Maverick Gold Project Updated Preliminary Economic Assessment July 9 2014

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Minnova Corp. Office: +1 647 985 2785
MCI:TSXV 365 Bay Street, Suite 400
www.minnovacorp.ca Toronto, Ontario M5H 2V1
MINN VA
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Minnova Corp. Issues an Updated Preliminary Economic Assessment
for its Maverick Gold Project
Toronto, Ontario – Minnova Corp. (TSXV: MCI, ("Minnova” of “the Company”) is pleased to announce it
has filed its Updated Preliminary Economic Assessment ("PEA") Technical Report titled "NI 43-101
UPDATED PRELIMINARY ECONOMIC ASSESSMENT OPEN PIT AND UNDERGROUND MINING, AND ON-SITE
MILLING AT THE MAVERICK GOLD PROJECT, INCLUDING MINING OF THE PL GOLD DEPOSIT AND THE
NOKOMIS GOLD DEPOSIT, Sherridan, Manitoba" on SEDAR at www.sedar.com. The Updated PEA was
prepared by ACA Howe International Limited (“Howe”) based on the mineral resource estimates (see
April 17, 2014 news release) prepared by P&E Mining Consultants Inc. and Howe on Minnova’s 100%
owned Maverick Gold Project. Prior to June 2014 Minnova was called Auriga Gold Corp. ("Auriga Gold").
Prior to this release the PL Property and PL Mine were known as the Puffy Lake Property and Puffy Lake
Mine. Currencies reported below are in Canadian dollars unless otherwise specified.
Highlights from the Base Case study, which uses a long term gold price of US$1,250 per ounce gold and
USD:CAD exchange rate of $1.05, include:
 Pre-tax Net Present Value ("NPV") at a 5% discount rate of $97.7 million and an Internal Rate of
Return ("IRR") of 59%;
 After-tax NPV at a 5% discount rate of $83.3 million and IRR of 55%;
 After-tax payback of 1.5 years after plant start-up;
 11 year mine life, mining and processing 2.5 million tonnes, averaging 6.53 grams per tonne
("g/t") gold, and producing 483,000 ounces of gold;
 Open pit production amounts to 558,000 tonnes at an average diluted grade of 4.41 g/t
gold at a LOM strip ratio of 6:1;
 Underground production amounts to 1.98 million tonnes an average diluted grade of 7.26
g/t gold;
 Total payable gold production of 483,000 ounces with an average Life of Mine (“LOM”) cash
cost of US$798 per ounce and average AISC of US$1003 per ounce;
 Years 2 to 5 mill feed planned at 900 tpd to produce an average of 52,522 ounces a year
at an average cash cost of US$849 per ounce and average AISC of US$991 per ounce;
 Years 6 to 10 mill throughput planned at 600 tpd to produce an average of 49,100 ounces
a year at cash cost of US$770 per ounce and AISC of US$896 per ounce;
 Pre-production (years -1 and 1) capital cost of $26.3 million including a 19% for contingency,
environmental bonds and initial working capital;
 In Year 1, the projected $12.7 million capital expenditure is partially offset by income of
$6.6 million;
 Sustaining Capital and Closure Costs of $29.5 million over LOM;
Gorden Glenn, President & CEO of Minnova commented, "We are very pleased with the results of this
Updated Preliminary Economic Assessment. It confirms the Maverick Gold Project (“MGP”) as a robust
project with a low pre-production capital cost, low operating and All In Sustaining Cost’s (“AISC”) and a
quick payback of 1.5 years from the start of production on a +10 year mine life.

