Reserves and resources statement
As at 31 December 2015
We report mineral reserves and resources estimates in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities, in line with the mineral reporting standards applicable to our majority shareholder. We ensure that all mineral reserve and resources calculations are reviewed, verified (including estimation methodology, sampling, analytical and test data) in accordance with our Reserves and Resource Reporting Guidelines and compiled by Acacia personnel under the supervision of Acacia Qualified Persons.
In addition to this, we have established a Mineral Reserves and Resources Committee which is responsible for reviewing and monitoring Acacia’s processes for calculating mineral reserves and resources and ensuring that appropriate internal controls are applied to mineral reserves and resources calculations.
Mineral reserves have been calculated using an assumed long-term average gold price of US$1,100.00 per ounce, a silver price of US$15.00 per ounce and a copper price of US$2.50 per pound. Reserve calculations incorporate current and/or expected mine plans and cost levels at each property.
Mineral resources have been calculated using an assumed long-term average gold price of US$1,400.00 per ounce, a silver price of US$15.00 per ounce and a copper price of US$2.50 per pound. Resources have been estimated using varying cut-off grades, depending on the type of mine or project, its maturity and ore types at each property.