Mr. Ron Clayton reports
TAHOE INCREASES GOLD RESERVES BY 400,000 OUNCES AND GOLD RESOURCES BY 3.4 MILLION OUNCES
Tahoe Resources Inc. has released its updated mineral reserves and resources as of Jan. 1, 2018.
Ron Clayton, president and chief executive officer of Tahoe, stated: "In 2017, we added 888,000 ounces of new gold mineral reserves, more than replacing the 489,000 ounces depleted during our record gold production year. With the addition of the La Arena II resources, we have also increased gold resources by 3.4 million ounces. During 2018 and 2019, we will continue to focus on thoughtfully advancing our exploration and development properties with the aim of continuing to grow our gold resources and converting our resources into reserves."
Mineral reserves -- highlights:
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Tahoe's proven and probable mineral reserves totalled approximately 3.7 million ounces of gold, 288 million ounces of silver, 196,000 tonnes of lead and 320,000 tonnes of zinc as of Jan. 1, 2018.
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Tahoe's gold reserves represent an increase of approximately 400,000 ounces (plus 12 per cent) over the prior year, net of 2017 production.
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Increases in gold reserves at the company's operating properties during 2017 were attributable to increases in mineral reserves at the Shahuindo mine due to exploration success, the initial mineral reserve estimate for the 144 Gap deposit at the Timmins West mine (released in September, 2017), and the conversion of mineral resources to mineral reserves at the Bell Creek mine.
The attached table illustrates the changes in Tahoe's estimated gold reserves at its operating properties year over year.
Gold ounces
(000s)
Gold mineral reserves as of Jan. 1, 2017 (1) 3,322
Less mineral reserves mined during 2017 (489)
Plus mineral reserves added in 2017 888
Gold mineral reserves as of Jan. 1, 2018 3,721
Net increase 399
Percentage increase 12%
(1) This excludes 2017 La Arena sulphide reserves,
which are no longer carried by the company.Mineral resources -- highlights:
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Tahoe's measured and indicated mineral resources totalled approximately 14 million ounces of gold, 403 million ounces of silver, 5.8 billion pounds of copper, 256,000 tonnes of lead and 427,000 tonnes of zinc as of Jan. 1, 2018.
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Gold resources increased by approximately 3.4 million ounces (plus 33 per cent) compared with the prior year.
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Copper measured and indicated resources increased to 5.8 billion pounds, an increase of 3.8 billion pounds (plus 187 per cent) compared with the prior year.
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The significant increase in gold and copper resources year over year was attributable in large part to La Arena II. An updated National Instrument 43-101 technical report for the La Arena property, which includes the preliminary economic assessment of the La Arena II project, is expected to be released on Feb. 20, 2018.
The attached table illustrates the changes in Tahoe's estimated gold resources year over year.
Gold ounces
(000s)
Measured and indicated mineral
resources as of Jan. 1, 2017 10,562
Measured and indicated mineral
resources as of Jan. 1, 2018 14,005
Increase 3,443
Percentage increase 33% Please refer to the attached tables for total mineral reserve and mineral resource estimates as of Jan. 1, 2018.
MINERAL RESERVES AS OF JAN. 1, 2018
Operation Reserve Gold Silver Copper Lead Zinc
classification (000s oz) (000s oz) (millions lb) (000s tonnes) (000s tonnes)
Escobal mine Proven 34 39,532 - 26 44
Probable 244 224,961 - 170 276
P+P 278 264,493 - 196 320
La Arena mine Proven 3 - - - -
Probable 565 - - - -
P+P 568 - - - -
Shahuindo mine Proven 1,203 14,756 - - -
Probable 704 8,384 - - -
P+P 1,907 23,140 - - -
Timmins West mine Proven 47 - - - -
Probable 606 - - - -
P+P 654 - - - -
Bell Creek mine Proven 68 - - - -
Probable 246 - - - -
P+P 315 - - - -
Total Proven 1,356 54,288 - 26 44
Probable 2,366 233,345 - 170 276
P+P 3,721 287,633 - 196 320
Notes:
(1) Totals may not sum due to rounding.
(2) The mineral resource and mineral reserve estimates are current
as of Jan. 1, 2018. Refer to technical disclosure for effective
dates of mineral resource and mineral reserve estimates.
OPERATING PROPERTIES -- MINERAL RESOURCES AS OF JAN. 1, 2018
Operation Reserve Gold Silver Copper Lead Zinc
classification (000s oz) (000s oz) (millions lb) (000s tonnes) (000s tonnes)
Escobal mine Measured 51 58,104 - 33 58
Indicated 337 316,520 - 224 369
M+I 388 374,624 256 427
Inferred 54 10,746 - 4 8
La Arena mine Measured 3 - - - -
Indicated 640 - - - -
M+I 643 - - - -
Inferred 4 - - - -
Shahuindo mine Measured 1,358 16,807 - - -
Indicated 921 11,122 - - -
M+I 2,278 27,929
Inferred 2,500 46,980 - - -
Timmins West mine Measured 39 - - - -
Indicated 885 - - - -
M+I 923 - - - -
Inferred 133 - - - -
Bell Creek mine Measured 167 - - - -
Indicated 569 - - - -
M+I 736 - - - -
Inferred 415 - - - -
Total operating
properties Measured 1,618 74,911 - 33 58
Indicated 3,351 327,642 - 224 369
M+I 4,969 402,552 256 427
Inferred 3,106 57,726 - 4 8
Notes:
(1) Totals may not sum due to rounding.
