Reserve Ounces definition
Reserve Ounces means, with respect to any Additional -------------- Deposit, (a) the number of contained ounces of gold constituting proven and probable reserves in any Additional Deposit, determined by Amax Gold in accordance with the definitions of ore reserves set forth in the Securities Act Industry Guide 7 promulgated by the SEC from time to time, based on a feasibility study which is prepared in accordance with industry standards by or under the supervision of Amax Gold, and (b) the number of gold equivalent ounces for any other metal that is the primary metal to be developed from such deposit, and (c) the number of gold equivalent ounces for any other metal that can be developed on a commercially reasonable basis in conjunction with, and without materially impairing the profitable production of, the primary metal to be developed from such deposit. Any number of equivalent ounces shall be calculated by multiplying the number of units of such metal (whether ounces, pounds, or some other measure) which are so determined to be proven and probable, times the Average Metal Price of such metal, and divided by the Average Metal Price for gold.