Kinross Gold Corporation (TSX:K; NYSE:KGC) today provided updates
on its development projects, exploration program and its estimated
mineral reserves and resources. (This news release contains
forward-looking information about expected financial and operating
performance of the Company. All mineral reserves and mineral
resources, as well as mine life disclosures, are estimates. All
dollar amounts are expressed in U.S. dollars, unless otherwise
noted)
Development projects:
- Tasiast 24k:
Proceeding on schedule and on budget to increase throughput to
21,000 t/d by year-end 2021 and 24,000 t/d by mid-2023.
- Chulbatkan:
Completed acquisition of a high-quality and prospective project,
and commenced a substantial exploration drilling program with the
goal of adding to the current 3.9 million Au oz. indicated resource
base by year-end.
- La Coipa Restart:
Proceeding with the project that is expected to generate an
internal rate of return1 (IRR) of 28% and net present value1, 2
(NPV) of $118 million based on a $1,200/oz. gold price and $17/oz.
silver price.
- Fort Knox Gilmore:
Proceeding on schedule and on budget, with stacking on the new heap
leach pad expected to commence in Q4 2020.
Exploration and Mineral Reserves and
Resources3 update:
- Company added 7.7 million ounces to
measured and indicated mineral resources in 2019, a 28%
year-over-year increase, mainly due to the acquisition of
Chulbatkan, and additions of 1.2 million Au oz. at
Lobo-Marte, 1.1 million Au oz. at
Paracatu, 568 Au koz. at Bald
Mountain and 553 Au koz. at Round
Mountain.
- Paracatu added 828
Au koz. to mineral reserve estimates, more than offsetting
depletion in 2019.
- Mineral reserve additions at
Chirano, which more than offset depletion, and at
Kupol, extended mine life by one year to 2022 and
2024, respectively.
- In 2020, Kinross is prioritizing
exploration drilling at several operations, including Kupol,
Chulbatkan and Chirano, as the Company continues to focus on
opportunities for mineral resource and reserve additions.
____________1 After tax and incremental to
estimated reclamation costs, of which the majority will be deferred
to the end of the project. Corporate income tax expense is not
expected to be payable at $1,200/oz. gold price in Chile as a
result of the use of existing tax losses and the Company expects to
recover approximately $20 million existing VAT credits through the
project’s life.2 Based on a 5% discount rate.3 See also Kinross’
Annual Mineral Reserve and Mineral Resource Statement, estimated as
at December 31, 2019, and explanatory notes starting at page
16.
CEO commentaryJ. Paul
Rollinson, President and CEO, made the following comments in
relation to Kinross’ development projects:
“We achieved key project and exploration
milestones in 2019 to strengthen our portfolio and future
production profile. Significant additions to mineral reserve and
resource estimates at Paracatu improved the mine’s long-term
production outlook and offset depletion, while the mineral reserve
additions from our exploration programs at Kupol and Chirano
extended mine life at both operations by one year. The Tasiast 24k
project is proceeding on plan, while at the same time, the mine
continues to achieve record operational results due to the Phase
One expansion. The Fort Knox Gilmore project is on schedule to
start stacking on the new heap leach pad in Q4 2020.
“We are excited about our newly acquired
high-quality Chulbatkan project, which we expect to be a
substantial open pit, heap leach mine. The project has a strong
base case and good upside potential, and we have a substantial
drilling program planned for 2020 with the goal of adding to its
resource estimates by year-end. We are also proceeding with the La
Coipa Restart project, which has strong economics, adds to our
production profile, and provides the option to continue studying
opportunities in the area.”
Development projects
Tasiast 24k project
The 24k project continues to advance well and
remains on budget and on schedule to increase throughput capacity
to 21,000 t/d by the end of 2021 and then to 24,000 t/d by
mid-2023.
Stripping continues on plan, detailed
engineering is largely complete, and procurement and contracting
activities are well underway. The construction team has mobilized
to site and initial debottlenecking work in the processing plant
has commenced, along with construction activities related to the
installation of a power plant.
The Company signed the $300 million project
financing for Tasiast with the IFC (a member of the World Bank
Group), Export Development Canada, and two commercial banks on
December 16, 2019. The first funding draw from the loan, which is
non-recourse to Kinross, is expected later in Q1 2020.
Chulbatkan
On January 16, 2020, the Company completed the
acquisition of the high-quality Chulbatkan project in Russia.
Chulbatkan has upside potential and is expected to be a
substantial, open pit gold mine with low costs. The project
currently has a large, near-surface, relatively high grade
estimated mineral resource. The deposit is heap leachable and has
potential for additional high-grade structures. Mineralization is
open along strike and at depth, and is highly continuous.
The Company’s initial mineral resource estimate
does not include results from the confirmatory drilling program,
which includes one hole that has encountered a potential high-grade
structure within the existing mineral resource. Infill drilling and
studies are planned this year to update the high-grade portion of
the known resource with the goal of defining and further extending
the resource base at year-end 2020.
Kinross has also commenced a $10 million
exploration drilling program within the under-explored, highly
prospective 120 sq. km license area, which has numerous untested
potential targets and several structural environments analogous to
the Chulbatkan deposit. Multiple downstream placer gold occurrences
also indicate additional hard rock source mineralization may be
found within the license area. As well, numerous surface rock
samples with grades greater than 1 g/t have been collected outside
of the defined resource area.
Company to proceed with La Coipa Restart
project
The Company is proceeding with the La Coipa
Restart project in Chile based on a feasibility study (FS) that
contemplates leveraging existing infrastructure to mine the Phase 7
deposit.
The open pit project is expected to produce a
total of approximately 690 Au eq. koz. from 2022 to 2024 at a cost
of sales of $575 per Au eq. oz. Initial capital costs are expected
to be approximately $225 million, with pre-stripping scheduled to
begin in late 2020. Approximately $45 million of the initial
capital costs are expected to be spent in 2020, with the remainder
spent in 2021.
Production is expected to start in Q1 2022,
strengthening Kinross’ portfolio and production profile and
allowing the Company to maintain optionality to continue studying
potential upside opportunities in the area.
La Coipa project feasibility study
highlights4 |
Life of mine production (thousand Au eq. oz.) |
690 |
Life of mine ore processed (million tonnes) |
10.9 |
Average grade processed (Au eq. g/t) |
2.9 |
Strip ratio (2020 - 2024) |
5.0 |
Strip ratio (2022 - 2024) |
2.8 |
Average production cost of sales (per Au eq. oz.) |
$575 |
Average all-in sustaining costs5 (per Au eq. oz.) |
$670 |
Average recovery rate Au |
75% |
Average recovery rate Ag |
60% |
Average processing cost (per tonne) |
$21.10 |
Average mining cost (per tonne mined) (2022 - 2024) |
$2.66* |
Life of mine average G&A costs (per tonne processed) |
$6.47 |
Initial capital costs (million) (2020 - 2021) |
$225 |
Sustaining capital (million) (2022 - 2024) |
$25** |
*excludes 2020 - 2021 pre-stripping costs which are included in
initial capital costs**excludes sustaining capitalized
stripping
____________4 Based on a $1,200 per ounce gold
price and $17 per ounce silver price assumptions and $65/bbl oil
price assumption and 725 Chilean peso to the U.S. dollar.5
Throughout this news release, forecast site-level all-in sustaining
cost excludes corporate overhead costs. This is a non-GAAP measure
and is not defined under IFRS. Refer to “Reconciliation of non-GAAP
financial measures” section in the Company’s MD&A as at
December 31, 2019 and for the year then ended.
The project is expected to generate an IRR1 of 28% and NPV1,2 of
$118 million based on a $1,200/oz. gold price and $17/oz. silver
price, and an IRR1 of 42% and NPV1, 2 of $194 million based on a
$1,500/oz. gold price and $17.50/oz. silver price.
La Coipa gold and silver price sensitivity
estimates |
|
$1,200/oz. Au$17/oz. Ag |
$1,400/oz. Au$18/oz. Ag |
$1,600/oz. Au$19/oz. Ag |
$1,800/oz. Au$20/oz. Ag |
IRR1 |
28% |
39% |
50% |
59% |
|
|
|
|
|
NPV1, 2 |
$118 million |
$177 million |
$233 million |
$290 million |
The project plan includes refurbishing the
existing process plant, camp and other infrastructure, as well as
the mine fleet from the Maricunga operation that has recently been
placed on care and maintenance. All major permits required to
proceed with La Coipa Phase 7 are in place.
La Coipa initial capital costs (2020 –
2021) |
($ millions) |
Direct plant refurbishments |
60 |
|
Mining fleet and infrastructure |
20 |
|
EPCM, indirects, operational readiness, and other |
50 |
|
Contingency |
40 |
|
Pre-stripping |
55 |
|
Total |
225 |
|
The Puren6 deposit, which was included as part
of the initial pre-feasibility study, was not incorporated into the
project FS as a joint venture agreement has not been finalized. The
Company will continue to explore opportunities to incorporate
adjacent deposits with existing mineral reserves and resources,
particularly Puren, Coipa Norte and Can Can, into the La Coipa mine
plan with the goal of extending mine life. This includes conducting
further technical studies, assessing permitting requirements, and
continuing commercial discussions.
See Appendix A (Figure 1) for La Coipa cross
section.
____________6 Kinross has a 65% interest in
Puren.