(2) The mineral resource and mineral reserve estimates are current
as of Jan. 1, 2018. Refer to technical disclosure for effective
dates of mineral resource and mineral reserve estimates.
Technical disclosure
Technical information in this press release has been approved by Charlie Muerhoff, vice-president, technical services, a qualified person as defined by NI 43-101.
Mineral resource estimates reported herein have been classified as measured, indicated or inferred based on the confidence of the input data, geological interpretation and grade estimation parameters. Mineral reserve estimates reported herein are based on known inputs that include metallurgical performance, taxation/royalty obligations, geologic and geotechnical characterization, operational costs, and other economic parameters. The company is not currently aware of any known factors that are reasonably likely to have a negative material impact on the company's mineral resources or mineral reserves. The mineral resource and mineral reserve estimates were prepared in accordance with NI 43-101 and classifications adopted by the CIM (Canadian Institute of Mining, Metallurgy and Petroleum) council. Mineral resources are inclusive of mineral reserves.
The basis of the mineral resource and mineral reserve estimates for the Escobal mine is from an NI 43-101 feasibility study on the Escobal mine (Guatemala) dated Nov. 5, 2014, with effective dates of Jan. 23, 2014, for the mineral resource estimate and July 1, 2014, for the mineral reserve estimate. Mineral resources and mineral reserves reported at Jan. 1, 2018, were calculated by subtracting mine depletion volumes from the mineral resource and mineral reserve estimates stated in the aforementioned technical report.
The basis of the mineral resource and mineral reserve estimates for the La Arena mine and the mineral resource estimate for the La Arena II project is from a technical report on the La Arena project (Peru) dated Feb. 20, 2018, with an effective date of Jan. 1, 2018.
The basis of the mineral resource and mineral reserve estimate for the Shahuindo mine is from an NI 43-101 technical report on the Shahuindo mine (Cajabamba, Peru) dated Jan. 25, 2016, with effective dates of April 15, 2015, for the mineral resource estimate and Nov. 1, 2015, for the mineral reserve estimate. Mineral resources and mineral reserves reported at Jan. 1, 2018, were calculated by applying the mine topographic surface at Jan. 1, 2018, to an updated mineral resource estimate completed July 1, 2017.
The basis of the Timmins West mine mineral resources and mineral reserves is from an NI 43-101 technical report on the Timmins West mine (Timmins, Ont., Canada) dated Sept. 20, 2017, with an effective date of May 15, 2017. Mineral resources and mineral reserves for the Timmins West mine reported at Jan. 1, 2018, were calculated by subtracting mining depletion through the end of 2017 from an updated resource model completed in May, 2017.
The basis of the mineral resource and mineral reserve estimates for the Bell Creek mine is from an NI 43-101 technical report of an updated mineral reserve estimate for Bell Creek mine (Hoyle township, Timmins, Ont., Canada) dated March 27, 2015, with an effective date of Dec. 31, 2014. Mineral resources and mineral reserves reported at Jan. 1, 2018, were calculated by subtracting mining depletion through the end of 2017 from an updated resource model completed in May, 2017.
The mineral resource estimate for the Whitney project is from a technical report and resource estimate on the Upper Hallnor, C-Zone and Broulan Reef deposits at the Whitney gold property (Timmins area, Ontario, Canada) dated Feb. 26, 2014, with an effective date of Jan. 14, 2014.
The mineral resource estimate for the Gold River project is from a technical report on the update of mineral resource estimate for the Gold River property (Thorneloe township, Timmins, Ont., Canada) dated April 5, 2012, with an effective date of Jan. 17, 2012.
The mineral resource estimate for the Juby project is from a technical report on the updated mineral resource estimate for the Juby gold project (Tyrrell township, Shining Tree area, Ontario) dated Feb. 24, 2014, with an effective date of Feb. 24, 2014.
The mineral resource estimate for the Fenn-Gib project is from a technical report for the Fenn-Gib resource estimate (Timmins, Canada) dated Dec. 23, 2011, with an effective date of Nov. 17, 2011.
The Marlhill mineral resource estimate is from a technical report on the Marhill project (Hoyle township, Timmins, Ont., Canada) dated March 1, 2011, with an effective date of March 1, 2011.
The Vogel/Schumacher mineral resource estimate is from a technical report on the initial mineral resource estimate for the Vogel/Schumacher deposit at the Bell Creek complex (Hoyle township, Timmins, Ont., Canada) dated June 14, 2011. The effective date of the mineral resource estimate is May 2, 2011.
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