Low Risk:  Substantial Infrastructure

• Connected to Ontario hydro grid 44KV 
• Shaft access with modern hoisting plant (2500 HP, 14” diameter hoist)
• New extended headframe
• All-weather road connecting to the town of Red Lake

Focusing on Critical Path Items:

Shaft Sinking

• Shaft depth currently at 610 meters ("m") below surface and sinking continues (January 28, 2013)
• contractor crews currently excavating the 610 m level station
• The Company continues to evaluation the economics of the shaft extension and its use for further resource identification.

Mill and Carbon-in-Leach ("CIL") Construction

• Mill CIL building foundation completed, as well as the construction of steel framework
• Construction of the remaining mill building foundation continues 
• Long lead time items, such as the "SAG: (semi-autogenous grinding) and ball mills, remain on schedule for delivery in Q3-2013
• Selection and procurement of the processing equipment is ongoing

Date of Issue: January, 2013