2011 Fourth Quarter Conference Call

1. Q4 & Year End 2011
Lake Shore Gold Conference Call
TSX, NYSE Amex: LSG March 27, 2012

2. Forward Looking Statements
Certain statements in this presentation relating to the Company's expected production levels, production growth, exploration activities,
potential for increasing resources project expenditures and business plans are "forward looking statements" or "forward looking
resources, forward-looking statements forward-looking
information" within the meaning of certain securities laws, including under the provisions of Canadian provincial securities laws and under the
United States Private Securities Litigation Reform Act of 1995 and are referred to herein as "forward-looking statements." The Company does not
intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent
management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and
capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption in transportation
or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete
, , p g , p
projects according to schedule, and that actual mineralization on properties will be consistent with models and will not be less than identified
mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would reach
the same conclusions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. In particular, delays in development or mining and fluctuations in the price of gold or in
currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking
statements. M
t t t More i f
information about risks and uncertainties affecting th C
ti b t i k d t i ti ff ti the Company and it b i
d its business i available i th C
is il bl in the Company's most recent
' t t
Annual Information Form and other regulatory filings with the Canadian Securities Administrators, which are posted on sedar at www.sedar.com,
or the Company’s most recent Annual Report on Form 40-F and other regulatory filings with the Securities and Exchange Commission.
QUALITY CONTROL
Lake Shore Gold has a quality control program to ensure best practices in the sampling and analysis of drill core. A total of three Quality Control
samples consisting of 1 blank, 1 certified standard and 1 reject duplicate are inserted into groups of 20 drill core samples. The blanks and the
certified standards are checked to be within acceptable limits prior to being accepted into the GEMS SQL database. Routine assays have been
completed using a standard fire assay with a 30-gram aliquot. For samples that return a value greater than three grams per tonne gold on
exploration projects and greater than 10 gpt at the Timmins mine and Thunder Creek underground project, the remaining pulp is taken and fire
assayed with a gravimetric finish. Select zones with visible gold are typically tested by pulp metallic analysis on some projects. NQ size drill core
is saw cut and half the drill core is sampled in standard intervals. The remaining half of the core is stored in a secure location. The drill core is
transported in security-sealed bags for preparation at ALS Chemex Prep Lab located in Timmins, Ontario, and the pulps shipped to ALS Chemex
Assay Laboratory in Vancouver B C ALS Chemex is an ISO 9001 2000 registered laboratory preparing for ISO 17025 certification
Vancouver, B.C. 9001-2000 certification.
QUALIFIED PERSON
The Company’s Qualified Persons (“QPs”) (as defined in National Instrument 43-101, “Standards of Disclosure for Mineral Projects”) for diamond
drilling projects at the Timmins deposit surface; Thunder Creek, Gold River Trend and 144 properties; Bell Creek Mine; and Casa Berardi
optioned property are Jacques Samson, P.Geo., Stephen Conquer, P.Geo, and Keith Green, respectively. Dean Crick, P.Geo. is the QP for the
Timmins deposit and Thunder Creek underground drilling projects, and Bob Kusins, P.Geo., is the QP for resource estimation at all of the
Company’s properties. As QPs, Messrs. Samson, Conquer, Green, Crick and Kusins have prepared or supervised the preparation of the
scientific or technical information for their respective properties as provided in this presentation. Messrs., Samson, Conquer, Kusins, Crick and
Green are employees of the Company.
2

3. LSG: Good Progress in 2011
Doubled production to 86,565 ounces poured
Finished year strong with >26 000 ozs poured in
>26,000
Q4/11
Doubled
D bl d resources f second consecutive year
for d ti
o Initial resources for Thunder Creek, Fenn-Gib,
Vogel and M lhill
V l d Marlhill
Commenced 50% mill expansion – remains on track
Continued to achieve significant exploration success
3 *Examples of Forward Looking Statements.

4. LSG: Turning to 2012*
Work l focused on ramping up mining and milling capacity
W k plan f d i i i d illi it
to 3,000 tonnes per day by late 2012
Work at Timmins West Mine and Bell Creek in first half 2012
focused on development, ore delineation, stope preparation
Mill expansion advancing towards completion by late 2012
2012 guidance: 85,000 to 100,000 ounces, weighted to
second half of year
Strong growth in 2013
Cash costs in 2012 targeted at US$825 to US$875 p ounce
g $ $ per
First Quarter 2012: expected production of approx. 15,000
ounces, cash costs US$1,450 per oz, to improve as
production ramps up
4 *Examples of Forward Looking Statements.

5. LSG: Turning to 2012*
Capital expenditures - $93M Timmins West Mine, $67M mill
expansion and other mill improvements
Expenditures at Bell C k exploration t b assessed as
E dit t B ll Creek, l ti to be d
year progresses
Company funded to develop and bring Timmins West Mine to
3,000 tpd (including both mining and milling)
Assessing opportunities to strengthen balance sheet to
g pp g
support other expenditures
5 *Examples of Forward Looking Statements.

