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Alluvial
1) Used to identify unconsolidated or clay-like materials deposited over time by moving water.
2) Used to describe a strata of material that constitutes a concession, i.e. relating to the Brisas alluvial concession.
Andesite
A volcanic rock of intermediate composition. It is fine-grained and contains 55 to 60 percent silica.
Archean
An era in geologic time covering the early part of Precambrian time.
Assay
An analysis performed on a rock sample to determine its metal content.
auger hole
Drilling with a bit designed to drill unconsolidated material. The material is forced to the surface for examination using water or compressed air. Typically faster and cheaper than core drilling.
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ball mill
A steel cylinder partially filled with steel balls into which crushed ore is fed. The ball mill is rotated, causing the balls to cascade and grind the ore.
Batholith
A mass of igneous rock with a surface area greater than 100 square kilometers.
Bolivar
The basic monetary unit of the Republic of Venezuela. As of February 17, 2000, 661 Bolivares equaled approximately one U.S. Dollar.
breccia
A clastic rock in which angular fragments are surrounded by a fine-grained matrix or minerals cement.
Brisas
Compania Aurifera Brisas del Cuyuni, C.A., a Venezuelan corporation and the subsidiary of the Company that owns the Brisas property.
Brisas alluvial concession
The mining title granted to Brisas in 1988 by the Ministry of Energy and Mines to explore and commercially develop gold contained in alluvial material on the Brisas property.
Brisas hardrock concession
The mining title granted to Brisas by the MEM to explore and commercially develop and mine gold, copper and molybdenum contained in the veta or vein material on the Brisas property.
Brisas property
The Brisas alluvial concession, the Brisas hardrock concession, other applications for mineralization in the material contained in the alluvial concession (primarily nominal values of copper and silver) and other mineralization (primarily gold, copper and molybdenum) on small land parcels contiguous to the existing alluvial and hardrock concessions.
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commercially mineable ore body
A mineral deposit that contains ore reserves that may be mined economically.
concentrate
A finely ground product of the milling process, containing a high percentage of valuable metal, which is typically sent to a smelter for further processing.
concession
A privilege, license or mining title granted by the Ministry of Energy and Mines, to explore and, if warranted, produce minerals from a specified property.
core
The long cylindrical piece of rock, in varying diameters, brought to surface by core or diamond drilling.
core drilling
Drilling (also referred to as diamond drilling) with a hollow bit, which has a diamond-cutting rim, and produces a cylindrical core used for geologic study and assays. Such drilling is used in exploration and development activities to determine the location, orientation and magnitude of a mineral deposit.
Corporación Venezolana de Guayana (CVG)
A Venezuelan government-owned entity formed to foster industrial development and to explore and develop mineral resources in the Guayana region of Venezuela including the State of Bolivar.
Cyanidation
A method of extracting gold or silver from a crushed or ground ore by dissolving it in a weak cyanide solution.
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development
Work carried out for the purpose of opening up a mineral deposit and making the actual ore extraction possible.
development drilling
Drilling done to more accurately measure the quantity of minerals contained in a deposit after exploration drilling.
development stage
A period of time during the life span of a mine wherein activities related to the preparation of a deposit for extraction, prior to construction, are conducted.
diamond drill
A rotary type of rock drill that cuts a core of rock that is recovered in long cylindrical sections, two centimeters or more in diameter.
dilution
Waste rock that is, by necessity, removed along with the ore in the mining process, subsequently lowering the average grade of the ore processed.
dip
The angle at which a vein, structure or rock bed is inclined from the horizontal as measured at right angles to the strike.
doré
Unparted gold and silver poured into molds when molten to form buttons or bars. Further refining is necessary to separate the gold and silver.
drift
A horizontal underground opening that follows along the length of a vein or rock formation as opposed to a crosscut which crosses the rock formation.
