This page intentionally left blankRED EAGLE MINING CORPORATION MATERIALS2
TABLE OF CONTENTSCORPORATE SUMMARY...........................................................................................
CORPORATE SUMMARYRed Eagle Mining Corporation is a Canadian-based mineralexploration company focused on gold exploration a...
The mining industry in Colombia is governed by the Colombian Ministry of Mines and Energy (MME), which wasestablished in 1...
of ~39,000 hectares, up from ~3,170 hectares accessed by a total of six concessions, four of which have beenregistered to ...
Santa Rosa Project Access MapAccess and InfrastructureThe Santa Rosa project is located near the town of Santa Rosa deOsos...
Regional Geology near Santa RosaSource: Mine Development Associates NI 43-101 Technical ReportSan Ramon is a mesothermal q...
deep (up to 50m). Deep weathering associated with saprolite formation has intensely altered the granites to clay.Oxidized ...
DrillingIn September 2011, the company commenced a diamond drill program focused on testing the San Ramon shear zoneof the...
Phase 4 - San Ramon Infill – Hole SR-146: 46.5 meters at 0.93 g/t Au from a depth of 105.8 meters Infill – Hole SR-168: ...
Santa Rosa Exploration Potential (pink shows highest gold anomalies)Source: Red Eagle Mining CorporationResource EstimateI...
Note: Resources are estimated using a 0.30 g/t Au cut-offSource: Mine Development Associates NI 43-101 Technical ReportIn ...
hours were unfavourable, coming in between 34.5% and 45.9% for crush sizes of between 2.0” and 0.25”. As a result,tests we...
Since the company’s IPO in June 2011, Red Eagle has successfully completed a $20 million financing in October 2012with Lib...
With the political and economic stabilization in Colombia, the nation has emerged as an attractive region for juniorgold e...
With an updated resource estimate anticipated in mid-2013 followed by the PEA in Q3 2013, the company isproceeding to de-r...
COMPANY SUMMARY & FORECASTSAll figures in Cdn$ unless otherwise indicated.Source: Company reports, Salman Partners Inc. es...
APPENDIX 1: MANAGEMENT AND DIRECTORSIan Slater, CA – Chairman & CEOMr. Ian Slater has been active in the mining industry f...
Robert Pease P. Geo - DirectorMr. Robert Pease is currently the CEO of Sabina Gold & Silver. Previously Mr. Pease was the ...
APPENDIX 2: CAPITAL STRUCTUREAs of April 5, 2013 Red Eagle’s share structure was as follows:Source: Red Eagle Mining Corpo...
RED EAGLE MINING CORPORATION MATERIALS22
RESEARCHCoal & Alternative EnergyForest ProductsIndustrialsMining, Fertilizers & ChemicalsOil & GasTechnologyINSTITUTIONAL...
Red Eagle Mining - Salman Partners "Accelerating Development at San Ramon-Potentially Colombia's First Modern Gold Mine"
Red Eagle Mining - Salman Partners "Accelerating Development at San Ramon-Potentially Colombia's First Modern Gold Mine"
Red Eagle Mining - Salman Partners "Accelerating Development at San Ramon-Potentially Colombia's First Modern Gold Mine"
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Red Eagle Mining - Salman Partners "Accelerating Development at San Ramon-Potentially Colombia's First Modern Gold Mine"

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Red Eagle Mining Corporation is an exploration company focused on advancing its wholly- owned San Ramon gold deposit, part of the Santa Rosa project in the Department of Antioquia, Colombia.

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Red Eagle Mining - Salman Partners "Accelerating Development at San Ramon-Potentially Colombia's First Modern Gold Mine"

  1. 1. This page intentionally left blankRED EAGLE MINING CORPORATION MATERIALS2
  2. 2. TABLE OF CONTENTSCORPORATE SUMMARY.................................................................................................................3MINING IN COLOMBIA .....................................................................................................................3KEY PROJECT – SANTA ROSA (100% - COLOMBIA)...................................................................4San Ramon Deposit ...................................................................................................................5Access and Infrastructure...........................................................................................................6Geology......................................................................................................................................6Early Exploration ........................................................................................................................8Drilling ........................................................................................................................................9Resource Estimate ...................................................................................................................11Metallurgy.................................................................................................................................12PAVO REAL PROJECT ..................................................................................................................13FINANCIAL POSITION....................................................................................................................13VALUATION ....................................................................................................................................14Acquisition Value per Resource Ounce....................................................................................14San Ramon – In-situ.................................................................................................................15Santa Rosa Exploration Credit .................................................................................................16TARGET PRICE AND RECOMMENDATION..................................................................................16UPCOMING CATALYSTS...............................................................................................................16COMPANY SUMMARY & FORECASTS.........................................................................................17RISKS ..............................................................................................................................................17Commodity Price Risk..............................................................................................................17Currency Risk...........................................................................................................................17Operational Risk.......................................................................................................................17Development Risk ....................................................................................................................17Financing Risk..........................................................................................................................17APPENDIX 1: MANAGEMENT AND DIRECTORS........................................................................18APPENDIX 2: CAPITAL STRUCTURE...........................................................................................20RED EAGLE MINING CORPORATIONATERIALSM3