La Coipa Mineral Reserve and Resource estimates3 –
Gold |
|
Tonnage(Mt) |
Grade(Au g/t) |
Ounces (Au koz.) |
Proven and Probable Reserves |
|
|
|
Phase 7 |
10.9 |
1.5 |
539 |
Puren |
3.9 |
1.8 |
229 |
|
|
|
|
Total |
14.8 |
1.6 |
768* |
Measured and Indicated Resources |
|
|
|
Phase 7 |
2.4 |
1.6 |
124 |
Catalina |
3.6 |
2.9 |
328 |
Coipa Norte |
5.2 |
1.3 |
211 |
Can Can |
2.2 |
2.1 |
142 |
Puren |
1.6 |
1.4 |
73 |
Other |
1.1 |
2.1 |
77 |
|
|
|
|
Total |
16.0 |
1.9 |
955* |
Inferred Resources |
2.1 |
1.5 |
101 |
*Totals may not fully add up due to
rounding.
La Coipa Mineral Reserve and Resource estimates3 –
Silver |
|
Tonnage(Mt) |
Grade(Ag g/t) |
Ounces (Ag koz.) |
Proven and Probable Reserves |
|
|
|
Phase 7 |
10.9 |
96.3 |
33,748 |
Puren |
3.9 |
31.1 |
3,857 |
|
|
|
|
Total |
14.8 |
79.2 |
37,605* |
Measured and Indicated Resources |
|
|
|
Phase 7 |
2.4 |
64.7 |
4,945 |
Catalina |
3.6 |
68.7 |
7,885 |
Coipa Norte |
5.2 |
33.5 |
5,586 |
Can Can |
2.2 |
39.3 |
2,721 |
Puren |
1.6 |
96.7 |
4,904 |
Other |
1.1 |
26.3 |
960 |
|
|
|
|
Total |
16.0 |
52.5 |
27,002* |
Inferred Resources |
2.1 |
43.1 |
2,890 |
*Totals may not fully add up due to
rounding.
The pre-feasibility study (PFS) at
Lobo-Marte is proceeding as planned and is
scheduled to be completed mid-year. The PFS is based on the concept
of commencing Lobo-Marte production after the conclusion of mining
at Phase 7 and other potential opportunities at adjacent La Coipa
deposits.
Fort Knox Gilmore
The Fort Knox Gilmore project
continues to progress on schedule and on budget, with initial
Gilmore ore encountered in Q4 2019 and stacked on the existing
Walter Creek heap leach pad. Stripping advanced as planned during
the quarter and is expected to continue throughout 2020. Completion
of the new Barnes Creek heap leach pad, where 95% of Gilmore ore is
expected to be stacked, and related pumping and piping
infrastructure, remains on target for completion in Q4 2020.
Procurement for all planned 2020 activities is largely complete and
the project is ready to recommence construction activities in the
spring.
Paracatu asset optimization program
The Paracatu asset optimization program that
commenced in 2018 was completed in late 2019 with the successful
implementation of a comprehensive grade control program. The
results of the program include better characterization of the
orebody, an improved ability to predict and react to ore
variability, and improvements in throughput and recovery. In
addition, as a result of a focus on continuous improvement
programs, the site is benefiting from improved mining and
processing costs and increased overall productivity. Lastly, site
water management activities, the addition of renewable power
sources with the acquisition of two hydroelectric power plants in
2018, and the continued successful tailings reprocessing project,
have further contributed to improved site performance. A newly
updated resource model has resulted in the addition of
approximately 828 Au koz. to estimated mineral reserves, more than
offsetting 2019 depletion of 705 Au koz. Measured and indicated
resources also increased by approximately 1.1 million Au oz., or
35%, compared with 2018.
The Company intends to file a new Paracatu
Technical Report in March 2020 that incorporates the above
mentioned new information.
Paracatu Mineral Reserve and Mineral Resource
estimates3 |
|
2018(Au koz) |
Depletion(Au koz) |
Engineering (Au koz) |
2019* (Au koz) |
Proven and ProbableReserves |
7,938 |
(705) |
828 |
8,060 |
Measured andIndicated Resources |
3,013 |
0 |
1,061 |
4,073 |
Inferred Resources |
350 |
0 |
18 |
368 |
* Totals may not fully add up due to rounding
2019 Mineral Reserves and Mineral Resources
update(See also the Company’s detailed Annual Mineral
Reserve and Mineral Resource Statement estimated as at December 31,
2019 and explanatory notes starting at page 19.)
In preparing the Company’s 2019 year-end mineral
reserve and mineral resource estimates as of December 31, 2019,
Kinross has maintained its conservative gold price assumptions of
$1,200 per ounce for mineral reserves and $1,400 per ounce for
mineral resources. Kinross continued to focus on estimated higher
margin, lower cost ounces, and maintained its fully-loaded costing
methodology.
Proven and Probable Mineral
Reserves3
Kinross’ total proven and probable gold reserve
estimate was 24.3 million Au oz. at year-end 2019 compared with
25.5 million Au oz. at year-end 2018. The net year-over-year
decrease was mainly due to depletion and was largely offset by
additions at Paracatu, Kupol and Chirano.
At Paracatu, approximately 828 Au koz. was added
to estimated mineral reserves and more than offset depletion of 705
Au koz. The reserve addition was primarily as a result of an
enhanced understanding of the orebody and engineering changes to
the mine plan, as drilling data from the past two years was
incorporated into the resource model.
The 327 Au koz. mineral reserve addition at
Kupol largely offset depletion of 344 Au koz. and added one year of
mine life to 2024. At Chirano, the 320 Au koz. mineral reserve
addition from exploration more than offset depletion of 207 Au koz.
and added one year of mine life to 2022.
Measured and Indicated Mineral
Resources3
Kinross’ total estimated measured and indicated
mineral resources at year-end 2019 increased by 7.7 million Au oz.,
or 28%, to 35.5 million Au oz. compared with 27.8 million Au oz. at
year-end 2018. The increase was mainly due to the acquisition of
the high-quality Chulbatkan deposit in Russia, which added 3.9
million Au oz. in estimated indicated resources. Exploration and
engineering changes also added to estimated measured and indicated
mineral resources and include net additions of:
- 1.2 million Au oz. at Lobo-Marte
- 1.1 million Au oz. at Paracatu
- 568 Au koz. at Bald Mountain
- 553 Au koz. at Round Mountain
Inferred Mineral
Resources3
Kinross’ total estimated inferred gold resources
at year-end 2019 were approximately 5.9 million Au oz., compared
with 6.5 million ounces at year-end 2018. The net decrease was
primarily a result of a conversion of estimated inferred ounces to
indicated resources at Round Mountain, partially offset by
exploration additions at Chirano and gains at Lobo-Marte due to
engineering changes.
Kinross Gold Mineral Reserve and Mineral Resource
estimates3 |
|
2018(Au koz) |
Acquisitions (Au koz) |
Depletion(Au koz) |
Exploration(Au koz) |
Engineering(Au koz) |
2019* (Au koz) |
Proven andProbableReserves |
25,521 |
0 |
(2,511) |
658 |
661 |
24,327 |
Measured andIndicatedResources |
27,781 |
3,908 |
(152) |
2,709 |
1,265 |
35,508 |
InferredResources |
6,540 |
79 |
(67) |
(488) |
(199) |
5,866 |
*Totals may not fully add up due to
rounding.
Exploration update
The Company’s exploration efforts continued to
focus within the footprint of existing mines during 2019. A total
of more than 280,000 metres of drilling was completed, of which
more than 50% was drilled in Russia. Exploration success in 2019
has resulted in one-year mine life extensions at Kupol to 2024 and
Chirano to 2022.
Exploration efforts added approximately 658 Au
koz. in estimated mineral reserves, before depletion, in 2019, and
2,709 Au koz. in measured and indicated mineral resources. Most of
the mineral reserve additions were at Kupol and Chirano, while the
mineral resource additions were at Bald Mountain, Fort Knox, Round
Mountain, Kettle River, Chirano and Kupol. 2019 exploration
highlights include:
- Kupol-Dvoinoye: A
total of 327 Au koz. was added to estimated mineral reserves to
largely offset depletion and 122 Au koz. from exploration was added
to estimated measured and indicated resources at Kupol, as drilling
that tested the depth and north extensions of the Kupol main vein
system yielded strong results. Drill intercepts continue to confirm
high-grade narrow-vein mineralization extending northwards and at
depths below the Kupol mine workings. As a result of continued
exploration success at Kupol and engineering optimization work at
Dvoinoye, scheduled mill production at Kupol has been extended by
another one year to 2024. During 2019, extensive regional
exploration work within the large land package around Kupol and
Dvoinoye identified targets for drill testing for 2020.
- Chirano: Drilling
continued to confirm the depth extensions at Akwaaba, Paboase and
Tano. The high-grade portions of Obra beneath the mined out pit was
extended, allowing for testing for underground mineability.
Engineering studies at Suraw identified portions of the orebody for
potential underground mining. During 2019, a total of 320 Au koz.
was added to estimated mineral reserves, 159 Au koz. to measured
and indicated resources and 118 Au koz. to inferred resources. The
additions to mineral reserves increased mine life to 2022 and the
Company continues to focus on upgrading mineral resources to
mineral reserves to further extend mine life.
- Bald Mountain: A
total of 568 Au koz. was added to measured and indicated resources,
primarily from the Top, Winrock and Redbird drilling programs.
