GoldMinerPulse Report: Kinross Gold Corporation Metal Value

Kinross Gold Corporation (K) NI 43-101 Metal Value Report

Kinross is a Canadian-based gold mining company with mines and projects in the United States, Brazil, Chile, Ecuador and Russia, employing approximately 5,500 people worldwide. As of August 2010, Kinross is in the process of acquiring Red Back Mining which has mines in Mauritania and Ghana.

The Kinross Gold Corporation website is at www.kinross.com.

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Caution: As of the August 3, 2010 update, this report will be adjusted to reflect the expected Red Back take over bid. Until the August 3, 2010 update runs at approximately 5PM EDT, several Kinross metrics are distorted because of the inclusion of the Red Back Mining merger.

The additional resources Kinross is expected to gain from the purchase of the high-grade Dvoinoye deposit and the Volorazdelnaya property, both near Kinross's Kupol mine, have not been factored in the Kinross resource and reserve totals. More details on Dvoinoye and Volorazdelnaya here.

Note

This report assumes the Red Back acquisition is completed as planned. As of the September 24th update, the White Gold project acquired as a result of the Underworld Resources take over is reported as Kinross resource.

GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-05-31.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

**Kinross Gold Corporation Metric Summary**
General Metric	Value on 2012-02-03
In Situ Metal Value per Share (MVpSh)	US$171.11
Average Ore Value per Tonne	US$43.31
Metal Value Leverage (MVL)	15.26
Market Capitalization as a Percentage of Metal Value	6.6%
Recent Closing Stock Price	C$11.14 [note 1]
Fully Diluted Share Count	1,150.20 M [note 2]
Percentage In Situ Proven + Probable Reserve	58%
Percentage In Situ Measured + Indicated Resource	19%
Percentage In Situ Inferred Resource	23%

**Gold Specific Metrics**
Metric	Value on 2012-02-03
Gold Reserves + Resources	106.11 M oz
Average Gold Ore Grade	0.7 g/t
Market Capitalization per oz of Gold In Situ	US$121.58 ( C$120.75 )
Gold Equivalent Ounces Estimate	114.03 M oz
Market Capitalization per oz of Gold Equivalent	US$113.13 ( C$112.36 )

Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share count based on the outstanding shares plus warrants shown at the Share Information webpage (viewed May 2011).

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

**Metal Summary Based on Closing Prices on 2012-02-03**
Metric / Metal	Gold	Silver	Copper
Total Counts (reserves + resources)	106.11 M oz	149.35 M oz	1.01 M t
Metal Prices in US$ (from 2012-02-03)	$1,725.90 / oz	$33.63 / oz	$3.89 / lb
Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count	$159.22	$4.37	$7.52
Percentage of Total Metal Value	93.05%	2.55%	4.39%
Metal Value Percentage Proven + Probable	57%	68%	66%
Metal Value Percentage Measured + Indicated	19%	17%	11%
Metal Value Percentage Inferred	23%	15%	23%

The above metal value totals derive from the following projects.

**Project/Deposit/Mine Summary Based on Closing Prices on 2012-02-03**
Project	Location	Metal Value per share (% total)	Average Ore Value US$/t	Gold	Silver	Copper	PP%	MI%	I%
Paracatu	Minas Gerais State, Brazil	$35.55 ( 20.8% )	US$21.13	23.69 M oz			77%	16%	7%
Tasiast	, Mauritania	$27.40 ( 16.0% )	US$77.22	18.26 M oz			41%	11%	47%
Cerro Casale	Atacama, Chile	$20.13 ( 11.8% )	US$48.25	8.01 M oz	20.50 M oz	1.01 M t	70%	10%	20%
Maricunga	Atacama, Chile	$18.73 ( 10.9% )	US$32.72	12.48 M oz			49%	28%	24%
Fruta del Norte	Zamora-Chinchipe province, Ecuador	$16.81 ( 9.8% )	US$392.49	10.87 M oz	17.11 M oz		62%	6%	32%
Lobo Marte	, Chile	$15.27 ( 8.9% )	US$56.48	10.18 M oz			63%	9%	28%
Fort Knox	Alaska, USA	$8.99 ( 5.3% )	US$24.24	5.99 M oz			60%	37%	3%
Kupol	Chukotka Autonomous Okrug, Russia	$7.08 ( 4.1% )	US$731.62	3.77 M oz	48.27 M oz		88%	0	12%
Chirano	Western Region, Ghana	$4.63 ( 2.7% )	US$131.43	3.08 M oz			0	94%	6%
La Coipa	Atacama, Chile	$4.57 ( 2.7% )	US$132.90	1.89 M oz	58.97 M oz		52%	29%	19%
Round Mountain	Nevada, USA	$4.40 ( 2.6% )	US$34.32	2.88 M oz	2.86 M oz		47%	38%	15%
White Gold	Yukon, Canada	$3.11 ( 1.8% )	US$128.70	2.07 M oz			0	49%	51%
Dvoinoye	, Russia	$2.24 ( 1.3% )	US$1,525.21	1.46 M oz	1.63 M oz		0	72%	28%
Crixas	State of Goias, Brazil	$1.22 ( 0.7% )	US$233.14	809.84 K oz			48%	6%	45%
Kettle River	Washington State, USA	$1.00 ( 0.6% )	US$614.68	663.86 K oz			85%	0	15%

PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors

Cerro Casale

Latest NI43-101 Report: Cerro Casale Project Norther Chile 43-101 Technical Report
2010-02-18 (205 pages).

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: Atacama, Chile. View project on a Google Map.

Average Ore Value (all estimate types): US$48.25

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$8.63	5.75 M oz	0.590 g/t	1.21 B t
Silver	$0.43	14.62 M oz	1.500 g/t	1.21 B t
Copper	$4.97	667.09 K t	2,200.000 g/t	1.21 B t

Estimate notes: Rsservess and Resources, 2010 Statement (viewed February 2011).
Resource quantities adjusted for ownership percentage of 25.0%.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.20	796.60 K oz	0.410 g/t	241.73 M t
Silver	$0.06	2.14 M oz	1.100 g/t	241.73 M t
Copper	$0.81	108.78 K t	1,800.000 g/t	241.73 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 25.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.19	1.46 M oz	0.390 g/t	464.91 M t
Silver	$0.11	3.74 M oz	1.000 g/t	464.91 M t
Copper	$1.73	232.46 K t	2,000.000 g/t	464.91 M t

Estimate notes: See Measured + Indicated note.
Resource quantities adjusted for ownership percentage of 25.0%.

Chirano

In October, 2004, Red Back Mining Inc (Red Back) announced its decision to develop the Chirano Gold Mine, when the Proven and Probable Reserves were estimated to be 17.8Mt grading 1.9 g/t gold, for a total of 1.09 million ounces. The capital cost to develop the Chirano Mine was $73.4 million. First gold was poured at Chirano in October 2005. [Source: NI43-101 Report dated May 14, 2009]

Due to the apparent inconsistencies between various Red Back reports on contained ounces, this report takes the total in situ ounces from Resources/Reserves Summary viewed August 2010. Grades and tonnes are approximated to make the total ounce counts correct. In the August 3, 2010 conference call, Kinross management talked about their expectations for future resource expansions but were unable to provide counts due to 43-101 disclosure restrictions.

Latest NI43-101 Report: TECHNICAL REPORT ON THE CHIRANO GOLD MINE, REPUBLIC OF GHANA
2009-05-14 (136 pages).

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: Western Region, Ghana. View the Chirano Gold mine on a Google Map.

Average Ore Value (all estimate types): US$131.43

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.06	2.71 M oz	2.480 g/t	33.96 M t

Estimate notes:

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.29	190.48 K oz	1.460 g/t	4.51 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 90.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.28	184.88 K oz	2.330 g/t	2.74 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 90.0%.

Crixas

Latest NI43-101 Report: Independent Technical Report for Crixas Mine, Brazil Report No. 3CK005.02 April 2003
2003-04 (80 pages).

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: State of Goias, Brazil. View project on a Google Map.

Average Ore Value (all estimate types): US$233.14

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.59	391.59 K oz	3.710 g/t	6.57 M t

Estimate notes: Rsservess and Resources, 2010 Statement (viewed February 2011).
Resource quantities adjusted for ownership percentage of 50.0%.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.08	52.05 K oz	3.730 g/t	868.00 K t

Estimate notes: See Proven + Probable note.
Resource quantities adjusted for ownership percentage of 50.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.55	366.20 K oz	5.000 g/t	4.56 M t

Estimate notes: See Proven + Probable note.
Resource quantities adjusted for ownership percentage of 50.0%.
cutOffNotes

Dvoinoye

Latest NI43-101 Report: cutAndPasteExactTitleOfTheReportHere
(0 pages).

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: , Russia.

Average Ore Value (all estimate types): US$1,525.21

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.59	1.06 M oz	31.480 g/t	1.05 M t
Silver	$0.04	1.20 M oz	35.700 g/t	1.05 M t

Estimate notes: Rsservess and Resources, 2010 Statement (viewed February 2011).

