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TD Securities Mining Conference January 24, 2012
1. TD Securities
Mining C f
Conference
January 24, 2012
TSX,
TSX NYSE Amex:
Ame
Lake Shore G ld
L k Sh Gold Symbol: LSG
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
g j g g
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 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 i targets. R d
hi i its Readers should not place undue reliance on f
h ld l d li forward-looking statements. M
d l ki More i f
information about risks and
i b i k d
uncertainties affecting the Company and its business is available in the Company's most recent
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
p p g p Q y
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.
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. Asset Portfolio Geared for Value & Growth
Bell Creek Mine & Mill Bell Creek Complex
Timmins Destor-Porcupine Fault
G
Fenn-Gib
Timmins Deposit
Timmins Thunder Creek
144 Thorne
Timmins West Complex
Five >1 million ounce deposits in:
Politically safe, low-risk jurisdiction
100 year old Timmins Gold Camp
year-old
Attractive geology
Established infrastructure
Access to suppliers labour training
suppliers, labour,
3
4. LSG – Strong Resource Base
Timmins West Mine (Timmins Mine & Thunder Creek)
Ti i W t Mi (Ti i Mi Th d C k)
– Current resources exceed 2.0 million ounces
(Indicated and Inferred)
Bell Creek Complex
– Current resources of approx. 1.8 million ounces
(Measured,
(Measured Indicated and Inferred)
– Expect resource to increase in Q1/12*
Thorne (GRT)
–CCurrent resource of approx. 400 000 ounces i
t f 400,000 in
Inferred
– Strong growth in resources expected in Q1/12*
Fenn-Gib
– Initial resources of approx. 2.0 million ounces
(Indicated and Inferred)
4 *Examples of Forward Looking Statements.
5. Strong Growth Already Achieved – Resources
Doubled resources in 2011 – second straight year
6.3
3.2
3.0
1.8 3.1
1.5
0.6
06
1.2
0.9
5
6. 2011 – Strong Resource Growth
Significant new resources added in November 2011
Thunder Creek Fenn‐Gib
521,600 ozs @ 5.64 gpt M&I 1,300,000 ozs @ 0.99 gpt Ind.
510,000 ozs @ 5.89 gpt Inf. 750,000 ozs @ 0.95 gpt Inf.
November 16, 2011 November 17, 2011
Resource to 900m level Potential large‐scale, open‐pit
200m interval contains 650,000 ozs
200 i t l t i 650 000 i i ti
mining operation
@ approx. 6 g/t Excellent potential to grow
To support mining for 3‐4 years resources
while Company grows Timmins
p yg Silver content, recent expansions
Mine/Thunder Creek deposits* not included in resource
6 *Examples of Forward Looking Statements.
8. LSG: Setting Ourselves Up for Rapid Growth
Targeting strong production growth by H2/12
Establishing multiple levels and multiple headings at
Timmins West and Bell Creek
50% increase in processing rate to 3,000 tpd by late 2012
p g , p y
85,000 to 100,000 ounces targeted for 2012, to exit year
p
positioned for sharply higher p
py g production in 2013
Continued growth in resources – Q1/12
Continued exploration success – f ll project pipeline
C ti d l ti full j t i li
8
9. 2006
Timmins Mine
From Drill Bit to Commercial Production
21. Timmins West Mine
Timmins Deposit Thunder Creek
Timmins and
200 Level
Thunder Creek
deposits combined
300 Level
Growing to 2,500 to
3,000 tpd*
Potential for low
cash costs already
demonstrated
Commercial 650 Level
production at 2012 Work
Thunder Creek in 2012 Work 730 Level
Program*
Program*
2012
Conceptual view - full development
of current resources
*Examples of Forward Looking Statements.
