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Disclaimer1
Certain statements contained in this document, including, without limitation, those concerning the economic
outlook for the mining industry, expectations regarding metal prices and production, the completion and
commencement of commercial operations of certain of Trevali Mining Corporations (TV) projects, and its
liquidity and capital resources and expenditure, contain certain forward-looking statements regarding TVs
economic performance and financial condition. Although TV believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given that such expectations will prove to
have been correct. Accordingly, results could differ materially from those set out in the forward-looking
statements as a result of, among other factors, changes in economic and market conditions, success of
business initiatives, changes in the regulatory environment and other government actions, fluctuations in
metal prices and exchange rates, and business and operational risk management. TV undertakes no
obligation to update publicly or release any revisions to these forward-looking statements to reflect events or
circumstances after the date of the annual report. All subsequent written or oral forward-looking statements
attributable to TV or any person acting on its behalf are qualified by the cautionary statements herein.
Trevali's production plans at Santander and Caribou-Halfmile-Stratmat are based only on Indicated and
Inferred Mineral Resources1 and not Mineral Reserves, and do not have demonstrated economic viability.
Inferred Mineral Resources are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as Mineral Reserves, and there is therefore no
certainty that the conclusions of the production plans and Preliminary Economic Assessment will be realized.
1Please refer to Appendix: Disclosures for important items relating to the resource estimates and production plans.
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Operating in Geopolitically Stable Countries
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Source: Glencore Presentation, includes Metallgesellschaft, WoodMackenzie and Glencore estimates
Santander Mine
Location Peru
Resource Tonnes Zn (%) Pb (%) Ag (oz/ton) Ownership 100% controlled
Indicated 6,264,000 3.62 1.30 1.25 Type of deposit Carbonate Replacement Deposit
Primary metals Zn, Pb, Ag
Inferred 13,845,000 4.62 0.40 0.6 Processing Standard milling with flotation recovery
End product Zn and Pb-Ag concentrates
Infrastructure Underground mining operation, 2,000 tonne-per-day
2,000 tonne-per-day Zinc-Lead-Silver mine and mill complex processing mill, tailings facility and camp
in Central Peruvian Polymetallic Belt
2014 production statistics:
88% Zinc recovery producing 50.4 million payable lbs.
85% Lead recovery producing 23.3 million payable lbs
75% Silver recovery producing 915,000 payable ozs
2014 site cash costs of US$0.37/lb ZnEq2 (payable
produced); Site costs of US$47.33/tonne (includes mining,
milling and site G&A)
2015 metal production guidance:
Zinc 48-50 million pounds payable production at
average head grade of 4.2-4.4% Zn
Lead 23-25 million pounds payable production at
average head grade of 1.8-2.1% Pb
Silver 850,000-950,000 ounces payable production at
average head grade of 1.5-1.8 oz/t Ag
Significant exploration potential to expand current resource
with all the deposits remaining open
Santander Deposit
New Discoveries
Exploration potential
Santander Mine Development
Resource Cutoff
Tonnes Ag (g/t) Pb (%) Zn (%) Ag (oz) Pb (lbs) Zn (lbs)
Category (ZnEQ%)
Indicate
3.00 6,264,000 43 1.30 3.62 8,740,000 179,734,000 500,218,000
d
Inferred 3.00 13,845,000 21 0.40 4.62 9,373,000 121,089,000 1,410,485,000
Santander Ore Deposit Model
Santander
(Cretaceous)
Intrusive
Why Peru? - #2 Cu, #3 Zn, #3 Ag, #4 Pb, #5 Au
Lancones Basin Northern Peru
VMS Cu-Zn-Au Cu-Au Porphyry Belt
Northern Peru
MVT Belt
IOCG Coastal
Belt Ananea
Mesothermal
Gold Belt
Coastal Batholith
Mesothermal Gold Southern Peru
Paleocene
Belt Epithermal Au-Ag Belt
Cu-Mo Porphyry Belt After Miguel Cardozo
Central Peru Polymetallic Belt
Central Peru
Polymetallic
Belt
WORLD-CLASS PRODUCITON
Peru global production (2012):
No. 3 Zinc - 1,281kt
No. 3 Silver - 123Moz
No. 4 Lead - 249kt
Puajanca
Huaron
Negrita Rio
4800m
Pallanga
Animon Alpamarca
Iscaycruz
4700m
Magistrales
4600m
4500m
Carhuacayan
Mine Level
4400m
Santander Pipe
4300m
4200m
4100m
Mine Level
4000m
3900m
3800m
3700m
Geological Setting
QUATERNARY
PLIOCENE
0
Phases
Volcanics
MIOCENE Quechua
TERTIARY OLIGOCENE
Limestones
Incaic Phases
EOCENE
50
PALEOCENE
Coarse clastics
Peruvian Phose
UPPER
CRETACEDUS
100
Mochica Phose
Fine clastics
LOWER
MALM 150
UPPER
200
marine sed.- volc.
