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Resource and Reserve statement, as at 1st January 2013

Group Resources and Reserves

Gem Diamonds has two resource bases - the Letšeng diamond mine in Lesotho (ownership 70%) and the Ghaghoo development project in Botswana (ownership 100%).

Gross Resources and Reserves

As at 1st January 2013 Gem Diamonds total, gross resources (inclusive of reserves) were 25.8 million carats contained in 409.8 million tonnes, with an average diamond price of US$625/carat.

Reserves total 3.5 million carats contained in 86.4 million tonnes, with an average diamond price of US$831/carat.

The resource and reserve estimates are SAMREC compliant and have been independently verified by Venmyn Deloitte (click here to view independent report and detailed statements).

The following table summarizes the Resources and Reserves of Gem Diamonds as at 1st January 2013:

Category

Asset

Classification

 

Tonnes
(millions)

Grade
(carats/100T)

Carats
(millions)

Average
Diamond
Price

(US$ /carat)



Reserves

Letšeng

Probable

 

78.9

1.75

1.38

1 715

 
 

Ghaghoo

Probable

 

7.5

27.81

2.08

246

 
   

Sub Total

86.4

4.01

3.46

831

 

Resources

Letšeng

Indicated

 

80.8

1.76

1.42

2 185

 
  

Inferred

 

220.9

1.75

3.86

2 194

    

   

Sub Total

301.7

1.75

5.29

2 191

    
 

Ghaghoo

Indicated

 

79.4

19.51

15.49

222

 
  

Inferred

 

28.8

17.52

5.04

220

    

   

Sub Total

108.2

18.98

20.53

222

    

Total Resources
(inclusive of reserves)

   

409.8

6.30

25.82

625

    

Notes:

  • Resources are reported inclusive of reserves and are gross figures
  • Tonnes are metric tonnes and are rounded to the nearest 100,000 tonnes; carats are rounded to the nearest 10,000 carats in the summary table above.
  • Reserve tonnes and grades are inclusive of external waste
  • Reserves and Resources have been reported in accordance with the SAMREC code (2007)
  • The 2013 Resource Statement is based on information compiled internally within the Group under the guidance and supervision of Andrew Allan, Pr. Sci. Nat. (SACNASP Reg No. 400127/11 (Geological Sciences))
  • Andrew Allan has over 25 years of relevant experience in the diamond industry and is a full-time employee of Gem Diamonds.
  • All Resources and Reserves have been independently reviewed by Venmyn Deloitte.

 

Click here to review the Independent Report and detailed Resource and Reserve Statement.