Mineral Resources & Reserves

A re-estimation of mineral resources was commissioned by Selwyn as part of a re-evaluation of all mineral resources and mining plan on the Scotia mine property.

The NI 43-101 compliant mineral resource estimate for the Scotia mine (formerly known as the Gays River mine) in Nova Scotia is as follows:

* Note that mineral resources for the Northeast deposit combine tonnages and tonnage weighted average grades from depths to 100 metres and those mineral resources below 100 metres, as reported in April 6, 2012 news release.

The mineral resource estimate for the Main deposit has an effective date of April 4, 2011, and was supervised and prepared by Independent Qualified Person Mr. Doug Roy, P.Eng. and Mr. Tim Carew, P.Geo., as defined by National Instrument 43-101. Mr. Roy, P.Eng. works for MineTech International Limited (“MineTech”) of Halifax, Nova Scotia, Canada, and Mr. Carew, P.Geo., provided services under contract with MineTech.

The mineral resource estimate for the Northeast deposit also has an effective date of April 4, 2011, and was supervised and prepared by Independent Qualified Person Mr. Doug Roy,P.Eng. The mineral resource estimate for Getty deposit has an effective date of March 28, 2011 and was supervised and prepared by Independent Qualified Persons Mr. Michael Cullen, P.Geo. and Ms. Chrystal Kennedy, P.Geo. as defined by National Instrument 43-101, who both work for Mercator Geological Services of Dartmouth, Nova Scotia.