NI 43-101 Preliminary Economic Assessment - Verde Potash

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Verde Potash Plc 10-1 Cerrado Verde Project NI 43-101 Preliminary Economic Assessment 10 Data Verification (Item 12) 10.1 Funchal Norte Target Verde did not carry out a proper QA/QC program. The current QA/QC analysis is the internal Bureau Veritas program. 5% of samples sent to the Bureau Veritas were then sent to SGS in Belo Horizonte to undertake an umpire sample. In the QA/QC program implemented by Verde in May 2010, as the analytical results are received, they are immediately imported into the respective sampling spreadsheets, where any undesirable analytical deviations of standards, blanks, duplicates, or inconsistency between the sample result and its respective lithology can be easily compared. Simple inversions of sample results and typing errors of the spreadsheets after receiving the certificates, are also common and, therefore, all the results of all samples must be checked one by one and not only the control samples introduced. The accuracy, precision and contamination of the analysis should be evaluated. All reference materials require validation, to check the level of accuracy and reliability of the laboratories. The mistakes detected in the analytical procedures are identified and evaluated having as reference the precision of the method. The results for the certified reference materials (standard samples) must be between the limits of 2.SD (twice the standard deviation). The validation method of the blank samples consists in verifying the presence of the analyte. Therefore it is necessary to observe the detection limit of the method. If there is any analysis deviation of the control samples or inconsistencies with the respective lithologies, the batches should be re-examined and eventually re-sampled. Depending on the situation, and certifying that there could not have been any mistake on sampling (which is common), the costs of re-examination will be on the laboratory. If the blank values are very high, the method of sample preparation should be checked. If all values for the standards are off the defined limits, the digestion method of the samples should be checked. When the results of standards and blanks are following a same trend, higher or lower than expected, the analysis for all the batch of samples sent should be repeated, including the reference ones. Besides the analysis of the results obtained, an unannounced visit to the laboratory is programmed to check the conditions of the analysis. Only after all results from each batch of samples are checked and validated, can information be fed into the database. The final validation of the results obtained is performed by an independent consultant (Qualified Person). Coffey Mining has reviewed the QA/QC results returned by Bureau Veritas as presented in Table 10.1.1. SRK Consulting (U.S.), Inc. September 16, 2011 Cerrado Verde_NI 43-101 PEA_343500.020_007_KG
Verde Potash Plc 10-2 Cerrado Verde Project NI 43-101 Preliminary Economic Assessment Table 10.1.1: Standards Utilized by Bureau Veritas Standard Expected ValueK 2 0% +/-10% (EV) Failed IPT 146 0.04 0.034 and 0.042 No of Analyses Minimum (%) Maximum(%) Mean (%) 5 6 0 .07 0.05 IPT 53 12.1 10.89 and 0 6 11.95 12.61 12.18 13.31 IPT53+IPT146 6.07 5.46 and 6.67 0 6 5.84 6.36 6.07 Pulp Blank 0
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NI 43-101 Preliminary Economic Assessment - Verde Potash

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