Baikal Mining Company has updated the scope of Mineral Resources of the Udokan deposit

Baikal Mining Company (part of Metalloinvest) has received an updated JORC-compliant estimate of Mineral Resources of the Udokan deposit as of 29.12.2012.

The certificate is issued by SRK Consulting, which is an independent international consulting company specializing in the mining sector.

Mineral Resources (Measured+Indicated+Inferred) of the Udokan deposit were estimated at 2.3b tons with average copper grade 1.06%. Copper amounted to 24.6m tons.1.848b tons of ore with copper grade 1.07% are to be mined by open-pit method, and 479m tons of ore with copper grade 1.01% are planned to be mined with the help of underground mining.

The updated report was prepared based on long-term copper price USD 7,400 per ton.Cutoff copper grade for open-pit mining was 0.43% (0.35% in 2011), for underground mining – 0.69%.

Mineral Resources of the Udokan deposit were estimated in accordance with the reporting rules and standards for Mineral Resources and Ore Reserves, envisaged by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (‘the JORC Code’). Preparation of Resources and Reserves estimate according to international standards is an important requirement of financial institutions needed for making a decision regarding financing of the mining projects. Primary JORC-compliant reporting on Mineral Resources of the Udokan deposit was prepared in 2010.

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