  3. 3. CORPORATE SUMMARYRed Eagle Mining Corporation is a Canadian-based mineralexploration company focused on gold exploration and developmentstage projects in Colombia. Specifically, the company is advancingthe development of its flagship San Ramon deposit, part of the SantaRosa project in the Department of Antioquia, Colombia.Since the company incorporated in January 2010, it has been activelyengaged in pursuing mineral exploration opportunities in Colombia.In October 2010, the company optioned the Santa Rosa project (viaits wholly-owned Red Eagle Mining de Colombia subsidiary).Additionally, the company holds the Pavo Real property, an early-stage gold exploration project for which work is not actively beingconducted at this time.Red Eagle Mining Corporation currently trades on the Toronto StockExchange Venture under the symbol “RD”. As of December 31, 2012,there were 58.5 million shares outstanding and 74.8 million shareson a fully diluted basis, of which ~6.5 million warrants (at a strike of$1.50 and $1.25 per share) are set to expire out of the money at theend of June, 2013. Over the last 52 weeks, trading of Red Eagle’sshares has averaged just over 36,500 shares per day on the TSX-v.Currently, management and insiders of Red Eagle Mining Corporationown ~15% of the shares outstanding, strategic and institutionalinvestors own ~30% (including Liberty Metals & Mining Holdings,LLC [19.9%], and Appian Natural Resources Fund LP [9.9%]), andretail and other investors own the remaining ~55% of the outstandingshares.MINING IN COLOMBIAAccording to the World Bank, Colombia ranked as the fourth largesteconomy in Latin America with a GDP of ~US$333 billion in 2011. With aGDP growth rate of 4.0% in 2012, Colombia’s President Juan ManuelSantos plans to continue spurring robust economic growth bymaintaining the mining sector as an essential driver for economic growthunder the “Prosperity for All” campaign, part of the NationalDevelopment Plan (2011-2014). Although the mining industry onlyrepresents 2.6% of Colombia’s GDP, in the coming years it could reach upto 7% according to the Colombian Chamber of Mining (CCM). Additionally,as a result of a stable business climate open to foreign investment,Colombia has enjoyed an increase in its level of foreign direct investmentto US$13.2 billion in 2011 (of which the majority was comprised of theenergy and mining sectors), from US$3.24 billion in 2009.The nation continues to improve its level of economic freedom, with anoverall score of 69.6 (up from ~62.0 in 2009), as defined by the 2013Index of Economic Freedom, which ranks the country as the fifth mostfree in Latin America. The nation’s economic freedom has improvedsignificantly as the government has adopted various reforms to improveregulatory efficiency and competitiveness, including the signing of severalfree trade agreements (such as the free trade agreement between the U.S.and Colombia, which took effect in May 2012) and reducing corporateincome tax rates to 33% from 35.5%. Additionally, for 2012 the WorldBank ranked Colombia as the third most business friendly country inLatin America and the best country to protect investors against misuse ofcorporate assets by directors.Colombia has an abundance of natural resources with a rich mininghistory and an established minerals and mining industry. Goldproduction dates back to as early as the 1500s and up until 1937 it wasthe largest gold producer in the Americas. In 2011, the value ofproduction from the exploitation of Colombia’s mines, including energyand metals, was US$38.3 billion (up from US$25.7 billion in 2010), ofwhich metallic mineral production represented US$2.6 billion.Mining Concessions in ColombiaSource: Human Rights Everywhere (HREV), Map ofmining concessions in Colombia as of 2010, FidelMingorance, 2011-2012Source: Red Eagle Mining CorporationRED EAGLE MINING CORPORATION MATERIALS4
  4. 4. The mining industry in Colombia is governed by the Colombian Ministry of Mines and Energy (MME), which wasestablished in 1939, while the Mining and Energy Vision, National Development Plan and Mining Code compriseColombia’s mining policies. The Mining Code was enacted in 2001 and states that all resources can be explored andexploited for up to 30 years (and renewed for an additional 20 years) with a single concession license, which coversthe exploration, construction, and exploitation phases. Mining operations are subject to government royalties of 4.0%(effectively 3.2% given that the royalty is based on the gross production of gold and silver at 80% of the London goldprice). The Mining Code was reformed in 2010 to reflect Law 1382, which requires that mining and explorationactivity be restricted from the “Páramos” ecosystem, which lies at an elevation level above 3,200 meters. The Páramosecosystems supply ~75% of Colombia’s freshwater. However, in May 2011 the Constitutional Court ruled that Law1382 was unconstitutional as it required prior consultation with indigenous and Afro-Colombian communities, whichwould be directly impacted. The Law is to remain conditionally valid for up to two years (until May 2013), at whichpoint if a new law is not passed, Law 1382 would become ineffective.Despite a rich gold mining history in the country, there are only a few small scale precious metals mines permitted todate. However, given the influx of mining exploration in recent years, there are a number of companies at or near thepermitting phase, including Red Eagle, Continental Gold Limited (CNL – TSX), and Eike Batista’s private companyAUX, which owns the La Bodega e Cal-Vetas project. The relatively recent gold rush by foreign companiescommenced in 1995 with the discovery of Eco Oro Minerals Corp.’s (EOM – TSX) Angostura deposit and was followedby AngloGold Ashanti Limited (AU – NYSE), which established a presence in 2000, and a number of other Canadian-based companies from 2006 – 2010. These companies staked and explored land across Colombia’s four main golddistricts, which include the Choco Belt, the Middle (Mid) Cauca Belt, the Antioquia Batholith, and the CaliforniaDistrict. Despite the country’s extensive historical gold production, Colombia remains relatively under explored, andbased on strong geological evidence, could potentially host deposits similar in grade and size to those in Chile andPeru.Given Colombia’s high level of economic freedom, significant exploration potential, and improving security risk, thenation’s projects are highly regarded and sought after. This has been exemplified with the recent consolidation of theCalifornia District region by Brazilian mogul Eike Batista. In late 2010, Batista’s AUX Canada Acquisition Inc., asubsidiary of EBX Group, acquired Ventana Gold Corp., which wholly-owned the high-grade gold-silver-copper LaBodega-La Mascota projects, for ~$1.5 billion. Subsequently in late 2012, Batista via AUX Canada Acquisition Inc.acquired Galway Resources Corp. and Calvista Gold Corp. Galway’s principal asset was the California project, ahigh-grade gold-silver-copper project located adjacent and along strike to La Bodega, while Calvista held numerousprospects in the California Valley, including the Callejon Blanco zone, also close by to La Bodega-La Mascota.KEY PROJECT – SANTA ROSA (100% - COLOMBIA)Source: Red Eagle Mining CorporationThe Santa Rosa project lies within the Antioquian Batholith gold district, located ~5 kilometers southeast from thetown of Santa Rosa de Osos and 70 kilometers northwest of Medellín in the Department of Antioquia in northernColombia. With the acquisition of certain mineral exploration rights in October 2012, the property now covers a totalRED EAGLE MINING CORPORATIONATERIALSM5
