7/27/2019 BIND Completion of competent persons report.pdf
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BINDURA NICKEL CORPORATION LIMITED
(Incorporated and registered in Zimbabwe with limited liability
under Certificate of Registration
number 552/66 and Certificates of Change of Name dated 22 June
1979)
Directors: K.K. Mpinga (Chairman) (DRC), D.E.H. Murangari
(Managing Director), J.P. Arthur,
O.M. Chidawu, N.Kudenga, B. Manhando, T. Mashungupa, M.A.
Masunda,
Alternate Director: I.S. Cochrane
Address: Trojan Nickel Mine, Trojan Mine Road, Bindura,
Zimbabwe
COMPLETION OF COMPETENT PERSONS REPORT AND 28%
INCREASE IN ORE RESERVES AT TROJAN NICKEL MINE
Bindura Nickel Corporation Limited (BNC or the Company) is
pleased to announce the
completion of a competent persons review by SRK Consulting (UK)
Limited (SRK) of its
Business Plan for the re-start of operations at Trojan Mine. SRK
reviewed the updated mine
plan targeting the higher grade ore zones in the early years of
production at Trojan. The
report is independent confirmation that the plan is realistic
and achievable and enables BNC
to update its Ore Reserves statement to total reserves of
3.168Mt at an average grade of
1.04% for 32,975 tonnes of nickel, a 28% increase to the
previously reported Trojan
reserves as at 31 March 2010 of 25,810 tonnes of contained
nickel.
The table below presents BNCs latest Mineral Resource and Ore
Reserve Statements for
Trojan as at 30 June 2013, audited by SRK and reported in
accordance with the JORC Code.
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Table 1: SRK Audited Mineral Resource and Ore Reserve Statement
at 30 June
2013
Ore Reserve Mineral Resource
Tonnage Grade Nickel Tonnage Grade Nickel
Category (kt) (%) (t) Category (kt) (%) (t)
Proved 2,166 0.89 19,254 Measured 2,235 1.01 22,572
Probable 1,002 1.37 13,721 Indicated 1,946 1.52 29,583
Total 3,168 1.04 32,975 Sub-total 4,181 1.25 52,155
Inferred 4,038 1.63 65,817
Total 8,219 1.44 117,971
(1) Ore Reserves are reported as delivered to the concentrator
and exclude all metallurgical recoveries.(2) Mineral Resources are
stated inclusive of Ore Reserves.(3) Ore Reserves are restricted to
37L and above.(4) Mineral Resource and Ore Reserve depleted for
actual mining during April to June 2013.
BNCs Business Plan is based on the exploitation of the Measured,
Indicated and Inferred
Resources on and above 49L which are projected to support mining
for some 10 years. The
construction of the infrastructure required to access deeper
levels has already commenced.
SRK has reviewed the Business Plan for the re-start of
operations at Trojan and considers
the plan to be both realistic and achievable. SRK has also
reviewed the production schedule
on which the Trojan Business Plan is based and while this
incorporates a portion of Inferred
material, and therefore has a higher element of risk than if
this was not the case, considers
this to have been appropriately derived from the Mineral
Resource model.
An off-take agreement has been signed with Glencore which gives
clarity on the revenue
assumptions made going forward. SRK is satisfied that the terms
of this have been
appropriately reflected in the BNC Business Plan.
BNC has developed operating costs from first principles and
using experience from previous
operating history at the mine, processing and administration
facilities. SRK has reviewed the
operating and capital cost assumptions and considers these to
have been developed in a
thorough manner and to be reasonable for the purposes of the
Trojan Business Plan.
By Order of the Board
C.F. Mukanganga
Company Secretary
7 October 2013
