TORONTO, Ontario, Sept. 5, 2019 /CNW/ - (TSX: LUN; Nasdaq
Stockholm: LUMI) Lundin Mining Corporation ("Lundin
Mining" or the "Company") today reported its Mineral Resource and
Reserve estimates as at June 30, 2019.
On a consolidated and attributable basis, estimated contained
metal in the Proven and Probable Mineral Reserve categories
totalled 5,507 kt of copper, 3,231 kt of zinc, 108 kt of nickel,
977 kt of lead and 6.8 Moz of gold.
Commenting on the June 2019
Mineral Resource and Reserve estimates, Marie Inkster, President and CEO said, "Our
exploration teams continue to deliver considerable value as is
demonstrated by meaningful increases in the Mineral Resources and
Reserves with this update. The acquisition of Chapada coupled with
ongoing exploration success, particularly at Candelaria, has
increased our total contained copper metal in Mineral Reserves by
over 1,800 kt or 50% from our June
2018 estimates.
Increases in Mineral Reserves in the Candelaria underground
mines and Española open pit will underpin improvements to the
copper production profile and support ongoing underground expansion
studies. At Chapada, increased Mineral Reserves in the Sucupira and
Baru NE deposits further our belief that the area has significant
exploration potential which will support mine expansion
studies.
Delineation and extension drilling have been highly successful
at Eagle East. This has resulted in an additional year of mine life
at Eagle. At Zinkgruvan, exploration success in Dalby has resulted
in a significant increase in the Indicated and Inferred Mineral
Resource estimates, supporting mining studies currently
underway."
2019 Mineral Resources and Reserves Highlights
- Total estimated Candelaria Measured and Indicated Mineral
Resources have increased by approximately 5% to 998.6 Mt at 0.65%
copper (from 952.5 Mt at 0.65% copper reported as of June 30, 2018). This increase reflects the
continued success of the exploration campaigns in the underground
mines and the delineation drilling of the Española surface deposit
which now contains an estimated Measured and Indicated Mineral
Resource of 73.1 Mt at 0.40% copper.
- Total estimated Candelaria Proven and Probable Mineral Reserves
have also increased by approximately 5% to 663.7 Mt at 0.54% copper
(from 634.0 Mt at 0.54% copper reported as of June 30, 2018).
- Total estimated Candelaria open pit Proven and Probable Mineral
Reserves, excluding stockpiles, have increased modestly and are now
386.8 Mt at 0.49% copper (from 383.7 Mt at 0.49% copper reported as
of June 30, 2018) reflecting
additional drill information and revised pushback plans, offset by
12 months of mining depletion.
- Proven and Probable Mineral Reserves on the Española deposit
have increased by 76% to 55.8 Mt at 0.41% copper (from 31.7 Mt at
0.42% copper reported as of June 30,
2018) as a result of delineation drilling. Subject to
permitting, surface waste stripping on Española is targeted to
commence in 2024 with ore forecast to be delivered to the plant in
2026.
- Total estimated Candelaria Underground Proven and Probable
Mineral Reserves now stand at 148.2 Mt at 0.85% copper. This is an
increase of approximately 11% or 14.2 Mt over last year's estimate
reflecting continued exploration success, particularly in the
Candelaria North Sector. Future expansion studies for the combined
Candelaria underground mine sectors are underway.
- Total Chapada copper-gold Measured and Indicated Mineral
Resources, inclusive of Mineral Reserves, are estimated at 1,090.8
Mt at 0.24% copper and 0.15g/t gold. An updated Technical Report on
Chapada is expected to be published in early October 2019.
- Total Chapada Proven and Probable Mineral Reserves are
estimated at 738.8 Mt at 0.24% copper and 0.15g/t gold. New Mineral
Reserves, derived from ongoing exploration drilling, have been
added in both the Sucupira and Baru NE deposits resulting in an
increase over those Mineral Reserves estimated at December 2018.
- The total combined estimated Eagle and Eagle East Proven and
Probable Mineral Reserves remain virtually unchanged from last year
at 4.1 Mt at 2.6% nickel and 2.2% copper with mining depletion at
Eagle offset by significant discovery from infill and extension
drilling at Eagle East. The Eagle East Probable Mineral Reserve
estimate has increased to 2.3 Mt at 3.2% nickel and 2.6% copper.
The Eagle mine life is now extended to at least 2025.