  5. 5. of ~39,000 hectares, up from ~3,170 hectares accessed by a total of six concessions, four of which have beenregistered to the company, and two of which have been granted and are awaiting title transfers.In October 2010, Red Eagle signed an option to acquire the Santa Rosa property from the local owner who wasmining high-grade veins on the property. The company currently has a 100%-interest in the project and has a finalpayment of US$5.5 million due to the underlying owners by November 30, 2013. Additionally, US$740,000 is to bepaid upon the title transfer of two properties adjacent to San Ramon.The Santa Rosa area has been recognized for gold potential since the 1600s, with artisanal mining having taken placesince the 18th century as evidenced by the substantial number of adits on site. It is estimated that ~30 million tonnesof oxide material was sluiced from the property historically, while small-scale mining of saprolite-hosted veins havebeen carried out in small adits. The company commenced modern exploration on the property in late 2010 withmapping and sampling of historic workings and adits.In addition to the effective 3.2% federal royalty on producing mines in Colombia (4% of the gross value of goldproduction at 80% of the current London gold price), the Santa Rosa property has a 2% NSR royalty on production(acquired by Liberty Metals & Mining Holdings) from the original roughly 3,170 hectare property (of which 1% can beacquired within two years of gold production for ~US$8.3 million) and a 1.5% NSR royalty on any future productionfrom the additional 35,910 hectares of mineral exploration rights (adjacent to the Santa Rosa property) acquired bythe company in October 2012.San Ramon DepositSource: Red Eagle Mining CorporationThe San Ramon deposit was initially discovered through an active small scale mining operation, which was operatingon the deposit. San Ramon is a mesothermal gold deposit hosted in a mineralized shear zone located in the easternhalf of the original Santa Rosa property. Drilling completed at the deposit to date has traced mineralization over1,900 meters of strike length and up to 50 meters in width. The mineralization, which commences from surface,trends east-west and dips 70 degrees to the north. At an elevation of 2,453 meters above sea level, the San Ramondeposit lies below the 3,200 meter Páramos level, which is the prohibited level from mining and exploration activity.The company plans to incorporate the Phase 4 drill program in an updated resource estimate (expected in mid-2013),which would be the basis for an initial Preliminary Economic Assessment (PEA) (expected in Q3 2013), for the SanRamon deposit. Work on the PEA is currently being advanced and is expected to evaluate a potential combined open-pit and underground mining operation, which the company plans to construct in 2014.The surface rights over the planned operations are relatively simple with roughly 90% held by one landowner. Thecompany engaged Conestoga-Rovers & Associates (CRA) to complete the Environmental Impact Assessment (EIA),which is based on environmental baseline studies being advanced by two local universities, The Universidad deAntioquia and The Universidad Catolica de Santa Rosa. Management noted that the project has full communitysupport and expects it to be fully permitted by the end of 2013.RED EAGLE MINING CORPORATION MATERIALS6
  6. 6. Santa Rosa Project Access MapAccess and InfrastructureThe Santa Rosa project is located near the town of Santa Rosa deOsos and 70 kilometers northwest of Medellín, the secondlargest city in Colombia (with a population of ~3.8 million) andthe capital of the Department of Antioquia, Colombia. Theproject is situated on the Antioquia Batholith, which also hoststhe B2Gold Corp. (BTO-TSX) and AngloGold Ashanti joint-venture of the Gramalote project (49% B2Gold and 51%AngloGold) to the east and Continental Gold’s Buritica project tothe northwest of Santa Rosa, which is located on the northernend of the Mid-Cauca belt and outer edge of the batholith.The project can be accessed via Highway 25, a paved highway,for ~65 kilometers from Medellín and an unpaved road for theremaining ~8 kilometers.The company has access to labour and supplies from the localtown of Santa Rosa de Osos, which has a population of ~40,000,with most working males having been involved in small scalemining previously.A 44kV power line lies to the west of the property, while a13.2kV power line runs to the north of the property, both ofwhich come within ~5 kilometers from site. Water is readilyavailable from proven ground water sources in the area.The area is characterized by gently rolling hills and level valleyfloors, which lend themselves favourably to processing sites,waste disposal and tailings storage. The PEA is considering theuse of dry stacked tailings and cyanide detoxification, which willassist the permitting process.GeologyThe Santa Rosa project lies in the Antioquia batholith, which “occupies more than 7,000 square kilometers and is asubduction-related, multi-phase, calc-alkaline, I-type plutonic-intrusive complex composed mostly of quartz-dioriteand granodiorite” as per the Mine Development Associates NI 43-101 Technical Report. The rocks surrounding thedeposit are comprised largely of “hornblende-biotite diorite and quartz diorite typical of the Antioquia batholith.Metamorphic rocks including amphibolites and metasedimentary rocks occur as isolated roof pendants, primarily inthe western half of the deposit area. Pleistocene-Holocene volcanic ash cover is extensive. River valleys containunconsolidated alluvium.”Source: Mine Development Associates NI 43-101 Technical ReportRED EAGLE MINING CORPORATIONATERIALSM7
  7. 7. Regional Geology near Santa RosaSource: Mine Development Associates NI 43-101 Technical ReportSan Ramon is a mesothermal quartz vein system (comprised of sulfide-bearing quartz veins, sheeted veins, andanastomosing veins), which is contained in a shear structure (up to 50 meters in width) trending east-west. “Theshear zone is characterized by both ductile deformation in the form of mylonite development in the most intensezones and brittle deformation in the form of breccia and gouge zones.” “Red-brown saprolite is widespread and oftenRED EAGLE MINING CORPORATION MATERIALS8
