2010 Annual Report - Grange Resources

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16 GRANGE RESOURCES LIMITED Review of Operations (cont.) Southdown Project Development Timetable 2011 2012 2013 2014 Pre-Feasibilty Definitive Feasibilty Construction Production Overview Review Of Operations Corporate Governance
DECEMBER 2010 ANNUAL REPORT 17 Mineral Resources and Ore Reserves Savage River Operations The following tables show the Mineral Resources and Ore Reserves for the Savage River operations as at 31 May 2010. These include the addition of new ore lenses in the North Pit and the depletion as a result of mining that occurred during the year. Mineral Resources and Ore Reserves are categorised in accordance with the Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code, 2004). Estimated Measured and Indicated Mineral Resources include those Mineral Resources modified to produce the estimated Ore Reserves. Mineral Resources which are not included in the Ore Reserves did not meet the required economic viability hurdle at the time of last review. Mineral Resources A summary of the total Mineral Resources for Savage River as at 31 May 2010 is as follows: 2010 2009 Tonnes Grade Tonnes Grade Mineral Resources (million) (%DTR) (million) (%DTR) Measured 86.4 54 88.0 53 Indicated 131.9 53 136.0 52 Inferred 87.8 49 92.2 47 Total 306.1 52 316.2 51 Ore Reserve A summary of the ore reserve for Savage River as at 31 May 2010 is as follows: 2010 2009 Tonnes Grade Tonnes Grade Ore Reserves (million) (%DTR) (million) (%DTR) Proved 50.6 51 52.4 50 Probable 67.9 51 72.0 49 Total 118.5 51 124.4 49 The information in this release that relates to Exploration Results or Mineral Resources in relation to the Savage River Project is based on information compiled by Mr Ben Maynard, who is a Member of the Australasian Institute of Mining and Metallurgy and is a full time employee of Grange Resources Limited. Mr Maynard 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 Maynard consents to the inclusion in the release of the matters based on his information in the form and context in which it appears. The classification of Mineral Resources was considered appropriate on the basis of drill hole spacing, sample interval, geological interpretation and representativeness of assay data and was based on a number of factors: ◆ ◆ A lower cut-off grade of 15% DTR was used in the calculation of both the Mineral Resources and Ore Reserves ◆ ◆ The estimation was constrained within the interpreted geological domain ◆ ◆ The Ordinary Kriging and Inverse Distance interpolation methods were carried out on drilling data composited to 2 metres ◆ ◆ Oxidised material was not included in this statement of Mineral Resources ◆ ◆ Tonnages were estimated on a dry basis ◆ ◆ Bulk density for samples taken from diamond drill core has been physically determined by the weight-in-air/ weight-in-water method. Samples are unsealed during this process as most material is competent and/or of low porosity ◆ ◆ The Ore Reserve was calculated using a 1.087 dilution factor and a mining recovery factor of 0.939. These factors are based on periodic reconciliation specific to mining areas ◆ ◆ The survey surface used for reporting North Pit was the end-of-month May 2010 surface. DirectorS’ Report Financial Statements Shareholder information
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David Bould - Trainee Safety and Tr
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2010 Annual Report - Grange Resources

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