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Our focus on upgrading the PL and Nokomis resources (see our April 17, 2014 press release) and
introducing new innovative underground mining techniques to the mine plan have resulted in a higher
overall life of mine gold production, higher average annual production, lower cash operating costs,
lower AISC and lower strip ratio over our initial January 2012 Preliminary Economic Assessment
(“January 2012 PEA”).
Importantly the project’s NPV has remained largely unchanged despite using a lower, more
conservative, long-term gold price of US$1,250/oz vs $1,400/oz used in the January 2012 PEA. While the
initial capital costs have increased modestly they are more defensible incorporating significant
contingency, environmental permitting and bonding, and working capital considerations, which were
not fully factored into the January 2012 PEA. The completion of this updated PEA marks another
significant milestone for Minnova and we can now move forward with our plans for a test underground
stope program to validate the SAMSTM underground mining method, finalize and update all required
operating permits and complete a Feasibility Study by the end of 2014. Upon completion of the
Feasibility Study we anticipate we could be initiating construction/rehabilitation of the mine and mill
infrastructure in early 2015 toward achieving initial production in the second half of 2015.”
UPDATED MAVERICK GOLD PROJECT DEVELOPMENT PLAN
The Maverick Gold Project updated development plan includes the following:
Pre-production Year -1 (starts July 1, 2014)
• Complete an initial underground test mining program at the PL underground mine;
 Finalize all environmental and operating permits
• By the end of 2014 complete a Feasibility Study (“FS”)
Development and Production Years 1 - 11 (starts July 1, 2015)
 Assuming positive FS, starting in January 2015 initiate the refurbishment and reactivation of the
existing PL mill and underground mine;
• Sequential development of five open pits on the PL Deposit and another on the Nokomis
Deposit;
Closure and Rehabilitation
• Progressive mine closure activity and planning;
 Mine closure in year 11 to be followed by and a post-closure monitoring program.
Forecast Gold Production
Howe estimates total mill feed to be 2.53 million tonnes at an average diluted grade of 6.58g/t. Of this
approximately 1.98 million tonnes at an average diluted grade of 7.26 g/t would be sourced from
underground mine on the PL deposit and 0.59 million tonnes would be sourced from shallow open pits
at an average diluted grade of 4.17 g/t Au.
At full production from open pits and underground (900 tpd) in years 2 through 5 average annual
production is estimated at approximately 52,500 ounces and will drop to an average of 49,000 ounces

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during years 6 through 10 when the pits are depleted (underground only) and mill throughput drops to
600tpd. Years 1 and 11 are partial years.
Total recoverable gold production over the LOM is estimated at 483,000 ounces for an average annual
production rate of approximately 48,100 ounces of gold. The project development schedule is shown in
Figure 1.
Figure 1: Summary of Projected Annual Gold Production, Cash Operating Costs and AISC
Preliminary Economic Assessment
The Maverick Gold Project was assessed using a discounted cashflow approach with a Base Case long-term
gold price of US$1,250/oz and a USD:CAD exchange rate of 1.05.
The results of the economic analysis, summarized in Table 1 and Table 2, support advancing the project
and completing a FS by the end of 2014. Undiscounted after-tax cashflow amounts to $125.7 million and
returns a robust IRR of 55%.
Table1: Results of the Economic Analysis
Pre-tax After-tax
IRR 59% 55%
Undiscounted NPV ($M) $146.20 $125.70
NPV (5%) ($M) $97.70 $83.80
NPV (8%) ($M) $77.50 $66.40
Payback 3 yrs from start of development
1.5 yrs from start of production
$ oz
$200 oz
$400 oz
$600 oz
$800 oz
$1,000 oz
$1,200 oz
$1,400 oz
$1,600 oz
$1,800 oz
oz
10,000 oz
20,000 oz
30,000 oz
40,000 oz
50,000 oz
60,000 oz
70,000 oz
1 2 3 4 5 6 7 8 9 10 11
Open Pits (LHS) Underground (LHS) Total Cash Costs (RHS) AISC (RHS)

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Table 2: Results of the Cashflow Analysis
Undiscounted
LOM Total
(000's)
Discounted at
5% (000's)
Discounted at
8% (000's)
IRR (%)
Gross Sales $629,632 $475,868 $408,206
Less royalties $18,291 $13,785 $11,807
Less selling expenses $2,900 $2,191 $1,880
Net Sales Revenue $608,441 $459,890 $394,519
Mining costs $306,573 $221,457 $185,021
Processing costs $67,399 $48,613 $40,602
G&A costs $32,461 $23,311 $19,424
Total cash operating costs $406,434 $293,381 $245,048
Net cash operating margin $202,006 $144,609 $120,247
Initial capital $26,299 $24,471 $23,481
Sustaining capital $29,504 $24,722 $22,430
Net cash flow before tax $146,203 $97,713 $77,535 59%
Taxation payable $20,463 $13,845 $11,103
Net cash flow after tax $125,739 $83,867 $66,432 55%