  8. 8. deep (up to 50m). Deep weathering associated with saprolite formation has intensely altered the granites to clay.Oxidized saprock continues below the saprolite and consists of more competent, albeit somewhat decomposed,granitic rocks.”“In the San Ramon shear zone, mineralization occurs in fractured, brecciated, and ductily deformed rock. Lowergrades (~0.1 to ~0.6g Au/t) are present in weakly to moderately sheared rocks. Where grades are greater than ~0.2gAu/t, the mineralization is usually associated with scattered thin quartz veins and veinlets ± sulfide minerals.” “High-grade mineralization, at >0.6g Au/t, within the San Ramon shear zone is characterized by narrow, 1m to 2m-wide,strongly sheared zones, commonly with sericite, fine-grained sulfides, and quartz veins and vein fragments.Individual quartz veins range from 2cm to 5cm wide. The highest grades (>6.0g Au/t) are associated with quartzveins that contain coarse-grained sulfide minerals and usually range from 0.3m to 1m wide (artisanal miners havereported up to 2m). Some high-grade veins of similar thicknesses occur outside the shear zone in the hanging wall ofthe dioritic host rock.” “Sulfides range from 1% to 5% but can reach 10%, and there appears to be a direct correlationbetween sulfide and gold grade. Sulfides are dominated by fine- to coarse-grained pyrite with subordinate sphaleriteand galena and traces of chalcopyrite and pyrrhotite. Oxides include hematite, goethite, and limonite.”The quartz and quartz-carbonate veins associated with the deposit “commonly extend along strike and down dipover very significant distances and occur alone or, typically, in complex vein networks and shear zones.”Gold Domains (Section 856500 East)Source: Mine Development Associates NI 43-101 Technical ReportEarly ExplorationThe Santa Rosa area has a history of gold production dating back to the 18thcentury, when gold production peakedfrom the upland placers. The amount of gold produced from the area is uncertain; however, it contains 63 largesluice workings and over 250 adits surveyed by the company. Despite the longstanding history of gold production inthe area, modern exploration on the property has been limited to Red Eagle’s exploration activity.In late 2010, Red Eagle initiated a thorough modern surface exploration program commencing with mapping andsampling of old colluvial gold workings, adits and quartz veins in the Santa Rosa area. An extensive geochemistryprogram has been completed with a total of 2,605 samples taken to test the more disseminated zones of quartzveins and areas containing sulfides. Aerial magnetics surveys were completed in late 2010 and highlightednorthwest-striking anomalies.RED EAGLE MINING CORPORATIONATERIALSM9
  9. 9. DrillingIn September 2011, the company commenced a diamond drill program focused on testing the San Ramon shear zoneof the Santa Rosa property, where mineralization had been traced for roughly two kilometers along strike, followinga trend hosting historic workings and anomalous radiometrics. The initial five drill holes all intersected goldmineralization, inclusive of high-grade intercepts, at depth in the shear zone. The most significant hole was SR-003,which intersected 39.7 meters at 1.59 g/t Au from a depth of 297.3 meters. The Phase 1 drill program comprised12,600 meters of drill data and formed the basis for a 1.8 kilometer strike length and an average width of 19 meters,with a weighted average grade of 1.21 g/t Au.The company followed up with the Phase 2 drill program in April 2012, which was focused on definition drilling ofthe sulfides at 100 meter centers in order to form a resource estimate contained in a potential open-pit. The programwas comprised of 5,400 meters (24 holes), which continued to confirm a strong mineralized system containing high-grade gold intercepts up to a depth of ~250 meters. Incorporating the results from the Phase 2 drill program, theaverage grade of the drill program increased to 2.1 g/t Au (from 1.2 g/t Au previously) on deeper drilling.Highlights from the Phase 2 drill program include:Phase 2 - San Ramon Infill – Hole SR-042: 66.9 meters at 3.06 g/t Au from a depth of 138.7 meters, including 6.0 meters at 31.85g/t Au from a depth of 184.0 meters Infill – Hole SR-045A: 35.5 meters at 2.28 g/t Au from a depth of 147.0 meters, including 1.5 meters at 28.26g/t Au from a depth of 184.0 meters Infill – Hole SR-053: 17.7 meters at 17.14 g/t Au from a depth of 198.3 meters, including 7.0 meters at 41.53g/t Au from a depth of 204.0 meters Infill – Hole SR-060: 11.4 meters at 16.04 g/t Au from a depth of 143.3 meters, including 2.0 meters at 30.73g/t Au from a depth of 143.3 metersThe company then initiated a Phase 3 infill drill program in mid-2012 to test the continuity and depth of theshallower oxidized and transitional mineralization, which was estimated to extend to a depth of around 50 metersfrom surface. The program, which drilled 5,000 meters (over 74 holes) at 50 meter spacings, was successful with 90%of drill holes intersecting gold mineralization.Based on a total of 23,015 meters of core drilling conducted at Santa Rosa, primarily at San Ramon, we calculate thatall-in drill costs (drilling, assays, and sampling) totaled ~$200/meter.Highlights from the Phase 3 drill program include:Phase 3 - San Ramon Infill – Hole SR-069: 11.7 meters at 4.96 g/t Au from a depth of 68.4 meters Infill – Hole SR-072: 47.4 meters at 1.34 g/t Au from surface, including 0.9 meters at 20.70 g/t Au from adepth of 43.2 meters Infill – Hole SR-110: 28.4 meters at 1.96 g/t Au from surface Infill – Hole SR-111: 22.1 meters at 2.17 g/t Au from a depth of 13.2 meters Infill – Hole SR-112: 23.7 meters at 2.09 g/t Au from a depth of 10.0 metersSubsequent to the release of the maiden resource estimate, the company commenced a Phase 4 drill program to infilldown to a depth of 250 meters (on 50 meter centers) in order to upgrade current Inferred Resources, as well as totest the extension of mineralization down dip (which remains open) between the 250 and 500 meter level. Initialresults from the planned 22,000 meter program continue to confirm the continuity of mineralization, while initialresults from deeper drilling have demonstrated promising grades at depth. With 100 meter centers being drilledbetween the 250 and 500 meter level, for the updated resource estimate the company plans to provide an initialInferred Resource, which would be amenable to underground mining methods.As of early April, 2013, the company had drilled over 19,000 meters (86 holes) of the 22,000 meter Phase 4 drillprogram, which it expects to be completed in May 2013.Highlights from the Phase 4 drill program to date include:RED EAGLE MINING CORPORATION MATERIALS10
  10. 10. Phase 4 - San Ramon Infill – Hole SR-146: 46.5 meters at 0.93 g/t Au from a depth of 105.8 meters Infill – Hole SR-168: 36.1 meters at 2.64 g/t Au from a depth of 392.5 meters, including 1.5 meters at 34.34g/t Au from a depth of 420.3 meters Infill – Hole SR-172: 0.6 meters at 157.7 g/t Au from a depth of 398.4 meters Infill – Hole SR-186: 63.4 meters at 1.36 g/t Au from a depth of 107.8 meters, including 13.0 meters at 4.65g/t Au from a depth of 158.2 meters Infill – Hole SR-189: 8.7 meters at 7.11 g/t Au from a depth of 154.8 meters, including 1.0 meters at 36.10g/t Au from a depth of 154.8 meters Infill – Hole SR-211: 23.3 meters at 3.50 g/t Au from a depth of 91.1 meters, including 4.5 meters at 15.3 g/tAu from a depth of 104.2 metersSan Ramon Drill MapSource: Red Eagle Mining CorporationWith only one shear zone identified on the property to date and a recently expanded land package, there existsexploration potential to discover additional similar deposits on the property. The company has commenced aregional exploration program at the Santa Rosa property to examine the potential of satellite targets.RED EAGLE MINING CORPORATIONATERIALSM11
