Technical Report for the Maricunga Gold Mine - Kinross Gold

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Kinross Gold CorporationMaricunga Mine Technical ReportTable 17-12: Measured and Indicated Mineral ResourcesDeposit Class Ore Tonnes Grade Gold Ounces(x 1,000) (Au g/t) (x 1,000)Verde Measured 19,335 0.73 456Indicated 26,987 0.71 619M&I 46,322 0.72 1,075Pancho Measured 7,585 0.52 128Indicated 57,549 0.58 1,071M&I 65,134 0.57 1,198Total 111,456 0.63 2,274The Maricunga deposits also host an Inferred Mineral Resource of 134.71 million tonnesaveraging 0.56 g/tonne Au at the same $525 US per ounce gold price. Pancho hosts 132.90million tonnes averaging 0.56 g/tonne Au and Verde hosts 1.81 million tonnes averaging0.66 g/tonne Au.17.7 Considerations for ReservesIt is Kinross policy that resource estimates for open pit mine projects are reported withinoptimized or designed pit shells at assumed gold prices that represent reasonable, long-termprice projections. Final pit designs have been completed for both Verde and Pancho and asa result, only Proven and Probable Reserves are reported.17.8 Mineral Reserve EstimateKinross Technical Services (KTS) completed the pit optimization for defining the 2007yearend Mineral Resource and Mineral Reserve estimates. Mineral reserves are reportedwithin actual pit designs while the resources are reported inside optimized pit shells. Theresults as of December 31, 2007 are summarized and presented in Table 17-13.The Verde reserve change reflects a higher gold price in conjunction with a new resourcemodel. The increase at Pancho is the result of modifications to the resource model, entirelyrevised costs as of September 30, 2007 and the application of the SART process. Moredetails on the costs and parameters used for defining the reserves are described in thesection below (Section 17.9 Pit Optimizations).90
Kinross Gold CorporationMaricunga Mine Technical ReportTable 17-13: Proven and Probable Mineral ReservesDeposit Class Ore Tonnes Grade Gold Ounces(x 1,000) (Au g/t) (x 1,000)Verde Proven 71,071 0.85 1,947Probable 32,409 0.74 7722P 103,480 0.82 2,719Pancho Proven 106,627 0.71 2,436Probable 69,395 0.58 1,2902P 176,022 0.66 3,726Total 279,502 0.72 6,44517.9 Pit Optimizations17.9.1 VerdeThe Verde block model was updated to reflect the change in topographic surface for 2007.A Mining Cost Adjustment Factor (MCAF) was also included to take into account theincreased haul distance as the pit will get deeper. The base mining cost used was $1.00 pertonne with an added $0.016 for longer ore haul to crusher and waste dump. Sustainingcapital for leach pad development was also included ($0.26 per tonne).Optimization parameters used in Whittle optimization software are presented in Table 17-14.17.9.2 PanchoPancho ore has variable operating costs, gold recoveries and copper grade. The geologicalblock model contains attributes for copper grade, cyanide soluble grade and ore type. AProcess Cost Adjustment Factor based on cyanide soluble copper grade but considering theapplication of the SART process was defined to optimize the block model. Using 2007 costsand the test work completed in the SART Feasibility Study the following formulas werederived for the different ore types.Oxide Process +G&A costs = $3.752Mixed and Sulphide Process +G&A costs = 3.116 + 0.0037*Cu Soluble (ppm) + 1.116 * Cu Soluble (ppm) ^ -0.11291
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Technical Report for the Maricunga Gold Mine - Kinross Gold

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