A mineralized deposit which has been delineated by drilling and/or underground sampling to establish continuity and support on estimate of tonnage with an average grade of the selected metals under Canadian securities regulations. “Mineral resources” are not reserves and are categorized, in order of increasing geological confidence, into “inferred resources,” “indicated resources” and “measured resources.” None of these terms are recognized by the U.S. Securities and Exchange Commission and are not permitted to be used in documents filed with the SEC. Readers are cautioned that mineral resources cannot be classified as reserves unless and until it is demonstrated that they may be legally and economically produced and, as a result, resources may never be converted into reserves.
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