Maco resources

Updated Resources

The updated ore resource estimate for the Maco Mine shows a marginal increase in Indicated Ore resource tonnage and a substantial decrease in Inferred Resource tonnage compared to the previously published estimates released in February 2007.

• The Inferred Resource category has decreased from 9.6 million tonnes at 6.0 g/t to 1.3 million tonnes at 4.8 g/t.
• The Indicated Resource category has increased from 1.46 million tonnes at 6.5 g/t to 1.51 million tonnes at 6.6 g/t.

The reduction in the 2009-updated inferred ore resource estimate compared to the 2007 inferred ore resource statement is as a result of the current project geological staff estimating the Maco Inferred Resource on the basis of more recent experience of the ore shoot behavior at Maco and more critical observations on the behavior of the individual veins that have been developed at the Maco Mine since mining operations started.

This updated resource estimate has been reviewed for technical correctness by Mr. Tomas D. Malihan, a registered Competent Person with the Geological Society of the Philippines. Mr. Malihan, who has extensive experience in epithermal gold vein systems, and who shares the cautious approach adopted by the Geological Staff and confirms the validity and soundness of this estimate. Mr Malihan is also a ‘Qualified Person’ within the meaning of Canadian National Instrument 43-101, ‘Standards of Disclosure for Mineral Projects’. Mr. Malihan was ‘independent’ of Crew Gold Corporation and Apex Mining Company Inc. in the context of NI 43-101. A complete review of the resource inventory of the Maco mine is in progress which includes the modelling of all historic workings and remanent ore blocks.