Adding Value Through Exploration

2014 IN REVIEW

We invested a total of $33.8 million, including capitalized exploration costs, at our mine sites and exploration projects in 2014. Our exploration activities included drilling approximately 58,000 metres on 20 projects across Turkey, China, Brazil, Greece and Romania.

In Turkey, drilling programs focused on surface targets at our Efemçukuru mine site, which included step-outs from previous drilling on the Kokarpinar vein and preliminary drill testing of the Dedebaĝ vein.

Brownfields and in-mine exploration programs were the exploration focus in China. At Tanjianshan, resource drilling programs included Qinlongtan North, step-out drilling at the Xijingou deposit and testing targets within the pit at Jinlonggou. At the White Mountain mine, exploration drilling identified down-dip extensions to all three zones of the main orebody.

In Brazil, we drill-tested our early-stage projects at Goldfish, Anicuns and Rubens Zilio. At Tocantinzinho, we further defined resources within historical tailings overlying the main deposit and completed the first-pass drilling program on the more than 6 kilometre-long copper-gold anomaly at Santa Patricia.

In Greece’s Halkidiki district, we completed 6,500 metres of drilling at the Piavitsa project, which now extends over a 2.5-kilometre strike length along the mineralized Stratoni Fault zone. At Skouries, exploration activity focused on drill target definition at the nearby Tsikara prospect and preliminary drill-testing of an untested porphyry target adjacent to the deposit. We also added the Sapes project to our Greece portfolio during the year with the acquisition of Glory Resources.

In Romania, exploration drilling was completed at the Bocsa, Magura, Muncel, Brad and Deva projects, all of which are situated in the Apuseni district near our Certej deposit. The team also relogged 105,000 metres of Certej drillcore, the results of which form the basis of an updated geological interpretation and resource model for the deposit.