During 2019, a number of targets were tested of which three
produced solid intercepts, including structurally controlled
mineralization with intercepts up to 30.5 metres @ 1.18 g/t Au at
256 metres depth at the ZZ Top target.
For 2020, the brownfields exploration program will follow up on
the mineralized targets identified in 2019 with infill drilling and
geologic modelling, with the goal of converting the mineralization
to estimated measured, indicated and inferred mineral
resources.
- Kupol-Dvoinoye:
Kinross expects to spend up to $22 million in 2020, with a focus on
upgrading mineral resources to reserves and exploring targets
within the “Kupol Synergy Zone of Influence.” The Kupol Synergy
Zone of Influence project (KSP) is targeting exploration in an area
that covers a radius of approximately 130 km around the Kupol plant
that would potentially be economic to mine given the close
proximity to the existing mill. These targets are expected to be
tested to delineate mineralized geometry and to better understand
mineralization.
- Chirano: The
Company is increasing exploration spending at Chirano to $10
million in 2020, compared with $8 million in 2019, to drill depth
extensions at Akwaaba, Suraw and Tano. The program also includes
the continued exploration of the high-grade extensions at the Obra
pit, with the goal of establishing underground mining. The north
extensions of Mamnao are being explored with the goal of extending
the open pit mine life, which was re-started in 2019.
- Bald Mountain:
Kinross expects to spend $7 million at Bald Mountain in 2020. The
focus at Bald is shifting from the near-mine infill drilling
program to drill testing the generative targets that were
identified in 2019. The aim is to explore for both
intrusive-related and sediment-hosted type deposits that can
deliver near-surface higher grade and/or large tonnage mineral
resources similar to the size and grade of the Top or Vantage
deposits.
- Round Mountain: A
large portion of the $6 million exploration budget allocated for
Round Mountain in 2020 will focus on drilling the Phase X deposit,
targeting high grade mineralization along the northwest trend. The
trend is interpreted as a continuation of Phase W mineralization.
Exploration will also continue in the South Caldera Rim area for
low-grade bulk tonnage volcanic hosted mineralization.
- Fort Knox: Kinross
will continue to explore the western extension of Gilmore in 2020
with the aim of adding to estimated mineral resources. The East
Wall, and brownfield targets around the Fort Knox site, including
Gil-Sourdough and the Fairbanks district targets, will also be
explored and tested in 2020.
A more detailed summary of the 2019 highlights
is presented below. Additional details may be found in the
Appendices.
“Appendix A” provides illustrations and
captions, and “Appendix B” provides drilling results and drill hole
location data corresponding to the values below.
Appendix A:
https://www.kinross.com/files/doc_downloads/2020/02/Appendix-A-Q4-YE-Exploration-Figures.pdf
Appendix
B: https://www.kinross.com/files/doc_downloads/2020/02/Appendix-B-Q4-YE-Exploration-Drill-Results.xlsx
Kupol - Dvoinoye
Exploration during 2019 at Kupol successfully
added 327 Au koz. and 4.1 Ag Moz. to estimated mineral reserves to
largely offset depletion, and 122 Au koz. and 1.5 Ag Moz. to
measured and indicated mineral resources. The reserve additions
were mainly from the NE Extension and North Extension where higher
grades and wider thickness were encountered following sublevel
development. With the additional mineral reserves, Kupol has
replaced a full year of depletion thereby extending the mine life
one year to 2024. See Appendix A (Figure 2) for a long section of
Kupol.
A total of approximately 90,100 metres was
drilled at Kupol, of which approximately 50% was to test the NE
Extension, Big Bend deeps and hanging wall mineralization. The
drilling at the Southeast Extensions also increased mineral
resources. Drilling at the Kupol Deeps and hanging wall identified
additional inferred mineral resources that will be drilled in 2020
with the goal of converting to estimated measured and indicated
mineral resources or reserves. Drilling at Moroshka added to
mineral reserves from the north and bottom south of the deposit.
Sublevel development also encountered higher than expected grades
from grade control drill holes.
During the early part of 2019, work in the Kupol
East Wedge area was discontinued due to lower grade results.
Further work at Star North indicates a promising target, and will
be explored further in 2020.
Kupol Regional Exploration
One of the main exploration objectives within
the Kupol main vein deposit is to extend mine life to potentially
bridge the gap in production between Kupol and the Chulbatkan
project. The exploration group embarked on an extensive regional
exploration program called the KSP, which is targeting the 130 km
radius around the Kupol mill. Grassroots exploration has commenced
in some of the identified target areas within the KSP and is
planned to continue through 2020 to identify key areas that will be
drilled.
Kupol Mining Licence and Kupol West Property
significant down-hole drill intercepts
Hole ID |
From |
To |
Interval(m) |
Au(g/t) |
Ag (g/t) |
KP19-1572 |
503.9 |
506.5 |
2.6 |
37.9 |
305.7 |
KW19-503 |
349.4 |
359.4 |
10.0 |
7.0 |
45.9 |
KW19-491 |
461.2 |
465.2 |
4.0 |
5.5 |
72.3 |
KW19-519 |
247.6 |
250.7 |
3.1 |
6.6 |
81.8 |
KP19-1560 |
373.3 |
375.4 |
2.1 |
7.5 |
47.2 |
KW19-519 |
195.4 |
198.0 |
2.6 |
5.3 |
96.2 |
KP19-1598 |
29.1 |
37.3 |
8.2 |
1.5 |
56.1 |
Dvoinoye
At Dvoinoye, a total of approximately 72,000
metres of drilling was completed during 2019. Most of the drilling
was carried out at Zone 37 West, Mine Dacite and the Pauk-September
South trend. Results from the Mine Dacite area and the
Pauk-September trend were encouraging, and further drilling is
expected to continue in 2020.
Dvoinoye significant down-hole drill
intercepts
Hole ID |
From |
To |
Interval(m) |
TrueWidth (m) |
Au(g/t) |
Ag (g/t) |
VO19-024 |
315.1 |
318.9 |
3.8 |
2.0 |
22.7 |
309.6 |
SP19-010 |
37.2 |
37.5 |
0.3 |
0.3 |
119.5 |
1611.6 |
VO19-037 |
340.4 |
342.6 |
2.2 |
1.0 |
29.4 |
64.0 |
PK19-015 |
271.9 |
287.5 |
15.6 |
15.6 |
1.5 |
1.1 |
VO19-026 |
355.0 |
364.0 |
9.0 |
4.5 |
4.2 |
20.6 |
VO19-028 |
350.2 |
352.8 |
2.6 |
1.3 |
14.4 |
47.4 |
VO19-022 |
343.4 |
350.6 |
7.2 |
3.5 |
4.9 |
7.9 |
VO19-056 |
306.4 |
307.3 |
0.9 |
0.9 |
17.7 |
15.3 |
VO19-034 |
327.9 |
331.5 |
3.6 |
1.5 |
7.9 |
48.6 |
VO19-034 |
357.9 |
358.5 |
0.6 |
0.3 |
33.1 |
36.7 |
Kinross is expected to spend approximately $22
million in Russia exploration in 2020. For full drill results and
explanatory notes, see Appendix B.
Kupol Mineral Reserve and Mineral Resource
estimates3 –
Gold |
|
2018(Au koz) |
Depletion(Au koz) |
Exploration &Engineering (Au koz) |
2019* (Au koz) |
Proven and ProbableReserves |
1,370 |
(344) |
327 |
1,353 |
Measured andIndicated Resources |
354 |
(9) |
151 |
496 |
Inferred Resources |
458 |
(3) |
34 |
489 |
*Totals may not fully add up due to rounding.
Kupol Mineral Reserve and Mineral Resource estimates3 –
Silver |
|
2018(Ag koz) |
Depletion(Ag koz) |
Exploration &Engineering (Ag koz) |
2019* (Ag koz) |
Proven and ProbableReserves |
15,102 |
(3,353) |
4,089 |
15,838 |
Measured andIndicated Resources |
4,923 |
(108) |
1,845 |
6,661 |
Inferred Resources |
5,770 |
(53) |
898 |
6,615 |
*Totals may not fully add up due to rounding.
Chirano
In 2019, exploration activities continued to
demonstrate the strong potential of the known lode horizon and
other promising west splay structures, and enhanced the
prospectivity of the under-explored Bibiani style of mineralization
to the north and east. The additions to mineral reserves at Chirano
in 2019 increased mine life to 2022.
Approximately 34,000 metres were drilled at
Paboase, Akwaaba, Tano, Obra and Mamnao North in 2019. A total of
320 Au koz. were added to mineral reserves, with a large portion of
the addition obtained from Akwaaba. The other areas that added to
mineral reserves were Paboase, Akoti, Suraw and Tano. See Appendix
A for long section of Chirano (Figure 3), and illustrations of
Akwaaba and Obra pits (Figures 4 and 5).
In addition, 159 Au koz. were added to measured
and indicated resources and 118 Au koz. to inferred resources.
These ounces were added mostly from Obra, where drilling under the
mined-out pit in 2019 returned high grade zones with good widths.
The Company will continue to explore this area in 2020, both along
strike and down dip.