- Estimated copper and zinc Measured and Indicated Mineral
Resources at Neves-Corvo are 61.7 Mt at 2.3% copper and 71.4 Mt at
6.9% zinc respectively. Copper Mineral Resources are broadly
unchanged from those estimated at June 30,
2018 whereas the zinc Mineral Resources have decreased with
the adoption of a higher zinc cut-off grade. Please see the "Notes
on Mineral Resource and Reserve Tables" in this news release.
- Copper Proven and Probable Mineral Reserve estimates at
Neves-Corvo decreased slightly to 27.9 Mt at 2.2% copper from last
year's 30.3 Mt at 2.3% copper largely as a result of mining
depletion. Zinc Proven and Probable Mineral Reserve estimates have
remained largely unchanged from last year at 29.7 Mt at 7.5% zinc
with infill drilling offsetting mining depletion.
- At Zinkgruvan, continued drilling in the Dalby area has
generated additional Indicated and Inferred Mineral Resources.
Total estimated zinc Measured and Indicated Mineral Resources now
stand at 20.2 Mt at 8.1% zinc and 3.3% lead and Inferred Mineral
Resources at 19.8 Mt at 7.0% zinc and 3.3% lead. Exploration
drilling from surface and infill from underground continues on
Dalby with conceptual feasibility and mine design work ongoing.
- Zinkgruvan estimated zinc Proven and Probable Mineral Reserves
have increased to 10.8 Mt at 7.4% zinc and 3.4% lead while
estimated copper Proven and Probable Mineral Reserves are now 2.7
Mt at 2.0% copper.
The table attached to this news release summarizes the Mineral
Resource and Mineral Reserve estimates for each of the Company's
mines as of June 30, 2019.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining
company with operations in Brazil,
Chile, Portugal, Sweden and the
United States of America, primarily producing copper, nickel
and zinc. In addition, Lundin Mining holds an indirect 24% equity
stake in the Freeport Cobalt Oy business, which includes a cobalt
refinery located in Kokkola, Finland.
The information in this release is subject to the disclosure
requirements of Lundin Mining under the EU Market Abuse Regulation.
The information was submitted for publication, through the agency
of the contact persons set out below on September 5, 2019 at 4:30
pm Eastern Time.
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained
herein is "forward-looking information" within the meaning of
applicable Canadian securities laws. All statements other than
statements of historical facts included in this
document constitute forward-looking information,
including but not limited to statements regarding the Company's
plans, prospects and business strategies; the Company's guidance on
the timing and amount of future production and its expectations
regarding the results of operations; expected costs; permitting
requirements and timelines; timing and possible outcome of pending
litigation; the results of any Preliminary Economic Assessment,
Feasibility Study, or Mineral Resource and Mineral Reserve
estimations, life of mine estimates, and mine and mine closure
plans; anticipated market prices of metals, currency exchange
rates, and interest rates; the development and implementation of
the Company's Responsible Mining Management System; the Company's
ability to comply with contractual and permitting or other
regulatory requirements; anticipated exploration and development
activities at the Company's projects; and the Company's integration
of acquisitions (such as the Chapada mine) and any anticipated
benefits thereof. Words such as "believe", "expect",
"anticipate", "contemplate", "target", "plan", "goal", "aim",
"intend", "continue", "budget", "estimate", "may", "will", "can",
"could", "should", "schedule" and similar expressions identify
forward-looking statements.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation, the
expectations and beliefs of management, including that the Company
can access financing, appropriate equipment and sufficient labour;
assumed and future price of copper, nickel, zinc, gold and other
metals; anticipated costs; ability to achieve goals; the prompt and
effective integration of acquisitions; that the political
environment in which the Company operates will continue to support
the development and operation of mining projects; and assumptions
related to the factors set forth below. While these factors and
assumptions are considered reasonable by Lundin Mining as at the
date of this document in light of management's experience and
perception of current conditions and expected developments, these
statements are inherently subject to significant business, economic
and competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: risks inherent in and/or
associated with operating in foreign countries; uncertain political
and economic environments; community activism, shareholder activism
and risks related to negative publicity with respect to the Company
or the mining industry in general; changes in laws, regulations or
policies including but not limited to those related to permitting
and approvals, environmental and tailings management, labour, trade
relations, and transportation; delays or the inability to obtain
necessary governmental approvals and/or permits; regulatory
investigations, enforcement, sanctions and/or related or other
litigation; risks associated with business arrangements and
partners over which the Company does not have full control; risks
