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Resource and Reserve statement, as at 1st January 2014

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 2014 Gem Diamonds total, gross Resources (inclusive of Reserves) were 25.54 million carats contained in 402.1 million tonnes, with an average diamond price of $601/carat.

Reserves total 4.34 million carats contained in 139.4 million tonnes, with an average diamond price of $1,192/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 2014:

Category

Asset

Classification

 

Tonnes
(millions)

Grade
(carats/100T)

Carats
(millions)

Average
Diamond
Price

(US$ /carat)



Reserves

Letšeng

Probable

 

131.9

1.71

2.26

2 045

 
 

Ghaghoo

Probable

 

7.5

27.81

2.08

267

 
   

Sub Total

139.4

3.11

4.34

1,192

 

Resources

Letšeng

Indicated

 

187.1

1.73

3.23

2 086

 
  

Inferred

 

106.8

1.67

1.78

2 051

    

   

Sub Total

293.9

1.71

5.01

2 073

    
 

Ghaghoo

Indicated

 

79.4

19.51

15.49

242

 
  

Inferred

 

28.8

17.52

5.04

239

    

   

Sub Total

108.2

18.98

20.53

241

    

Total Resources
(inclusive of reserves)

   

402.1

6.35

25.54

601

    

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 2014 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.