Lake Shore Gold held its annual general and special meeting on May 4, 2011 in Toronto, Ontario. The presentation discussed Lake Shore Gold's strategy of building shareholder value through operating, development and exploration performance, growth in resources and reserves, growth in production and cash flow, and ongoing extensions, new discoveries, and acquisitions. It also highlighted the company's strong financial position with $108 million in cash and no long-term debt. Lake Shore Gold is focused on rapidly growing its resource base and production at its Timmins Mine, Thunder Creek, Bell Creek, and other properties in Ontario.

1. Annual General and Special Meeting
May 4, 2011
4
Toronto, Ontario
4:30pm

2. BUILDING A NEW MID-TIER GOLD
MID TIER
A NEW CENTURY OF MINING
PRODUCER
AND
IN A CENTURY-OLD GOLD CAMP
A NEW CANADIAN MINING SUCCESS STORY

3. Forward Looking Statements
Certain t t
C t i statements i thi presentation relating t L k Sh
t in this t ti l ti to Lake Shore G ld’ exploration activities, project expenditures and b i
Gold’s l ti ti iti j t dit d business plans are "f
l "forward-
d
looking statements" within the meaning of securities legislation. 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 the Company and contractors will complete projects according to schedule, and
that actual mineralization on properties 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, fluctuations in the price of gold or in currency markets could prevent the companies from achieving their targets. Readers should not
place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is
available in Lake Shore Gold’s most recent annual information form and other regulatory filings which are posted on sedar at www.sedar.com.
There is no guarantee that drill results reported in this presentation will lead to the identification of a deposit that can be mined economically, and
further work is required to identify a reserve or resource.
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
p g , j p g p p
certified standards are checked to be within acceptable limits prior to being accepted into the GEMS SQL database. Routine assays have been
completed using a standard fire assay with a 30-gram aliquot. For samples that return a value greater than three grams per tonne gold on
exploration projects and greater than 10 gpt at the Timmins mine and Thunder Creek underground project, the remaining pulp is taken and fire
assayed with a gravimetric finish. Select zones with visible gold are typically tested by pulp metallic analysis on some projects. NQ size drill core
is saw cut and half the drill core is sampled in standard intervals. The remaining half of the core is stored in a secure location. The drill core is
transported in security-sealed bags for preparation at ALS Chemex Prep Lab located in Timmins, Ontario, and the pulps shipped to ALS
Chemex A
Ch Assay L b t
Laboratory i V
in Vancouver, B C ALS Ch
B.C. Chemex i an ISO 9001 2000 registered l b t
is 9001-2000 i t d laboratory preparing f ISO 17025 certification.
i for tifi ti
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.
* Example of Forward Looking Statement.
3

4. Strategic Land Positions in Timmins
Quebec
Processing Mill
(
(42kms from
s o
Ontario Timmins Mine)
Timmins
Bell Creek Mine
Hollinger McIntyre
Toronto
Timmins Mine – First Discovery 70 Million Ounces Mined
Timmins Dome
Mine Thunder
Deposit Creek
144 Project – Deposit
Gold Mineralized
Porphyry at
Metasedimentary
Surface
Mafic Volcanics
Gold River
G ld Ri
Trend – 2km of Ultramafic Volcanics
Gold Showings
4

5. Lake Shore Gold – Strategy
Build shareholder value through:
Operating,
Operating development and exploration performance
Growth in resources and reserves
Growth in production and cash flow
Ongoing extensions, new discoveries and acquisitions
Plus:
Strong balance sheet and capital management
5

6. LSG – A Story of Rapid Growth and Discovery…
Rapid growth in resources and production, competitive operating costs and
excellent exploration potential
Growing Resource Base Rapid Production Growth Exploration
(millions of ounces) (ounces) Success
Resources
Extensions
New
discoveries
1.8
0.6
0.9 1.2
12
2009 2010 2011* 2012* 2009 2010 2011* 2012* 2013*
Measured & Indicated Company guidance
Company guidance
Inferred
Anticipated future growth
*Examples of Forward Looking Statements.
6

7. …. And of Performance – In 2010, LSG…
Doubled resources to 3.0 million ounces
Produced 43,500 ounces Au in 2010, up from 7,700
ounces in 2009
Reached commercial production at Timmins Mine
(declared effective Jan 1, 2011)
Drifted into mineralization at Thunder Creek on two levels
Commenced stoping below 300m Level at Bell Creek
Excellent drill results at Thunder Creek, Bell Creek, Gold
River Trend, Timmins Mine
7

8. Lake Shore Gold – Strong Financial Position
$ millions (unless otherwise stated)
Cash at December 31st $108*
Capital expenditures (2010) $103.0
(Target: $115.0)
Exploration spending (2010) $26.6
(Target: $28)
Long‐term debt Nil
Basic shares outstanding (millions)
Basic shares outstanding (millions) 382
FD ITM shares outstanding (millions) 404
*Includes $16 million of gold bullion inventory
8

