Newcrest December 2012 Resources and Reserves Statement

(all figures in United States dollars and in 100% terms unless stated otherwise)

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MELBOURNE, Australia, Feb. 8, 2013 /CNW/ - Newcrest Mining Limited (Newcrest) has updated its Mineral Resource and Ore Reserve estimates for the 12 month period ending 31 December 2012, and these are presented in Tables 1 to 4 below.

The reserves estimates reported in this release have been prepared under the direction of a Qualified Person, as defined in NI 43-101, using accepted industry practice and have been classified in accordance with the JORC Code¹. Except as described below, there are no material differences between the definitions of Proven and Probable Mineral Reserves under the applicable definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM Definition Standards") and the corresponding equivalent definitions in the JORC Code for Proved and Probable Ore Reserves.

It is noted that under the CIM Definition Standards, the completion of a pre-feasibility study is the minimum prerequisite for the conversion of Mineral Resources to Mineral Reserves. The CIM Definition Standards define a pre-feasibility study as "a comprehensive study of a range of options for the technical and economic viability of a mineral project that has advanced to a stage where a preferred mining method, in the case of underground mining, or the pit configuration, in the case of an open pit, has been established and an effective method of mineral processing is determined. It includes a financial analysis based on reasonable assumptions on mining, processing, metallurgical, economic, marketing, legal, environmental, social and governmental considerations and the evaluation of any other relevant factors which are sufficient for a Qualified Person, acting reasonably, to determine if all or part of the Mineral Resource may be classified as a Mineral Reserve".

The JORC Code does not currently prescribe completion of a pre-feasibility study as a minimum prerequisite for reporting an Ore Reserve (the JORC equivalent of a Mineral Reserve). The JORC Code requires that appropriate assessments and studies have been carried out which demonstrate at the time of reporting that extraction could reasonably be justified, including consideration of and modification by realistically assumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors.

A pre-feasibility study within the meaning of the CIM Definition Standards has not yet been completed in respect of Newcrest's Big Cadia, Ridgeway Deeps Lift 2, Telfer Underground VSC, O'Callaghans and Marsden deposits. Accordingly the tables below present Newcrest's total Ore Reserves, as classified in accordance with the JORC Code, and include a reconciliation to identify:

(a) the Ore Reserves that could be classified as Mineral Reserves under applicable CIM Definition Standards; and

(b) the Ore Reserves which would not be classified as Mineral Reserves under applicable CIM Definition Standards, as required by NI 43-101. It is planned to complete the required studies to support Mineral Reserves estimation for those deposits during 2013.

The Mineral Resources estimates have been prepared under the direction of a Qualified Person, as defined in NI 43-101, using accepted industry practice and have been classified and reported in accordance with the JORC Code. There are no material differences between the definitions of Measured, Indicated and Inferred Mineral Resources under the CIM Definition Standards and the equivalent definitions in the JORC Code.

Mineral Resources are quoted inclusive of Ore Reserves. Metal price assumptions used for Newcrest Mineral Resources are US$1350/oz for gold, US$3.10/lb for copper and US$23/oz for silver. Price assumptions for Ore Reserves are US$1250/oz for gold, US$2.70/lb for copper and US$20.00/oz for silver, with the exception of Gosowong, Hidden Valley and Wafi-Golpu. At Gosowong, a gold price of US$1400/oz has been used to estimate Ore Reserves, acknowledging the shorter life of known deposits. At Hidden Valley and Wafi-Golpu, the Mineral Resource estimates were developed using prices of US$1400/oz gold, US$3.50/lb copper and US$25.00/oz silver.  The Golpu Ore Reserve estimate was developed using prices of US$1250/oz gold, US$3.10/lb copper and US$21.00/oz. Where appropriate, resources are also constrained spatially by a notional pit shell based on US$1400/oz for gold and US$4.00/lb for copper or, for underground mining, by a shape based on the marginal cut-off grade used as a conservative measure to non-contiguous mineralization.

As is typical with epithermal deposits, the deposits at Gosowong and Hidden Valley contain amounts of silver. The Cadia East porphyry deposit contains some molybdenum in addition to the gold, copper and silver reported.

In this section, the term "Cadia Province" refers to Cadia Hill, Ridgeway, Ridgeway Deeps, Big Cadia, Cadia Extended and Cadia East. The term "Telfer Province" refers to the Main Dome open pit, the West Dome open pit, Telfer Underground, Telfer Satellite Deposits and O'Callaghans.

