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In June 2009 The London Stock Exchange issued updated detailed guidelines to companies listed on AIM in the mining and oil & gas sectors in order to assist them when reporting to the market any update regarding mineral reserves and resources.
This page details the classifications used by ATH Resources when reporting on reserves to the market.
Mineral reserves and resources are divided in to one of five categories, as noted below, in rising order of importance:
|"inferred resource"||that portion of a coal resource for which quantity and quality can only be estimated with a lower degree of certainty than for an indicated resource. It is inferred from geological evidence and from assumed (but not verified) geological continuity|
|"indicated resource"||that portion of a coal resource for which quantity and quality can only be estimated with a lower degree of certainty than for a measured mineral resource because the sites used for inspection, sampling and measurement are too widely or inappropriately spaced to enable the material or its continuity to be defined or its grade throughout to be established|
|"measured resource"||that portion of a coal resource for which tonnage or volume can be calculated from outcrops, pits, trenches, drill-holes or mine workings, supported where appropriate by other exploration techniques. The sites for inspection, sampling and measurements must be so spaced that the geological character, continuity, grades and nature of the material are so well defined that the physical character, size, shape, quality and mineral content will be established with a high degree of certainty|
|"probable reserves"||those measured and/or indicated resources which are not yet "proved" but for which detailed technical and economic studies have demonstrated that extraction can be justified at the time of the determination and under specified economic conditions|
|"proved reserves"||those measured resources for which detailed technical and economic studies have demonstrated that extraction can be justified at the time of the determination and under specified economic conditions|
These terms are in accordance with those defined by the Pan-European Code for Reporting of Exploration Results, Mineral Resources and Reserves (The PERC Reporting Code).
Mineral reserves and resources are compiled internally by Mr Peter Morgan, Group Development Director, assisted by other relevant staff. Peter has worked in the mineral industry for some 30 years and joined ATH Resources in January 2006. Prior to joining ATH, Peter worked for 17 years with Wardell Armstrong, an international mining engineering and environmental consultancy. As Technical Director he was responsible for management of the largest private sector mineral portfolio in the UK and has extensive experience in all aspects of mineral development. Peter is a Chartered Mineral Surveyor and Chartered Mining Engineer who is a fellow of the Royal Institution of Chartered Surveyors (FRICS) and a fellow of The Institute of Materials, Minerals and Mining (FIMMM) and accordingly is considered by ATH Resources to be a suitably qualified person to undertake this assessment.
ATH Resources, when reporting mineral reserves to the market, only reports in respect of proved and probable reserves as it is these reserves that the company believes underpins the current mining business.
Typically a proved reserve is taken as being one for which the proposed site has been fully drilled and assessed for coal volume and quality and the site has all necessary permissions and consents in place to enable work on site to commence. A probable reserve is one for which the site has been fully drilled and typically is awaiting the submission or granting of planning permission or other permits.
Coal volumes are stated after taking account of mining losses and are known as recoverable or run of mine tonnages.
Projects for future sites are constantly being identified, evaluated, assessed, drilled and designed. It is felt that as these projects may come and go for reasons of economic viability or for other reason it would be misleading to the market to include mineral resources in our reserve updates.
As at 2 October 2011 the Group had the following reserves:
The total reserves may have been updated by subsequent announcements and users should check the relevant pages of the website.
|2 October 2011|
The information in this report relating to exploration results, mineral resources or mineral reserves is based on information compiled by Mr Peter Morgan, a full time employee of the Group, who is a fellow of the Institute of Materials, Minerals and Mining. Mr Morgan has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration to qualify as a competent person as defined in the 2008 Edition of the PERC Reporting Code. He has reviewed and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. A glossary of terms is available on our website - www.ath.co.uk.
Page last up-dated: 8 March 2012