associated with acquisitions and related integration efforts
(including with respect to the Chapada mine), including the ability
to achieve anticipated benefits, unanticipated difficulties or
expenditures relating to integration and diversion of management
time on integration; competition; development or mining results not
being consistent with the Company's expectations; estimates of
future production and operations; operating, cash and all-in
sustaining cost estimates; allocation of resources and capital;
litigation; uninsurable risks; volatility and fluctuations in metal
and commodity prices; the estimation of asset carrying values;
funding requirements and availability of financing; indebtedness;
foreign currency fluctuations; interest rate volatility; changes in
the Company's share price, and equity markets, in general; changing
taxation regimes; counterparty and credit risks; health and safety
risks; risks related to the environmental impact of the Company's
operations and products and management thereof; unavailable or
inaccessible infrastructure and risks related to ageing
infrastructure; risks inherent in mining including but not limited
to risks to the environment, industrial accidents, catastrophic
equipment failures, unusual or unexpected geological formations or
unstable ground conditions; actual ore mined varying from estimates
of grade, tonnage, dilution and metallurgical and other
characteristics; ore processing efficiency; risks relating to
attracting and retaining of highly skilled employees; ability to
retain key personnel; the potential for and effects of labour
disputes or other unanticipated difficulties with or shortages of
labour or interruptions in production; the price and availability
of energy and key operating supplies or services; the inherent
uncertainty of exploration and development, and the potential for
unexpected costs and expenses including, without limitation, for
mine closure and reclamation at current and historical operations;
risks associated with the estimation of Mineral Resources and
Mineral Reserves and the geology, grade and continuity of mineral
deposits including but not limited to models relating thereto;
actual ore mined and/or metal recoveries varying from Mineral
Resource and Mineral Reserve estimates; mine plans, and life of
mine estimates; the possibility that future exploration,
development or mining results will not be consistent with
expectations; natural phenomena such as earthquakes, flooding, and
unusually severe weather; potential for the allegation of fraud and
corruption involving the Company, its customers, suppliers or
employees, or the allegation of improper or discriminatory
employment practices, or human rights violations; security at the
Company's operations; breach or compromise of key information
technology systems; materially increased or unanticipated
reclamation obligations; risks related to mine closure activities;
risks related to closed and historical sites; title risk and the
potential of undetected encumbrances; risks associated with the
structural stability of waste rock dumps or tailings storage
facilities; and other risks and uncertainties, including but not
limited to those described in the "Risk and Uncertainties" section
of the Annual Information Form for the year ended December 31, 2018 and the "Managing Risks"
section of the Company's MD&A for the year ended December 31, 2018, which are available on SEDAR
at www.sedar.com under the Company's profile.
All of the forward-looking statements made in this document
are qualified by these cautionary statements. Although the Company
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, forecast or intended
and readers are cautioned that the foregoing list is not exhaustive
of all factors and assumptions which may have been used. Should one
or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking information.
Accordingly, there can be no assurance that forward-looking
information will prove to be accurate and forward-looking
information is not a guarantee of future performance. Readers are
advised not to place undue reliance on forward-looking information.
The forward-looking information contained herein speaks only as of
the date of this document. The Company disclaims any intention or
obligation to update or revise forward‐looking information or to
explain any material difference between such and subsequent actual
events, except as required by applicable law.
Cautionary Notes to Investors – Mineral Resource and Reserve
Estimates
In accordance with applicable Canadian securities laws, all
Mineral Reserve and Mineral Resource estimates of the Company
disclosed or referenced in this news release have been prepared in
accordance with Canadian National Instrument 43-101 - Standards of
Disclosure for Mineral Projects of the Canadian Securities
Administrators ("NI 43-101"), classified in accordance with
Canadian Institute of Mining Metallurgy and Petroleum's "Definition
Standards for Mineral Resources and Reserves" (the "CIM
Standards"). The definitions of Mineral Reserves and Mineral
Resources are set out in our disclosure of our Mineral Reserve and
Mineral Resource estimates in our most recently Annual Information
Form available under the Company's profile on
www.sedar.com. Mineral Resources that are not Mineral
Reserves do not have demonstrated economic
viability.