TRIASSIC LOWER
sequence.
PERMIAN 250
Late Hercynian
PENNSYL- Phoss
CARBONI- VANIAN 300
FEROUS MISSISSIP-
PIAN
Early Hercynian
Followed by a
350
DEVONIAN
Phase
terrestrial clastic sequence
400
SILURIAN and intense sub-aereal
ORDOVICIAN
450
volcanic activity
500
CAMBRIAN 550
600
0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
After Miguel Cardozo
Geological Setting
QUATERNARY 0
Cord. Blanca Volcanics
~13.5 2.7Ma
PLIOCENE
Phases
MIOCENE Quechua
CRETACEDUS
100
Fine clastics
Mochica Phose
LOWER
JURASSIC
MALM
DOGGER
150
Intense, episodic
LIAS magmatism occurred in the
200
TRIASSIC
UPPER
LOWER
Cordilleria region.
PERMIAN 250
Late Hercynian
Phoss
Intrusives range from deep
PENNSYL-
CARBONI- VANIAN 300
FEROUS MISSISSIP-
PIAN
DEVONIAN
350
Early Hercynian
Phase batholithic to subvolcanic
SILURIAN
400
settings
450
600
Pataz
PRE - CAMBRIAN 2000
~330Ma
0 300 km
100 200
WESTERN EASTERN SUBANDEAN
COSTA ALTIPLANO
CORDILLERA CORDILLERA REGION
After Miguel Cardozo
Santander Location
West Central portion of Belt
44-sq. km property
215km from Lima
Santander Geology
History 1958 - 2007
Schematic Santander Pipe
~8Mt production 1958 1992:
Zn, Pb-Ag and Cu concentrates
Mining ceases at 480m depth in
mineralization.
Puajanca
Puajanca
Discovery
MN
Magistral
Deposits MC
MS
Santander
Pipe
Santander Pipe
Santander Project
Structural Settings
Santander pre-mineralisation deformation D1
Mineralization focused:
Structural intersections
Structural & lithological traps
Higher order structures
Puajanca Mineralization
992 g/t Ag Structurally controlled - sharp contacts
76.8% Pb
Hosted in clean limestone.
Deposit Metal Zonation Increasing
Proximal
High grade Zn-Cu skan Santander Pipe *NO INTRUSIVES INTERSECTED TO DATE*
Alteration
~50m
Rosa Discovery
Fatima Discovery
13.7 metres of 5.7% Zn, 2.7% Pb and 2.9 oz/t Ag, and remains open
Geophysics
Petrophysical characteristics of ore and waste
Strong correlation of magnetic and electrical anomalies with sulphide-mineralization
Numerous priority targets identified for follow-up exploration and drill testing.
Geophysics Drill Targets
IP Chargeability at 150m depth
L1
L2
Los Toros
L3
L4
LH
LB
LA
LC
LD
Geophysics Drill Targets
IP Chargeability at 100m depth
Proposed Drillholes
Blato Drill Target
Strong IP Anomaly
1,500m drilling at 3DHs
Metal Factor
Resistivity
Chargeability
Geophysics
DHEM results display strong correlation with mineralization
DHEM response suggests the presence of a large conductor at depth and extending from and to the
south-east for approximately 500 meters
The core of geophysical anomaly as presently defined is centred to the south of Magistral North and
below the Magistral Central and South deposits suggesting that mineralization may merge at depth
Magistral
Deposits
Magistral
Deposits
Santander Property Exploration Potential
Multiple targets
(structural - geological concepts, geophysical)
remain untested
Puajanca
Discovery
Magistral
Deposits
Santander
Pipe
Gracias!
