10 www gbr eports c om Glob al Business R eport s PRERELEASE ONT ARIO MINING 2018 Glob al Business R eport s ONT ARIO MINING 2018 PRERELEASE A de arth of ne w gr eenfield deposit s in Canada c ombined with the imp ac t of the downc ycle and miner al pric es tha t have s till ye t t o fully r ec over has f or c ed mining c omp anies t o f ocus on the de velopment of br ownfield pr ojec t s Glenc or e s Kidd oper a tion in Timmins the deepes t b ase me t al mine in the world with a maximum dep th of almos t 10000 f ee t c elebr a t ed it s 50th ye ar of pr oduc tion in 2016 and r ec ently ex t ended it s lif e of mine L OM expec t anc y t o e arly 2022 Glenc or e also announc ed it will move ahe ad with the C700million Onaping Dep th pr ojec t in Sudbur y and expec t s t o r e ach full pr oduc tion a t the deposit loc a t ed 2500 me tr es bene a th the Cr aig mine in Onaping by 2025 In Mar ch 2018 V ale announc ed it will spend C760 million over the nex t f our ye ars t o exp and it s his t oric Copper Clif oper a tion in Sudbur y With six mines a mill a smelt er a r efiner y and ne arly 4000 employees Copper Clif is one of the lar g es t int e gr a t ed mining c omplex es in the world V ale says it is doubling it s explor a tion budg e t in the Gr e a t er Sudbur y Ar e a t o C42 million De Beers the world s le ading diamond c omp any 85owned by Anglo Americ an announc ed it will no t ex t end the lif e of Ont ario s firs t diamond mine the Vic t or mine loc a t ed in the James Bay L owlands of northern Ont ario Mining and pr oc essing ac tivities ar e due t o be c omple t ed in Q1 2019 bef or e moving int o the f ormal closur e phase De Beers will have c ontribut ed C67 billion cumula tive GDP imp ac t f or Ont ario during the lif e of the Vic t or mine Barrick s Hemlo pr ojec t loc a t ed 350km wes t of Thunder Bay has been in oper a tion c ontinuously f or mor e than 30 ye ars pr oducing mor e than 21 million oz of g old Pr oduc tion is due t o r aise fr om 196000 oz in 2017 t o 200000220000 oz in 2018 Howe ver the open pit sec tion of the mine is due t o oper a t e until 2021 with the f ocus then shifing c omple t ely t o the under gr ound oper a tion Over the p as t c entur y the Timmins ar e a has pr oduc ed mor e g old than any mining c amp in Canada The Black F o x pr ojec t tha t has pr oduc ed a t o t al of 972000 oz of g old sinc e c ommer cial pr oduc tion be g an in 1989 w as ac quir ed by McEwen Mining in Oc t ober 2017 R ob McEwen chairman and CEO of McEwen Mining exp anded on the po t ential of the pr ojec t which sit s on wha t is known as the Golden Highw ay Our 2018 E xplor a tion budg e t a t Black F o x is C15 million T o da t e the drill r esult s have been mos t enc our aging No t only have we identified numer ous ne w z ones of miner aliz a tion on the pr operty we ar e also seeing a c ontinua tion of the miner aliz a tion t o dep th in the mine Our explor a tion pr ogr am has incr e ased our r esour c e ounc es and the gr ade The Black F o x mine has a pr oduc tion guidanc e of 48000 oz g old equiv alent A uE q f or 2018 with an indic a t ed r esour c e of 1349000 oz A uE q While g old has no t VA L UE OF CANA DA S MINER AL PRODUCTION IN 2017 Source Natural Resources Canada MNDM Ontario QC NL NT BC SK AB NV PE MB YT NS NB 8 7 6 5 4 13 Billion C 12 11 10 9 3 2 1 0 99 0 0 ONT ARIOS TO P 10 MINERALS IN 2017 Source Natural Resources Canada MNDM million C MNDM estimat e Gold Coppe r Nicke l Platinum Group Metals Stone Sand and Grave l Diamonds Salt Zin c Clay Products 1 2 3 4 5 6 7 8 9 10 3854 1351 1065 783 700 609 390 276 263 135