been resolved. The
collection and its use for geological database contains
Mineral Resource estimation extensive validation tools for
purposes. automatic flagging of a
- Data validation procedures significant number of
used. potential validation issues.
- Data validation procedures
are visual (based on
comparison of printed logs and
sections) and electronic (on
database upload of electronic
information - assay results,
gamma and down hole survey
logs etc.)
----------------------------------------------------------------------------
Site visits - Comment on any site visits - The exploration area was
undertaken by the Competent visited by the CP for a period
Person and the outcome of of 7 days during the March
those visits. 2013 winter drilling
- If no site visits have been programme.
undertaken indicate why this
is the case.
----------------------------------------------------------------------------
Geological - Confidence in (or - The geological setting of
interpretation conversely, the uncertainty the deposit is well understood
of) the geological having been subject to
interpretation of the mineral extensive exploration over a
deposit. number of years. A combination
- Nature of the data used and of core logging as well as
of any assumptions made. downhole radiometric logs has
- The effect, if any, of been used to refine and more
alternative interpretations on accurately define the
Mineral Resource estimation. geological model.
- The use of geology in - The mineral resource was
guiding and controlling defined by a combination of
Mineral Resource estimation. the modelled geological
- The factors affecting sequence and mineral resource
continuity both of grade and grade shells.
geology. - The local geology appears to
be relatively simple in the
main and it is not expected
that any alternative
interpretation would
substantially alter either the
gross geological model or the
contained metal within the
mineral resource estimate.
----------------------------------------------------------------------------
Dimensions - The extent and variability - The current mineral resource
of the Mineral Resource is modelled to be 1500m in
expressed as length (along strike, 1,150m in the dip
strike or otherwise), plan direction (950m vertical) and
width, and depth below surface varies in width from less than
to the upper and lower limits 2m at the strike extremities
of the Mineral Resource. to 280m when both the hanging
and footwall mineralisation is
considered.
----------------------------------------------------------------------------
Estimation and - The nature and - The mineral resource was
modelling appropriateness of the estimated using Multi
techniques estimation technique(s) Indicator Kriging (MIK)
applied and key assumptions, techniques with a specific
including treatment of extreme variance adjustment correction
grade values, domaining, applied to allow for the level
interpolation parameters and of selectivity expected during
maximum distance of the mining process. Estimation
extrapolation from data search distances range from
points. If a computer assisted 50mE x 30mN x 20mRL to 150mE x
estimation method was chosen 90mN x 60mRL in three passes.
include a description of Searches were conducted on an
computer software and octant basis with a minimum of
parameters used. 4 octants for Measured and
- The availability of check Indicated material and two
estimates, previous estimates octants for Inferred material.
and/or mine production records In addition a minimum of 16
and whether the Mineral samples (and maximum of 32)
Resource estimate takes were required for Measured and
appropriate account of such Indicated estimates, this was
data. relaxed to a minimum of 8
- The assumptions made samples for Inferred material.
regarding recovery of by- The full MIK model has been
products. used to report the open pit
- Estimation of deleterious portion of the mineral
elements or other non-grade resource at a 250ppm U3O8 cut-
variables of economic off grade. Reporting a
significance (eg sulphur for proportional block mode is not
acid mine drainage considered appropriate for the
characterisation). purposes of reporting for
- In the case of block model mineral resources likely to be
interpolation, the block size extracted by underground
in relation to the average mining techniques so the block
sample spacing and the search average grade (e-type) within
employed. the mineralised wireframe at a
- Any assumptions behind cut-off grade of 500ppm U3O8
modelling of selective mining is reported for the mineral
units. resource below 100m RL.
- Any assumptions about - The mineral resource
correlation between variables. reported here has been
- Description of how the compared to the previous
geological interpretation was mineral resource estimate and
used to control the resource compared favourably in terms
estimates. of total contained tonnes and
- Discussion of basis for metal. However the
using or not using grade distribution of grade between
cutting or capping. the two component parts of the
- The process of validation, mineral resource is different,
the checking process used, the reflecting the different
comparison of model data to estimation techniques.
drill hole data, and use of - There are currently no
reconciliation data if defined by-products.
available. - Test work undertaken to data
suggests that there are no
deleterious elements or other
non-grade variables of
economic significance.