Colin Moorhead (BSc (Hons), FAusIMM), a Competent Person (as defined in the JORC Code) and a Qualified Person (as defined in NI 43-101) has approved the data set out below, including sampling, analytical and test data underlying the results. For a description of the quality assurance program and quality control measures applied, please refer to the applicable technical report filed at www.sedar.com. Newcrest has also lodged Mineral Resource & Ore Reserve Explanatory Notes 2012 on its website at www.newcrest.com.au. These notes provide additional information in support of the 2012 Resources and Reserves Statement.

The Morobe Mining Joint Ventures' Mineral Resources and Ore Reserves are quoted at Newcrest's 50% interest.

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¹ Newcrest reports its resource and reserve estimates in compliance with the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).

Table 1: Ore Reserves Reported in accordance with the JORC Code

Table 1 presents Ore Reserves that have been classified and reported in accordance with the JORC Code and include some material that does not satisfy the prerequisite for completion of a pre-feasibility study for classification as Mineral Reserves under the CIM Definition Standards.

Table 2: Mineral Reserves Reported in accordance with the CIM Definition Standards

Table 2 presents Mineral Reserves in accordance with the CIM Definition Standards. The Mineral Reserves presented in Table 2 are a subset of the Ore Reserves presented in Table 1 and include only those Ore Reserves that could be classified as Mineral Reserves within the meaning of the CIM Definition Standards.

Table 3: JORC Code Ore Reserves Excluded from Mineral Reserves in accordance with the CIM Definition Standards

Table 3 presents the Ore Reserves that were excluded from Table 2 because such Ore Reserves do not satisfy all prerequisites for classification as Mineral Reserves within the meaning of the CIM Definition Standards. The Mineral Reserves presented in Table 3 are a subset of the Ore Reserves presented in Table 1.

Table 4: Mineral Resources Statement as at December 31, 2012

Table 4 sets out estimates of Measured, Indicated and Inferred Mineral Resources for Newcrest's assets as at December 31, 2012. Mineral Resources are reported inclusive of Ore Reserves. As a result, Ore Reserve estimates should not be added to the corresponding Mineral Resource estimates.

Mineral Resources that do not form part of the Ore Reserves do not have economic viability. Due to lower certainty of their recoverability, the inclusion of resource estimates should not be regarded as a representation by Newcrest that such amounts can necessarily be economically exploited, and investors are cautioned not to place undue reliance upon such figures. Therefore, no assurances can be given that the estimates of reserves or resources presented in this release will be recovered at the tonnages and ore grades presented, or at all.

Ore Reserves and Mineral Resources Reporting Requirements

As an Australian company with securities listed on the Australian Securities Exchange (ASX), Newcrest is subject to Australian disclosure requirements and standards, including the requirements of the Corporations Act and the ASX. Investors should note that it is a requirement of the ASX listing rules that the reporting of ore reserves and mineral resources in Australia comply with the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and that Newcrest's ore reserve and mineral resource estimates comply with the JORC Code. As a company listed on the Toronto Stock Exchange (TSX), Newcrest is subject to certain Canadian disclosure requirements and standards, including the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators (NI 43-101).  In accordance with NI 43-101, Newcrest reports its ore reserve and mineral resource estimates in compliance with the JORC Code, along with a reconciliation for any material differences between the JORC Code and the applicable definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM Definition Standards).   Other than as separately noted, there are no material differences between the definitions of Measured, Indicated and Inferred Mineral Resources, and Proven and Probable Reserves, under the CIM Definition Standards and the equivalent or corresponding definitions in the JORC Code.

Qualified Person

The information in this release that relates to Mineral Resources, Ore Reserves, Exploration Results and other scientific and technical information is based on information compiled by or under the direction of Colin Moorhead, EGM Minerals for Newcrest Mining Limited, who is a Fellow of The Australasian Institute of Mining and Metallurgy and a full-time employee of Newcrest Mining Limited. Mr Moorhead has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration, and to the activity which he is undertaking, to qualify as a Competent Person as defined in the JORC Code and a Qualified Person within the meaning of NI 43-101. Mr Moorhead consents to and has approved the inclusion in this release of the matters based on this information in the form and context in which it appears, including sampling, analytical and test data underlying the results.  For details of exploration reports refer to the Newcrest website at www.newcrest.com.au.

SOURCE: Newcrest Mining Limited