Mineral Resource Estimates – June 30,
2019
Mineral Resources
- inclusive of Mineral Reserves
|
|
|
|
|
|
Contained
Metal
|
|
Category
|
000's
|
Cu
|
Zn
|
Pb
|
Au
|
Ag
|
Ni
|
|
Cu
|
Zn
|
Pb
|
Au
|
Ag
|
Ni
|
Lundin
Mining
|
|
|
Tonnes
|
%
|
%
|
%
|
g/t
|
g/t
|
%
|
|
kt
|
kt
|
kt
|
Moz
|
Moz
|
kt
|
Interest
|
Copper
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Candelaria
|
Measured
|
444,447
|
0.5
|
|
|
0.1
|
2
|
|
|
2,091
|
|
|
1.6
|
23
|
|
80%
|
Open
Pit
|
Measured
(Stockpile)
|
72,888
|
0.3
|
|
|
0.1
|
1
|
|
|
234
|
|
|
0.2
|
3
|
|
80%
|
|
Indicated
|
35,722
|
0.3
|
|
|
0.1
|
1
|
|
|
121
|
|
|
0.1
|
2
|
|
80%
|
|
Inferred
|
5,274
|
0.2
|
|
|
0.1
|
1
|
|
|
13
|
|
|
-
|
-
|
|
80%
|
Candelaria
|
Measured
|
35,474
|
0.4
|
|
|
0.1
|
0
|
|
|
147
|
|
|
0.1
|
-
|
|
80%
|
La
Espanola
|
Indicated
|
37,598
|
0.4
|
|
|
0.1
|
0
|
|
|
148
|
|
|
0.1
|
-
|
|
80%
|
|
Inferred
|
15,985
|
0.4
|
|
|
0.1
|
0
|
|
|
63
|
|
|
-
|
-
|
|
80%
|
Candelaria
|
Measured
|
212,709
|
1.1
|
|
|
0.2
|
3
|
|
|
2,236
|
|
|
1.7
|
24
|
|
80%
|
Underground
|
Measured
(Stockpile)
|
34
|
1.0
|
|
|
0.2
|
2
|
|
|
-
|
|
|
-
|
-
|
|
80%
|
|
Indicated
|
159,762
|
1.0
|
|
|
0.2
|
3
|
|
|
1,519
|
|
|
1.1
|
14
|
|
80%
|
|
Inferred
|
46,096
|
1.0
|
|
|
0.2
|
2
|
|
|
458
|
|
|
0.3
|
4
|
|
80%
|
Chapada
|
Measured
|
328,948
|
0.25
|
|
|
0.16
|
|
|
|
807
|
|
|
1.6
|
-
|
|
100%
|
Copper
|
Measured
(Stockpile)
|
107,488
|
0.22
|
|
|
0.16
|
|
|
|
234
|
|
|
0.5
|
-
|
|
100%
|
|
Indicated
|
654,393
|
0.24
|
|
|
0.15
|
|
|
|
1,549
|
|
|
3.1
|
-
|
|
100%
|
|
Inferred
|
162,769
|
0.22
|
|
|
0.08
|
|
|
|
360
|
|
|
0.4
|
-
|
|
100%
|
Chapada
|
Measured
|
12,737
|
|
|
|
0.4
|
|
|
|
|
|
|
0.2
|
-
|
|
100%
|
Suruca
Gold
|
Indicated
|
134,780
|
|
|
|
0.5
|
|
|
|
|
|
|
2.3
|
-
|
|
100%
|
|
Inferred
|
12,565
|
|
|
|
0.5
|
|
|
|
|
|
|
0.2
|
-
|
|
100%
|
Neves-Corvo
|
Measured
|
9,879
|
3.6
|
0.9
|
0.2
|
|
44
|
|
|
359
|
90
|
24
|
|
14
|
|
100%
|
|
Indicated
|
51,820
|
2.1
|
0.8
|
0.3
|
|
43
|
|
|
1,067
|
439
|
164
|
|
72
|
|
100%
|
|
Inferred
|
12,945
|
1.8
|
0.8
|
0.3
|
|
35
|
|
|
229
|
106
|
36
|
|
14
|
|
100%
|
Semblana
|
Inferred
|
7,807
|
2.9
|
|
|
|
25
|
|
|
223
|
|
|
|
6
|
|
100%
|
Zinkgruvan
|
Measured
|
4,201
|
2.3
|
0.3
|
|
|
35
|
|
|
97
|
13
|
|
|
5
|
|
100%
|
|
Indicated
|
431
|
2.0
|
0.9
|
|
|
39
|
|
|
9
|
4
|
|
|
1
|
|
100%
|
|
Inferred
|
293
|
2.1
|
0.3
|
|
|
31
|
|
|
6
|
1
|
|
|
-
|
|
100%
|
Zinc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neves-Corvo
|
Measured
|
10,937
|
0.3
|
8.0
|
1.8
|
|
69
|
|
|
34
|
879
|
195
|
|
24
|
|
100%
|
|
Indicated
|
60,507
|
0.3
|
