Resource and Reserve Estimates - Finland

Kylylahti Mine Mineral Resource and Ore Reserve Estimates

  Tonnes
      (m)		  Cu
(%)		    Au
(g/t)		 Zn
(%)		 Co
(%)		 Ni
(%)
MINERAL RESOURCES
Measured 1.20 1.19 0.48 0.56 0.22 0.19
Indicated 7.20 1.35 0.77 0.53 0.24 0.23
Inferred 0.50 1.38 1.71 0.54 0.27 0.24
Total 8.80 1.33 0.78 0.54 0.24 0.22
Contained metal (tonnes)            -  117,480 222,600oz    47,400    21,350     19,680

 

  Tonnes
      (m)		  Cu
(%)		    Au
(g/t)		 Zn
(%)		 Cu
(t)		 Au
(oz)
ORE RESERVES
Proven 0.57 1.43 0.66 0.66 8,100 12,000
Probable 3.98 1.70 0.86 0.61 67,600 110,000
Total 4.55 1.66 0.83 0.62 75,651 122,000
Mining Inventory                0.20  1.75 0.54   0.63    4,475     4,415

See ASX releases dated 29 August 2013, 26 March 2014 and 7 May 2014 for JORC 2012 Compliance.  Mineral Resources are inclusive of Ore Reserves.

Outokumpu Mineral Resource Estimates

Deposit

 Classification Tonnes
(m)		 Cu
(%)		 Au
(g/t)		 Zi
(%)		 Co
(%)		 Ni
(%)
Kylylahti Measured 1.20 1.19 0.48 0.56 0.22 0.19
  Indicated 7.20 1.35 0.77 0.53 0.24 0.23
  Inferred 0.50 1.38 1.71 0.54 0.27 0.24
  Sub-total 8.80 1.33 0.78 0.54 0.24 0.22
Saramaki Inferred 3.40 0.71 - 0.63 0.09 0.05
Vuonos Inferred 0.76 1.76 - 1.33 0.14 -
Hautalampi Measured 1.03 0.47 - 0.06 0.13 0.47
  Indicated 1.23 0.30 - 0.07 0.11 0.42
  Inferred 0.90 0.30 - 0.10 0.10 0.40
  Sub-total 3.16 0.36 - 0.07 0.11 0.43
Riihilahti Indicated 0.14 1.69 - - 0.04 0.16
Valkeisenranta Indicated 1.54 0.29 - - 0.03 0.71
Sarkiniemi Indicated 0.10 0.35 - - 0.05 0.70
Total   17.94 0.97 0.39 0.45 0.16 0.26

See Vulcan ASX release of 16 November 2009 (Available Here),  for JORC  2004 Compliance for deposits other than Kylylahti.

Kuhmo Mineral Resources Estimates

Location Classification Tonnes
(m)		 Ni
(%)		 Cu
(%)		 Co
(%)		 Pt
(g/t)		 Pd
(g/t)
Vaara Indicated 2.62 0.49 0.04 0.01 0.11 0.28
  Inferred 0.14 0.45 0.04 0.01 0.10 0.24
  Sub-total 2.76 0.49 0.04 0.01 0.11 0.27
Peura-aho Indicated 0.40 0.63 0.29 0.04 0.28 0.62
  Inferred 0.09 0.48 0.23 0.03 0.21 0.42
  Sub-total 0.49 0.60 0.27 0.04 0.27 0.58
Hietaharju Indicated 0.85 0.85 0.44 0.06 0.53 1.25
  Inferred 0.24 0.59 0.27 0.04 0.34 0.89
  Sub-total 1.09 0.80 0.40 0.05 0.49 1.17
Sika-Aho Inferred 0.17 0.66 0.01 - - -
Arola Inferred 1.50 0.46 - - - -
Total   6.01 0.55

Contained nickel 33,200 tonnes

See Vulcan ASX release of 23rd October 2009 (Available Here) 

g/t - Grams per tonne          Mt - Millions of tonnes          oz - Ounce          % - Percentage

Au - Gold          Co - Cobalt          Cu - Copper          Zn - Zinc          Ni - Nickel          Pt - Platinum          Pd - Palladium

Note: Totals may not match sub-totals due to rounding.

Estimation Methodology

To view the deposit estimation methodologies (as per Table 1 of the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves "The JORC Code, 2012") for the Kylylahti deposit, click on the link below:

Kylylahti Deposit Estimation Methodolgy (23/0314 and 7/05/14)