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environmental impact statement (EIS)
A report, compiled prior to a production decision that examines the effects of proposed mining activities on the natural surroundings.
exploration
Work involved in searching for ore, including sampling, assaying, drilling or driving a drift.
exploration drilling
Drilling performed in searching for ore.
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feasibility study
An analysis and compilation of technical and economic data with the objective of proving the economic and technical feasibility of the project. Prepared to support a production decision on a proposed mining and milling operation.
flotation
A process for concentrating minerals based on the selective adhesion of certain minerals to air bubbles in a mixture of water and ground up ore. When the right chemicals are added to a frothy water bath of ore that has been ground to the consistency of talcum powder, the minerals will float to the surface. The metal rich flotation concentrate is then skimmed off the surface.
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geophysical survey
Indirect methods of investigating the subsurface geology using the applications of physics including electric, gravimetric, magnetic, electromagnetic, seismic, and radiometric principles.
gold
equivalent Gross value of copper at a stated value per pound divided by the gross price of gold at a stated value per ounce.
Gold Reserve de Venezuela C.A., (GLDRV)
A Venezuelan corporation and a foreign subsidiary of the Company. GLDRV was organized in September 1992 to manage the exploration and development activities on the Brisas property.
grade
The relative quantity or the percentage of ore-mineral content in an ore body, i.e. grams of gold per tonne or percent of copper per tonne.
gravity separation Recovery of gold from crushed rock or gravel using gold’s high specific gravity to separate it from the lighter material.
Guayana Shield
A large area of exposed basement rocks in central and eastern Venezuela comprised of Precambrian rocks.
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hardrock
Solid rock underlying an alluvial deposit. Also referred to as bedrock.
hectare
A metric measurement of area equivalent to 10,000 square meters or 2.4711 acres.
high grade
Rich ore. As an adjective, it refers to selective mining of the best ore in a deposit.
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igneous
Rocks formed by the cooling and solidifying of magma.
Imataca Forest Reserve
A 3.6 million hectare area of tropical forest located in the State of Bolivar in southeastern Venezuela that was set aside as an environmentally protected region by the Venezuelan government in the 1960’s. The Company’s Brisas property is located in an area within the reserve which was previously designated for mining activities.
indicated resource
The estimated quantity and grade of that part of a deposit for which the continuity of grade, together with the extent and shape, are so well-established that a reliable grade and tonnage estimate can be made.
inferred resource
The estimated quantity and grade of a deposit, or a part thereof, that is determined on the basis of limited sampling, but for which there is sufficient geological information and a reasonable understanding of the continuity and distribution of metal values to outline a deposit of potential economic merit.
intrusive
Rock which while molten penetrated into or between other rocks, but solidified before reaching the surface.
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Kilometer 88 mining district (KM 88)
An area in the State of Bolivar in southeastern Venezuela containing significant alluvial and hardrock deposits. The Company's Brisas property is located in this district.
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Las Cristinas
Gold and copper properties which are north of and contiguous to the Brisas property and are owned by the Government of Venezuela and operated by CVG and Crystallex International.
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measured resource
The estimated quantity and grade of that part of a deposit for which size, configuration, and grade have been very well-established by observation and sampling of outcrops, drill holes, trenches, and mine workings.
metamorphism
Rock of sedimentary or igneous origin that has been altered by high temperature and/or pressure.
mill
A processing plant where ore is crushed and ground, usually to fine powder, and the metals are extracted by physical and/or chemical means. Output from a mill usually requires further processing in a smelter or refining to produce pure metal.
mineral
A naturally occurring homogeneous substance having fixed physical properties and chemical composition and, if formed under favorable conditions, a defined crystal form.
mineral resource
A deposit or concentration of natural, solid, inorganic or fossilized organic substance in such quantity and at such grade or quality that extraction of the material at a profit is currently or potentially possible.
mineralization
The presence of economic minerals in a specific area or geological formation.