6.7
|
1.4
|
|
60
|
|
|
208
|
4,079
|
838
|
|
117
|
|
100%
|
|
Inferred
|
3,828
|
0.3
|
5.8
|
1.5
|
|
62
|
|
|
13
|
223
|
56
|
|
8
|
|
100%
|
Zinkgruvan
|
Measured
|
7,001
|
|
8.1
|
3.2
|
|
82
|
|
|
|
567
|
226
|
|
18
|
|
100%
|
|
Indicated
|
13,274
|
|
8.0
|
3.4
|
|
78
|
|
|
|
1,066
|
447
|
|
33
|
|
100%
|
|
Inferred
|
19,785
|
|
7.0
|
3.3
|
|
82
|
|
|
|
1,381
|
646
|
|
52
|
|
100%
|
Nickel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle
|
Measured
|
1,420
|
2.2
|
|
|
0.3
|
|
2.5
|
|
32
|
|
|
|
|
35
|
100%
|
|
Indicated
|
737
|
1.7
|
|
|
0.2
|
|
2.2
|
|
12
|
|
|
|
|
16
|
100%
|
|
Indicated Eagle
East
|
1,865
|
3.5
|
|
|
0.4
|
13
|
4.3
|
|
65
|
|
|
-
|
1
|
81
|
100%
|
|
Inferred
|
27
|
0.9
|
|
|
0.1
|
|
1.0
|
|
-
|
|
|
-
|
|
-
|
100%
|
|
Inferred Eagle
East
|
522
|
1.6
|
|
|
0.1
|
6
|
2.3
|
|
8
|
|
|
-
|
-
|
12
|
100%
|
|
|
|
|
|
Lundin Mining's
share
|
|
9,670
|
7,137
|
1,894
|
11.6
|
337
|
132
|
|
Note: totals may not
summate correctly due to rounding
|
|
not including
Inferred Resources
|
|
|
|
|
|
|
|
|
Mineral Reserve Estimates – June 30,
2019
Mineral
Reserves
|
|
|
|
|
|
|
|
|
Contained
Metal
|
|
Category
|
000's
|
Cu
|
Zn
|
Pb
|
Au
|
Ag
|
Ni
|
|
Cu
|
Zn
|
Pb
|
Au
|
Ag
|
Ni
|
Lundin
Mining
|
|
|
Tonnes
|
%
|
%
|
%
|
g/t
|
g/t
|
%
|
|
kt
|
kt
|
kt
|
Moz
|
Moz
|
kt
|
Interest
|
Copper
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Candelaria
|
Proven
|
365,434
|
0.5
|
|
|
0.1
|
2
|
|
|
1,816
|
|
|
1.4
|
19
|
|
80%
|
Open
Pit
|
Proven
(Stockpile)
|
72,888
|
0.3
|
|
|
0.1
|
1
|
|
|
234
|
|
|
0.2
|
3
|
|
80%
|
|
Probable
|
21,318
|
0.3
|
|
|
0.1
|
1
|
|
|
67
|
|
|
0.1
|
1
|
|
80%
|
|
Total
|
459,639
|
0.5
|
|
|
0.1
|
2
|
|
|
2,116
|
|
|
1.6
|
23
|
|
80%
|
Candelaria
|
Proven
|
32,308
|
0.4
|
|
|
0.1
|
0
|
|
|
135
|
|
|
0.1
|
-
|
|
80%
|
La
Espanola
|
Probable
|
23,511
|
0.4
|
|
|
0.1
|
0
|
|
|
95
|
|
|
0.1
|
-
|
|
80%
|
|
Total
|
55,818
|
0.4
|
|
|
0.1
|
0
|
|
|
230
|
|
|
0.2
|
1
|
|
80%
|
Candelaria
|
Proven
|
80,021
|
0.9
|
|
|
0.2
|
3
|
|
|
713
|
|
|
0.5
|
8
|
|
80%
|
Underground
|
Proven
(Stockpile)
|
34
|
1.0
|
|
|
0.2
|
2
|
|
|
-
|
|
|
-
|
-
|
|
80%
|
|
Probable
|
68,184
|
0.8
|
|
|
0.2
|
3
|
|
|
545
|
|
|
0.4
|
6
|
|
80%
|
|
Total
|
148,239
|
0.8
|
|
|
0.2
|
3
|
|
|
1,257
|
|
|
0.9
|
14
|
|
80%
|
Chapada
|
Proven
|
292,446
|
0.2
|
|
|
0.2
|
|
|
|
706
|
|
|
1.5
|
|
|
100%
|
Copper
|
Proven
(Stockpile)
|
107,488
|
0.2
|
|
|
0.2
|
|
|
|
234
|
|
|
0.5
|
-
|
|
100%
|
|
Probable
|
338,855
|
0.2
|
|
|
0.1
|
|
|
|
817
|
|
|
1.5
|
|
|
100%
|
|
Total
|
738,789
|
0.2
|
|
|
0.1
|
|
|
|
1,757
|
|
|
3.5
|
|
|
100%
|
