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Mineral Reserves & Resources
On February 24, 2010, Breakwater released its 2009 mineral reserve and mineral resource estimates to the public and this excerpt should be read in conjunction with that news release.
The mineral reserves at December 31, 2009 were estimated to total 18.5 million tonnes grading 6.7% zinc resulting in an 8% increase year-over-year. Specifically, mineral reserves at Mochito increased by 56% due to gains from diamond drilling and the discovery of new deposits. Measured and indicated mineral resource estimates totaled 22.0 million tonnes grading 7.8% zinc, a 5% increase over 2009 primarily due to an increase at Mochito. Inferred mineral resources have been estimated to total 11.6 million tonnes, representing a 4% increase year-over-year.
|
Proven Mineral Reserves |
|
|
December 31, 2009 |
December 31, 2008 |
|
|
Tonnes
(000’s) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Ag
(g/t) |
Au
(g/t) |
Tonnes
(000’s) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Ag
(g/t) |
Au
(g/t) |
|
Mochito |
1,083 |
5.8 |
3.4 |
- |
107 |
- |
347 |
5.1 |
3.2 |
- |
107 |
- |
|
Toqui |
807 |
6.5 |
0.3 |
- |
8 |
4.4 |
661 |
7.3 |
0.2 |
- |
5.0 |
3.6 |
|
Myra Falls |
5,369 |
4.9 |
0.5 |
0.9 |
44 |
1.3 |
5,422 |
5.0 |
0.5 |
0.9 |
44 |
1.2 |
|
Langlois |
1,469 |
8.7 |
- |
0.5 |
38 |
0.1 |
1,469 |
8.7 |
- |
0.5 |
38 |
0.1 |
|
Total |
8,728 |
5.8 |
- |
- |
- |
- |
7,899 |
5.9 |
- |
- |
- |
- |
|
|
|
Probable Mineral Reserves |
|
|
December 31, 2009 |
December 31, 2008 |
|
|
Tonnes
(000’s) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Ag
(g/t) |
Au
(g/t) |
Tonnes
(000’s) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Ag
(g/t) |
Au
(g/t) |
|
Mochito |
2,773 |
4.7 |
2.0 |
- |
52 |
- |
2,117 |
5.2 |
2.2 |
- |
59 |
- |
|
Toqui |
2,517 |
7.2 |
0.3 |
- |
9 |
2.3 |
2,682 |
7.1 |
0.5 |
0.1 |
13 |
2.4 |
|
Myra Falls |
865 |
6.2 |
0.6 |
1.1 |
42 |
1.6 |
876 |
6.5 |
0.6 |
1.1 |
44 |
1.6 |
|
Langlois |
3,626 |
10.1 |
- |
0.7 |
48 |
0.1 |
3,626 |
10.1 |
- |
0.7 |
48 |
0.1 |
|
Total |
9,781 |
7.5 |
- |
- |
- |
- |
9,301 |
7.8 |
- |
- |
- |
- |
|
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|
Proven and Probable Mineral Reserves |
|
|
December 31, 2009 |
December 31, 2008 |
|
|
Tonnes
(000’s) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Ag
(g/t) |
Au
(g/t) |
Tonnes
(000’s) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Ag
(g/t) |
Au
(g/t) |
|
Mochito |
3,856 |
5.0 |
2.4 |
- |
68 |
- |
2,464 |
5.2 |
2.3 |
- |
66 |
- |
|
Toqui |
3,324 |
7.0 |
0.3 |
- |
9 |
2.8 |
3,343 |
7.1 |
0.4 |
0.1 |
11 |
2.6 |
|
Myra Falls |
6,234 |
5.1 |
0.5 |
0.9 |
44 |
1.3 |
6,298 |
5.2 |
0.5 |
0.9 |
44 |
1.3 |
|
Langlois |
5,095 |
9.7 |
- |
0.6 |
45 |
0.1 |
5,095 |
9.7 |
- |
0.6 |
45 |
0.1 |
|
Total |
18,509 |
6.7 |
- |
- |
- |
- |
17,200 |
6.9 |
- |
- |
- |
- |
|
Measured Mineral Resources* |
|
|
December 31, 2009 |
December 31, 2008 |
|
|
Tonnes
(000’s) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Ag
(g/t) |
Au
(g/t) |
Tonnes
(000’s) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Ag
(g/t) |
Au
(g/t) |
|
Mochito |
1,152 |
6.8 |
3.7 |
- |
118 |