21
22. Timmins Deposit Stoping in UM 1 545L
(545L to 565L) in
Setting Ourselves Up
g p Q2, Q3, Q4/12
Q2 Q3 Q4/12 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
Q4/12 670L
stopes 690L
710L
Q3/12 stope
730L
750L
Q1/12
Q2/12
790L Q3/12
Q4/12
810L
22
23. Timmins Deposit Stoping in UM 1 545L
(545L to 565L) in
Setting Ourselves Up
g p Q2, Q3, Q4/12
Q2 Q3 Q4/12 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
Q4/12 670L
By end of 2012: stopes 690L
• R d f stoping on th
Ready for t i three 710L
new levels
• Four additional levels Q3/12 stope
730L
accessed
d
750L
Q1/12
Q2/12
790L Q3/12
Q4/12
810L
23 2013 +
24. Thunder Creek Deposit Q1/12
Q2/12
Setting Ourselves Up Q3/12
For Rapid Growth Q4/12
In 2012: 2013 +
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
24
25. Thunder Creek Deposit Q1/12
Q2/12
Setting Ourselves Up Q3/12
For Rapid Growth Q4/12
In 2012: 2013 +
Extensive ramping, ore Thunder Creek
delineation and Lower Mine
infrastructure work
Stope production 660L
weighted to H2/12
By end of 2012:
695L
• Development advanced
on four levels
• Multiple stoping blocks 730L
730L
accessible
765L
Typical stoping
i l i
block
800L
25
26. Bell Creek
Over 20,000 ozs i 2011
O 20 000 in
Total resources of 1.8M ozs
o 1.44M ozs M&I & Inferred
at Bell Creek Mine
o Approx. 350,000 ozs at
Vogel and Marlhill
Updated resource in Q1/12*
Further increase in
resources expected
Existing resources to be
upgraded
2012 work plan focused on
establishing new mining
complex (475 L and 600 L)*
Mine scoping study ongoing
Conceptual view of planned work in 2012
*Examples of Forward Looking Statements.
26
27. Bell Creek Mill – Expanding to Meet Growth
671,467 tonnes processed in 2011 at 4.03 gpt
Recoveries of 96%
Current capacity of 2,000 tpd – 2,024 tpd in
Q4/11
Expanding capacity t 3 000 t d b l t 2012
E di it to 3,000 tpd by late
Mainly involves crushing/grinding circuits
Remaining capex approx. $60M
Mill is scalable to 5,500 tpd
*Examples of Forward Looking Statements.
27
28. Full Project Pipeline – Long-Term Growth
Early Stage Advanced Exploration Development Production
Timmins Mine Commercial production effective Jan. 1/11 – Updated NI 43‐101 in Q1/12
Thunder Creek Initial resource >1M ounces at close to 6 gpt PFS/mine design ongoing Comm Prod’n ’12*
Bell Creek Mineralization already extended 400m Updated 43‐101, PFS planned*
Fenn‐Gib New resource Nov. ‘11, recent expansion highlights depth potential
Thorne (GRT) >3.5km strike length, updated NI 43‐101 in Q1/12
Vogel/Marlhill Initial resources mainly within 400m of surface
144
144 Adjacent to Thunder Creek, Initial results compare favourably
Adj t t Th d C k I iti l lt f bl
Wetmore Second potential mineralized trend at Bell Creek Complex
Casa Berardi JV option with Aurizon ‐ Highly prospective land position
*Examples of Forward Looking Statements.
28
29. Fenn-Gib
1.3M
1 3M ozs I di t d
Indicated
0.75M ozs Inferred
Significant potential for
growth
th
Total mineral inventory
of 3.4M ozs drilled to
date
Excellent exploration
potential
29
30. LSG – Achieving Strong Performance
Production
Doubled production in 2011 (ozs)
2009 2010 2011
Doubled resources for second
straight year
Resources
(million ozs)
(million ozs)
3.2
1.8 3.3
0.6 1.2
12
0.9
09
Demonstrated potential for low cash 2009 2010 2011
M&I Inferred
costs
30
31. LSG – Setting the Stage for Rapid Near-Term
Growth
2012
Making necessary commitment to development ore
development,
delineation, infrastructure to establish multiple
headings on multiple levels by late 2012
Expanding mill to 3,000 tpd – further expansion
planned
85,000 to 100,000 ounces expected in 2012, to exit
year positioned for rapid growth in 2013
31
32. LSG – Much More Growth to Follow
Going Forward
Excellent potential for extensions & new discoveries at
Timmins and Thunder C Creek deposits, Bell C
Creek
Full pipeline of new projects to support future growth
Fenn-Gib
Fenn Gib
Thorne
144
Others
LSG has high quality portfolio of assets that:
g q yp
1. Has already achieved solid performance
2. Is poised for rapid near term growth
near-term
3. Has excellent long-term potential
32
33. Lake Shore Gold – Corporate Overview
Lake Shore Gold (TSX, NYSE Amex: LSG)
Shares outstanding (basic) 400,169,669
Shares outstanding ( y diluted)
g (fully ) 419,827,171
, ,
Share price (Jan. 23/12) $1.41
Market capitalization $565,000,000
Current cash* $65,000,000
US$50 million credit facility Fully Drawn
Hedging None
*Includes gold bullion inventory
33