  11. 11. Santa Rosa Exploration Potential (pink shows highest gold anomalies)Source: Red Eagle Mining CorporationResource EstimateIn January 2013, Red Eagle released its maiden resource estimate for the San Ramon deposit. The resource estimatewas completed by Mine Development Associates and incorporated a total of 23,015 meters (139 holes) to amaximum depth of 300 meters, which were drilled between September 2011 and October 2012. The resource wasmodeled into 5 (north-south) x 5 (vertical) x 10 (east-west) meter blocks, which reflect block sizes for open-pitmining. Gold domains were modeled on north-south 50-meter cross sections, with low-grade domains (0.035 – 0.60g/t Au) representing weak to moderate mineralization in sheared rock containing thin quartz veins, while high-gradedomains (above 0.6 g/t Au) represent zones of strong shearing containing relatively thick quartz veins (less than 2meters). As part of the Phase 4 drill program, the company is confirming continuity of high-grade mineralizationsince the high-grade gold domains were modeled as continuous zones.Based on the tighter drill spacing of 50 x 25 meter centers for the oxide zone (from the Phase 3 drill program), over65% of the oxide material was classified in the Indicated Resource category, while only 35% of the sulfide materialwas contained in the Indicated category due to the wider drill spacing of 100 x 100 meter centers between the 50 and250 meter level. With total contained gold ounces of 778,000, the unoxidized material comprises 92% of the totalresource, while oxide and transitional (mixed) material makes up 5% and 3%, respectively.Note: Resources are estimated using a 0.30 g/t Au cut-offSource: Mine Development Associates NI 43-101 Technical ReportGrade ContainedCategoryTonnes(000)Gold(g/t)Gold(000 oz)Indicated 7,339 1.37 322Inferred 9,453 1.50 456San Ramon DepositRED EAGLE MINING CORPORATION MATERIALS12
  12. 12. Note: Resources are estimated using a 0.30 g/t Au cut-offSource: Mine Development Associates NI 43-101 Technical ReportIn the initial resource estimate the Indicated Resource category has an average grade of 1.37 g/t Au, while theInferred Resource category had an average grade of 1.50 g/t Au. However, ~50% of the Inferred Resource has anaverage grade above 5 g/t Au.With drilling ongoing at San Ramon and the resource open at depth, there remains exceptional potential to expandthe current resource as the company has intersected significant mineralization above resource grades between the250 and 500 meter level. For the updated resource estimate, the company expects total contained resources toincrease to over 1 million ounces of gold.Gold Block Model Section 856500 EastSource: Mine Development Associates NI 43-101 Technical ReportGold Block Model Section 857500 EastSource: Mine Development Associates NI 43-101 Technical ReportMetallurgyIn August 2012, the company released preliminary metallurgical test results on samples taken from the San Ramondeposit revealing gold recoveries of between 65.8% and 86.3% on samples from the oxide leach material (based oncyanide leach tests over 6 days at crush sizes ranging from 0.25” – 1.00”) and 93.5% for the sulfide material (basedon flotation and high-intensity cyanide-leach tests). However, given the composition of the resource, which has beendetermined to contain a limited quantity of oxides, the company is contemplating the use of a CIL or hybrid CIP/CILplant to process all the ore at San Ramon.The sulfide sample was taken from a crosscut mined from fresh rock, which exposed the shear. The companyconducted column-leach simulation, bench-scale flotation, and CIL tests on the 54kg sample, which contained anaverage grade of 0.90 g/t Au. Work was completed to test heap-leach amenability; however, gold recoveries after 144Tonnage Grade Contained Tonnage Grade Contained(000s)Gold(g/t)Gold(000 oz) (000s)Gold(g/t)Gold(000 oz)Oxide 973 0.82 26 510 0.82 13Mixed 556 1.05 19 90 1.13 3Unoxidized 5,811 1.49 278 8,854 1.54 439Total 7,339 1.37 322 9,453 1.50 456InferredSan Ramon DepositResource ZonesZonesIndicatedRED EAGLE MINING CORPORATIONATERIALSM13
  13. 13. hours were unfavourable, coming in between 34.5% and 45.9% for crush sizes of between 2.0” and 0.25”. As a result,tests were conducted using flotation and high-intensity cyanide-leach processes, which improved gold recoveries to93.5% after 48 hours of leaching, based on the concentrate being re-grounded to 80% passing 0.030mm. A high-gradesulfide sample, which was ground to 80% passing 0.075mm, also demonstrated robust gold recoveries of over 90%within 24 hours of leaching and 94.6% within 48 hours.Source: Mine Development Associates NI 43-101 Technical ReportAs part of the ongoing work being completed for the PEA, the company has engaged Kappes, Cassiday & Associatesto conduct detailed metallurgical test work using samples representing portions of drill core over the entire deposit.The tests are being conducted to confirm the preliminary metallurgical results and determine an optimal recoveryprocess and crush size. The processing options being analyzed for all ores include CIL or hybrid CIP/CIL and initialflotation followed by CIL or hybrid CIP/CIL.PAVO REAL PROJECTSource: Red Eagle Mining CorporationThe company’s second project is Pavo Real, which is located in the Department of Tolima, Colombia. The project issituated in the Mid-Cauca gold belt 20 kilometers south of Ibagué, the capital of Tolima, and 45 kilometers southeastof AngloGold Ashanti’s massive La Colosa gold project. The property covers 15 x 20 kilometers and hosts asedimentary gold system and portions of a 15 kilometer Cu-Au-Ag skarn formation. The project consists ofapplications and concessions and a 70% joint venture with Miranda Gold Corp. (MAD-TSX-v). To date, the companyhas met all its option commitments, with the final work commitment of $1.75 million, of which ~$500,000 isoutstanding, is to be completed by June 25, 2014.The project is in the early-stages, but has exploration potential with only limited drilling completed to date and ~10%of the property mapped and sampled. Previous exploration on the property includes trenching, soil and rock chipsampling, including across ten artisanal adits. Red Eagle conducted an initial 9-hole drill program (3,400 meters)focused on various targets, including quartz vein and veinlet systems. In July 2012, the company released its initialdrill results, which encountered a number of gold intercepts. However, the property requires further explorationactivity, which has been deferred whilst current efforts are focused on bringing the San Ramon deposit to productionby 2015.FINANCIAL POSITIONAs at December 31, 2012, Red Eagle held a cash position of $15.9 million, working capital of $9.5 million, with nodebt. With a burn-rate expected to fall to ~$350,000 per month, down from ~$800,000 per month after thecompletion of its current drill program, management believes its working capital position is sufficient to meet itsspending requirements in 2013.Products Extraction Au (%)Pregnant Solution 93.5%Leach Residue 2.1%Rougher Float Concentrate 95.6%Rougher Float Tails 4.4%Total 100.0%Sulphide RecoveriesRED EAGLE MINING CORPORATION MATERIALS14
