Pilar

Status Production  
Metal Gold  
Location Goiás State, Brazil  
Mining Method Underground  
Start-up October 2014 (commercial production)  
     
Reserves & Resources (December 31, 2016)  
Proven and Probable Reserves* 450 koz at 1.63 g/t gold  
Measured and Indicated Resources* 704 koz at 2.66 g/t gold  
Inferred Resources 1,626 koz at 3.50 gold  
*Resources are exclusive of reserves.  See Mineral Reserves and Resources Table for more detail.  
  2016A 2017E 2018E 2019E
Production (oz) 87,061 83-88,000 88-93,000 100-105,000
Cash Costs ($ per oz) $742 $740 - $760 $665 - $685 $625 - $645
AISC ($ per oz) $951 $940 - $960 $940 - $960 $940 - $960

Overview

The Pilar Mine is a complex of producing underground mines located in Goiás State in central Brazil, approximately 320 km from the federal capital of Brasilia, east of the Crixas Greenstone Belt.  The total land package consists of approximately 17,800 ha and the project area is easily accessible by road and air with excellent infrastructure on site.

The Pilar Operation achieved commercial production in October 2014 and the primary mining methods are modified room and pillar and long hole open stoping.  The processing plant is a conventional milling gravity and carbon in pulp with a capacity of 1.0 Mtpa.

Geology and Mineralization

The Pilar property covers the Guarinos and Pilar Greenstone Belts and a portion of the Moquém gneissic complex. The Guarinos Greenstone Belt is represented by a succession of basic rocks, mostly basalt and amphibolite, and by metasedimentary layers, related to inter-flow sedimentary events. Chlorite-quartz-garnet-schist is also present. The main structure is the Carroça Shear Zone, a reverse-dextral major shear zone, parallel to the main regional foliation with several kilometres of strike length. The shear has a mylonitic fabric and an associated 400 m wide hydrothermal alteration zone.

Pilar Technical Report