Chirano Mineral Reserve and Mineral Resource
estimates3 |
|
2018(Au koz) |
Depletion(Au koz) |
Exploration &Engineering (Au koz) |
2019* (Au koz) |
Proven and ProbableReserves |
415 |
(207) |
320 |
528 |
Measured andIndicated Resources |
765 |
0 |
159 |
924 |
Inferred Resources |
325 |
0 |
118 |
443 |
* Totals may not fully add up due to rounding
Drilling continued at Mamnao North on the main
mineralized lode trending north and to the west of the main lode. A
moderate width higher-grade western splay shoot intersected one of
the holes returning 24.8 metres @ 1.63 g/t Au, (True width),
including 13.9 metres @ 2.15g/t Au. This structure bends westward
and coincides with local networks of shears, which dilates and
pinches. Due to these results, drill testing over a strike length
of 250 metres is planned for 2020. For full drill results and
explanatory notes, see Appendix B.
The 2020 exploration budget at Chirano was
increased to $10.0 million to explore the potential to further
extend mine life.
Chirano significant down-hole drill
intercepts
Hole ID |
From |
To |
Interval(m) |
TrueWidth (m) |
Au(g/t) |
CHDD2712UG |
198.0 |
231.7 |
33.7 |
25.4 |
3.5 |
including |
198 |
206 |
8.0 |
6.0 |
5.7 |
CHDD2713UG |
221 |
237.95 |
16.95 |
11.8 |
7.1 |
CHDD2793UG |
278.9 |
312.3 |
33.4 |
23.0 |
3.5 |
including |
295.8 |
306.15 |
10.35 |
7.12 |
6.8 |
CHRC2751D |
598.0 |
648.7 |
50.7 |
36.0 |
5.4 |
including |
631.0 |
642.4 |
11.4 |
8.1 |
8.8 |
CHRC2759D |
543.4 |
602.9 |
59.5 |
51.5 |
1.6 |
including |
598.5 |
602.85 |
4.4 |
3.8 |
4.3 |
CHRC2773D |
491.0 |
539.0 |
48.0 |
45.0 |
1.8 |
CHDD2705UG |
208.7 |
235.4 |
26.7 |
18.3 |
4.7 |
including |
222.0 |
234.3 |
12.3 |
8.4 |
9.1 |
CHDD2724UG |
197.0 |
217.0 |
20.0 |
15.5 |
6.6 |
including |
198.0 |
208.5 |
10.5 |
8.1 |
9.1 |
Bald Mountain
Exploration at Bald Mountain focused on two
primary initiatives in 2019: generative exploration work and
near-mine resource additions. A total of approximately 50,000
metres was drilled in 2019. Near-mine exploration target areas
included the Redbird, Top, Winrock, Duke, Galaxy and Gator resource
areas through which a total of 568 Au koz. was added to estimated
mineral resources. See Appendix A for map of Bald Mountain (Figure
6).
During 2019 there was an increased focus on
generative exploration for which a total of 13 target areas were
tested and significant field work was completed on 11 additional
pipeline targets. Three of the drill target areas produced
encouraging intercepts. The ZZ Top target continued to define
structural controlled mineralization with intercepts up to 30.5
metres @ 1.18 g/t Au at 256 metres depth. This target is deep and
mineralization is constrained to a small structural volume. A
target north of the Galaxy resource provided the most encouraging
results, with mineralization up to 59.4 metres @ 1.08 g/t Au and
13.7 metres @ 1.17 g/t Au along an open trend. This is a northeast
steep structure controlling mineralized dike and breccia. For full
drill results and explanatory notes, see Appendix B.
Bald Mountain significant down-hole drill
intercepts
Hole ID |
From |
To |
Interval(m) |
Au(g/t) |
WRD19-018 |
157.6 |
167.2 |
9.7 |
15.8 |
WP19-026 |
102.1 |
161.5 |
59.4 |
1.1 |
WR19-013 |
150.9 |
163.1 |
12.2 |
2.6 |
WR19-014 |
149.4 |
160.0 |
10.7 |
3.4 |
WR19-014 |
164.6 |
184.4 |
19.8 |
1.8 |
RBD19-018 |
100.3 |
121.6 |
21.3 |
2.3 |
RBD19-017 |
114.0 |
153.6 |
39.6 |
0.7 |
ZZ19-006 |
117.3 |
143.3 |
25.9 |
0.9 |
Including |
121.9 |
123.4 |
1.5 |
3.0 |
Including |
131.1 |
135.6 |
4.6 |
1.6 |
Bald Mountain Mineral Reserve and Mineral Resource
estimates3 |
|
2018(Au koz) |
Depletion(Au koz) |
Exploration &Engineering (Au koz) |
2019* (Au koz) |
Proven and ProbableReserves |
1,347 |
(173) |
102 |
1,277 |
Measured andIndicated Resources |
3,294 |
0 |
568 |
3,862 |
Inferred Resources |
845 |
0 |
(37) |
808 |
*Totals may not fully add up due to rounding.
Fort Knox
Exploration continued to focus on mineralization
extensions of the Fort Knox ore body. A total of 7,300 metres of
drilling was completed during 2019, mainly focusing on the western
crest of the pit. The results were encouraging and resulted in the
addition of 229 Au koz. in measured and indicated resources. During
2019, a ground gravity survey was completed from Fort Knox to
Gil-Sourdough to understand the geological settings of the area for
future exploration work. Kinross plans to continue to conduct
exploration and resource conversion drilling at Fort Knox,
Gil-Sourdough, and the Fairbanks District in 2020. For full drill
results and explanatory notes, see Appendix B.
Fort Knox significant down-hole drill
intercepts
Hole ID |
From |
To |
Interval(m) |
Au(g/t) |
FFC19-1792 |
264.1 |
281.9 |
17.8 |
2.2 |
FFC19-1786 |
291.1 |
297.2 |
6.1 |
5.6 |
FFC19-1787 |
399.3 |
403.9 |
4.6 |
6.3 |
FFC19-1785 |
268.2 |
269.7 |
1.5 |
11.5 |
FFC19-1786 |
304.8 |
312.4 |
7.6 |
2.0 |
FFC19-1788 |
411.5 |
420.6 |
9.1 |
1.4 |
FFC19-1789 |
149.4 |
152.4 |
3 |
4.1 |
FFC19-1789 |
242.3 |
246.9 |
4.6 |
2.7 |
Fort Knox Mineral Reserve and Mineral Resource
estimates3 |
|
2018(Au koz) |
Depletion(Au koz) |
Exploration &Engineering (Au koz) |
2019* (Au koz) |
Proven and ProbableReserves |
3,036 |
(258) |
23 |
2,801 |
Measured andIndicated Resources |
1,797 |
0 |
229 |
2,026 |
Inferred Resources |
808 |
(46) |
11 |
774 |
*Totals may not fully add up due to rounding.
Curlew Basin Project (Kettle River)
During 2018, drilling at the Curlew Basin
Project was re-focused to targets within and around the Curlew
district and Kettle area due to increased mine rehabilitation
requirements in the Curlew Basin. The 2019 program, therefore,
focused on the Curlew district and generative targets. A total of
7,800 metres of drilling was completed during 2019 and the holes
within Curlew generally had gold grades above 3 g/t Au in
significant veining or brecciation. The Company is investigating
underground drilling to further explore the targets to capture and
model the high-grade vein sets in the deposit. In 2019, 162 Au koz.
was added to estimated measured and indicated resources. For full
drill results and explanatory notes, see Appendix B.
Curlew Basin Project significant down-hole drill
intercepts
Hole ID |
From |
To |
Interval(m) |
TrueWidth (m) |
Au(g/t) |
1036 |
561.4 |
566.3 |
4.9 |
4.6 |
4.5 |
1042 |
9.4 |
11.6 |
2.1 |
2.0 |
4.4 |
1042 |
101.8 |
103.8 |
2.0 |
1.6 |
8.3 |
including |
101.8 |
102.5 |
0.7 |
0.6 |
10.3 |
1046 |
163.4 |
167.1 |
3.7 |
2.6 |
10.8 |
including |
165.5 |
166.0 |
0.5 |
0.4 |
27.4 |
RP1902 |
233.4 |
238.6 |
5.2 |
4.4 |
17.5 |
including |
236.1 |
238.0 |
1.9 |
1.6 |
43.4 |
RP1902 |
248.3 |
250.7 |
2.3 |
1.5 |
9.9 |
including |
249.4 |
250.7 |
1.3 |
0.8 |
26.7 |
Kettle River Mineral Reserve and Mineral Resource
estimates3 |
|
2018(Au koz) |
Depletion(Au koz) |
Exploration &Engineering (Au koz) |
2019* (Au koz) |
Proven and ProbableReserves |
0 |
0 |
0 |
0 |
Measured andIndicated Resources |
0 |
0 |
162 |
162 |
Inferred Resources |
0 |
0 |
86 |
85 |
*Totals may not fully add up due to rounding.
Round Mountain
Round Mountain completed a total of 14,000
metres of drilling at Phase S (south pit layback), Phase X
(northwest continuation of Phase W mineralization) and within the
South Caldera Rim. The conversion of 565 Au koz. of inferred
mineral resources to measured and indicated resources was the
result of the 2019 drilling program at Phase S, in the southeast
part of the Round Mountain pit. Exploration is expected to continue
to explore the extensions in Phase X in 2020 and for a Round
Mountain-type mineralization within the South Caldera Rim. For full
drill results and explanatory notes, see Appendix B.