  14. 14. Since the company’s IPO in June 2011, Red Eagle has successfully completed a $20 million financing in October 2012with Liberty Metals & Mining Holdings for the acquisition of a 2% NSR royalty on San Ramon’s original land packageand ~21.2 million shares.VALUATIONAcquisition Value per Resource OunceWith the recent exploration success for gold and an improving economic and security situation in Colombia, we haveseen some consolidation in the country’s California District over the last few years, with Eike Batista acquiringseveral companies. We analyze Red Eagle based on these precedent transactions, which comprised of the targetholding exploration and development projects with resource estimates for their flagship properties. We highlight thefollowing transactions: In November 2010, Eike Batista, through AUX Canada offered to acquire the remaining outstanding shares(the ~80% which it did not already own) of Ventana Gold in a hostile attempt for $12.63 per share in cash,representing a $1.5 billion value for the equity of Ventana. A friendly offer of $13.06 per share wassubsequently accepted in February 2011 for total consideration of ~$1.5 billion. Based on the ~$1.5 billioncash transaction and factoring in working capital and the respective FX rate at that time, we calculate thatAUX Canada paid US$364/oz AuEq for Ventana. At the time of the transaction, gold was trading atUS$1,336/oz in an escalating gold price environment.Ventana Gold, which had received several acquisition offers by Eike Batista previously, held mineral rights toexploration property, including its flagship the La Bodega-La Mascota deposit, which was considered topotentially host a world-class gold-silver deposit near Bucaramanga, Colombia. In November 2010, Ventanareleased the results of a scoping study, which presented an Inferred Resource of 3.5 million ounces of gold(3.9 g/t) as the basis for average annual production of 347,000 gold-equivalent ounces for first six years atan average cash cost of US$322/oz Au. The study provided a pre-tax NPV(5%) of US$807 million, including anestimated capital cost of US$297 million, based on metal prices of US$1,000/oz Au, US$17/oz Ag andUS$3.00/lb Cu. In October 2012, Eike Batista announced two tender offers in an attempt to consolidate the CaliforniaDistrict as AUX Canada reached an agreement to purchase all the outstanding shares of Galway ResourcesCorp and Calvista Gold Corp. Galway held the California project, which lies along strike between AUX’sconcession (formerly Ventana’s) and Calvista’s concessions. In September 2012, Galway released an initialresource estimate for the California project, which contained 424,000 ounces of gold (5.53 g/t) in the M&Iresource category and 666,000 ounces of gold (5.38 g/t Au) in the Inferred category. Based on a cash offer of$2.05 per share, a 47% premium was offered to Galway’s 20-day VWAP, plus one common share of GalwayGold and one common share of Galway Metals. We calculate Galway Resources was acquired for a total of~$344 million, which represents US$315/oz AuEq adjusting for working capital and the appropriate FX.However, based solely on the cash portion paid for Galway’s flagship California project, we calculate anacquisition price of US$257/oz, which we deem more suitable for our analysis.Calvista Gold held the Buenavista and Callejón Blanco prospects hosted along the La Mascota trend within a1.5km2property in the California District. The Buenavista and Callejón Blanco projects, which werecontiguous to La Bodega-La Mascota and Galway’s California project, contained total resources of ~0.9million ounces of gold (3.6 g/t) and ~4.0 million ounces of silver across all categories. In addition, silvermineralized zones at the Callejón Blanco prospect added ~0.3 million ounces of gold and 3.3 million ouncesof silver. Based on a cash offer of $1.10 per share and in-the-money warrants, which represented a 100%premium to Calvista’s 10-day VWAP, we calculate Calvista was acquired for ~$63 million. Based on itscontained resource and adjusting for working capital and the appropriate FX rate, we calculate thetransaction valued Calvista at US$48/oz AuEq.We note that the price of gold was US$1,722/oz at the announcement of these acquisitions.Source: Salman Partners Inc. estimatesTransaction Value(US$/oz AuEq Resource)November 17, 2010 AUX Canada Ventana Gold Corp. Scoping Study $364October 19, 2012 AUX Canada Galway Resources Corp. Resource Estimate $257October 19, 2012 AUX Canada Calvista Gold Corp. Resource Estimate $48October 19, 2012 AUX Canada Galway & Calvista Resource Estimate $143Average (excl. Galway and Calvista)TargetAcquirer$223Offer Date StageRED EAGLE MINING CORPORATIONATERIALSM15
  15. 15. With the political and economic stabilization in Colombia, the nation has emerged as an attractive region for juniorgold exploration, which has resulted in the consolidation of the California District. Recently, the acquisitions ofGalway and Calvista demonstrate the strong demand by Eike Batista to consolidate the district subsequent to theinitial high-grade resource estimate by Galway and the updated resource estimate by Calvista. The high acquisitionprice commanded by Galway reflects the strategic concessions held by Galway, the high-grade nature of theCalifornia deposit, and a 47% control premium offered.In our analysis, we highlight the Galway and Calvista offers as precedent transactions for Red Eagle given the stage ofdevelopment both companies were at when they were acquired. We have combined the Galway and Calvistatransactions as both offers, which were announced on the same date, were tendered to consolidate the region. Erringon the side of conservatism, we apply the US$143/oz AuEq acquisition value to Red Eagle’s gold resources containedin the M&I category only. Based on Red Eagle’s current contained M&I resources of 322,000 gold ounces, andincorporating the company’s working capital, we arrive at a value of $0.63 per share (on a common share basis),which is higher than current levels. The acquisition value has further upside potential as the company is expected toupgrade current Inferred resources with the incorporation of its Phase 4 drill program.San Ramon – In-situWith the release of an initial resource estimate, the advancement of a PEA, and progression through the permittingprocess, the company remains focused on advancing the San Ramon deposit to production. However, given itsrelatively early stage of development, we have modeled the company’s flagship San Ramon deposit based on an in-situ valuation.In our analysis, we have examined the current Enterprise Value per Contained Gold-Equivalent Resource Ounce(EV/oz AuEq) of Red Eagle’s peer group to arrive at our relative