9. Lake Shore Gold – Responsible Capital Management
Company built on equity, no debt prior to production
$400M raised by issuing 145M shares since March 2008
Average 17% premium
104M shares issued for acquisition of West Timmins
Mining
Extended exploration base
Major transformation of shareholder base beginning in
Nov./10
N /10 – LSG now widely h ld
id l held
*Includes $16 million of gold bullion inventory
9

10. Lake Shore Gold – First Quarter 2011
148,000 tonnes milled at 4.89 gpt for 22,300 ounces
Total gold poured of 25,900 ounces
Gold sales of 34,000 ounces
Mill recoveries continue to be excellent at approx. 96%
pp
Grade reflects mine sequencing, mining in Ultramafic Zone to
resume
Throughput below target at 1,650 tpd – crushing circuit issues being
addressed
Cash costs in line with full-year target of US$575/ounce
y g $
First quarter 2011 financial results to be released May 25, 2011
Continue to target 125 000 ounces in 2011*
125,000 2011
*Examples of Forward Looking Statements.
10

11. 2011 – Year‐to‐Date Progress
Continued to demonstrate extensive potential of Thunder Creek
Drill results near 730 Level included 11.53 gpt over 147.30
Wide, high-grade intercepts in virtually every direction
Confirmed and expanded high-grade mineralization in Ultramafic
Zone of Timmins Mine
Discovered new gold zone at 144
Confirmed near-surface resource potential at Gold River Trend and
p
extended mineralization to 750 metres
Established initial resources at Marlhill & Vogel, total resources at
Bell Creek Complex
Completed corporate credit facility for US$50 million
11

12. Lake Shore Gold – Strategy
Build shareholder value through:
Operating, development and exploration performance
p g, p p p
Growth in resources and reserves
Growth in production and cash flow
Ongoing extensions, new discoveries and acquisitions
g g , q
Plus:
Strong balance sheet and capital management
12

13. LSG – Rapid Growth in Resources
Resources doubled in Dec. 2010, targeted to double again by early 2012*
g
Growing Resource Base
(millions of ounces)
Updates to Timmins
Mine, Bell Creek,
Gold River Trend
Initial Thunder Creek
Resource
Initial Bell Creek
Resource
3.0 Growth
Gro th to
Timmins Mine continue
Gold River Trend
1.8
1.5
06
0.6
0.9 1.2
2009 2010 2011* 2012*
Measured & Indicated Anticipated future growth
Inferred
*Examples of Forward Looking Statements.
13

14. Bell Creek
Dec. 2010
251,200 ozs M&A
1,192,900 ozs Inferred
Between 2,000 and
3,000 ozs per vertical
metre below 950L
14

15. Bell Creek Complex – Opportunities for Growth
NI 43-101 Resources
43 101
57,400 ozs Indicated
NI 43-101 Pit Resources
125,000 ozs Indicated
31,700
31 700 ozs Inferred
NI 43-101 Resources PM-25-5
6.19/6.00 NI 43-101 U/G Resources
251,200 ozs M&I
137,100 ozs Inferred
1,192,900 ozs Inferred
V-09-1A
8.97/3.00
4.00/5.20 6437
BC-10-94C
BC 10 94C 4.95/4.00
5.20/50.60 4.87/22.60
Incl. 12.59/10.90 Incl. 8.37/11.00
15

16. Timmins Mine & Thunder Creek
Timmins Mine
3.4M tonnes @ 7.52
gpt for
812,000
812 000 ozs of
reserve (to date)
400 metre
extension
Thunder Creek
Recent
favourable
Initial NI 43-101
drill resource expected H2/11
results Target: 1 0M – 1 5M ozs*
T t 1.0M 1.5M *
Open
16

17. Gold River Trend
Fold Nose Target
250 m wide x 600 m long target
Shallow Bulk Mining Potential
North Porphyry‐ 4800
High grade/shallow
g g /
17

18. Lake Shore Gold – Strategy
Build shareholder value through:
Operating, development and exploration performance
p g, p p p
Growth in resources and reserves
Growth in production and cash flow
Ongoing extensions, new discoveries and acquisitions
g g , q
Plus:
Strong balance sheet and capital management
18

19. LSG – Achieving Rapid Growth in Production
Achieving rapid production growth, momentum to continue
Targeted growth to come from existing assets in production or under development
Rapid Production Growth Three Mines
(ounces) Commercial
Production
Bell Creek
Timmins Mine
Commercial
Production Thunder Creek
125,000
43,500
43 500 Timmins Mine
7,700
2009 2010 2011 2012* 2013*
Actuals Company Anticipated future growth
guidance Not all production based on
existing resources
*Examples of Forward Looking Statements.
19

