Projects

Gramalote - Colombia

Certain portions of the following information are derived from and are based on the assumptions, qualifications and procedures set out in the technical report entitled “NI 43-101 Technical Report on Resources, Gramalote Project, Providencia Colombia” dated June 8, 2012 (the “Gramalote Technical Report”) prepared under the supervision of Donald E. Hulse, P.E., a Qualified Person as defined in NI 43-101. For a more detailed overview of the Gramalote property, please refer to the technical report noted above, which is available on SEDAR at www.sedar.com.

Property Description and Location

The Gramalote property is located approximately 230 kilometres northwest of the Colombian capital of Bogota and approximately 80 kilometres northeast of Medellin, the regional capital of the Department of Antioquia. AngloGold and B2Gold have a 51% and 49% interest, respectively in the Gramalote property. AngloGold is the manager of the joint venture project. The Gramalote property area is covered by 17 contiguous claim blocks totalling 35,322.174 hectares. The claims presently include 16 registered concession contracts totalling 25,909.266 hectares and one integrated and registered mining concession contract totalling 9,412.90 hectares. The claims are registered, or are in the process of being registered, in the name of Gramalote (Colombia) Limited, the Colombian branch of Gramalote Limited that has been formed to hold all of the Gramalote mineral claims.

Attributable Measured and Indicated Mineral Resources 1,2,3

Zone

Tonnes

Grade g/t Au

Ounces Au

Kg Au

Measured Mineral Resources

 

 

Gramalote Central

14,210,000

0.79

359,000

11,200

Indicated Mineral Resources

Gramalote Central

48,540,000

0.59

919,000

28,600

Monjas West

2,290,000

0.55

41,000

1,300

Subtotal

50,830,000

0.59

960,000

29,900

Total Measured and Indicated Resources

65,040,000

0.63

1,319,000

41,000

 

Attributable Inferred Mineral Resources 1,2,3,4

Zone

Tonnes

Grade g/t Au

Ounces Au

Kg Au

Gramalote Central

62,200,000

0.43

852,000

26,500

Monjas West

11,530,000

0.59

218,000

6,800

Trinidad

43,720,000

0.41

578,000

18,000

Total Inferred Resources

117,450,000

0.44

1,648,000

51,300

Notes:

(1)     Mineral Resources are constrained within a pit shell and reported above a cut-off grade of 0.15 g/t gold which was calculated using current project cost estimates and a gold price of $1,500 per ounce.

(2)     Attributable Mineral Resources are stated at our 49% ownership of the Gramalote Project. 

(3)     Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

(4)     Due to the uncertainty that may be attached to Inferred Mineral Resources it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an indicated or measured Mineral Resource category as a result of ongoing exploration.

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