Contributors
Exploration and mine geos team
Executive Management
Anglo Americana Les Oldham
Ttelluris Consulting Dr. Tony Starling
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Santander resource estimate was completed by Golder Associates in July 2012. The tabled resource estimate utilizes a 3% zinc equivalent (ZnEQ) cut-off and is
based on the Ordinary Kriging interpolation method and Silver, Lead, Zinc and Copper assay values. Minor capping was applied to the assays prior to estimation. The
bulk density was also estimated using Ordinary Kriging. The tonnages for the footwall zones are also included, but those for the tailings are not included. The average
interpolated bulk density for Magistral North was 2.88 g/cm3, Magistral Central 2.94 g/cm3, Magistral South 2.97 g/cm3, Puajanca South 2.76 g/cm3, and Santander
Pipe (fixed) 3.4 g/cm3. The density of the minor footwall zones is similar to the Magistral zones. The contained oz. and lbs. in the table are in situ and have not had
mill factors applied to them.
Santander ZnEQ = ((Ag Price(g) x Ag Recovery x Ag Grade) + (Pb Price(t) x Pb Recovery x (Pb Grade(%)/100)+(Zn Price(t) x Zn Recovery x (Zn Grade(%)/100)))/Zn
Price(t). Golder utilized the US dollar three-year rolling average price for all three metals. Price for silver is ($25.99/oz) and that for Pb ($2,205), Zn ($2,094) and Cu
($7,782) is per tonne. A recovery of 85% was applied to Ag, 90% for Pb, 85% for Zn and 60% for Cu for calculating the ZnEQ formula. The pounds of metal are in-situ
and have not had any mining factors applied to them.
Halfmile-Stratmat PEA was completed by Tetra Tech Wardrop in October 2010. The resource estimate utilized a 5% zinc equivalent (ZnEQ) cut-off. The following
metallurgical recoveries were applied to the ZnEQ for the resource estimate: 89.7% zinc (Zn), 72% lead (Pb), 60% copper (Cu), and 48.6% silver (Ag).
Caribou resource estimate was completed by SRK Consulting (Canada) Inc. in January 2013. The tabled resource estimate utilizes a 5% zinc equivalent (ZnEQ) cut-
off grade. ZnEq=((Cu Grade*Cu Price*Cu Recovery)+(Pb Grade*Pb Price*Pb Recovery)+(Zn Grade*Zn Price*Zn Recover)+(Au Grade*Au Price*Au Recovery)+(Ag
Grade*Ag Price*Ag Recovery))/Zn Price. In calculating ZnEq, SRK Consulting (Canada) Inc. utilized the long term metal prices provide by Energy & Metals
Consensus Forecast. Price for Au is $1470 per ounce, Ag is $26 per ounce, Cu is $3.39 per pound, Pb is $1.18 per pound, and Zn is $1.14 per pound. A recovery of
83% was applied to Zn, 71% was applied to Pb, 57% was applied to Cu, 45% was applied to Ag, and 40% was applied to Au. The pounds of metal are in-situ and
have not had any mining factors applied to them.
Caribou PEA study was conducted in accordance with the definitions in Canadian National Instrument 43-101. SRK Consulting (Canada) Inc. was the lead
independent consultant, with contributions from other independent consultants commissioned by Trevali Holland & Holland Consulting and Stantec Consulting. The
base case Caribou Mine Project PEA uses price assumptions of US$1.00/lb zinc, US$1.00/lb lead, US$3.00/lb copper, US$21.00/oz silver and US$1,200/oz gold.
These prices are based on a review of consensus price forecasts from financial institutions and similar studies that recently have been published. The PEA is
considered preliminary in nature and includes economic analysis that is based, in part, on inferred mineral resources. Inferred mineral resources are considered too
speculative geologically to have the economic considerations applied to them that would allow them to be categorized as mineral reserves, and there is no certainty
that the results will be realized. Mineral resources are not mineral reserves because they do not have demonstrated economic viability.
Ruttan resource estimate completed by Tetra Tech Wardrop in February 2008. The resource estimate utilized a 1% copper equivalent (CuEQ) cut-off.
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