Chapada
|
Proven
|
11,454
|
|
|
|
0.4
|
|
|
|
|
|
|
0.2
|
|
|
100%
|
Suruca
Gold
|
Probable
|
53,741
|
|
|
|
0.5
|
|
|
|
|
|
|
0.9
|
|
|
100%
|
|
Total
|
65,195
|
|
|
|
0.5
|
|
|
|
|
|
|
1.1
|
|
|
100%
|
Neves-Corvo
|
Proven
|
4,592
|
3.6
|
0.9
|
0.2
|
|
36
|
|
|
164
|
40
|
10
|
|
5
|
|
100%
|
|
Probable
|
23,325
|
2.0
|
0.7
|
0.2
|
|
32
|
|
|
458
|
165
|
56
|
|
24
|
|
100%
|
|
Total
|
27,917
|
2.2
|
0.7
|
0.2
|
|
32
|
|
|
623
|
205
|
66
|
|
29
|
|
100%
|
Zinkgruvan
|
Proven
|
2,539
|
2.0
|
0.3
|
|
|
32
|
|
|
51
|
7
|
|
|
3
|
|
100%
|
|
Probable
|
197
|
2.1
|
1.0
|
|
|
40
|
|
|
4
|
2
|
|
|
-
|
|
100%
|
|
Total
|
2,736
|
2.0
|
0.3
|
|
|
32
|
|
|
55
|
9
|
|
|
3
|
|
100%
|
Zinc
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neves-Corvo
|
Proven
|
4,172
|
0.3
|
8.7
|
2.3
|
|
75
|
|
|
12
|
361
|
94
|
|
10
|
|
100%
|
|
Probable
|
25,497
|
0.3
|
7.3
|
1.7
|
|
62
|
|
|
86
|
1,853
|
445
|
|
51
|
|
100%
|
|
Total
|
29,669
|
0.3
|
7.5
|
1.8
|
|
64
|
|
|
98
|
2,214
|
540
|
|
61
|
|
100%
|
Zinkgruvan
|
Proven
|
4,909
|
|
7.6
|
3.4
|
|
84
|
|
|
|
373
|
165
|
|
13
|
|
100%
|
|
Probable
|
5,907
|
|
7.3
|
3.5
|
|
81
|
|
|
|
429
|
206
|
|
15
|
|
100%
|
|
Total
|
10,816
|
|
7.4
|
3.4
|
|
82
|
|
|
|
803
|
371
|
|
29
|
|
100%
|
Nickel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eagle
|
Proven
|
1,156
|
1.9
|
|
|
0.2
|
|
1.9
|
|
22
|
|
|
-
|
|
22
|
100%
|
|
Probable
|
641
|
1.2
|
|
|
0.1
|
|
1.6
|
|
8
|
|
|
-
|
|
10
|
100%
|
|
Probable Eagle
East
|
2,321
|
2.6
|
|
|
0.3
|
10
|
3.2
|
|
61
|
|
|
-
|
0.74
|
75
|
100%
|
|
Total
|
4,119
|
2.2
|
|
|
0.3
|
6
|
2.6
|
|
91
|
|
|
-
|
0.74
|
108
|
100%
|
Note: totals may not
summate correctly due to rounding
|
|
Lundin Mining's
share
|
|
5,507
|
3,231
|
977
|
6.8
|
152
|
108
|
|
Notes on Mineral Resource and Mineral Reserve Tables
Mineral Resources and Mineral Reserve estimates are shown on a
100% basis for each mine. The Measured and Indicated Mineral
Resource estimates are inclusive of those Mineral Resource
estimates modified to produce the Mineral Reserve estimates. All
estimates are prepared as at June 30,
2019.
Estimates for all operations are prepared by or under the
supervision of and verified by a Qualified Person as defined in NI
43-101 or have been audited and verified by independent Qualified
Persons on behalf of Lundin Mining. The technical information in
this news release has been prepared in accordance NI 43-101 and has
been reviewed and verified by Stephen
Gatley, BSc (Eng), C.Eng. Vice President - Technical
Services of the Company, who is a "Qualified Person" under NI
43-101.