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Resources
Together the PL and Nokomis gold deposits support mineral resources amenable to open pit and
underground mining that include Measured and Indicated mineral resources totalling 327,900 ounces of
gold and Inferred mineral resources of 438,600 ounces of gold. See mineral resource summary in Table 3
and Table 4 below.
Table 3: PL Deposit Mineral Resource Estimate as of April 17, 2014
Class
Au Cut-off
g/t
Tonnes Au g/t
Contained
Au oz
In-Pit
Measured 0.6 123,000 4.41 17,400
Indicated 0.6 445,000 4.40 63,000
M+I 0.6 568,000 4.40 80,400
Inferred 0.6 45,000 4.87 7,000
Out-of-Pit
Measured 2.5 27,000 5.12 4,500
Indicated 2.5 1,057,000 5.95 202,300
M+I 2.5 1,084,000 5.93 206,800
Inferred 2.5 2,135,000 6.01 412,500
Total
Measured 0.6/2.5 150,000 4.54 21,900
Indicated 0.6/2.5 1,502,000 5.49 265,300
M+I 0.6/2.5 1,652,000 5.41 287,200
Inferred 0.6/2.5 2,180,000 5.99 419,500
Notes PL Deposit:
1. The volume of the historical mined areas was depleted from the resource estimate.
Table 4: Nokomis Mineral Resource Estimate Statement as of April 17, 2014
Class
Reporting
Cut-off g/t
Au
Tonnes Grade g/t Au Contained Au oz
Indicated 0.6 371,000 3.41 41,000
Inferred 0.6 247,000 2.41 19,000
Notes PL and Nokomis Deposits:
1. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been
insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is
uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
2. The PL updated NI 43-101 compliant mineral resource estimate has been prepared by Mr. Eugene Puritch, P.Eng. of
P&E Mining Consultants Inc.. The Nokomis NI 43-101 compliant mineral resource was prepared by Leon McGarry,
B.Sc., P.Geo., of ACA Howe International Limited.
3. The NI 43-101 compliant mineral resources in this press release were estimated using the Canadian Institute of
Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and
Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
4. Grade capping of 30g/t Au was utilized on composites at the PL Deposit and grade capping of 50g/t Au was utilized
on raw assays at the Nokomis Deposit.

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5. Bulk densities of 2.72 t/m3 and 2.89t/m3, respectively were used for tonnage calculations at the PL Deposit and
Nokomis Deposits, respectively.
6. At the PL gold deposit open pit resources are reported within an optimized pit shell.
7. A gold price of US$1,300/oz and an exchange rate of US$0.97US=C$1.00 was utilized in the Au cut-off grade
calculations of 0.6 g/t open pit and 2.5 g/t underground. Open pit mining costs were C$3.75/t for mineralized
material and C$3.00/t for waste rock while underground mining costs were C$75/t. Process costs were C$17/t and
G&A was C$6/t. Process recovery used was 95%.
8. Tonnes and ounces have been rounded to reflect the relative accuracy of the mineral resource estimate; therefore
numbers may not total correctly.
9. Mineral Resource tonnes quoted are not diluted.
10. Mineral resources are not mineral reserves and by definition do not demonstrate economic viability. This mineral
resource estimate includes inferred mineral resources that are normally considered too speculative geologically to
have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is
also no certainty that these inferred mineral resources will be converted to the measured and indicated resource
categories through further drilling, or into mineral reserves, once economic considerations are applied.
11. 1 troy ounce equals 31.10348 grams.
Mining Model Construction
The mine plan developed for the Updated PEA considers the re-opening of the PL underground mine
and the development of five new open pits on the PL gold property and another on the Nokomis gold
property.
The relative contribution of open pit and underground feed to the mill has been optimized to so as to
generate the highest value early in the mine life. This is done to accelerate capital payback and maximize
cash flow and hence deliver the highest Net Present Value. The defining variables used for this work are
summarized in Table 5 and Table 6 below.
Table 5: Parameters used to create the financial model for the Maverick Gold Project (PL and Nokomis
Gold Deposits)
Parameter Unit Values
Au price US$/oz 1,250
Exchange rate USD:CAD 1.05
Au recovery % 90
Au payable % 99
Selling costs (Au refining, transportation and insurance) US$/payable oz 6

