Update on Merger with Polymetals - Notice of Meeting
Update on Merger with Polymetals - Notice of Meeting
Update on Merger with Polymetals - Notice of Meeting
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Schedule 1 – Informati<strong>on</strong> about the Merged Group<br />
1. Proposed activities and strategic directi<strong>on</strong> <strong>of</strong> the Merged Group<br />
The Merged Group will own 100% <strong>of</strong> the Marda Gold Project and the Mt Boppy Gold<br />
Project, and have a significant portfolio <strong>of</strong> explorati<strong>on</strong> tenements in Australia. If the <strong>Merger</strong><br />
proceeds, the primary intenti<strong>on</strong> <strong>of</strong> the Merged Group is to progress regulatory approvals<br />
and financing for the development <strong>of</strong> the Marda Gold Project.<br />
It is anticipated that these approvals will be gained in the third quarter <strong>of</strong> 2013, <strong>with</strong> project<br />
c<strong>on</strong>structi<strong>on</strong> activity to commence immediately thereafter. Producti<strong>on</strong> from the Marda Gold<br />
Project is expected to commence in the sec<strong>on</strong>d half <strong>of</strong> 2014.<br />
The Mt Boppy Project will be prioritised for development as sufficient cash reserves<br />
become available and in c<strong>on</strong>siderati<strong>on</strong> <strong>of</strong> other opportunities for gold or base metals<br />
producti<strong>on</strong> <strong>with</strong>in the Merged Group.<br />
Decisi<strong>on</strong>s relating to these activities will be made by the Board in light <strong>of</strong> material<br />
informati<strong>on</strong> and circumstances available at the relevant time. As such these are current<br />
intenti<strong>on</strong>s <strong>on</strong>ly and may change as new informati<strong>on</strong> arises or circumstances dictate.<br />
2. Mineral Resources and Ore Reserves <strong>of</strong> the Merged Group<br />
The tables below display the Mineral Resources and Ore Reserves <strong>of</strong> the Merged Group.<br />
Combined SXG and <strong>Polymetals</strong> JORC Measured, Indicated and Inferred Mineral Resource Statement<br />
Measured Indicated Inferred Total Resources<br />
kt<br />
g/t<br />
Au<br />
koz<br />
kt<br />
g/t<br />
Au<br />
koz<br />
kt<br />
g/t<br />
Au<br />
koz<br />
kt<br />
g/t<br />
Au<br />
koz<br />
Canbelego (1) 39 6.4 8 646 4.0 84 82 3.9 10 766 4.1 102<br />
Turner River Gold<br />
2) 2,669 1.8 157 1,145 1.3 47 2,936 1.5 141 6,750 1.6 345<br />
JV (Earning In)<br />
Combined<br />
<strong>Polymetals</strong><br />
2,707 1.9 165 1,791 2.28 131 3,018 1.6 151 7,516 1.9 448<br />
Project Total (3)<br />
Marda (4) 2,796 2.3 204 2,640 1.8 155 3,052 1.9 188 8,487 2.0 546<br />
Sandst<strong>on</strong>e (4) 1,932 2.4 146 12,586 1.4 574 14,518 1.5 720<br />
Combined SXG<br />
Total<br />
2,796 2.3 204 4,572 2.1 301 15,638 1.5 762 23,005 1.7 1,266<br />
<strong>Polymetals</strong> / SXG<br />
(5) 5,503 2.1 368 6,362 2.1 433 18,655 1.5 914 30,521 1.8 1,714<br />
Total<br />
<strong>Polymetals</strong> Share<br />
(6) 4,836 2.1 329 6,076 2.2 421 17,921 1.5 878 28,833 1.8 1,627<br />
/ SXG Total<br />
(1) Mt Boppy; 2.5g/t cut-<strong>of</strong>f; Boppy Sth: 1.0g/t cut-<strong>of</strong>f.<br />
(2) 100% Project Total - <strong>Polymetals</strong> has a 75% interest in the Turner River Gold Project.<br />
(3) Total includes 100% <strong>of</strong> Turner River Resources <strong>of</strong> which <strong>Polymetals</strong> has a 75% interest.
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