6. LSG: First Quarter 2012 Highlights
Updated resource for Timmins West Mine
Indicated: 1,122,500 ozs (5,826,000 tonnes @ 5.99 gpt)
Inferred: 791,500 ozs (4,272,000 tonnes @ 5.76 gpt)
Updated resource for Gold River Trend
Total ounces nearly tripled and grade doubled
Indicated: 117,400 ozs (690,000 tonnes @ 5.29 gp )
( gpt)
Inferred: 1,027,800 ozs (5,273,000 tonnes @ 6.06 gpt)
Timmins West Mine PEA
Demonstrates potential for substantial cash flows,
attractive returns and favourable economics
6 *Examples of Forward Looking Statements.

7. LSG: 2011 Operating Highlights
Q4/11 2011
Gold
G ld poured
d 26,550
26 550 86,565
86 565
Total tonnes 186,231 671,467
Average grade 4.03
4 03 4.34
4 34
Total Production 24,809 82,585
Cash Costs* ($/t) (Timmins Deposit)
Costs 102 95
Cash Costs* (US$/oz) (Timmins Deposit) 762 811
*Denotes a non-GAAP measure.
Denotes measure
7

8. LSG: 2011 Financial Highlights
Q4/11 2011
Gold sold (oz) 21,956 91,468
Average price (US$/oz) 1,687
1 687 1,546
1 546
Proceeds from gold sales ($M) 37.8 140.2
Proceeds from commercial gold sales ($M) 14.8 66.2
Cash earnings from operations*
$ millions 8.1 31.7
Net loss
$ million 5.5 10.9
$ per share 0.01 0.03
*Denotes a non-GAAP measure.
8

9. LSG: 2011 Expenditures
2011
Projects 96.7
Exploration 32.1
Mill Expansion 22.6
Total 151.4
Increased project spending mainly relates to additional
development work at Thunder Creek and cost escalation
Ended year with $66.2M cash and gold bullion inventory
Franco-Nevada royalty/equity investment added $50 million
in February 2012
9

10. Timmins West Mine Thunder Creek
Timmins Deposit
Timmins and 200 Level
Thunder Creek
deposits combined 300 Level
Initial Thunder
Creek resource
released Nov. 2011
Updated Timmins
deposit resource
February 2012 650 Level
PEA first evaluation 2012 Work 730 Level 2012 Work
of fully integrated Program* Program*
operation
Conceptual view - full development
of current resources
*Examples of Forward Looking Statements.
10

11. Timmins Deposit 545L
Setting Ourselves Up
g p 565L
For Rapid Growth
585L
In 2012:
Ore delineation and 610L
610L
infrastructure focus during
early part of year Shaft
650L
Production weighted to
H2/12* Typical
670L
stoping
blocks 690L
710L
730L
750L
790L
*Examples of Forward Looking Statements.
810L
11

12. Timmins Deposit 545L
Setting Ourselves Up
g p 565L
For Rapid Growth
585L
In 2012:
Ore delineation and 610L
610L
infrastructure focus during
early part of year Shaft
650L
Production weighted to
H2/12* Typical
670L
stoping
Going forward: blocks 690L
• R d f stoping on th
Ready for t i three 710L
new levels
• Four additional levels 730L
accessed
d
750L
790L
*Examples of Forward Looking Statements.
810L
12

13. Thunder Creek Deposit
Setting Ourselves Up
For Rapid Growth
In 2012:
Extensive ramping, ore Thunder Creek
delineation and Lower Mine
infrastructure work
Stope production 660L
weighted to H2/12*
695L
730L
730L
765L
i l i
Typical stoping
block
800L
*Examples of Forward Looking Statements.
13

14. Thunder Creek Deposit
Setting Ourselves Up
For Rapid Growth
In 2012:
Extensive ramping, ore Thunder Creek
delineation and Lower Mine
infrastructure work
Stope production 660L
weighted to H2/12*
Going forward:
695L
• Development advanced
on four levels
• Multiple stoping blocks 730L
730L
accessible
765L
Typical stoping
i l i
block
800L
*Examples of Forward Looking Statements.
14

15. Shaft
Bell Creek Complex Bell Creek Mine Mined out
areas
2012 work plan for
ork Recent
R t
mining
Bell Creek Mine
focused on
North A
establishing new “Deep”
mining complex (475
L and 600 L)*
L)
15 *Examples of Forward Looking Statements. Conceptual view of planned work in 2012

16. Processing – Expanding Mill to Meet Growth
Mill continues to perform well
Recoveries of 96.1% in 2011
Exceeded 2 000 tpd capacity i
E d d 2,000 t d it in
Q4/11
Expansion to 3 000 tpd to be
3,000
completed by late 2012*
Total cost of expansion $61
million in 2012* ($22.6 million
spent in 2011)
16 *Examples of Forward Looking Statements.

17. Timmins West Mine – PEA (Feb. 28, 2012)
PEA Disclaimer:
The Timmins West Mine PEA is preliminary in nature. It includes inferred mineral
resources that are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the preliminary economic assessment will be
17 realized.

