Kipushi Project Democratic Republic of Congo NI 43-101 Technical Report (Revision 2) September 2012 Prepared for Ivanplats Limited Document Ref.: 984C-R-13 Qualified persons: Victor Kelly, BA, FAusIMM, P Eng. - Geologist Julian Bennett, BSc, FIMMM, C Eng. - Mining engineer David JF Smith CEng – IMC Director of Mining Kipushi Zinc Mine Project Democratic Republic of Congo NI 43-101 Technical Report (Revision 2) FINAL REPORT Page i Table of Contents 1 SUMMARY ................................................................................................................ 1 2 INTRODUCTION AND TERMS OF REFERENCE ............................................................... 5 3 RELIANCE ON OTHER EXPERTS ................................................................................... 6 4 PROPERTY DESCRIPTION AND LOCATION ................................................................... 6 4.1 Legal Title ............................................................................................................................ 7 4.1.1 Mineral Property and Title in the DRC ................................................................................ 7 4.1.2 Surface Rights Title ............................................................................................................ 10 4.1.3 Royalties ............................................................................................................................ 10 4.1.4 Environmental Obligations................................................................................................ 11 4.1.5 Ownership and Mineral Tenure ........................................................................................ 11 4.1.6 Tax and Surface Fees ......................................................................................................... 12 4.1.7 Significant factors and associated risks ............................................................................. 13 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY .. ............................................................................................................................... 14 6 HISTORY .................................................................................................................. 15 6.1 Previous Ownership .......................................................................................................... 15 6.2 Exploration Results ........................................................................................................... 16 6.2.1 Historical Estimates ........................................................................................................... 16 6.2.2 Gécamines’ Estimation Methodology ............................................................................... 17 6.2.3 Techpro Estimate .............................................................................................................. 20 6.3 Disclosure of Historical Mineral Resource Estimate ......................................................... 21 6.4 Historical mining methods ................................................................................................ 24 6.5 Historical process methods ............................................................................................... 24 6.6 Historical production......................................................................................................... 24 6.7 Mine infrastructure ........................................................................................................... 25 6.7.1 Mine shafts ........................................................................................................................ 26 6.7.2 Mine excavations .............................................................................................................. 26 6.7.3 Ventilation ......................................................................................................................... 26 6.7.4 Pumping and water control .............................................................................................. 26 6.7.5 Electrical power................................................................................................................. 27 Ivanplats Ltd IMC Group Consulting Limited 948C-R-13 September 2012 Kipushi Zinc Mine Project Democratic Republic of Congo NI 43-101 Technical Report (Revision 2) FINAL REPORT Page ii 6.7.6 Surface installations .......................................................................................................... 28 6.8 Environmental studies, permitting and social and community impact ............................ 28 6.8.1 Water Quality .................................................................................................................... 28 6.8.2 Old open pit ...................................................................................................................... 28 6.8.3 Old Concentrator Area and Tailings Dams ........................................................................ 28 6.8.4 Conclusions ....................................................................................................................... 28 6.9 Attaining NI 43-101 compliant resources ......................................................................... 29 6.9.1 Historical Resource estimate below 1150 m level ............................................................ 29 6.9.2 Geology and Mineralisation below 1150 m level ............................................................. 29 6.10 Diamond Drill Programme ................................................................................................ 31 6.11 NI 43-101 Compliant Resource ......................................................................................... 32 7 GEOLOGICAL SETTING AND MINERALISATION .......................................................... 33 7.1 Regional Geology .............................................................................................................. 33 7.2 Local Geology .................................................................................................................... 34 7.3 Property Geology .............................................................................................................. 35 7.4 Mineralisation ................................................................................................................... 36 8 DEPOSIT TYPES ........................................................................................................ 37 9 EXPLORATION ......................................................................................................... 38 10 DRILLING ................................................................................................................. 38 10.1 Drilling Procedure ............................................................................................................. 38 10.2 Drillhole database ............................................................................................................. 40 11 SAMPLE PREPARATION, ANALYSES AND SECURITY ................................................... 40 11.1 Introduction ...................................................................................................................... 40 11.2 Sample Preparation,.......................................................................................................... 41 11.3 Analysis ............................................................................................................................. 42 11.4 Sample security ................................................................................................................. 42 12 DATA VERIFICATION ................................................................................................ 43 13 MINERAL PROCESSING & METALLURGICAL TESTING ................................................. 44 14 MINERAL RESOURCE ESTIMATES .............................................................................. 44 15 TO 22 OMITTED ..................................................................................................................... 44 23 ADJACENT PROPERTIES ............................................................................................ 44 Ivanplats Ltd IMC Group Consulting Limited 948C-R-13 September 2012 Kipushi Zinc Mine Project Democratic Republic of Congo NI 43-101 Technical Report (Revision 2) FINAL REPORT Page iii 24 OTHER RELEVANT DATA AND INFORMATION ........................................................... 44 25 INTERPRETATION AND CONCLUSIONS ...................................................................... 44 25.1 Geological data ................................................................................................................. 44 25.2 Historical Resources .......................................................................................................... 45 25.3 Infrastructure .................................................................................................................... 46 26 RECOMMENDATIONS .............................................................................................. 46 26.1 Geology ............................................................................................................................. 46 26.2 Mining infrastructure 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