Ministry of Energy and Mines (MEM)
Venezuelan governmental entity, which exercises supervisory jurisdiction over the Brisas property and the Company's activities thereon.
molybdenum
An element (Mo), usually in the form of molybdenite, primarily used in alloys and lubricants.
monzonite
A medium to coarse-ground intrusive rock containing less than 20% quartz.
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open pit
A mine that is entirely on surface. Also referred to as open-cut or open-cast mine.
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possible reserve
The estimated quantity and grade of that part of an inferred resource that are determined from limited sample data for which geology, grade continuity, and operating parameters are based, to a large extent, on reasonable extrapolations, assumptions, and interpretations. A possible reserve does not stand alone, and must be an extension or addition to probable or proven reserves. Also, a possible reserve may not be used in an economic analysis or feasibility study.
Precambrian
All geologic time before 570 million years ago
pre-feasibility report
A preliminary analysis and compilation of technical and economic data conducted to determine whether the Company should proceed with the feasibility study.
probable reserve
The estimated quantity and grade of that part of an indicated resource for which the economic viability has been demonstrated by adequate information on engineering operating and legal factors, at a confidence level that will allow positive decisions on major expenditures.
Proterozoic
That part of the Precambrian time represented by rocks in which traces of life appear or the younger part of Precambrian time.
proven reserve
The estimated quantity and grade of that part of a measured resource for which the size, grade and distribution of values, together with technical and economic factors, are so well-established that there is the highest degree of confidence in the estimate. The term should be restricted to that part of a deposit being mined, or being developed and for which there is a mining plan.
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reclamation
The restoration of a site after mining or exploration activity is completed.
recovery
The percentage of valuable metal in the ore that is recovered by metallurgical treatment.
reserve
That part of a resource which can be legally mined and at a profit under economic conditions that are specified and are generally accepted as reasonable. Economic viability must be demonstrated by at least a preliminary feasibility study based on based on indicated and measured resources.
resource
The calculated amount of material in a mineral deposit, based on limited drill information.
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sample
A small portion of rock or a mineral deposit, taken so that the metal content can be determined by assaying.
schists
A strongly foliated crystalline rock which readily splits into sheets or slabs as a result of the planar alignment of the constituent crystals.
stock
An igneous body smaller than a batholith with a subcircular section.
stratabound
Used to describe mineral deposits that are restricted to a single stratagraphic unit.
strataform
Mineral deposits whose geometry is similar to that of its host rock.
strike
The direction, or bearing from true north, of a vein or rock formation measured along a horizontal line on the surface of the vein or rock.
strip ratio
The tonnage of non-mineralized waste material removed to allow the mining of one tonne of ore in an open pit. Also referred to as waste-to-ore ratio.
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tailings
The material removed from the milling circuit after separation of the valuable metals.
troy ounce
Unit of weight measurement used for all precious metals The familiar 16-ounce avoirdupois pound equals 14.583 troy ounces. One troy ounce is equivalent to 31.1034 grams.
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vein
A sheet-like or tabular discordant mineralized body formed by complete or partial infilling of a fracture or fault within a rock.
veta
1) Used to describe veins of mineralization and/or deeper, hardrock mineralization,
2) used to describe a strata of material that constitutes a concession, i.e. relating to the Brisas hardrock concession.
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Whittle Pit
Mathematical method for determining the optimal shape for an open pit in three dimensions utilizing a block model of an ore body. A Whittle pit only approximates certain aspects of open pit design and does not include final detailed design parameters.
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CONVERSION FACTORS: | 1 Troy ounce | = 31.1034 Grams | | 1 Tonne | = 1.1023 Short tons | | 1 Tonne | = 2204.6 Pounds | | 1 Hectare | = 2.4711 Acres | | 1 Kilometer | = 0.6214 Miles | | 1 Meter | = 3.28084 Feet |
SYMBOLS: |
Au |
= Gold | | Cu | = Copper | | gpt | = Grams per tonne | | Kt | = Thousand tonnes | | Au Eq | = Gold equivalent |
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