NI 43-101 Preliminary Economic Assessment - Verde Potash

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Verde Potash Plc 24-2 Cerrado Verde Project NI 43-101 Preliminary Economic Assessment economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A ‘Proven Mineral Reserve’ is the economically mineable part of a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction is justified. 24.3 Glossary The following general mining terms may be used in this report. Table 24.3.1: Glossary Term Assay: Capital Expenditure: Composite: Concentrate: Crushing: Cutoff Grade (CoG): Dilution: Dip: Fault: Footwall: Gangue: Grade: Hangingwall: Haulage: Hydrocyclone: Igneous: Kriging: Level: Lithological: LoM Plans: LRP: Material Properties: Milling: Mineral/Mining Lease: Mining Assets: Ongoing Capital: Ore Reserve: Pillar: RoM: Sedimentary: Shaft: Definition The chemical analysis of mineral samples to determine the metal content. All other expenditures not classified as operating costs. Combining more than one sample result to give an average result over a larger distance. A metal-rich product resulting from a mineral enrichment process such as gravity concentration or flotation, in which most of the desired mineral has been separated from the waste material in the ore. Initial process of reducing ore particle size to render it more amenable for further processing. The grade of mineralized rock, which determines as to whether or not it is economic to recover its gold content by further concentration. Waste, which is unavoidably mined with ore. Angle of inclination of a geological feature/rock from the horizontal. The surface of a fracture along which movement has occurred. The underlying side of an orebody or stope. Non-valuable components of the ore. The measure of concentration of gold within mineralized rock. The overlying side of an orebody or slope. A horizontal underground excavation which is used to transport mined ore. A process whereby material is graded according to size by exploiting centrifugal forces of particulate materials. Primary crystalline rock formed by the solidification of magma. An interpolation method of assigning values from samples to blocks that minimizes the estimation error. Horizontal tunnel the primary purpose is the transportation of personnel and materials. Geological description pertaining to different rock types. Life-of-Mine plans. Long Range Plan. Mine properties. A general term used to describe the process in which the ore is crushed and ground and subjected to physical or chemical treatment to extract the valuable metals to a concentrate or finished product. A lease area for which mineral rights are held. The Material Properties and Significant Exploration Properties. Capital estimates of a routine nature, which is necessary for sustaining operations. See Mineral Reserve. Rock left behind to help support the excavations in an underground mine. Run-of-Mine. Pertaining to rocks formed by the accumulation of sediments, formed by the erosion of other rocks. An opening cut downwards from the surface for transporting personnel, equipment, SRK Consulting (U.S.), Inc. September 16, 2011 Cerrado Verde_NI 43-101 PEA_343500.020_007_KG
Verde Potash Plc 24-3 Cerrado Verde Project NI 43-101 Preliminary Economic Assessment Term Sill: Smelting: Stope: Stratigraphy: Strike: Sulfide: Tailings: Thickening: Total Expenditure: Unweathered Variogram Weathered Definition supplies, ore and waste. A thin, tabular, horizontal to sub-horizontal body of igneous rock formed by the injection of magma into planar zones of weakness. A high temperature pyrometallurgical operation conducted in a furnace, in which the valuable metal is collected to a molten matte or doré phase and separated from the gangue components that accumulate in a less dense molten slag phase. Underground void created by mining. The study of stratified rocks in terms of time and space. Direction of line formed by the intersection of strata surfaces with the horizontal plane, always perpendicular to the dip direction. A sulfur bearing mineral. Finely ground waste rock from which valuable minerals or metals have been extracted. The process of concentrating solid particles in suspension. All expenditures including those of an operating and capital nature. Fresh rock or protolith that has not been subject to physical or chemical changes as a result of surface processes. A statistical representation of the characteristics (usually grade). Material has been influenced by surface geochemical and physical processes that have resulted in removal of some potassium and other leachable salts. 24.4 Abbreviations Metric units are used throughout this report, unless otherwise specified. The following abbreviations are typical to the mining industry and may be used in this report. Table 24.4.1: Abbreviations Abbreviation Unit or Term A ampere AA atomic absorption A/m 2 amperes per square meter ANFO ammonium nitrate fuel oil Ag silver Au gold AuEq gold equivalent grade °C degrees Centigrade CCD counter-current decantation CIL carbon-in-leach CoG cutoff grade cm centimeter cm 2 square centimeter cm 3 cubic centimeter cfm cubic feet per minute ConfC confidence code CRec core recovery CSS closed-side setting CTW calculated true width ° degree (degrees) dia. diameter EIS Environmental Impact Statement EMP Environmental Management Plan FA fire assay ft foot (feet) SRK Consulting (U.S.), Inc. September 16, 2011 Cerrado Verde_NI 43-101 PEA_343500.020_007_KG
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NI 43-101 Preliminary Economic Assessment - Verde Potash

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