Reserves and Resources

Gold Reserves — 31 December 2009

ProjectClassificationTonnesGrade (g/t Gold)Ounces
SVARTLIDEN        
Svartliden - Open Pit (1) Proved 176,900 4.2 23,600
  Probable 273,400 3.0 26,800
  Total 450,300 3.5 50,400
         
Svartliden - Stockpiles (2) Proved 42,000 3.6 4,900
Probable      
  Total 42,000 3.6 4,900
         
Total Svartliden Reserve Inventory   492,300 3.5 55,300
         
VAMMALA        
Orivesi - Sarvisuo Lodes (3) Proved      
  Probable 105,200 5.9 20,000
  Total 105,200 5.9 20,000
         
Orivesi - Kutema Lodes (4) Proved      
  Probable 3,700 6.6 800
  Total 3,700 6.6 800
         
Jokisivu - Kujankallio (5) Proved 56,000 5.3 9,500
  Probable 33,500 4.9 5,300
  Total 89,500 5.2 14,800
         
Total Orivesi Reserve Inventory   198,400 5.6 35,600
         
Group Total Proved 274,900 4.3 38,000
  Probable 415,800 3.9 52,900
  Total 690,700 4.1 90,900
(1 and 2) The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Neale Edwards BSc (Hons), a Member of the Australian Institute of Geoscientists, who is a full time employee of the company and have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the Australasian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves. Mr Neale Edwards consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.
(3 and 4-5) The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Neale Edwards BSc (Hons), a Member of the Australian Institute of Geoscientists and Mr Urpo Kuronen MSc (Geology), a Member of the Australian Institute of Mining and Metallurgy, who are full time employees of the company and have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the Australasian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves. Mr Neale Edwards and Mr Urpo Kuronen consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.

Gold Resources — 31 December 2009 (Inclusive of Reserves)

ProjectClassificationTonnesGrade (g/t Gold)Ounces
SVARTLIDEN        
Svartliden - Open Pit (1) Measured 429,000 3.3 45,500
  Indicated 431,000 3.2 43,800
  Inferred 34,000 2.5 2,700
  Total 894,000 3.2 92,000
         
Svartliden - Underground (2) Measured
  Indicated 259,000 7.2 59,700
  Inferred 53,000 6.8 11,700
  Total 312,000 7.1 71,400
         
Svartliden — Stockpiles (3) Measured 42,000 3.6 4,900
  Indicated 286,000 1.8 16,900
  Total 328,000 2.2 21,000
         
Svartliden Total Measured 471,000 3.3 50,400
  Indicated 976,000 3.8 120,400
  Inferred 87,000 5.1 14,400
  Total 1,534,000 3.8 185,200
         
Orivesi - Kutema Pillars (4) Measured
  Indicated 92,200 3.4 10,000
  Total 92,200 3.4 10,000
         
Orivesi — Kutema Deeps (5) Indicated 310,400 5.1 50,800
Inferred 515,000 6.0 100,100
Total 825,400 5.7 150,900
         
Orivesi — Sarvisuo Lodes (6) Measured 148,000 8.0 38,100
  Indicated 90,000 5.9 17,000
  Inferred 55,000 7.8 13,600
  Total 292,000 7.3 68,700
         
Jokisivu - Kujankallio (7) Measured 58,000 5.3 9,800
  Indicated 566,000 5.5 100,000
  Inferred 717,000 6.6 152,100
  Total 1,341,000 6.1 261,900
         
Jokisivu - Arpola (8) Indicated 354,000 6.3 71,700
  Inferred 136,000 8.0 35,000
  Total 490,000 6.8 106,700
         
Kaapelinkulma (9) Indicated 78,000 8.4 21,000
  Inferred 83,000 4.1 10,900
  Total 161,000 6.2 31,900
         
Vammala Total Measured 206,000 7.2 47,900
  Indicated 1,490,600 5.7 270,600
  Inferred 1,506,000 6.4 311,700
  Total 3,202,600 6.1 630,200
         
KUUSAMO        
Juomasuo (10) Inferred 779,000 4.2 105,200
  Total 779,000 4.2 105,200
         