- The primary block sizes are
20m (E) x 5m (N) x 10m (RL)
and are orientated in the
direction of the dip of the
mineralisation and are
considered appropriate to both
the average width of the
mineralisation and the current
drilling density.
- The selective mining unit
(SMU) size of 5m x 5m x 2.5m
was determined on the basis of
the likely size of equipment
used to mine the deposit and
likely bench height for mining
open pit.
- Grade wireframes were used
to define distinct geology and
mineralisation domains and
these were used to control the
MIK estimation.
- As the mineral resource
estimation technique was MIK
no grade capping or cutting
was undertaken.
- Swath plots of the mineral
resource and underlying sample
data (in North, East and RL
directions) was used to assess
the validity of the mineral
resource estimate. In all
cases it is believed that the
mineral resource estimate is
reasonable.
----------------------------------------------------------------------------
Moisture - Whether the tonnages are - Tonnages are estimated dry.
estimated on a dry basis or
with natural moisture, and the
method of determination of the
moisture content.
----------------------------------------------------------------------------
Cut-off - The basis of the adopted - Cut off parameters are based
parameters cut-off grade(s) or quality on the likelihood of open pit
parameters applied. mining for the first portion
of the mineral resource. Pit
optimisation calculations were
undertaken at a number of
commodity prices to determine
both the likely depth of
transition between open pit
and underground mining (which
directly affects the size of
the mineral resource) as well
as indicating a marginal cut-
off grade. A uranium price of
US$60/lb indicates a marginal
cut-off grade of 250ppm U3O8
and also defines a reasonable
open pit base at 100m RL. A
higher cut-off grade of 500ppm
U3O8 was selected to reflect
the higher costs associated
with underground mining.
----------------------------------------------------------------------------
Mining factors - Assumptions made regarding - It is assumed that the
or assumptions possible mining methods, mineralisation is likely to be
minimum mining dimensions and extracted by a combination of
internal (or, if applicable, both open pit and underground
external) mining dilution. It mining techniques. As the
is always necessary as part of mineral resource estimation
the process of determining technique is MIK no additional
reasonable prospects for dilution or recovery
eventual economic extraction adjustments have been made
to consider potential mining over those contained in the
methods, but the assumptions original estimation. Should
made regarding mining methods mining be conducted at the
and parameters when estimating Michelin deposit it is
Mineral Resources may not expected that, once some form
always be rigorous. Where this of grade control
is the case, this should be reconciliation can be
reported with an explanation completed, refinement of the
of the basis of the mining MIK variance adjustment can be
assumptions made. undertaken.
----------------------------------------------------------------------------
Metallurgical - The basis for assumptions or - Existing metallurgical
factors or predictions regarding testwork indicates that the
assumptions metallurgical amenability. It mineralisation is amenable to
is always necessary as part of conventional acid leach
the process of determining extraction at reasonable cost.
reasonable prospects for Additional testwork to
eventual economic extraction determine the amenability to
to consider potential alkaline leach is expected to
metallurgical methods, but the be undertaken in the future.
assumptions regarding Following this it is expected
metallurgical treatment that a preferred processing
processes and parameters made route will be determined
when reporting Mineral
Resources may not always be
rigorous. Where this is the
case, this should be reported
with an explanation of the
basis of the metallurgical
assumptions made.
----------------------------------------------------------------------------
Environmental - Assumptions made regarding - Environmental baseline work
factors or possible waste and process was undertaken by the previous
assumptions residue disposal options. It owners of the deposit and this
is always necessary as part of has been continued by Paladin.
the process of determining There has been no extensive
reasonable prospects for assessment of the
eventual economic extraction environmental impacts of the
to consider the potential project and as such this has
environmental impacts of the not been considered in the
mining and processing mineral resource estimate.
operation. While at this stage - There are no other known
the determination of potential legal, political or other
environmental impacts, risks that could materially
particularly for a greenfields affect the potential
project, may not always be development of the mineral
well advanced, the status of resources.
early consideration of these
potential environmental
impacts should be reported.
