Moss Lake Project Optionality Minin g Pr o c essing Open pi t mini ng an d CI L Pr oce ssi ng a t 4 0 0 0 0 t onnes per da y Li f e of mine w as t e or e s t r i ppi ng r a t i o of 2 5 1 F our y ear per mit t i ng pr e pr oduct i on per i od T en y ea r mine lif e a v er agi n g 2 4 4 0 0 0 o u n c es p er y ea r Y ear s 1 5 a v er ag e 2 9 6 0 0 0 oun ces p er y ear Y ea r s 6 1 0 a v er ag e 1 9 2 0 0 0 o u n c es p er y ea r Pr e Pr o d u c tio n Cap it al C o s ts of 5 4 3 mil li o n Oper a ting Cos ts o f 1 7 5 6 Cd n p er t o n n e o r 9 2 2 Cd n p er o u n c e P a yb ac k per io d 2 y ea r s K e y Assu mp t ion s M illin g r ec ov er ies of 79 2 an d 84 2 L ow gr ad e s t ock p iles w it h mar gin al or mill c u t off gr ad es of 03 2 t o 03 8 gAu t on n e t o b e p r ocessed Exp ect ed acc u r acy of c ap it al c os t es t ima t es of 35 E c o n o mic s Af t er T a x Cumul a t i v e Ca sh Flo w 4 4 0 mil l i on Af t er T a x Ne t Pr ese n t V al ue NP V 1 9 6 mil l i on a t 5 di sc oun t r a t e Af t er T a x I n t er na l Ra t e of R e t urn IRR 1 2 K e y Ass u mp t ion s A v er ag e g old p ric e of U S 15 46 o z an d e x c h an g e r a t e of 100 33 Cdn 10 US 3 y ear t r ailing a v er ag e as a t M a y 31 20 13 R o y alt y of 87 5 of N e t Pr of it p aid On t ario M in in g T a x r a t e 10 In c om e T a x r a t e 26 5 15 f ed er al an d 11 5 p r ovin c ial Sensitivi ty Analy sis 1 6 2 9 Cdn o z f or 1 5 I RR hur dl e 25 PEA High li gh ts April 20 13