mineral resource and mineral reserve statement ... - Impala Platinum

Mineral Resource and Mineral ReservedefinitionsSAMREC Code – The South African Code for Reportingof Mineral Resources and Mineral Reserves sets outminimum standards, recommendations and guidelines forpublic reporting of exploration results, Mineral Resourcesand Mineral Reserves in South Africa. SAMREC wasestablished in 1998 and is modelled on the AustralasianCode for Reporting of Mineral Resources and OreReserves (JORC Code). An updated version of SAMRECwas published in 2007.In terms of SAMREC, a Competent Person is one whois registered with the South African Council for NationalScientific Professions (SACNASP), the EngineeringCouncil of South Africa (ECSA) or the South AfricanCouncil for Professional Land Surveyors and TechnicalSurveyors (PLATO), or is a member of or Fellow of theSAIMM, the GSSA or a recognised overseas professionalorganisation (ROPO). A complete list of such recognisedorganisations is promulgated by the SSC from time totime. The Competent Person must comply with theprovisions of the relevant promulgated acts. A CompetentPerson must have a minimum of five years’ experiencerelevant to the style of mineralisation and type of depositor class of deposit under consideration and to the activitythey undertake. If the Competent Person is estimatingor supervising the estimation of Mineral Resources,the relevant experience must be in the estimation,assessment and evaluation of Mineral Resources. Ifthe Competent Person is estimating or supervising theestimation of Mineral Reserves, the relevant experiencemust be in the estimation, assessment and evaluationof Mineral Reserves. Persons called upon to sign as aCompetent Person must be clearly satisfied in theirown minds that they are able to face their peers anddemonstrate competence in the commodity, type ofdeposit and situation under consideration.A Mineral Resource is a concentration (or occurrence)of material of economic interest in or on the earth’scrust in such form, quality and quantity that there arereasonable and realistic prospects for eventual economicextraction. The location, quantity, grade, continuity andother geological characteristics of a Mineral Resourceare known, estimated from specific geological evidenceand knowledge, or interpreted from a well-constrainedand portrayed geological model. Mineral Resources aresubdivided, in order of increasing confidence in respectof geoscientific evidence, into Inferred, Indicated andMeasured categories.An Inferred Mineral Resource is that part of a MineralResource for which tonnage, grade and mineral content canbe estimated with a low level of confidence. It is inferred fromgeological evidence and assumed but not verified geologicaland/or grade continuity. It is based on information gatheredthrough appropriate techniques from locations such asoutcrops, trenches, pits, workings and drill holes that maybe limited or of uncertain quality and reliability.An Indicated Mineral Resource is that part of aMineral Resource for which tonnage, densities, shape,physical characteristics, grade and mineral content canbe estimated with a reasonable level of confidence. It isbased on exploration, sampling and testing informationgathered through appropriate techniques from locationssuch as outcrops, trenches, pits, workings and drill holes.The locations are too widely or inappropriately spaced toconfirm geological and/or grade continuity but are spacedclosely enough for continuity to be assumed.A Measured Mineral Resource is that part of a MineralResource for which tonnage, densities, shape, physicalcharacteristics, grade and mineral content can beestimated with a high level of confidence. It is based ondetailed and reliable exploration, sampling and testinginformation gathered through appropriate techniques fromlocations such as outcrops, trenches, pits, workings anddrill holes. The locations are spaced closely enough toconfirm geological and grade continuity.A Mineral Reserve is the economically mineable materialderived from a Measured and/or Indicated MineralResource. It is inclusive of diluting materials and allowsfor losses that may occur when the material is mined.Appropriate assessments, which may include feasibilitystudies, have been carried out, including considerationof, and modification by, realistically assumed mining,metallurgical, economic, marketing, legal, environmental,social and government factors. These assessmentsdemonstrate at the time of reporting that extraction isreasonably justified. Mineral Reserves are subdividedin order of increasing confidence into Probable MineralReserves and Proved Mineral Reserves.A Probable Mineral Reserve is the economically mineablematerial derived from a Measured and/or Indicated MineralResource. It is estimated with a lower level of confidencethan a Proved Mineral Reserve. It is inclusive of dilutingmaterials and allows for losses that may occur when thematerial is mined. Appropriate assessments, which mayinclude feasibility studies, have been carried out, includingconsideration of, and modification by, realistically assumedmining, metallurgical, economic, marketing, legal,environmental, social and governmental factors. Theseassessments demonstrate at the time of reporting thatextraction is reasonably justified.A Proved Mineral Reserve is the economically mineablematerial derived from a Measured Mineral Resource. It isestimated with a high level of confidence. It is inclusiveof diluting materials and allows for losses that may occurwhen the material is mined. Appropriate assessments,which may include feasibility studies, have been carried out,including consideration of and modification by realisticallyassumed mining, metallurgical, economic, marketing,legal, environmental, social and governmental factors.These assessments demonstrate at the time of reportingthat extraction is reasonably justified.www.implats.co.za 50 Implats Mineral Resource and Mineral Reserve Statement 2010