Round Mountain significant down-hole drill
intercepts
Hole ID |
From |
To |
Interval(m) |
Au(g/t) |
D-1045 |
207.3 |
208.8 |
1.5 |
245.0 |
D-1029 |
175.3 |
219.5 |
44.2 |
8.4 |
EH-11030 |
157.0 |
221.0 |
64.0 |
2.1 |
EH-11031 |
153.9 |
208.8 |
54.9 |
2.4 |
EH-11030 |
175.3 |
193.5 |
18.3 |
4.5 |
D-1046 |
679.7 |
731.5 |
51.8 |
1.4 |
including |
679.7 |
681.2 |
1.5 |
16.5 |
including |
688.8 |
694.9 |
6.1 |
4.0 |
D-1028A |
193.5 |
248.4 |
54.9 |
1.1 |
D-1030 |
146.3 |
190.5 |
44.2 |
1.23 |
Round Mountain Mineral Reserve and Mineral Resource
estimates3 |
|
2018(Au koz) |
Depletion(Au koz) |
Exploration &Engineering (Au koz) |
2019* (Au koz) |
Proven and ProbableReserves |
2,668 |
(264) |
17 |
2,421 |
Measured andIndicated Resources |
2,281 |
(10) |
565 |
2,834 |
Inferred Resources |
2,058 |
(6) |
(981) |
1,072 |
*Totals may not fully add up due to rounding.
Greenfield exploration update
In 2019, Kinross focused its greenfields
exploration program on targets in Nevada, the Abitibi region in
Quebec and Ontario, Manitoba, areas of Eastern Russia, and northern
Finland’s greenstone belts. The Company drilled approximately
21,100 metres on eight greenfields projects, six of which are in
North America.
Key components of Kinross’ focused greenfields
exploration strategy include pursuing opportunities and high margin
deposits through strategic investments and partnerships with high
quality junior exploration companies. Kinross also focuses on
fostering relationships with management teams that have a
successful track record of discovery and keeping a solid pipeline
of quality targets that demonstrate scope and scale for significant
discovery.
In North America, Kinross explored projects in
both joint venture (JV) and 100%-owned Kinross claims. Kinross and
its JV partners undertook geochemical sampling, ground and airborne
geophysical surveys and drilling programs. Indications of
mineralization and prospective targets were generated at several
projects, and first and second phase drilling programs were
undertaken in 2019. The Company and its JV partners have also
identified new opportunities in Nevada, Ontario, Manitoba, and
Finland, and are assessing potential drilling programs at these
projects for 2020.
In Canada, exploration focused on the Van Horne
property in Ontario and the Laguna property in Manitoba, both of
which are under joint venture agreements. Kinross is the operator
of both projects and plans to continue exploration work in 2020
after encouraging results in 2019.
Conference call details
In connection with the release, Kinross will
hold a conference call and audio webcast on Thursday, February 13,
2020 at 8 a.m. ET to discuss the results, followed by a
question-and-answer session. To access the call, please dial:
Canada & US toll-free – (877)
201-0168; Conference ID: 1756358 Outside of Canada &
US – +1 (647) 788-4901; Conference ID: 1756358
Replay (available up to 14 days after the call):
Canada & US toll-free – (800)
585-8367; Conference ID: 1756358 Outside of Canada &
US – +1 (416) 621-4642; Conference ID: 1756358
You may also access the conference call on a listen-only basis
via webcast at our website www.kinross.com. Theaudio webcast will
be archived on our website at www.kinross.com.
This release should be read in conjunction with
Kinross’ Q4/2019 year-end results news release, 2019 year-end
Financial Statements and Management’s Discussion and Analysis
report at www.kinross.com. Kinross’ 2019 year-end Financial
Statements and Management’s Discussion and Analysis have been filed
with Canadian securities regulators (available at www.sedar.com)
and furnished with the U.S. Securities and Exchange Commission
(available at www.sec.gov). Kinross shareholders may obtain a copy
of the financial statements free of charge upon request to the
Company.
About Kinross Gold
Corporation
Kinross is a Canadian-based senior gold mining
company with mines and projects in the United States, Brazil,
Russia, Mauritania, Chile and Ghana. Our focus is on delivering
value based on the core principles of operational excellence,
balance sheet strength, disciplined growth and responsible mining.
Kinross maintains listings on the Toronto Stock Exchange (symbol:K)
and the New York Stock Exchange (symbol:KGC).
Media Contact Louie DiazSenior
Director, Corporate Communicationsphone:
416-369-6469 louie.diaz@kinross.com
Investor Relations ContactTom
Elliott Senior Vice-President, Investor Relations and
Corporate Development phone:
416-365-3390 tom.elliott@kinross.com
2019 Annual Mineral Reserve and Resource
Statement
Proven and Probable Mineral Reserves
MINERAL RESERVE AND MINERAL RESOURCE
STATEMENT PROVEN AND
PROBABLE MINERAL RESERVES
(1,3,4,5,6,8)Kinross Gold
Corporation's Share at December 31, 2019 |
GOLD |
|
Location |
KinrossInterest |
Proven |
Probable |
Proven and Probable |
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
(%) |
(kt) |
(g/t) |
(koz) |
(kt) |
(g/t) |
(koz) |
(kt) |
(g/t) |
(koz) |
NORTH AMERICA |
Bald Mountain |
USA |
100.0 |
% |
0 |
0.0 |
0 |
63,999 |
0.6 |
1,277 |
63,999 |
0.6 |
1,277 |
Fort Knox |
USA |
100.0 |
% |
43,982 |
0.4 |
541 |
211,828 |
0.3 |
2,260 |
255,810 |
0.3 |
2,801 |
Round Mountain |
USA |
100.0 |
% |
11,101 |
0.4 |
159 |
89,737 |
0.8 |
2,262 |
100,838 |
0.7 |
2,421 |
SUBTOTAL |
55,083 |
0.4 |
700 |
365,564 |
0.5 |
5,799 |
420,647 |
0.5 |
6,499 |
SOUTH AMERICA |
La Coipa
8 |
Chile |
100.0 |
% |
368 |
0.5 |
5 |
14,398 |
1.6 |
763 |
14,766 |
1.6 |
768 |
Paracatu |
Brazil |
100.0 |
% |
549,669 |
0.4 |
7,705 |
28,354 |
0.4 |
355 |
578,023 |
0.4 |
8,060 |
SUBTOTAL |
550,037 |
0.4 |
7,710 |
42,752 |
0.8 |
1,118 |
592,789 |
0.5 |
8,828 |
AFRICA |
Chirano |
Ghana |
90.0 |
% |
1,550 |
1.2 |
58 |
5,878 |
2.5 |
470 |
7,428 |
2.2 |
528 |
Tasiast |
Mauritania |
100.0 |
% |
46,561 |
1.4 |
2,103 |
69,280 |
2.1 |
4,680 |
115,841 |
1.8 |
6,783 |
SUBTOTAL |
48,111 |
1.4 |
2,161 |
75,158 |
2.1 |
5,150 |
123,269 |
1.8 |
7,311 |
RUSSIA |
Dvoinoye |
Russia |
100.0 |
% |
1,574 |
5.0 |
252 |
250 |
10.4 |
84 |
1,824 |
5.7 |
336 |
Kupol |
Russia |
100.0 |
% |
772 |
8.3 |
207 |
4,279 |
8.3 |
1,146 |
5,051 |
8.3 |
1,353 |
SUBTOTAL |
2,346 |
6.1 |
459 |
4,529 |
8.4 |
1,230 |
6,875 |
7.6 |
1,689 |
|
TOTAL GOLD |
655,577 |
0.5 |
11,030 |
488,003 |
0.8 |
13,297 |
1,143,580 |
0.7 |
24,327 |
MINERAL RESERVE AND MINERAL RESOURCE
STATEMENT PROVEN AND
PROBABLE MINERAL RESERVES
(1,3,4,5,6,8)Kinross Gold
Corporation's Share at December 31, 2019 |
SILVER |
|
Location |
KinrossInterest |
Proven |
Probable |
Proven and Probable |
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
(%) |
(kt) |
(g/t) |
(koz) |
(kt) |
(g/t) |
(koz) |
(kt) |
(g/t) |
(koz) |
NORTH AMERICA |
Round Mountain |
USA |
100.0 |
% |
0 |
0.0 |
0 |
8,171 |
6.2 |
1,622 |
8,171 |
6.2 |
1,622 |
SUBTOTAL |
0 |
0.0 |
0 |
8,171 |