valuation for the company. The peer group iscomprised of companies with primary assets in Latin America and relatively similar growth profiles, developmentrisks, permitting risk, and financing risk. Based on our long-term commodity price assumptions, we calculate a peergroup average EV of ~US$27/oz AuEq. Erring on the side of conservatism, we round-down the peer average toUS$25/oz AuEq and apply it to the company’s global resource of 778,000 ounces for an in-situ value of US$19.5million or $0.31 per share for San Ramon. Currently, Red Eagle is trading at an EV of ~US$18/oz AuEq, below itsexplorer/developer peer group average; however, as the company continues to rapidly de-risk the San Ramondeposit, we believe its valuation should increase towards the ~US$72/oz AuEq average commanded by the juniorproducers in its peer group.EV / Total Resources (US$/AuEq oz)Source: Salman Partners Inc. estimates0.002.004.006.008.0010.0012.00$0$20$40$60$80$100$120$140$160PTMMRIOLGCIRLLSACNLBSXSUEGUYSGPEPZATMRDRNEOMGlobalResourceGrade(g/tAu)EV/ozAuEqEV/oz Total Resources Average Grade Au GradeExplorer/Developer Average = US$26.7/oz AuEqProducers Average = US$71.8/oz AuEqRED EAGLE MINING CORPORATION MATERIALS16
  16. 16. With an updated resource estimate anticipated in mid-2013 followed by the PEA in Q3 2013, the company isproceeding to de-risk the project, which it intends to bring into production by 2015. With a clear path to productionand further clarity expected from the PEA (with regards to estimated production and economic parameters from theproposed open-pit and underground mining scenario), we plan to analyze San Ramon on a DCF valuation in duecourse.Santa Rosa Exploration CreditWith an extensive Phase 4 drill program at San Ramon consistently intersecting mineralization and the deposit openat depth, coupled with an aggressive regional exploration program as the company searches for additional depositson the property, we expect the resource to grow from current levels. We consider an additional 500,000 ounces ofgold to be added to the resource at US$25/oz AuEq (conservatively rounded down from the peer group average of~US$27/oz AuEq). Given that the resources have yet to be realized, we also apply a 50% discount on the potentialresources for a total value of US$6.3 million.TARGET PRICE AND RECOMMENDATIONOur valuation for Red Eagle, which is based on mining assets valued on an EV per in-situ gold ounce usingcomparable companies for the San Ramon gold deposit and an exploration credit for Santa Rosa and non-miningassets, has resulted in a NAV of US$34.5 million or $0.55 per share. Thus, we are initiating coverage on Red EagleMining Corporation with a 12-month target price of $0.55 per share and a SPECULATIVE BUY recommendation.The company continues to rapidly advance San Ramon to production with the planned incorporation of the Phase 4drill program to form an updated resource estimate, which is to be used as the basis for an upcoming PEA. With thePEA slated for release in Q3 2013, the company plans to have San Ramon fully permitted by the end of the year andto commence production in 2015, which would represent an exceptional accomplishment of going from discovery toproduction within only four years. Additionally, the company is well positioned to uncover additional deposits withan expanded land position at Santa Rosa, which is currently being explored. With a quality management team in placethat is experienced in putting mines into production coupled with a strategic relationship with Liberty Metals &Mining, which has provided a significant cash injection in a challenging market and signifying confidence in theproject, we believe the company is on the verge of garnering additional attention as it continues to advance and de-risk the deposit.UPCOMING CATALYSTSAs exploration and development advance at the San Ramon deposit, catalysts for the next twelve months include: Results from the 22,000-meter Phase 4 drill program at the San Ramon deposit Updated Resource Estimate for the San Ramon deposit incorporating the Phase 4 drill program Preliminary Economic Assessment (PEA) for the San Ramon deposit Submission of the Environmental Impact Assessment for the San Ramon deposit Permitting for the San Ramon depositSource: Red Eagle Mining Corporation and Salman Partners Inc. estimatesQ1 2013 Q2 2013 Q3 2013 Q4 2013Environmental Impact AssessmentPEAPhase 4 drill resultsUpdated Resource EstimatePermittingRED EAGLE MINING CORPORATIONATERIALSM17
  17. 17. COMPANY SUMMARY & FORECASTSAll figures in Cdn$ unless otherwise indicated.Source: Company reports, Salman Partners Inc. estimatesRISKSCommodity Price RiskOur valuation for Red Eagle is based on both near-term and long-term commodity price assumptions. Red Eagle ismost exposed to changes in the price of gold. Precious metals have an inverse relationship with the U.S. dollar, as itis used as a retainer of value when the U.S. dollar is undergoing a period of weakness. This typically occurs duringdownturns in the economic cycle and during periods of high inflation. As a result, acts of terrorism, changes in theFederal Reserve overnight banking rate and general economic trends all have an impact on the performance ofprecious metal related equities.Currency RiskGold is priced in U.S. dollars; however, Red Eagle’s principal project is located in Colombia, resulting in costs pricedin Colombian Pesos, creating a dominant relationship between the Colombian Peso/US Dollar. If the Colombian Pesoappreciates relative to the U.S. dollar, Red Eagle’s cost structure is impacted (after translating into U.S. dollars) byshrinking margins as costs would escalate. As a result, the company’s financial performance and our forecasts can besignificantly impacted by changes to the international exchange rate.Operational RiskOur forecasts are based upon technical data, guidance from the company and our own knowledge and experiencewith regard to the operations of individual mining projects, and first-hand site visits. As a result, there is potentialfor operational and financial performance to change rapidly due to weather-related issues, unexpected changes inmineralogy and general, unforeseen operational difficulties.Development RiskOur valuation of Red Eagle is based on an in-situ value for the San Ramon deposit, which is part of the Santa Rosaproject. The company has yet to complete a PEA on the project or a full feasibility study, which would provide anindication of the viability of a potential mining operation. As a result, an inherent risk of a negative constructiondecision resulting from poor economics exists. In our valuation of Red Eagle, we utilized several assumptions in ourestimation of both the capital and operating costs of the project. The forecast economics for this developmentproject have the potential to incur higher development costs and/or overruns, procurement delays, permitting issuesand other associated factors that could materially impact the actual economics of the operations, or delay their start-up, which in turn could adversely impact our valuation of Red Eagle Mining Corporation.Financing RiskRed Eagle’s liquidity is relatively low and without additional