- |
350 |
6.1 |
3.6 |
- |
120 |
- |
|
Toqui |
1,004 |
7.6 |
0.2 |
- |
7 |
3.8 |
942 |
8.3 |
0.2 |
- |
4 |
2.7 |
|
Myra Falls |
5,610 |
6.6 |
0.6 |
1.2 |
57 |
1.6 |
5,838 |
6.7 |
0.6 |
1.2 |
57 |
1.6 |
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Langlois |
2,398 |
9.4 |
- |
0.6 |
41 |
0.1 |
2,398 |
9.4 |
- |
0.6 |
41 |
0.1 |
|
Total |
10,164 |
7.4 |
- |
- |
- |
- |
9,528 |
7.5 |
- |
- |
- |
- |
|
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Indicated Mineral Resources* |
|
|
December 31, 2009 |
December 31, 2008 |
|
|
Tonnes
(000’s) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Ag
(g/t) |
Au
(g/t) |
Tonnes
(000’s) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Ag
(g/t) |
Au
(g/t) |
|
Mochito |
3,050 |
5.5 |
2.3 |
- |
60 |
- |
2,185 |
6.2 |
2.7 |
- |
69 |
- |
|
Toqui |
3,644 |
8.1 |
0.4 |
- |
11 |
1.9 |
3,983 |
8.0 |
0.5 |
0.1 |
14 |
1.9 |
|
Myra Falls |
911 |
8.2 |
0.8 |
1.4 |
56 |
2.1 |
961 |
8.3 |
0.8 |
1.4 |
54 |
2.1 |
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Langlois |
4,261 |
10.4 |
- |
0.7 |
51 |
0.1 |
4,261 |
10.4 |
- |
0.7 |
51 |
0.1 |
|
Total |
11,866 |
8.3 |
- |
- |
- |
- |
11,390 |
8.6 |
- |
- |
- |
- |
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Measured and Indicated Mineral Resources* |
|
|
December 31, 2009 |
December 31, 2008 |
|
|
Tonnes
(000’s) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Ag
(g/t) |
Au
(g/t) |
Tonnes
(000’s) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Ag
(g/t) |
Au
(g/t) |
|
Mochito |
4,202 |
5.9 |
2.7 |
- |
76 |
- |
2,535 |
6.2 |
2.8 |
- |
76 |
- |
|
Toqui |
4,648 |
8.0 |
0.4 |
- |
10 |
2.3 |
4,925 |
8.1 |
0.4 |
0.1 |
12 |
2.1 |
|
Myra Falls |
6,521 |
6.8 |
0.6 |
1.2 |
57 |
1.7 |
6,799 |
6.9 |
0.6 |
1.2 |
57 |
1.7 |
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Langlois |
6,659 |
10.0 |
- |
0.7 |
47 |
0.1 |
6,659 |
10.0 |
- |
0.7 |
47 |
0.1 |
|
Total |
22,030 |
7.8 |
- |
- |
- |
- |
20,918 |
8.1 |
- |
- |
- |
- |
* Includes proven and probable reserves but excludes inferred resources
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Inferred Mineral Resources
|
|
|
December 31, 2009 |
December 31, 2008 |
|
|
Tonnes
(000’s) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Ag
(g/t) |
Au
(g/t) |
Tonnes
(000’s) |
Zn
(%) |
Pb
(%) |
Cu
(%) |
Ag
(g/t) |
Au
(g/t) |
|
Mochito |
3,330 |
4.5 |
2.1 |
- |
46 |
- |
2,372 |
4.3 |
2.3 |
- |
55 |
- |
|
Toqui |
3,545 |
7.7 |
0.4 |
- |
15 |
1.0 |
3,994 |
7.3 |
0.5 |
0.1 |
16 |
1.0 |
|
Myra Falls |
3,172 |
8.1 |
0.9 |
1.1 |
110 |
2.3 |
3,196 |
8.2 |
0.9 |
1.1 |
110 |
2.3 |
|
Langlois |
1,543 |
8.0 |
- |
0.5 |
44 |
0.1 |
1,543 |
8.0 |
- |
0.5 |
44 |
0.1 |
|
Total |
11,590 |
6.9 |
- |
- |
- |
- |
11,105 |
7.0 |
- |
- |
- |
- |
For the December 31, 2009 mineral reserve and mineral resource estimates, metal prices, including premiums, used to determine economic viability were US$1.00/lb. zinc, C$/US$ exchange rate of 1.12, US$700/oz. gold, US$12.55/oz. silver, US$2.66/lb. copper and US$0.83/lb. lead. The metal prices used represent the approximate historical five year average for each metal from 2005 to 2009.
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