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Table 6: Maverick Gold Project Estimated Unit Operating Costs
Item Unit Operating Costs
Open pit mining costs:
Mining cost $7.50 / t potentially economic mineralization
Definition drilling and grade control
assays
$3.00 / t potentially economic mineralization
Overburden Stripping $1.88 / t overburden
Waste rock stripping cost $6.00 / t waste rock
Muskeg removal allowance $2.0 M
Underground development and mining costs:
Typical lateral development cost $5,100 / m for drift and ramp development
Production stoping cost $50.00 / t potentially economic mineralization
Underground mine indirect operating
costs
$38.00 / t potentially economic mineralization
Underground haul to mill $2.00 / t potentially economic mineralization
Processing cost yrs 1-5; $22.24 /t, yr 6; $26.00 /t, yrs 7-11: $29.79 /t processed
Tailings management cost yrs 1-5; $1.00 /t, yr 6; $1.27 /t, yrs 7-11: $1.50 /t processed
General and Administration cost yrs 1-5; $10.51 /t, yr 6; $13.34 /t, yrs 7-11: $15.77 /t processed
Production royalties 3% at PL deposit, 2% at Nokomis deposit (2.92% overall)
Projected corporate taxes 15% federal & 10% provincial.
Figure 2: Image showing the PL deposit open pits 1 through 5 and underground block model.
Open pit mining would be done using conventional open pit equipment and technologies. Underground
mining would be done using Minrail Inc.’s Shallow Angle Mining System (SAMSTM) which would first be
demonstrated in a test stope. The SAMSTM is designed to underground mine flat dipping zones. It uses

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back-mounted rails and suspended interchangeable drilling, blasting and mucking modules. Stopes
would paste backfilled once mined out.
The mines would operate 350 days/year on a two 10 hour shifts per day basis with four rotating crews.
The mill would operate on a two 12 hour shifts per day basis with four rotating crews.
The Nokomis satellite deposit, located less than 8 kilometres to the northeast, will be incorporated into
the mine plan in year 3 enabling mill feed to be sustained at 900tpd for years 2 through 5. In years 6
through 11 mine output will consist of underground mineralization only and the mill feed rate will drop
to 600tpd.
Figure 3: Nokomis pit, facing east-northeast
SAMSTM represents an innovated new technology that is designed to ensure and enhance operator
safety while improving productivity. The electric-powered modules have multiple braking systems
including a failsafe braking system. Minrail has reviewed its safety devices with mine safety regulators
in Ontario and Quebec and reports that the SAMSTM system meets rigorous mine safety requirements
in those jurisdictions. The proposed test stoping program at the PL underground mine would be
reviewed with Manitoba health and safety regulatory authorities prior to the test.
Figure 4: Driving the stope centre raise using SAMSTM

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Processing
The existing process plant has a name plate capacity of 1,000 tonnes per day and has been on care and
maintenance since April 1989. It is proposed to rehabilitate and use the existing PL mill for processing. It
is anticipated that, although process modifications and equipment additions may be indicated by future
testwork, the historical flowsheet will be satisfactory.
The initial throughput rate for this study is 900 t/d which will yield a nominal grind (K80) of
approximately 110 microns utilizing the existing conventional crushing and grinding circuits. Based on
planned tonnage and grade and assuming continuous stable operation, an overall gold recovery of 90%
is projected. This recovery estimate would be confirmed by testwork on samples representing the
current mining plan.
Infrastructure
The Maverick Gold Project is accessible by all-weather road and there is a commercial rail line within 7
kilometers for the property for delivery of bulk supplies. Power would be provided Manitoba Hydro
which requires modest extensions and upgrades of existing transmission lines to the site. A back-up
power supply would be provided from diesel generators already located at site. Manitoba Hydro is a
reliable, low cost source of power.
As described in the Updated PEA report Minnova plan to conduct a fish population survey of the Ragged
TMA this summer. This PEA assumes that the Ragged TMA would continue to be utilized for tailings
management.
Capital Costs
The initial capital requirement in years -1 and 1 for the Project is estimated to be US$26.3M, as detailed
in Table 7. This amount includes 19% for contingency, environmental bonds and initial working capital.
Year 1, the projected $12.7 million capital expenditure is partially offset by income of $6.6 million.
Table 7: Maverick Gold Project Pre-production Capital Cost Estimate as of July 9, 2014
Item
Pre-production Production Total
($k) ($k) ($k)
Yr -1 Yr 1 Yrs 2-11
Months 1-12 Months 1-7 Months 8-12
Months 13 -
EML
Mill running
Test stoping $4,342 $4,342
Feasibility study and supporting
studies
$415 $415
Mill rehabilitation and commissioning $6,245 $3,898 $280 $10,423
Infrastructure $1,550 $475 $2,999 $5,024