18. Timmins West Mine – Production & Costs*
Average annual production 140 000 ozs cash costs US$625/oz
140,000 ozs,
(exchange rate at par)
Expected average head grade of 5.2 grams per tonne
Years 3 – 9 A
Y 9: Average production of 160 000 ozs, cash costs US$590/
d ti f 160,000 h t US$590/oz
18 *Examples of Forward Looking Statements. See PEA disclaimer

19. PEA: Highlights*
• Potential for $70M free cash flow in Year 2, increasing to over
$100M of annual free cash flow1 beginning in Year 3 using analyst
consensus pricing2
g
• At analyst consensus2, total cash flow of $730M, NPV of $570M,
IRR of 100%, payback period of 1.25 years
• Growth capital of $160M, including $67M for expansion & other mill
costs, with $225M of sustaining and other capital
Significant opportunities for project enhancement:
Reducing capital and operating costs
Increasing throughput levels
Increasing resources
1. All information is presented before income taxes. At December 31, 2011, the Company had total tax shelters of $540 million.
2. Gold price starting at US$1,744/oz in 2012, declining to a long-term price of US$1,200/oz in 2018, average exchange rate of
$US:1.00 = $CDN 1.07.
19 *Examples of Forward Looking Statements. See PEA disclaimer

20. Exploration Review
2011 drill program
2011 drill program
• 176,000 metres
• $32.1 million
Focus in 2011 was on establishing
Focus in 2011 was on establishing
and updating resources and
exploring for extensions and new
discoveries
2012 program focused on drilling to
support operations and exploring
key targets: TW and BC, Fenn‐Gib,
k t t TW d BC F Gib
GRT and 144
20 drills currently active
10 Underground (TWM & BC)
2 Gold River Trend (surface)
1 144 property (surface)
3 Bell Creek (surface)
4 Fenn‐Gib (surface)
20

21. LSG Resources
Measured & Indicated Tonnes Au Grade (g/t) Contained Ounces
Timmins West 5,826,000 5.99 1,122,500
Gold River Trend 690,000 5.29 117,400
Bell Creek Mine* 1,790,000 4.36 251,200
Vogel 2,219,000 1.75 (OP) 125,000
Marlhill 395,000 4.52 57,400
Fenn Gib 40,800,000 0.99 (OP) 1,300,000
Total 2,973,500
Inferred
I f d Tonnes
T Au G d (g/t)
A Grade ( /t) Contained Ounces
C t i dO
Timmins West 4,272,000 5.76 791,500
Gold River Trend 5,273,000 6.06 1,027,800
Bell Creek Mine* 8,427,500 4.40 1,192,900
Vogel 1,459,000 3.60 (some OP) 168,800
Fenn Gib 24,500,000 0.95 (OP) 750,000
Total 3,931,000
21 * Updated NI 43-101 resource pending OP – Open Pit

22. Timmins West Mine Thunder Creek
Timmins Deposit
Timmins Deposit 200 Level
600,900 ozs (2,949,000
tonnes @ 6.34 gpt) in 300 Level
Indicated
281,500 ozs (1,579,000
tonnes @ 5.54 gpt) in
Inferred
Thunder C k
Th d Creek
521,600 ozs (2,877,000 650 Level
tonnes @ 5.64 gpt) in
Indicated 730 Level
510,000 ozs (2,693,000
tonnes @ 5.89 gpt) in
Inferred
Timmins West Mine
1,122,500 ozs (5,826,000 tonnes
@ 5.99 gpt) Indicated
gpt)
Conceptual view - full development
of current resources
791,500 ozs (4,272,000 tonnes @
5.76 gpt) Inferred)
gpt)
*Examples of Forward Looking Statements.
22

23. Gold River Trend – Updated Resources
Total ounces nearly tripled and grade doubled
Indicated: 117,400 ozs (690,000 tonnes grading 5.29 gpt)
Inferred: 1,027,800 ozs (5,273,000 tonnes grading 6.06 gpt)
250 m
*Examples of Forward Looking Statements.
23

24. Fenn-Gib*
Potential large-scale,
P t ti l l l
open-pit mine
40.8M tonnes @ 0.99 gpt
for 1.3M ozs Indicated
24.5M tonnes @ 0.95 gpt
for 0.75M ozs Inferred
Excellent exploration
potential, expect to
increase resources
24 *Examples of Forward Looking Statements.

25. LSG: Near-Term Catalysts*
Updated resource for Bell Creek
Updated reserve for Timmins West Mine
Filing of NI 43-101 reports for Gold River Trend and Timmins
West Mine (including TWM PEA)
Mill expansion completed late 2012
25 *Examples of Forward Looking Statements.

26. LSG: Three Multi-Million Ounce Gold
Complexes in Century Old Timmins Camp
Century-Old
Bell Creek Complex
Destor-Porcupine Fault
City of Timmins Fenn-Gib
Timmins
Timmins West Complex
Strong production growth expected in 2013*
Cash costs to improve as production ramps up*
Large and growing resource base to drive future growth
Excellent opportunities to enhance existing projects, discover and
develop new deposits
Potential for i ifi
P t ti l f significant f
t free cash fl
h flow b i i over next 18 months*
beginning t th *
26 *Examples of Forward Looking Statements.