6.2 |
1,622 |
8,171 |
6.2 |
1,622 |
SOUTH AMERICA |
La Coipa
8 |
Chile |
100.0 |
% |
368 |
55.8 |
659 |
14,398 |
79.8 |
36,946 |
14,766 |
79.2 |
37,605 |
SUBTOTAL |
368 |
55.8 |
659 |
14,398 |
79.8 |
36,946 |
14,766 |
79.2 |
37,605 |
RUSSIA |
Dvoinoye |
Russia |
100.0 |
% |
1,574 |
9.1 |
460 |
250 |
15.9 |
128 |
1,824 |
10.0 |
588 |
Kupol |
Russia |
100.0 |
% |
772 |
82.6 |
2,049 |
4,279 |
100.2 |
13,789 |
5,051 |
97.5 |
15,838 |
SUBTOTAL |
2,346 |
33.3 |
2,509 |
4,529 |
95.6 |
13,917 |
6,875 |
74.3 |
16,426 |
|
TOTAL SILVER |
2,714 |
36.3 |
3,168 |
27,098 |
60.2 |
52,485 |
29,812 |
58.1 |
55,653 |
|
|
|
|
|
|
|
|
|
|
Measured and Indicated Mineral Resources
MINERAL RESERVE AND MINERAL RESOURCE
STATEMENT MEASURED AND
INDICATED MINERAL RESOURCES
(2,3,4,5,6,7,8,9)Kinross
Gold Corporation's Share at December 31, 2019 |
GOLD |
|
Location |
KinrossInterest |
Measured |
Indicated |
Measured and Indicated |
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
(%) |
(kt) |
(g/t) |
(koz) |
(kt) |
(g/t) |
(koz) |
(kt) |
(g/t) |
(koz) |
NORTH AMERICA |
Bald Mountain |
USA |
100.0 |
% |
8,556 |
0.8 |
232 |
189,548 |
0.6 |
3,630 |
198,104 |
0.6 |
3,862 |
Fort Knox |
USA |
100.0 |
% |
6,670 |
0.4 |
80 |
170,063 |
0.4 |
1,946 |
176,733 |
0.4 |
2,026 |
Kettle River |
USA |
100.0 |
% |
0 |
0.0 |
0 |
575 |
8.8 |
162 |
575 |
8.8 |
162 |
Round Mountain |
USA |
100.0 |
% |
0 |
0.0 |
0 |
119,470 |
0.7 |
2,834 |
119,470 |
0.7 |
2,834 |
SUBTOTAL |
15,226 |
0.6 |
312 |
479,656 |
0.6 |
8,572 |
494,882 |
0.6 |
8,884 |
SOUTH AMERICA |
La Coipa
8 |
Chile |
100.0 |
% |
2,611 |
2.2 |
186 |
13,388 |
1.8 |
769 |
15,999 |
1.9 |
955 |
Lobo Marte |
Chile |
100.0 |
% |
0 |
0.0 |
0 |
222,509 |
1.1 |
8,190 |
222,509 |
1.1 |
8,190 |
Maricunga |
Chile |
100.0 |
% |
35,908 |
0.8 |
937 |
209,097 |
0.7 |
4,492 |
245,005 |
0.7 |
5,429 |
Paracatu |
Brazil |
100.0 |
% |
181,341 |
0.3 |
2,001 |
163,562 |
0.4 |
2,072 |
344,903 |
0.4 |
4,073 |
SUBTOTAL |
219,860 |
0.4 |
3,124 |
608,556 |
0.8 |
15,523 |
828,416 |
0.7 |
18,647 |
AFRICA |
Chirano |
Ghana |
90.0 |
% |
4,850 |
2.0 |
306 |
8,197 |
2.3 |
618 |
13,047 |
2.2 |
924 |
Tasiast |
Mauritania |
100.0 |
% |
4,465 |
0.7 |
104 |
64,854 |
1.2 |
2,530 |
69,319 |
1.2 |
2,634 |
SUBTOTAL |
9,315 |
1.4 |
410 |
73,051 |
1.3 |
3,148 |
82,366 |
1.3 |
3,558 |
RUSSIA |
Chulbatkan
9 |
Russia |
100.0 |
% |
0 |
0.0 |
0 |
87,039 |
1.4 |
3,908 |
87,039 |
1.4 |
3,908 |
Dvoinoye |
Russia |
100.0 |
% |
5 |
5.9 |
1 |
34 |
12.7 |
14 |
39 |
11.8 |
15 |
Kupol |
Russia |
100.0 |
% |
260 |
9.7 |
82 |
1,685 |
7.6 |
414 |
1,945 |
7.9 |
496 |
SUBTOTAL |
265 |
9.7 |
83 |
88,758 |
1.5 |
4,336 |
89,023 |
1.5 |
4,419 |
|
TOTAL GOLD |
244,666 |
0.5 |
3,929 |
1,250,021 |
0.8 |
31,579 |
1,494,687 |
0.7 |
35,508 |
MINERAL RESERVE AND MINERAL RESOURCE
STATEMENT MEASURED AND
INDICATED MINERAL RESOURCES
(2,3,4,5,6,7,8)Kinross
Gold Corporation's Share at December 31, 2019 |
SILVER |
|
Location |
KinrossInterest |
Measured |
Indicated |
Measured and Indicated |
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
Tonnes |
Grade |
Ounces |
(%) |
(kt) |
(g/t) |
(koz) |
(kt) |
(g/t) |
(koz) |
(kt) |
(g/t) |
(koz) |
NORTH AMERICA |
Round Mountain |
USA |
100.0 |
% |
0 |
0.0 |
0 |
4,513 |
7.8 |
1,135 |
4,513 |
7.8 |
1,135 |
SUBTOTAL |
0 |
0.0 |
0 |
4,513 |
7.8 |
1,135 |
4,513 |
7.8 |
1,135 |
SOUTH AMERICA |
La Coipa
8 |
Chile |
100.0 |
% |
2,611 |
37.8 |
3,174 |
13,388 |
55.4 |
23,828 |
15,999 |
52.5 |
27,002 |
SUBTOTAL |
2,611 |
37.8 |
3,174 |
13,388 |
55.4 |
23,828 |
15,999 |
52.5 |
27,002 |
RUSSIA |
Dvoinoye |
Russia |
100.0 |
% |
5 |
7.0 |
1 |
34 |
11.7 |
13 |
39 |
11.0 |
14 |
Kupol |
Russia |
100.0 |
% |
260 |
135.6 |
1,135 |
1,685 |
102.0 |
5,526 |
1,945 |
106.5 |
6,661 |
SUBTOTAL |
265 |
133.1 |
1,136 |
1,719 |
100.2 |
5,539 |
1,984 |
104.6 |
6,675 |
|
TOTAL SILVER |
2,876 |
46.6 |
4,310 |
19,620 |
48.4 |
30,502 |
22,496 |
48.1 |
34,812 |
|
|
|
|
|
|
|
|
|
|
Inferred Mineral Resources
MINERAL RESERVE AND MINERAL RESOURCE
STATEMENTINFERRED MINERAL
RESOURCES
(2,3,4,5,6,7,8,9)Kinross
Gold Corporation's Share at December 31, 2019 |
GOLD |
|
|
Location |
KinrossInterest |
Inferred |
|
Tonnes |
Grade |
Ounces |
|
(%) |
(kt) |
(g/t) |
(koz) |
|
NORTH AMERICA |
|
Bald Mountain |
USA |
100.0 |
% |
47,936 |
0.5 |
808 |
|
Fort Knox |
USA |
100.0 |
% |
86,054 |
0.3 |
774 |
|
Kettle River |
USA |
100.0 |
% |
310 |
8.6 |
85 |
|
Round Mountain |
USA |
100.0 |
% |
54,217 |
0.6 |
1,072 |
|
SUBTOTAL |
188,517 |
0.5 |
2,739 |
|
SOUTH AMERICA |
|
La Coipa
8 |
Chile |
100.0 |
% |
2,084 |
1.5 |
101 |
|
Lobo Marte |
Chile |
100.0 |
% |
9,637 |
0.7 |
207 |
|
Maricunga |
Chile |
100.0 |
% |
53,133 |
0.6 |
1,044 |
|
Paracatu |
Brazil |
100.0 |
% |
47,267 |
0.2 |
368 |
|
SUBTOTAL |
112,121 |
0.5 |
1,720 |
|
AFRICA |
|
Chirano |
Ghana |
90.0 |
% |
6,165 |
2.2 |
443 |
|
Tasiast |
Mauritania |
100.0 |
% |
5,478 |
2.0 |
353 |
|
SUBTOTAL |
11,643 |
2.1 |
796 |
|
RUSSIA |
|
Chulbatkan
9 |
Russia |
100.0 |
% |
2,517 |
1.0 |
79 |
|
Dvoinoye |
Russia |
100.0 |
% |
49 |
26.8 |
43 |
|
Kupol |
Russia |
100.0 |
% |
1,520 |
10.0 |
489 |
|
SUBTOTAL |
4,086 |
4.6 |
611 |
|
|
|
TOTAL GOLD |
316,367 |
0.6 |
5,866 |
|
MINERAL RESERVE AND MINERAL RESOURCE
STATEMENTINFERRED MINERAL
RESOURCES
(2,3,4,5,6,7,8)Kinross
Gold Corporation's Share at December 31, 2019 |
SILVER |
|
|
Location |
KinrossInterest |
Inferred |
|
Tonnes |
Grade |
Ounces |
|
(%) |
(kt) |
(g/t) |
(koz) |
|
NORTH AMERICA |
|
Round Mountain |
USA |
100.0 |
% |
755 |
2.9 |
71 |
|
SUBTOTAL |
755 |
2.9 |
71 |
|
SOUTH AMERICA |
|
La Coipa
8 |
Chile |
100.0 |
% |
2,084 |
43.1 |
2,890 |
|
SUBTOTAL |
2,084 |
43.1 |
2,890 |
|
RUSSIA |
|
Dvoinoye |
Russia |
100.0 |
% |
49 |
23.0 |
37 |
|
Kupol |
Russia |
100.0 |
% |
1,520 |
135.4 |
6,615 |
|
SUBTOTAL |
1,569 |
131.8 |
6,652 |
|
|
|
TOTAL SILVER |
4,408 |
67.8 |
9,613 |
|
|
|
|
|
|
Mineral Reserve and Mineral Resource Statement
Notes
(1) Unless otherwise noted, the
Company’s mineral reserves are estimated using appropriate cut-off
grades based on an assumed gold price of $1,200 per ounce and a
silver price of $17.00 per ounce. Mineral reserves are estimated
using appropriate process recoveries, operating costs and mine
plans that are unique to each property and include estimated
allowances for dilution and mining recovery. Mineral reserve
estimates are reported in contained units and are estimated based
on the following foreign exchange rates:
Russian Rouble to $US 60 Chilean Peso to $US
650Brazilian Real to $US 3.50 Ghanaian Cedi to $US 5.00 Mauritanian
Ouguiya to $US 35 (2) Unless otherwise
noted, the Company’s mineral resources are estimated using
appropriate cut-off grades based on a gold price of $1,400 per
ounce and a silver price of $20.00 per ounce. Foreign exchange
rates for estimating mineral resources were the same as for mineral
reserves.