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.61	403.75 K oz	19.470 g/t	645.00 K t
Silver	$0.01	431.33 K oz	20.800 g/t	645.00 K t

Estimate notes:
cutOffNotes

Fort Knox

Latest NI43-101 Report: Technical Report for the Fort Knox Mine Prepared for Kinross Gold Corporation and Fairbanks Gold Mining Incorporated Fairbanks North Star Borough, Alaska, USA
2008-03-31 (79 pages).

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: Alaska, USA. View project on a Google Map.

Average Ore Value (all estimate types): US$24.24

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.38	3.59 M oz	0.440 g/t	253.43 M t

Estimate notes: Rsservess and Resources, 2010 Statement (viewed February 2011).

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.33	2.22 M oz	0.430 g/t	160.46 M t

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.28	185.56 K oz	0.460 g/t	12.55 M t

Estimate notes: See p. 53 of 79 in the (NI) 43-101 dated March 2008.

Fruta del Norte

Latest NI43-101 Report: Fruta del Norte Project Ecuador NI 43-101 Technical Report
2010-12-31 (166 pages).

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: Zamora-Chinchipe province, Ecuador. View project on a Google Map.

Average Ore Value (all estimate types): US$392.49

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$10.17	6.78 M oz	8.070 g/t	26.12 M t
Silver	$0.27	9.15 M oz	10.900 g/t	26.12 M t

Estimate notes: Rsservess and Resources, 2010 Statement (viewed February 2011).

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.95	633.58 K oz	5.500 g/t	3.58 M t
Silver	$0.04	1.23 M oz	10.700 g/t	3.58 M t

Estimate notes: See Proven + Probable note.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.19	3.46 M oz	5.500 g/t	19.55 M t
Silver	$0.20	6.73 M oz	10.700 g/t	19.55 M t

Estimate notes: See Measured + Indicated note.

Kettle River

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: Washington State, USA. View project on a Google Map.

Average Ore Value (all estimate types): US$614.68

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.84	561.30 K oz	11.300 g/t	1.55 M t

Estimate notes: Rsservess and Resources, 2010 Statement (viewed February 2011).

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.15	102.56 K oz	10.000 g/t	319.00 K t

Estimate notes:
cutOffNotes

Kupol

Latest NI43-101 Report: Kupol Mine Russian Federation NI 43-101 Technical Report
2011-05-09 (147 pages).

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: Chukotka Autonomous Okrug, Russia. View project on a Google Map.

Average Ore Value (all estimate types): US$731.62

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.97	3.31 M oz	10.660 g/t	9.66 M t
Silver	$1.23	42.06 M oz	135.400 g/t	9.66 M t

Estimate notes: See Table 1-2: 2010 Year End Proven and Probable Mineral Reserve Estimate on p. 9 of 147 of the May, 2011 technical report.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.70	463.78 K oz	9.860 g/t	1.46 M t
Silver	$0.18	6.22 M oz	132.200 g/t	1.46 M t

La Coipa

Latest NI43-101 Report: Technical Report La Coipa Mine, Chile
2003-05-05 (231 pages).

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: Atacama, Chile. View project on a Google Map.

Average Ore Value (all estimate types): US$132.90

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.40	936.09 K oz	1.340 g/t	21.73 M t
Silver	$0.96	32.97 M oz	47.200 g/t	21.73 M t

Estimate notes: Rsservess and Resources, 2010 Statement (viewed February 2011).

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.73	485.54 K oz	1.030 g/t	14.66 M t
Silver	$0.60	20.65 M oz	43.800 g/t	14.66 M t

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.71	471.91 K oz	4.700 g/t	3.12 M t
Silver	$0.16	5.35 M oz	53.300 g/t	3.12 M t

Estimate notes: See Proven + Probable notes.

Lobo Marte

Latest NI43-101 Report:
(0 pages).

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: , Chile.

Average Ore Value (all estimate types): US$56.48

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$9.67	6.44 M oz	1.220 g/t	164.24 M t

Estimate notes: Rsservess and Resources, 2010 Statement (viewed February 2011).

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.36	908.68 K oz	0.830 g/t	34.05 M t

Estimate notes: See Proven + Probable note.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.24	2.83 M oz	0.780 g/t	112.77 M t

Estimate notes: See Proven + Probable note.

Maricunga

Latest NI43-101 Report: Technical Report for the Maricunga Gold Mine (Located in the Maricunga District of Region III, Chile)
2007-12-31 (110 pages).

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: Atacama, Chile. View project on a Google Map.

