Reserves and resources summary

Bindura Nickel Corporation - Resources and Reserves as at 31 March 2009
Classification of Resources	Tonnage (000t)	Grade (%)	Nickel (t)
Measured
Trojan	2,560	0.93	23,710
Shangani	870	0.42	3,690
Hunter's Road	–	–	–
Total	3,430	0.80	27,400

Indicated
Trojan	3,640	1.93	70,230
Shangani	6,030	0.47	28,130
Hunter's Road	45,060	0.54	243,230
Total	54,730	0.62	341,590

Measured & Indicated
Trojan	6,200	1.52	93,940
Shangani	6,900	0.46	31,820
Hunter's Road	45,060	0.54	243,230
Total March 2009	58,160	0.63	368,990
Total March 2008	16,020	0.88	141,050

Inferred Resources
Trojan	7,940	0.72	57,410
Shangani	4,850	0.53	25,540
Hunter's Road	–	–	–
Total	12,790	0.65	82,950
Total March 2008	13,180	0.64	84,850

As a result of global decline in nickel prices, exacerbated by the elevated cost of production from BNC’s mines owing to reduced production volumes and the difficult social and economic environment in Zimbabwe, BNC’s mining operations were placed onto care and maintenance in November 2008. Commodity prices prevailing at 31st March 2009 indicated that mining of the resources at Trojan, Shangani and Hunters Road would be uneconomic, and consequently no reserve statement has been included, consistent with the JORC resource management code. Previously stated reserves of 12,385t, 25,109t, 175,086t respectively (stated as of 31st March 2008 and calculated based on a nickel price of $7.50 / lb) have been reclassified as resources.
The indicated resource at Hunters Road reflects inclusion of the East orebody, which has been drilled out but for which no mine plan or pit design has been prepared. Hunters Road West orebody excludes first 30m of untreatable oxide ore mineralisation. The high grade in the ‘Indicated’ at Trojan is caused by massive sulphide ore below 35/0 level. Confirmatory drilling to verify this high-grade ore has started.
BNC is investigating options to reduce its cost of production. A statement of reserves will be compiled in due course based on the results of this analysis.

Freda Rebecca Mine – Resources and Reserves as at 31 March 2009
Classification of reserves	Tonnage (000t)	Grade (%)	Gold (000oz)	Classification of reserves	Tonnage (000t)	Grade (%)	Gold (000oz)
Proven				Measured
Underground	2,138	2.58	177	Underground	10,408	2.51	841
Surface	270	3.47	30	Surface	826	1.40	37
Total	2,408	2.68	207	Total	11,234	2.43	878

Probable				Indicated
Underground	1,744	2.50	140	Underground	2,106	2.52	170
Surface	–	–	–	Surface	–	–	–
Total	1,744	2.50	140	Total	2,106	2.52	170
Total March 2009	4,153	2.60	347	Total March 2009	13,340	2.44	1,048
Total March 2008	4,153	2.60	347	Total March 2008	13,340	2.44	1,048

Resources are stated inclusive of reserves
Underground resources are quoted at a 1.5g/t cut off, and surface resources are calculated at a 0.4g/t cut off.
A revised mine plan will be developed, based on the optimisation of the resource model at prevailing commodity prices. Updated statements of reserves and resources will be provided as and when available. Further information on the Freda Rebecca mine can be found in the Independent Technical Report dated June 2007. (PDF - 3.74MB)

Resource statement as at 31 December 2008
Resource Category	Mining Tons (t)	Mining Grade (cpht)	Carats Recovered (cts)
Leopard Fissure
Indicated Resources (above 7 level)
Ingwe (East)	428,000	58.3	249,500
Ndau (West)	276,000	58.3	161,000
Total	704,000	58.3	410,500
Inferred Resources (below 7 level to 15 level †††)
Ingwe (East)	1,307,000	58.3	762,000
Ndau (West)	2,058,000	58.3	1,200,000
Total	3,365,000	58.3	1,962,000

† The tonnage estimate includes a 5% geological loss
†† cpht – carats per 100 tonnes
††† The orebody remains open to depth below 15 level

Operations & exploration