Hangaslampi (11) Inferred 176,000 6.0 34,000
  Total 176,000 6.0 34,000
         
Pohjasvaara (12) Inferred 82,000 3.2 8,400
Total 82,000 3.2 8,400
         
Meurastuksenaho (13) Inferred 284,000 2.3 21,000
  Total 284,000 2.3 21,000
         
Sivakkaharju (14) Inferred 28,000 11.3 10,200
Total 28,000 11.3 10,200
         
Kuusamo Total Inferred 1,349,000 4.1 178,800
  Total 1,349,000 4.1 178,800
         
Scandinavian Total Measured 677,000 4.5 98,300
  Indicated 2,466,600 4.9 391,000
  Inferred 2,942,000 5.3 504,900
  Total 6,085,600 5.1 994,200
Notes  
(1) This Mineral Resource Statement has been compiled in accordance with the guidelines defined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2004 Edition). All information in this Statement which relates to Mineral Resources is based on, and accurately reflects reports prepared by the persons named below. All of the persons listed are Members of the Australasian Institute of Mining and Metallurgy or the Australian Institute of Geoscientists and have the necessary experience relevant to the style of mineralisation, the type of deposit and the activity undertaken to qualify as a ‘Competent Person’ under the JORC Code, 2004. Svartliden Drill hole Database and Geology – Neale Edwards, Chief Geologist, Dragon Mining Limited Svartliden Resource Estimate - Ingvar Kirchner, Manager Resource Geology, West Perth, Coffey Mining Ltd Each of the Competent Persons has given their consent for the inclusion of the material in the form and context in which it appears.
(3) The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Neale Edwards BSc (Hons), a Member of the Australian Institute of Geoscientists, who is a full time employee of the company and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Person as defined in the 2004 Edition of the Australasian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves. Mr Neale Edwards consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
(2, 4 to 7, and 9) The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Paul Payne BAppSc, a Member of the Australian Institute of Mining and Metallurgy, who is a full time employee of Runge Limited and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2004 Edition of the Australasian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves. Mr Paul Payne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
(8) The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Ms Ivy Chen Bsc (Hons) in 2005. Ms Ivy Chen, a Member of the Australian Institute of Mining and Metallurgy, was then a full time employee of Maxwell Geoservices Pty Ltd and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Person as defined in the 2004 Edition of the Australasian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves. The Arpola Mineral Resource remains unchanged since that date. Maxwell Geoservices Pty Ltd has verified the form and context in which the information regarding the Arpola Mineral Resource has been used and considers it to be consistent with the original work undertaken in 2005.
(10 to 11) The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Esa Sandberg, formerly of Outokumpu Mining Services. The Juomasuo and Hangaslampi Mineral Resources has remained unchanged since estimation. Mr Neale Edwards BSc (Hons), a Member of the Australian Institute of Geoscientists and Mr Urpo Kuronen MSc (Geology), a Member of the Australian Institute of Mining and Metallurgy, who are full time employees of the company and have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the Australasian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves. Mr Neale Edwards and Mr Urpo Kuronen have verified the form and context in which the information regarding the Juomasuo and Hangaslampi Mineral Resources have been used and consider it to be consistent with the original work undertaken.
(12 to 14) The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Jarmo Lahtinen and Rauno Hugg both formerly of Outokumpu Finnmines. The Pohjasvaara, Meurastuksenaho and Sivakkaharju Mineral Resources has remained unchanged since estimation. Mr Neale Edwards BSc (Hons), a Member of the Australian Institute of Geoscientists and Mr Urpo Kuronen MSc (Geology), a Member of the Australian Institute of Mining and Metallurgy, who are full time employees of the company and have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the Australasian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves. Mr Neale Edwards and Mr Urpo Kuronen have verified the form and context in which the information regarding the Pohjasvaara, Meurastuksenaho and Sivakkaharju Mineral Resources have been used and consider it to be consistent with the original work undertaken.

Resources - Other Metals - 31 December 2009

ProjectClassificationTonnesNi
 (%)Cu (%)
VAMMALA        
Stormi (1) Inferred 1,600,200 0.40 0.30
  Total 1,600,200 0.40 0.30
         
Ekojoki (2) Inferred 1,095,900 0.50 0.40
  Total 1,095,900 0.50 0.40
         
Vammala Total Inferred 2,696,100 0.47 0.34
Total 2,696,100 0.47 0.34
ProjectClassificationTonnesNi 
(%)Cu 
(%)Co (%)Pd 
(%)Pt (g/t)
KUHMO JV              
Vaara (3) Indicated 7,502,000 0.32 0.02 0.01 0.15 0.07
  Inferred 739,000 0.27 0.02 0.01 0.11 0.07
  Total 8,241,000 0.32 0.02 0.01 0.14 0.07
               
Peura-aho (4) Indicated 405,000 0.63 0.29 0.04 0.62 0.28
  Inferred 90,000 0.48 0.23 0.03 0.42 0.21
  Total 495,000 0.60 0.27 0.04 0.58 0.27
               
Hietaharju (5) Indicated 848,000 0.85 0.44 0.06 1.25 0.53
  Inferred 235,000 0.59 0.27 0.04 0.89 0.34
  Total 1,083,000 0.80 0.40 0.05 1.17 0.49
               
Vammala Total Indicated 8,755,000 0.39 0.08 0.02 0.27 0.13
  Inferred 1,064,000 0.36 0.09 0,02 0,31 0.14
  Total 9,819,000 0.38 0.08 0.02 0.28 0.13
(1 & 2) The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Paul Payne BAppSc, a Member of the Australian Institute of Mining and Metallurgy, who is a full time employee of Runge Limited and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as Competent Persons as defined in the 2004 Edition of the Australasian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves. Mr Paul Payne consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
(3 to 5) The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information as lodged with the ASX on 23 October 2009 by Vulcan Resources Limited “Increase in Kuhmo Nickel Project Resources: Now a Significant Emerging Nickel Province”. These resources have been reported according to the Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves (2004 JORC Code). The Resource estimates are based on information compiled and reviewed by Dr Alistair Cowden BSc (Hons), PhD, MAusIMM, MAIG; Mr Jarmo Vesanto, MSc (Geology), MAusIMM and Mr Jani Impola, MSc (Geology), MAusIMM, all of whom have sufficient experience relevant to the syle of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the Australasian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves. Dr Alistair Cowden, Mr Jarmo Vesanto and Mr Jani Impola consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.