Average Ore Value (all estimate types): US$32.72

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$9.11	6.07 M oz	0.700 g/t	269.80 M t

Estimate notes: Rsservess and Resources, 2010 Statement (viewed February 2011).

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.16	3.44 M oz	0.570 g/t	187.61 M t

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.46	2.97 M oz	0.460 g/t	201.09 M t

Estimate notes: See Proven + Probable note.

Paracatu

Latest NI43-101 Report: Paracatu Mine Technical Report Paracatu, Minas Gerais State, Brazil
2006-07-31 (179 pages).

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: Minas Gerais State, Brazil. View project on a Google Map.

Average Ore Value (all estimate types): US$21.13

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$27.49	18.32 M oz	0.390 g/t	1.46 B t

Estimate notes: Rsservess and Resources, 2010 Statement (viewed February 2011).

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.68	3.79 M oz	0.330 g/t	356.81 M t

Estimate notes: See 2009 Reserve and Resource Statement.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.38	1.59 M oz	0.420 g/t	117.53 M t

Estimate notes: See Proven + Probable notes.
cutOffNotes

Round Mountain

Latest NI43-101 Report: Round Mountain Mine Technical Report
2006-03-30 (85 pages).

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: Nevada, USA. View project on a Google Map.

Average Ore Value (all estimate types): US$34.32

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.98	1.32 M oz	0.620 g/t	132.48 M t

Estimate notes: Rsservess and Resources, 2010 Statement (viewed February 2011).
Resource quantities adjusted for ownership percentage of 50.0%.

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.07	2.55 M oz	7.200 g/t	22.04 M t

Estimate notes: See 2009 Reserve and Resource Statement.
Resource quantities adjusted for ownership percentage of 50.0%.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.67	1.11 M oz	0.750 g/t	92.29 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 50.0%.

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.01	302.09 K oz	7.200 g/t	2.61 M t

Estimate notes: See 2009 Reserve and Resource Statement.
Resource quantities adjusted for ownership percentage of 50.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.66	442.48 K oz	0.610 g/t	45.12 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 50.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.00	9.05 K oz	2.100 g/t	268.00 K t

Estimate notes:
Resource quantities adjusted for ownership percentage of 50.0%.

Tasiast

On August 2, 2007, Red Back Mining Inc (Red Back) completed the acquisition from Lundin Mining Corporation of a 100% interest in the Tasiast gold project located in Mauritania, West Africa. The Tasiast Permit Area is located in north-western Mauritania, approximately 300 km north of the capital Nouakchott and 250 km southeast of the major city of Nou�dhibou. The Tasiast deposit lies within an extensive gold system that is largely under-explored. The deposit is open along strike and at depth. Tasiast is the first mine in the highly prospective 70 kilometre long by 15 kilometre wide north-south trending Archaaen age Aoueouat greenstone belt, [Source: NI43-101 Report dated May, 2009]

Latest NI43-101 Report: Tasiast Project Mauritania NI 43-101 Technical Report
2010-12-31 (133 pages).

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: , Mauritania. View the Tasiast Gold mine on a Google Map.

Average Ore Value (all estimate types): US$77.22

Proven + Probable

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$11.32	7.54 M oz	1.820 g/t	128.92 M t

Estimate notes:

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.11	2.08 M oz	0.670 g/t	96.33 M t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$12.96	8.64 M oz	1.470 g/t	182.81 M t

Estimate notes:

White Gold

Latest NI43-101 Report: White Gold Property Dawson Range Yukon, Canada
2010-03-03 (114 pages).

Updates: Rsservess and Resources, 2010 Statement (viewed February 2011).

Project Location: Yukon, Canada. View the White Gold project on a Google Map.

Average Ore Value (all estimate types): US$128.70

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.51	1.00 M oz	3.190 g/t	9.80 M t

Estimate notes: Golden Saddle Area open pit in Table 16.11: Mineral Resource Statement*, White Gold Project, Yukon Territory, SRK Consulting (Canada) Inc, January 15, 2010 on p. 80 of 114 in the NI 43-101 dated March 2010.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.46	307.44 K oz	2.330 g/t	4.10 M t

Estimate notes: Golden Saddle area, open pit -- see Indicated note.

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.02	13.71 K oz	3.230 g/t	132.00 K t

Estimate notes: Golden Saddle area, underground -- see Indicated note.
Cut-off grade of 2.0 g/t.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.87	576.68 K oz	1.910 g/t	9.39 M t

Estimate notes: Golden Saddle area, underground -- see Indicated note.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.26	169.96 K oz	1.210 g/t	4.37 M t

Estimate notes: Arc area, open pit -- see Indicated note.
0.5 g/t cut-off grade.

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