(3) The Company’s mineral
reserve and mineral resource estimates as at December 31, 2019 are
classified in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum (“CIM”) “CIM Definition Standards - For
Mineral Resources and Mineral Reserves" adopted by the CIM Council
(as amended, the “CIM Definition Standards”) in accordance with the
requirements of National Instrument 43-101 “Standards of Disclosure
for Mineral Projects" (“NI 43-101”). Mineral reserve and mineral
resource estimates reflect the Company's reasonable expectation
that all necessary permits and approvals will be obtained and
maintained.
(4) Cautionary note to U.S.
Investors concerning estimates of mineral reserves and mineral
resources. These estimates have been prepared in accordance with
the requirements of Canadian securities laws, which differ from the
requirements of United States’ securities laws. The terms “mineral
reserve”, “proven mineral reserve and “probable mineral
reserve” are Canadian mining terms as defined in accordance with NI
43-101 and the CIM Definition Standards. The CIM Definition
Standards differ from the definitions in the United States
Securities and Exchange Commission (“SEC”) Guide 7 (“SEC Guide 7”)
under the United States Securities Act of 1933, as
amended. Under SEC Guide 7, a “final” or “bankable” feasibility
study is required to report mineral reserves, the three-year
historical average price is used in any mineral reserve or cash
flow analysis to designate mineral reserves and the primary
environmental analysis or report must be filed with the appropriate
governmental authority. In addition, the terms “mineral resource”,
“measured mineral resource”, “indicated mineral resource” and
“inferred mineral resource” are defined in NI 43-101 and recognized
by Canadian securities laws but are not defined terms under SEC
Guide 7 or recognized under U.S. securities laws. U.S. investors
are cautioned not to assume that any part or all of mineral
deposits in these categories will ever be upgraded to mineral
reserves. “Inferred mineral resources” have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all
or any part of an “inferred mineral resource” will ever by
upgraded to a higher category. Under Canadian securities laws,
estimates of “inferred mineral resources” may not form the basis of
feasibility or pre-feasibility studies, except in rare cases. U.S.
investors are cautioned not to assume that all or any part of an
inferred mineral resource exists or is economically or legally
mineable. Accordingly, these mineral reserve and mineral resource
estimates and related information may not be comparable to similar
information made public by U.S. companies subject to the reporting
and disclosure requirements under the United States federal laws
and the rules and regulations thereunder, including SEC Guide
7.
(5) The Company's mineral
resource and mineral reserve estimates were prepared under the
supervision of and verified by Mr. John Sims, an officer of
Kinross, who is a qualified person as defined by NI
43-101.
(6) The Company’s normal data
verification procedures have been used in collecting, compiling,
interpreting and processing the data used to estimate mineral
reserves and mineral resources. Independent data verification has
not been performed.
(7) Mineral resources that are
not mineral reserves do not have to demonstrate economic viability.
Mineral resources are subject to infill drilling, permitting, mine
planning, mining dilution and recovery losses, among other things,
to be converted into mineral reserves. Due to the uncertainty
associated with inferred mineral resources, it cannot be assumed
that all or any part of an inferred mineral resource will ever be
upgraded to indicated or measured mineral resources, including as a
result of continued exploration.
(8) Includes mineral resources from
the Puren deposit in which the Company holds a 65% interest.
(9) Chulbatkan was acquired by
Kinross effective January 16, 2020.
Mineral Reserve and Mineral Resource
Definitions
A ‘Mineral Resource’ is a
concentration or occurrence of solid material of economic interest
in or on the Earth’s crust in such form, grade or quality and
quantity that there are reasonable prospects for eventual economic
extraction. The location, quantity, grade or quality, continuity
and other geological characteristics of a Mineral Resource are
known, estimated or interpreted from specific geological evidence
and knowledge, including sampling.
An ‘Inferred Mineral Resource’
is that part of a Mineral Resource for which quantity and grade or
quality are estimated on the basis of limited geological evidence
and sampling. Geological evidence is sufficient to imply but not
verify geological and grade or quality continuity. An Inferred
Mineral Resource has a lower level of confidence than that applying
to an Indicated Mineral Resource and must not be converted to a
Mineral Reserve. It is reasonably expected that the majority of
Inferred Mineral Resources could be upgraded to Indicated Mineral
Resources with continued exploration.
An ‘Indicated Mineral Resource’
is that part of a Mineral Resource for which quantity, grade or
quality, densities, shape and physical characteristics are
estimated with sufficient confidence to allow the application of
Modifying Factors in sufficient detail to support mine planning and
evaluation of the economic viability of the deposit. Geological
evidence is derived from adequately detailed and reliable
exploration, sampling and testing and is sufficient to assume
geological and grade or quality continuity between points of
observation. An Indicated Mineral Resource has a lower level of
confidence than that applying to a Measured Mineral Resource and
may only be converted to a Probable Mineral Reserve.
A ‘Measured Mineral Resource’
is that part of a Mineral Resource for which quantity, grade or
quality, densities, shape, and physical characteristics are
estimated with confidence sufficient to allow the application of
Modifying Factors to support detailed mine planning and final
evaluation of the economic viability of the deposit. Geological
evidence is derived from detailed and reliable exploration,
sampling and testing and is sufficient to confirm geological and
grade or quality continuity between points of observation. A
Measured Mineral Resource has a higher level of confidence than
that applying to either an Indicated Mineral Resource or an
Inferred Mineral Resource. It may be converted to a Proven Mineral
Reserve or to a Probable Mineral
Reserve.
A ‘Mineral Reserve’ is the economically mineable
part of a Measured and/or Indicated Mineral Resource. It includes
diluting materials and allowances for losses, which may occur when
the material is mined or extracted and is defined by studies at
Pre-Feasibility or Feasibility level as appropriate that include
application of Modifying Factors. Such studies demonstrate that, at
the time of reporting, extraction could reasonably be justified.
The reference point at which Mineral Reserves are defined, usually
the point where the ore is delivered to the processing plant, must
be stated. It is important that, in all situations where the
reference point is different, such as for a saleable product, a
clarifying statement is included to ensure that the reader is fully
informed as to what is being reported. The public disclosure of a
Mineral Reserve must be demonstrated by a Pre-Feasibility Study or
Feasibility Study.
A ‘Probable Mineral Reserve’ is
the economically mineable part of an Indicated, and in some
circumstances, a Measured Mineral Resource. The confidence in the
Modifying Factors applying to a Probable Mineral Reserve is lower
than that applying to a Proven Mineral Reserve.
A ‘Proven Mineral Reserve’ is
the economically mineable part of a Measured Mineral Resource. A
Proven Mineral Reserve implies a high degree of confidence in the
Modifying Factors.