20. Timmins Mine
Shaft Rockfill
Commercial production declared Raise
effective January 1, 2011
Grades reconciliation excellent Drift to TC
Veins 200L
Cash costs expected to average
approx. US$575/oz in 2011
Main
Mining to focus on lower-grade Zone
upper mine in Q1/11, stoping in 400L
Ultramafic Zone to resume late in Footwall
Q2/11 Main Zone
Development below 650 Level to
525L
commence in Q3/11
Mining method: mainly longhole Ultramafic
650L
stoping Drift to TC
Fill cycle in Q1/11
Q1 Q2 Q3 Q4
20

21. Thunder Creek TC Vent Raise
Thunder Creek Raise
TC Vent
Upper Mi
U Mine
Ramp development to be completed
to 400 Level by year end
Level development every 20 metres
p y Exploration Drift
p
From Timmins Mine
Continue diamond drilling to delineate
ore body
Mix of cut & fill and longhole stoping
TC Vent Raise
V tR i
Lower Mine
Established exploration drifts
Silling on 730 Level
g
Stoping horizons on 730 and 710
levels to be established
Continue diamond drilling to delineate
body and develop NI 43-101 resource
43 101
Exploration Drift
From Timmins Mine
Q1 Q2 Q3 Q4
21

22. Bell Creek Mine*
Study progressing for 1,500m shaft Bell Creek Mine
B ll C k Mi
Pre-feasibility study to be completd
for a 2,500 tpd operation at Bell
Creek Mine
Complex now expected to produce
100,000 150,000
100 000 to 150 000 ounces per
annum
Conceptual shaft to
1,500m
Existing resource
Mineralized system
*Examples of Forward Looking Statements.
22

23. LSG – Improving Cash Cost Performance
Cash costs at Timmins Mine to average US$575/ounce in first year of
commercial production*
Cash costs to improve to approx. US$400/ounce from all sources over next 2 to
3 years* through economies of scale mining & processing optimization and
years scale,
long-term exchange rates
Target Cash Operating Costs*
(US dollars per ounce)
575
400
2011 2013/14
Company guidance Anticipated future performance
*Examples of Forward Looking Statements.
23

24. Lake Shore Gold – Strategy
Build shareholder value through:
Operating, development and exploration performance
p g, p p p
Growth in resources and reserves
Growth in production and cash flow
Ongoing extensions, new discoveries and acquisitions
g g , q
Plus:
Strong balance sheet and capital management
24

25. Timmins West Complex
Timmins Mine
Thunder Creek
144
Zone
6km
New Discovery Area Gold River
East
144
South
Gold River
144 West 6km
South
S th
25

26. Timmins Mine & Thunder Creek
Potential for Major Resource Expansion
Timmins Mine
Thunder Creek
LSG drilling to test for
depth extensions
LSG drilling deep hole
on behalf of JV
Approx. 2,400 m Deep Target
Testing for Potential Depth
Extension of the Timmins Mine
E i f h Ti i Mi
and Thunder Creek Deposits
26

27. 144 – New Gold Zone Discovered
Timmins Mine
Thunder Creek
144
Zone
Gold River
144 East
South
Gold River
West
27

28. Bell Creek Complex –
Potential for Two Mineralized Trends
Marlhill Mine NI 43-101 Resources
57,400 ozs Inferred
Future
NI 43-101 Resources target Future
251,200 ozs M&I
1,192,900 ozs Inferred
target
Shaft
Bell Creek
Mine and Mill
Vogel NI 43-101 Resources
Pit:
125,000 ozs Indicted
31,700 ozs Inferred
Future U/G
U/G:
target 137,100 ozs Inferred
Wetmore
28

29. 2011 – A Year of Key Catalysts*
Mill production to nearly triple to 125,000 ozs
Cash costs at Timmins Mine of approx. US$575/oz.
Release initial resource at Thunder Creek H2/11
H2/11,
advance drilling to update resources at Bell Creek,
Gold River Trend and Timmins Mine (by early 2012)
Continued exploration success
Depth extensions at Thunder Creek, Timmins Mine
Discovery hole(s) at 144
Pit and depth potential at Gold River Trend
Deep drilling at Bell Creek Mine
Exploration budget of $31.0 million
Moving forward with staged expansion of milling
capacity
Remain fully funded through 2011
*Examples of Forward Looking Statements.
29

30. Why Invest in Lake Shore Gold?
A rapidly growing gold mining company
Two large land positions, including western extension of Timmins Gold Camp
First mine in commercial production, two others in development
Actively drilling high-potential exploration targets
high potential
Extensive growth in Rapid growth in
resources and reserves production & cash flow
Resources doubled in Dec. ’10* Output to nearly triple in ’11*
To double again by early ’12* Growth to continue in ‘12 & ’13*
Strong cash cost
g Excellent exploration
p
performance potential
US$575/oz. at Timmins Mine in ’11* Drilling at depth for extensions
Targeting US$400/oz. in 2 to 3 years* Targeting new discoveries
Strong financial position – Well funded with no debt
*Examples of Forward Looking Statements.
30

31. GOLD
A NEW CENTURY OF MINING
IN A CENTURY-OLD GOLD CAMP