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Underground mine $3,390 $0 $15,575 $18,965
Paste backfill plant $5,000 $5,000
Open Pits including muskeg removal $314 $2,250 $2,564
Environmental projects $540 $100 $0 $100 $740
Mine closure $500 $0 $5,300 $5,800
Working Capital $2,000 -$2,000 $0
Sub Total $13,092 $8,677 $2,000 $29,504 $53,273
Contingency $530 $2,000 $2,530
Total $13,622 $12,677 $29,504 $55,803
Cumulative Capital $13,622 $26,299 $55,803
The Project has a total sustaining capital requirement of $29.5M. Closure costs amount to $5.8M. Start-up
capital contingency plus closure bond and working capital amounts to $4.5M.
Financial Analysis and Sensitivities
Using a gold price of $1,250/oz, the study yields a pre-tax NPV8% of $77.5 million and IRR of 59%. After-tax
NPV8% amounts to $66.4 million and an IRR of 55%. The results of the sensitivity analysis for the
Base Case are shown in Table 8 and indicate that the project is most sensitive to changes in gold price
and head grade, and least sensitive to changes in capital cost.
It must be noted that all economic results reported in a PEA are preliminary in nature and as such may
vary considerably from actual results. The project does not currently have any mineral reserves as the
declaration of reserves requires at least a pre-feasibility study to be completed.
Table 8: Results of Sensitivity Analysis of the Base Case
Parameter
After-Tax NPV (8%) ($M)
Variation of Parameter Relative to Base Case
-40% -30% -20% -10% 0% 10% 20% 30% 40%
Head Grade -$43 -$16 $12 $39 $66 $94 $121 $149 $176
Gold Price -$44 -$16 $11 $39 $66 $94 $122 $149 $177
Operating Costs $140 $122 $103 $85 $66 $48 $30 $11 -$7
Capital Costs $77 $74 $72 $69 $66 $64 $61 $59 $56
Qualified Persons
The PEA was conducted under the overall review of David Orava, M. Eng., P. Eng. of ACA Howe
International Ltd. of Toronto Ontario with the following Qualified Persons contributing to their
respective sections:
Alfred Hayden P.Eng., Senior Associate Metallurgical Engineer, ACA Howe International Ltd.
David Burga P.Geo., Geologist, P&E Mining Consultants Inc.
Eugene Puritch P.Eng., President, P&E Mining Consultants Inc.
Felix Lee P.Geo., Senior Geologist, ACA Howe International Ltd.
Leon McGarry P.Geo., Project Geologist, ACA Howe International Ltd.
William Douglas Roy, M.A.Sc. P.Eng., Senior Associate Mining Engineer, ACA Howe International Ltd.
Yungang Wu P.Geo., Geologist, P&E Mining Consultants Inc.

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The foregoing Qualified Persons have verified that the data from the PEA is fairly and accurately
disclosed in this news release.
About Minnova Corp.
Minnova Corp. is an emerging Canadian gold producer focused on re-starting the PL Mine and expanding
gold resources on its PL and Nokomis gold deposits (collectively the "Maverick Gold Project"). The
Company has completed an Updated PEA which supports average annual production of 48,100 ounces
over a +10 year mine life. Work to date strongly supports advancing the project toward production with
an initial program of underground test mining and completion of a Feasibility Study to bring the PL Mine
back into production. The PL Mine includes a 1,000 tpd flotation mill with a replacement value in excess
of $50 million, over 7,000 meters of developed underground ramp to 135 metres depth, is fully road
accessible and close to existing mining infrastructure. The Maverick Gold Project is located in the Flin
Flon Greenstone Belt of Central Manitoba. To view current images of the property and mill, please see
www.minnovacorp.ca/s/photogallery.asp
For more information please contact:
Minnova Corp.
Gorden Glenn
Chairman, President and CEO
gglenn@minnovacorp.ca
Phone: +1 (647) 985 2785
info@minnovacorp.ca
http://www.minnovacorp.ca
CHF Investor Relations
Cathy Hume
CEO
Tel: +1 (416) 868 1079 ext.231
Email: cathy@chfir.com
www.chfir.com
Renmark Financial Communications Inc.
Barry Mire: bmire@renmarkfinancial.com
Laurence A. Lachance: llachance@renmarkfinancial.com
Tel.: +1 (416) 644 2020 or
+1 (514) 939 3989
www.renmarkfinancial.com
This news release contains "forward-looking information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not limited to, information regarding the Company
including management’s assessment of future plans and operations, that may involve risks associated with mining
exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates,
environmental and permitting risks, access to labour and services, competition from other companies and ability to
access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the
forward looking statements. A feasibility study has not been completed and there is no certainty the disclosed
targets will be achieved nor that the proposed operations will be economically viable. Although Minnova has
attempted to identify important factors that could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such information. Accordingly, readers should not place
undue reliance on forward-looking information. Minnova does not undertake to update any forward-looking
information, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Maverick Gold Project Updated Preliminary Economic Assessment July 9 2014

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