Cautionary statement on forward-looking
information
All statements, other than statements of
historical fact, contained or incorporated by reference in this
news release including, but not limited to, any information as to
the future financial or operating performance of Kinross,
constitute “forward-looking information” or “forward-looking
statements” within the meaning of certain securities laws,
including the provisions of the Securities Act (Ontario) and the
provisions for “safe harbor” under the United States Private
Securities Litigation Reform Act of 1995 and are based on
expectations, estimates and projections as of the date of this news
release. Forward-looking statements contained in this news release,
include, but are not limited to, those under the headings (or
headings that include) “Development Projects”, “CEO Commentary”,
“Exploration and Mineral Reserves and Resources update” and “2019
Mineral Reserves and Resources update”, “Exploration update” as
well as statements with respect to our guidance for production,
production costs of sales, all-in sustaining cost and capital
expenditures; the schedules and budgets for the Company’s
development projects; mine life; and continuous improvement
initiatives, as well as references to other possible events, the
future price of gold and silver, the timing and amount of estimated
future production, costs of production, capital expenditures, costs
and timing of the development of projects and new deposits,
estimates and the realization of such estimates (such as mineral or
gold reserves and resources or mine life), success of exploration,
development and mining, currency fluctuations, capital
requirements, project studies, mine life extensions, government
regulation permit applications and conversions, restarting
suspended or disrupted operations; environmental risks and
proceedings; and resolution of pending litigation. The words
“advance”, “continue”, “encouraging”, “estimates”, “expects”,
“explore”, “forecast”, “focus”, “goal”, “intend”, “objective”, “on
budget”, “on schedule”, “on target”, “on track”,
“opportunity”, “plan”, “potential”, “prioritize”,
“promising”, “prospective”, “schedule”, “target”, “upside” or
variations of or similar such words and phrases or statements that
certain actions, events or results may, could, should or will be
achieved, received or taken, or will occur or result and similar
such expressions identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable by
Kinross as of the date of such statements, are inherently subject
to significant business, economic and competitive uncertainties and
contingencies. The estimates, models and assumptions of Kinross
referenced, contained or incorporated by reference in this news
release, which may prove to be incorrect, include, but are not
limited to, the various assumptions set forth herein and in our
Management’s Discussion and Analysis (“MD&A”) for the year
ended December 31, 2019, and the Annual Information Form dated
March 29, 2019 as well as: (1) there being no significant
disruptions affecting the operations of the Company, whether due to
extreme weather events (including, without limitation, excessive or
lack of rainfall, in particular, the potential for further
production curtailments at Paracatu resulting from insufficient
rainfall and the operational challenges at Fort Knox and Bald
Mountain resulting from excessive rainfall, which can impact costs
and/or production) and other or related natural disasters, labour
disruptions (including but not limited to workforce reductions),
supply disruptions, power disruptions, damage to equipment, pit
wall slides (in particular that the effects of the pit wall slides
at Fort Knox and Round Mountain are consistent with the Company’s
expectations) or otherwise; (2) permitting, development, operations
and production from the Company’s operations and development
projects being consistent with Kinross’ current expectations
including, without limitation: the maintenance of existing permits
and approvals and the timely receipt of all permits and
authorizations necessary for the operation of the Tasiast Phase One
expansion, and the development and operation of the 24k Project;
operation of the SAG mill at Tasiast; land acquisitions and
permitting for the construction and operation of the new tailings
facility, water and power supply and continued operation of the
tailings reprocessing facility at Paracatu; and the
parliamentary ratification of the Chirano mining permit in a manner
consistent with the Company’s expectations; (3) political and legal
developments in any jurisdiction in which the Company operates
being consistent with its current expectations including, without
limitation, the impact of any political tensions and uncertainty in
the Russian Federation and Ukraine or any related sanctions and any
other similar restrictions or penalties imposed, or actions taken,
by any government, including but not limited to amendments to the
mining laws, and potential power rationing and tailings facility
regulations in Brazil, potential amendments to water laws and/or
other water use restrictions and regulatory actions in Chile, new
dam safety regulations, and potential amendments to minerals and
mining laws and energy levies laws, and the enforcement of labour
laws in Ghana, new regulations relating to work permits, potential
amendments to customs and mining laws (including but not limited to
amendments to the VAT) and the pending implementation of revisions
to the tax code in Mauritania, and satisfactory resolution of the
discussions with the Mauritanian government regarding the Company’s
activities in Mauritania including those related to Tasiast Sud,
VAT and fuel duty exonerations and the sharing of economic benefits
from the operation, the European Union’s General Data Protection
Regulation or similar legislation in other jurisdictions and
potential amendments to and enforcement of tax laws in Russia
(including, but not limited to, the interpretation, implementation,
application and enforcement of any such laws and amendments
thereto), and the impact of any trade tariffs being consistent with
Kinross’ current expectations; (4) the completion of studies,
including optimization studies, scoping studies and prefeasibility
and feasibility studies, on the timelines currently expected and
the results of those studies being consistent with Kinross’ current
expectations, including the completion of the La Coipa feasibility
study and the Lobo-Marte pre-feasibility study; (5) the exchange
rate between the Canadian dollar, Brazilian real, Chilean peso,
Russian rouble, Mauritanian ouguiya, Ghanaian cedi and the U.S.
dollar being approximately consistent with current levels; (6)
certain price assumptions for gold and silver; (7) prices for
diesel, natural gas, fuel oil, electricity and other key supplies
being approximately consistent with current levels; (8) production
and cost of sales forecasts for the Company meeting expectations;
(9) the accuracy of the current mineral reserve and mineral
resource estimates of the Company (including but not limited to ore
tonnage and ore grade estimates), mine plans for the Company’s
mining operations, and the Company’s internal models; (10) labour
and materials costs increasing on a basis consistent with Kinross’
current expectations; (11) the terms and conditions of the legal
and fiscal stability agreements for the Tasiast and Chirano
operations being interpreted and applied in a manner consistent
with their intent and Kinross’ expectations and without material
amendment or formal dispute (including without limitation the
application of tax, customs and duties exemptions and royalties);
(12) goodwill and/or asset impairment potential; (13) the
regulatory and legislative regime regarding mining, electricity
production and transmission (including rules related to power
tariffs) in Brazil being consistent with Kinross’ current
expectations; (14) access to capital markets, including but not
limited to maintaining our current credit ratings consistent with
the Company’s current expectations; (15) that the Brazilian power
plants will operate in a manner consistent with our current
expectations; (16) that drawdown of funds under the Tasiast project
financing will proceed in a manner consistent with our current
expectations; (17) potential direct or indirect operational impacts
resulting from infectious diseases or pandemics; and (18)
litigation and regulatory proceedings and the potential
ramifications thereof being concluded in a manner consistent with
the Company’s expectations (including without limitation the
ongoing litigation in Chile relating to the alleged damage of
wetlands and the scope of any remediation plan or other
environmental obligations arising therefrom ,the ongoing litigation
with the Russian tax authorities regarding dividend withholding tax
and the ongoing Sunnyside litigation regarding potential CERCLA
liability). Known and unknown factors could cause actual results to
differ materially from those projected in the forward-looking
statements. Such factors include, but are not limited to: sanctions
(any other similar restrictions or penalties) now or subsequently
imposed, other actions taken, by, against, in respect of or
otherwise impacting any jurisdiction in which the Company is
domiciled or operates (including but not limited to the Russian
Federation, Canada, the European Union and the United States), or
any government or citizens of, persons or companies domiciled in,
or the Company’s business, operations or other activities in, any
such jurisdiction; fluctuations in the currency markets;
fluctuations in the spot and forward price of gold or certain other
commodities (such as fuel and electricity); changes in the discount
rates applied to calculate the present value of net future cash
flows based on country-specific real weighted average cost of
capital; changes in the market valuations of peer group gold
producers and the Company, and the resulting impact on market price
to net asset value multiples; changes in various market variables,
such as interest rates, foreign exchange rates, gold or silver
prices and lease rates, or global fuel prices, that could impact
the mark-to-market value of outstanding derivative instruments and
ongoing payments/receipts under any financial obligations; risks
arising from holding derivative instruments (such as credit risk,
market liquidity risk and mark-to-market risk); changes in national
and local government legislation, taxation (including but not
limited to income tax, advance income tax, stamp tax, withholding
tax, capital tax, tariffs, value-added or sales tax, capital
outflow tax, capital gains tax, windfall or windfall profits tax,
production royalties, excise tax, customs/import or export
taxes/duties, asset taxes, asset transfer tax, property use or
other real estate tax, together with any related fine, penalty,
surcharge, or interest imposed in connection with such taxes),
controls, policies and regulations; the security of personnel and
assets; political or economic developments in Canada, the United
States, Chile, Brazil, Russia, Mauritania, Ghana, or other
countries in which Kinross does business or may carry on business;
business opportunities that may be presented to, or pursued by, us;
our ability to successfully integrate acquisitions and complete
divestitures; operating or technical difficulties in connection
with mining or development activities; employee relations;
litigation or other claims against, or regulatory investigations
and/or any enforcement actions, administrative orders or sanctions
in respect of the Company (and/or its directors, officers, or
employees) including, but not limited to, securities class action
litigation in Canada and/or the United States, environmental
litigation or regulatory proceedings or any investigations,
enforcement actions and/or sanctions under any applicable
anti-corruption, international sanctions and/or anti-money
laundering laws and regulations in Canada, the United States or any
other applicable jurisdiction; the speculative nature of gold
exploration and development including, but not limited to, the
risks of obtaining necessary licenses and permits; diminishing
quantities or grades of reserves; adverse changes in our credit
ratings; and contests over title to properties, particularly title
to undeveloped properties. In addition, there are risks and hazards
associated with the business of gold exploration, development and
mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and
gold bullion losses (and the risk of inadequate insurance, or the
inability to obtain insurance, to cover these risks). Many of these
uncertainties and contingencies can directly or indirectly affect,
and could cause, Kinross’ actual results to differ materially from
those expressed or implied in any forward-looking statements made
by, or on behalf of, Kinross, including but not limited to
resulting in an impairment charge on goodwill and/or assets. There
can be no assurance that forward-looking statements will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements.
Forward-looking statements are provided for the purpose of
providing information about management’s expectations and plans
relating to the future. All of the forward-looking statements made
in this news release are qualified by this cautionary statement and
those made in our other filings with the securities regulators of
Canada and the United States including, but not limited to, the
cautionary statements made in the “Risk Analysis” section of our
MD&A for the year ended December 31, 2019 and the Annual
Information Form dated March 29, 2019. These factors are not
intended to represent a complete list of the factors that could
affect Kinross. Kinross disclaims any intention or obligation to
update or revise any forward-looking statements or to explain any
material difference between subsequent actual events and such
forward-looking statements, except to the extent required by
applicable law.
Other information
Where we say "we", "us", "our", the "Company",
or "Kinross" in this presentation, we mean Kinross Gold Corporation
and/or one or more or all of its subsidiaries, as may be
applicable.
The technical information about the Company’s
mineral properties contained in this presentation has been prepared
under the supervision of Mr. John Sims, an officer of the Company
who is a “qualified person” within the meaning of National
Instrument 43-101.
Source Code: Kinross Gold Corporation
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