Candelaria and Ojos
Mineral Resources at Candelaria are estimated using metal prices
of US$3.16/lb copper and US$1,000/oz gold and an exchange rate of
USD/CLP 600. Mineral Reserves were
estimated using metal prices of US$2.75/lb copper and US$900/oz gold and an exchange rate of
USD/CLP 600.
Candelaria and La Española open pit Mineral Resource estimates
are reported within a conceptual pit shell with cut-off grades of
0.15% and 0.20% copper respectively. Underground Mineral Resources
are estimated at a cut-off grade of 0.55% copper. Mineral
Reserves for the Candelaria open pit, Española open pit and
underground for the Candelaria property are estimated at cut-off
grades of 0.17%, 0.20% and 0.57% copper, respectively. Underground
Mineral Reserves for the Ojos del Salado property (Santos and
Alcaparrosa mines) are both estimated at cut-off grades of 0.63%
copper. Patricio Calderón, Superintendent Exploration, Patricio Vega, Open Pit Mine Engineer and
Cristian Erazo, Underground Mine
Engineer, each of whom is a Registered Member, Chilean Mining
Commission, employed by the Candelaria mining complex and is a
Qualified Person as defined under NI 43-101, supervised the
preparation of and verified the Mineral Resource estimate, open pit
Mineral Reserve and underground Mineral Reserve estimates
respectively, and the scientific and technical information on
Candelaria contained in this news release.
For further information, refer to the Technical Report entitled
Technical Report for the Candelaria Copper Mining Complex,
Atacama Province, Region III, Chile dated November 28, 2018, which is available on the
Company's SEDAR profile at www.sedar.com.
Chapada
Mineral Resources at Chapada and Suruca SW copper-gold are
estimated using metal prices of US$4.00/lb copper and US$1,600/oz gold and an exchange rate of
USD/BRL 3.95. For the Suruca gold
only Mineral Resource estimates a gold price of $1,500/oz has been used and an exchange rate of
USD/BRL 3.50. Mineral Reserves were
estimated using metal prices of US$3.00/lb copper and US$1,250/oz gold and an exchange rate of
USD/BRL 3.95.
The Chapada and Suruca SW copper-gold Mineral Resource estimates
are reported within a conceptual pit shell at a variable Net
Smelter Return (NSR) marginal cut-off averaging $4.08 per tonne. For the Suruca gold only Mineral
Resource estimates, cut-off grades of 0.16g/t gold for oxides and
0.23g/t for sulphides were used. Mineral Reserves for the Chapada
open pit are estimated at a NSR cut-off of $4.08 per tonne. For the Suruca gold only Mineral
Reserve estimates cut-off grades of 0.19g/t gold for oxides and
0.30g/t for sulphides are used. Felipe
Machado de Araujo, Mineral Resources Coordinator, Registered
Member of Chilean Mining Commission employed by Chapada prepared
the Chapada and Suruca Mineral Resource estimates and Luiz Pignatari, Registered Member of Chilean
Mining Commission, EDEM Engenharia reviewed and verified the
Mineral Reserve estimates and the scientific and technical
information for Chapada contained in this news release. Messrs.
Araujo and Pignatari have verified the data underlying the
information for Chapada disclosed herein, including sampling,
analytical and test data underlying the information, by reviewing
the reports of the laboratories, methodologies, results and all
procedures undertaken for quality assurance and quality control in
a manner consistent with industry practice, and all matters were
consistent and accurate according to their professional judgement.
There were no limitations on the verification process. Both Messrs.
Araujo and Pignatari are Qualified Persons as defined under NI
43-101.
For further information, refer to the Technical Report entitled
Technical Report on the Chapada Mine, Goiás State, Brazil, dated March
21, 2018 which is available on Yamana Gold Inc's SEDAR
profile at www.sedar.com.
Neves-Corvo and Semblana
Mineral Reserves for Neves-Corvo and Semblana have been
estimated using metal prices of US$2.75/lb copper and US$1.00/lb zinc and an exchange rate of
EUR/USD 1.25.
The Mineral Resources are estimated above cut-off grades of 1.0%
for copper and 4.5% for zinc. The copper and zinc Mineral Reserve
estimates have been calculated using variable NSR values based on
area and mining method. The NSR is calculated on a recovered
payable basis considering copper, lead, zinc and silver grades,
metallurgical recoveries, prices and realization costs. The copper
Mineral Reserves are estimated above a site average cut‐off of
EUR 42/t (grade equivalent to 1.4%
copper). For zinc Mineral Reserve estimates a site average cut‐off
of EUR 47/t (grade equivalent to 5.4%
zinc) is used. Mineral Reserves and Mineral Resources for
Neves-Corvo were estimated by the mine geology and mine engineering
departments at Neves-Corvo under the guidance of Nelson Pacheco, EurGeol, Chief Geologist, and
Diogo Caupers, Chief Mine Planning Engineer, each of whom is
employed by the Neves-Corvo mine. Nelson Pacheco EurGeol, prepared
the Neves-Corvo Mineral Resource estimate and Antonio Salvador, CEng MIMMM, Group Mining
Engineer, Lundin Mining, reviewed
and verified the Mineral Reserve estimate and the scientific and
technical information for Neves-Corvo contained in this news
release. Both Messrs. Pacheco and Salvador are Qualified Persons as
defined under NI 43-101.