Where these aspects have not
been considered this should be
reported with an explanation
of the environmental
assumptions made.
----------------------------------------------------------------------------
Bulk density - Whether assumed or - The bulk density value used
determined. If assumed, the in the mineral resource
basis for the assumptions. If estimate was determined from
determined, the method used, analysis of diamond drill core
whether wet or dry, the using standardised techniques.
frequency of the measurements, A total of 2,440 bulk density
the nature, size and determinations were used and
representativeness of the these are distributed
samples. throughout the mineralisation.
- The bulk density for bulk The main method employed was
material must have been weighing in air and water
measured by methods that following drying and sealing
adequately account for void of the sample. This method is
spaces (vugs, porosity, etc), considered to appropriately
moisture and differences deal with void, moisture and
between rock and alteration rock type differences. The
zones within the deposit. valued applied to the mineral
- Discuss assumptions for bulk resource estimate is based on
density estimates used in the the predominant mineralised
evaluation process of the rock type and does not make
different materials. allowance for the inclusion of
non-mineralised intrusive
rocks, however the sample
grade is reduced for these
rocks in the compositing
process leading to the
potential for a minor
understatement of metal within
the mineral resource estimate.
----------------------------------------------------------------------------
Classification - The basis for the - The mineral resource has
classification of the Mineral been classified on the basis
Resources into varying of drilling density throughout
confidence categories. the deposit as well as the
- Whether appropriate account validity of the underlying
has been taken of all relevant data.
factors (ie relative - All relevant factors have
confidence in tonnage/grade been taken into account when
estimations, reliability of determining the mineral
input data, confidence in resource classification.
continuity of geology and - The current classification
metal values, quality, of the deposit reflects the
quantity and distribution of opinion of the Competent
the data). Person.
- Whether the result
appropriately reflects the
Competent Person's view of the
deposit.
----------------------------------------------------------------------------
Audits or - The results of any audits or - The mineral resource
reviews reviews of Mineral Resource estimate has been reviewed by
estimates. Company specialists and the
current values reflect this
review.
----------------------------------------------------------------------------
Discussion of - Where appropriate a - Based on the current
relative statement of the relative understanding of the deposit
accuracy/ accuracy and confidence level it is believed that the
confidence in the Mineral Resource mineral resource estimate
estimate using an approach or reasonably reflects the
procedure deemed appropriate accuracy and confidence levels
by the Competent Person. For within the deposit. Due to the
example, the application of nature and style of the
statistical or geostatistical mineralisation it is expected
procedures to quantify the that additional, detailed,
relative accuracy of the infill drilling will locally
resource within stated modify grades and thicknesses
confidence limits, or, if such however the global tonnages
an approach is not deemed and grades are expected to
appropriate, a qualitative remain consistent.
discussion of the factors that
could affect the relative
accuracy and confidence of the
estimate.
- The statement should specify
whether it relates to global
or local estimates, and, if
local, state the relevant
tonnages, which should be
relevant to technical and
economic evaluation.
Documentation should include
assumptions made and the
procedures used.
- These statements of relative
accuracy and confidence of the
estimate should be compared
with production data, where
available.
----------------------------------------------------------------------------
ACN 061 681 098
FOR FURTHER INFORMATION PLEASE CONTACT:
John Borshoff
Managing Director/CEO
Tel: +61-8-9381-4366 or
Mobile: +61-419-912-571
Email: john.borshoff@paladinenergy.com.au
Greg Taylor
Investor Relations Contact
Tel: +1 905 337-7673 or
Mobile: +1 416-605-5120 (Toronto)
Email: greg.taylor@paladinenergy.com.au
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