financing, the company’s funds over the next 12 monthsmay be insufficient to cover its costs. Thus, additional third party financing may be required. Any issues withsecuring the necessary financing, on favourable terms, could adversely affect our valuation.Share Price $0.29 Recommendation Major Holders (% of shares O/S):Shares O/S (M)* 58.6 Target Price (Cdn$) $0.55 Liberty Metals & Mining Holdings, LLC 19.9%Shares Diluted (M)* 74.9 Potential Return 93.0% Appian Natural Resources Fund LP 9.3%Market Cap, O/S (M) $16.7 Dividend Rate - Sprott Asset Management LP 1.4%Cash (M, est.) $15.9 Dividend Yield - Mgmt & Insiders 14.2%Working Capital (M) $9.5 One-Year Avg. Daily Volume 36,830Debt (M) -Adjusted Market Capitalization (US$ M) $7.2Precious Metals Assets (US$ M) $25.7 Share Price Valuation Cdn$/share Upcoming Catalysts for San RamonNon Gold Assets (US$ M) $8.7 Value of Precious Metal Assets $0.41 •  Drill  Results  from  the  Phase  4  programNAVPS $0.55 Apply multiple of 1.0x $0.41 •  Updated  resource  estimateGold Reserves (P&P, M ozs) 0.0 Add: Value of Non-Precious Metals Assets $0.14 •  PEAGold Resources (P&P&M&I, M ozs) - 0.3 g/t Au cut-off 0.3 •  EIA  submissionGold Resources (all categories, M ozs) - 0.3 g/t Au cut-off 0.8 •  PermittingDecember 31$0.55SPECULATIVE BUYFiscal Year:Target Price (Rounded)RED EAGLE MINING CORPORATION MATERIALS18
  18. 18. APPENDIX 1: MANAGEMENT AND DIRECTORSIan Slater, CA – Chairman & CEOMr. Ian Slater has been active in the mining industry for more than twenty years. In addition to his role at Red Eagle,Ian is also Chairman of Black Eagle Mining Corporation (private company). Previously, Mr. Slater is a CharteredAccountant and held Managing Partner positions at Ernst & Youngs Canadian and Arthur Andersens Central AsianMining Practices.Robert Bell, P.Eng - COOMr. Robert Bell has over 40 years of experience working in the mining industry including the construction of severalmines globally. Mr. Bell spent his early years in both Mine Manager and Mine Superintendent roles at many projects.He was one of the founding partners of Minproc Engineers Mining Division, and was accountable for numerousbankable feasibility studies. Recently, Mr. Bell was the General Manager of the Chelopech Mine in Bulgaria for DundeePrecious Metals Inc (TSX – DPM). Mr. Bell is a Mining Engineer from the Western Australian School of Mines.Jeff Toohey, M.Geo. – Vice President ExplorationMr. Jeff Toohey has over 38 years of experience in the mining industry including over 20 years in South America (hespent 12 years as a Senior Geologist for Teck Resources Limited in Latin America). Prior to his current tenure withRed Eagle, Mr. Toohey was Vice President Exploration for Peregrine Metals Ltd. (which was acquired by the StillwaterMining Company in 2011) and was in charge of all activity at Peregrines flagship Altar copper and gold project inArgentina. Mr. Toohey graduated as a Geological Engineer from Colorado School of Mines and received his Master ofScience, Geology (MINEX) degree from Queens University.Alan Baker – Project DirectorMr. Alan Baker has more than 35 years of experience specifically in design and construction of both surface andunderground gold projects. Mr. Baker has held senior management positions at AngloGold Ashanti in Ghana as wellas Eldorado Gold Corp. Mr. Baker has been brought on to head design, permitting and construction of the SanRamon gold deposit.James Howson, CA - CFOMr. James Howson has more than 12 years of accounting and auditing experience with Ernst & Youngs MiningDivision.Tim Petterson, P.Eng – DirectorMr. Tim Petterson has 15 years of experience in Mining Consultancy and Investment Banking in London includingseveral senior positions at HSBC (Head of Global Mining Research) and at ABN AMRO (Head of Pan European EquityResearch). Mr. Petterson graduated with a B.Eng ACSM degree from the Camborne School of Mines and is currentlythe CEO of Black Eagle Mining Corporation.Ken Cunningham, P.Geo - DirectorMr. Ken Cunningham has 36 years of experience in mineral exploration including gold, copper and uraniumdiscoveries, and is currently CEO of Miranda Gold Corp. Previous to Miranda, Mr. Cunningham held senior executivepositions with several mining companies. Mr. Cunningham is a Registered Professional Geologist and holds a BSc.degree in Geology from Oregon State University and a MSc. in Geology from Texas Christian University.Christopher Noel Dunn – DirectorMr. Dunn has spent the majority of his career in various capacities of investment banking, including managing acapital underwriting business at Goldman Sachs, then leading investment banking metals and mining divisions atBear Stearns and JP Morgan. Mr. Dunn is currently Managing Director of Liberty Metals & Mining.Jeffrey Mason, CA - DirectorMr. Jeffrey Mason is the Chair of the Company’s Audit Committee and was most recently the Chief Financial Officerof the Hunter Dickinson group of companies for twelve years.RED EAGLE MINING CORPORATIONATERIALSM19
  19. 19. Robert Pease P. Geo - DirectorMr. Robert Pease is currently the CEO of Sabina Gold & Silver. Previously Mr. Pease was the founder, CEO and aDirector of Terrane Metals Corp which was acquired by Thomson Creek Metals Company (TSX – TCM) in 2010. Priorto that, Mr. Pease held several positions at Placer Dome Inc., including General Manager, Canada Exploration andGlobal Major Projects. Mr. Pease received a B.Sc degree in Earth Science from the University of Waterloo, and is aFellow of the Geologic Association of Canada. Mr. Pease has also previously been the Chairman of the Association forMineral Exploration of British Columbia.Jay Sujir - DirectorMr. Jay Sujir has 23 years of experience advising public companies as a securities and natural resources lawyer. Mr.Sujir has been a partner with Anfield, Sujir, Kennedy & Durno since 1991. Over the past three years Mr. Sujir hasacted as director or officer of several mining companies which have completed more than $800 million in equityfinancings. Mr. Sujir is also a member of the Law Society of British Columbia, the Canadian Bar Association, and theBritish Columbia Advisory Committee of the TSX Venture Exchange.RED EAGLE MINING CORPORATION MATERIALS20
  20. 20. APPENDIX 2: CAPITAL STRUCTUREAs of April 5, 2013 Red Eagle’s share structure was as follows:Source: Red Eagle Mining CorporationAs of April 5, 2013, the company provided a breakdown of its options held by Management and Directors as follows:Source: Red Eagle Mining CorporationAs of April 5, 2013, the company provided a breakdown of its warrants as follows:Source: Red Eagle Mining CorporationShares Outstanding 58,567,818Options 5,215,000Warrants 11,081,883Fully DilutedShare Structure74,864,701Exercise Price(Cdn$)June 28, 2016 $1.25 2,550,000July 28, 2016 $1.25 200,000December 6, 2016 $1.00 160,000December 6, 2017 $0.55 2,305,000Expiry Date Options5,215,000$0.93Exercise Price(Cdn$)June 28, 2013 $1.50 5,748,550June 28, 2013 $1.25 833,333February 12, 2015 $0.25 4,500,000Expiry Date Warrants11,081,883$0.97RED EAGLE MINING CORPORATIONATERIALSM21
  21. 21. RED EAGLE MINING CORPORATION MATERIALS22
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