The Mineral Resources at Semblana are estimated above a cut-off
grade of 1.0% copper. The Mineral Resource estimate contained in
this news release was prepared by Graham
Greenway, P.Geo, Group Resource Geologist, Lundin Mining,
who is a Qualified Person as defined under NI 43-101.
For further information, refer to the Technical Report entitled
NI 43-101 Technical Report for the Neves-Corvo Mine,
Portugal dated June 23, 2017, which is available on the
Company's SEDAR profile at www.sedar.com.
Zinkgruvan
Mineral Resources and Mineral Reserves at Zinkgruvan have been
estimated using metal prices of US$2.75/lb copper, US$1.00/lb zinc and US$1.00/lb lead and an exchange rates of
USD/SEK 7.00.
The zinc Mineral Resources are estimates within geological
volumes based at a nominal NSR cut-off of SEK 350/t (equivalent to 4.5% zinc) and a minimum
mining width of 5 m. The copper
Mineral Resource is estimated above a cut-off grade of 1.0% Cu. The
zinc and copper Mineral Reserves are estimated above a site average
NSR cut-off grade of SEK 445/t
(equivalent to 5.4% zinc and 1.4% copper respectively). The NSR is
calculated on a recovered payable basis considering copper, lead,
zinc and silver grades, metallurgical recoveries, prices and
realization costs. The Zinkgruvan Mineral Resource and Mineral
Reserve estimates are prepared by the mine's geology and mine
engineering department under the supervision of Anja Hagerud, Resource Manager, and Angelique Bohm, Section Manager Mine Planning, both employed by Zinkgruvan mine.
The estimates were reviewed and verified by Graham Greenway, P.Geo, and David Allison, Group Mining Engineer,
CEng MIMMM, Lundin Mining.
Both Messrs. Greenway and Allison are Qualified Persons as defined
under NI 43-101.
For further information, refer to the Technical Report
entitled NI 43-101 Technical Report for the Zinkgruvan Mine,
Sweden dated November 30, 2017, which is available on the
Company's SEDAR profile at www.sedar.com.
Eagle and Eagle East
Mineral Resources and Mineral Reserves at Eagle and Eagle East
have been estimated using metal prices of US$2.75/lb copper and US$8.00/lb nickel.
The Eagle Mineral Resources and Reserves are reported above a
fixed NSR cut-off of US$108/t. The
Eagle East Mineral Resources and Reserves are reported above a
fixed NSR cut-offs of US$142/t and
US$158/t respectively. The NSR is
calculated on a recovered payable basis considering nickel, copper,
cobalt, gold and PGM grades, metallurgical recoveries, prices and
realization costs. The Eagle Mineral Resource and Reserve estimates
are prepared by the mine's geology and mine engineering department
under the guidance of Robert Mahin,
Chief Geologist and Josh Lam, PEng,
Senior Mine Engineer, both of whom are employees of Eagle Mine. The
Eagle East Mineral Resource estimate was prepared by Graham Greenway, P.Geo, Group Resource
Geologist, Lundin Mining. Robert
Mahin, CPG, prepared the Eagle Mineral Resource estimate and
reviewed and verified the Eagle East Mineral Resource estimate.
Josh Lam, PEng, reviewed and
verified the Eagle and Eagle East Mineral Reserve estimates and the
scientific and technical information on Eagle and Eagle East
contained in this news release. Messrs. Greenway, Mahin and Lam are
Qualified Persons as defined under NI 43-101.
For further information, refer to the Technical Report entitled
Technical Report on the Eagle Mine, Michigan, U.S.A. dated April 26, 2017, which is available on the
Company's SEDAR profile at www.sedar.com.
For further information, please contact:
Mark Turner, Director, Business
Valuations and Investor Relations: +1 416 342 5565
Brandon Throop, Manager, Investor
Relations: +1 416 342 5583
Robert Eriksson, Investor Relations
Sweden: +46 8 440 54 50