Maudore mar13presentation

Consolidate, Produce, Discover, Grow March 2013
Creating Value: Consolidating a World-Class Region
Consolidate Produce Discover Grow

Consolidate, Produce, Discover, Grow
CAUTIONARY STATEMENTS
2
Cautionary Statement Regarding Forward-Looking Statements and Third Party Information
This presentation contains forward-looking statements. All statements that are not clearly historical in nature or that necessarily depend
on future events are forward-looking, and the words "anticipate", "believe", "expect", "estimate", "plan" and similar expressions are
generally intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements
regarding the integration of the properties, assets and employees of NAP Quebec Mines Ltd. (“NAP Quebec” or “NAP Assets”) with those
of the Company, the closing of the Private Placement, the potential merger with Eagle Hill Exploration Corporation (“Eagle Hill”), future
results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content,
cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological
interpretations, potential mineral recovery processes and rates, business and financing plans, business trends and future operating
revenues. These statements are inherently uncertain and actual achievements of the Company or other future events or conditions may
differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors,
including, without limitation, risks related to the integration of the NAP Quebec, risks associated with the proposed acquisition of Eagle
Hill, financial related risks, unstable gold and metal prices, operational risks including those related to title, significant uncertainty related
to inferred mineral resources, operational hazards, unexpected geological situations, unfavourable mining conditions, changing
regulations and governmental policies, failure to obtain required permits and approvals from government authorities, failure to obtain
any required approvals of the TSXV, failure to obtain any required shareholder approvals, failure to obtain any required financing,
increased competition from other companies many of which have greater financial resources, dependence on key personnel and
environmental risks and the other risks described in the Company’s annual information form and other continuous disclosure filings with
securities regulators available under the Company’s profile at www.sedar.com. It is recommended not to place undue reliance on
forward-looking statements as the plans, intentions or expectations upon which they are based might not occur. The Company does not
assume any obligation to update any forward-looking statements contained in this release, except as required by applicable law.
Certain information appearing in this document pertaining to North American Palladium Ltd. (“North American Palladium” or “NAP”),
NAP Quebec and their respective assets and operations has been obtained by the Company from information made publicly available by
NAP and the Company assumes no responsibility for the completeness or accuracy of such information.
 Qualified Person: Kevin R. Kivi, P.Geo., of KIVI Geoscience Inc., who is Maudore's Chief Consulting Geologist, approves the technical
content of this presentation.

Consolidating a prolific gold district in a world-class mining jurisdiction
Sleeping Giant mill positions Maudore to become the next Quebec
gold producer with a strong pipeline of projects
Controlling land position in underexplored 250+ km gold belt in the
Northern Abitibi Greenstone Belt in Quebec
Current Au Resources: 834 k oz M&I and 1,380 k oz Inferred1
Historical Au Resources: 556 k oz M&I and 432 k oz Inferred1
Production facilities in close proximity to advanced exploration
providing operational flexibility and cost synergies
Strong platform to continue consolidation strategy leveraging
control over the only operating mill regionally
Well capitalized company with improved scale, liquidity and an
enhanced capital markets profile
INVESTMENT HIGHLIGHTS
3
Please refer to slides 5, 24, 25, and 26 for detailed information and disclosure related to these resources

NAP ASSETS ACQUISITION
A transformational transaction with strong strategic rationale
 22 March 2013, acquisition of North American Palladium’s Quebec gold assets for $18 m
in cash and 1.5 m shares (~$1.6 m)
– Cash funded using $22m secured credit facility from FBC Holding Sarl
 Acquired a strategically important portfolio of assets in the region:
– Operating mill with tailings facility and expansion potential (Sleeping Giant Mill)
– Vezza underground test mining 85km from Sleeping Giant Mill
– Three advanced exploration properties (Discovery, Flordin & Sleeping Giant)
– Flexibility to exploit gold resources in stages thereby managing capital
requirements and focusing on higher margin opportunities
– Large contiguous land package within trucking distance of processing facilities
– Dominant land position in the Northern Abitibi Belt adding a land package of
approximately 48,000 hectares (+50%)
4

PRO FORMA ASSET PORTFOLIO
5
Only operating processing facility in the region to leverage satellite deposits
1. Windfall Lake is owned by Eagle Hill and Noront Resources Ltd. Please refer to slides 21, 22, and 23 for details.
A qualified person has not performed sufficient work to classify historical estimates as current mineral resources; Maudore is not treating the
table of historical mineral resource estimates as current mineral resource estimates.
Osbell Resource Estimate for Maudore Minerals Ltd. Nov 30, 2012 by Alain Carrier, PGeo (InnovExplo Inc.), Pierre-Luc Richard, PGeo (InnovExplo
Inc.), Christian D'Amours, PGeo (GeoPointCom), and Alain Dorval, Eng. (InnovExplo Inc.)
Vezza Resource Estimate for North American Palladium Ltd. by Scott Wilson Roscoe Postle Associates Inc., 2010 prepared by Bernard Salmon,
PEng and Petr Pelz, PGeo. In compliance with National Instrument 43-101 Standards for Mineral Projects ("NI 43-101"), a NI 43-101 compliant technical report in respect of the Vezza project will be prepared by the Company within
the next 45 days. The Company has retained Christian D'Amours, PGeo (GeoPointCom) to prepare such report.
CURRENT RESOURCES
Gold Resource Tonnes
(M t)
Grade
(g/t Au)
Gold
(k oz Au)
Osbell Resource Estimate (Oct 2012)
Measured & Indicated 8.5 2.0 546
Inferred 8.1 4.8 1259
Vezza Historical Resource Estimate (Dec 2010)
Inferred 0.8 5.0 122
Total M&I 10.0 2.6 834
Total Inferred 8.9 4.8 1380
Excellent Regional Infrastructure
1 HISTORICAL RESOURCES
(M t)
Grade
(g/t Au)
Gold
(k oz Au)
Discovery Historical Resource Estimate (2008)
Flordin Historical Resource Estimate (2011)
Sleeping Giant Historical Resource Estimate (2008)
Total M&I 4.6 3.8 556
Total Inferred 3.7 3.6 432

Positioned to realize value from staged development of project pipeline
VALUE CREATION THROUGH PROJECT PIPELINE
6
Acquire NAP Assets
(SG Complex, Vezza,
Discovery, Flordin, SG)
Complete acquisition
of Eagle Hill1
Process Windfall Lake
using SG Mill
Build Osbell open cut
mine and mill
complex
Process Windfall Lake
through Osbell Mill
Exploration of prospective exploration targets
1. Formal non-binding proposal to Eagle Hill Exploration Corporation announced December 5, 2012. Please refer to slides 21, 22, and 23 for details.
Commission Vezza and
SG Mill to become
commercial producer
Evaluate restart of
Sleeping Giant and
mining of Discovery
Expansion of SG
processing facility
Process Flordin open
cut through Osbell
Mill
Additional regional
consolidation

SLEEPING GIANT MILL COMPLEX
7
Grizzly Feeder
Jaw Crusher
Cone Crushing / Screening
Rod and Ball Mill
Conventional Leach and CIL Circuit
Doré
 100% interest in complex providing regional
milling facilities
 All deposits within trucking distance (< 85 km)
 NAP invested $80 m in acquisition and
development costs since acquisition in 2009
– Estimated replacement cost of $60-$80 m
 Skilled and experienced workforce of ~150
which is expected to grow as we expand
 Currently processing 400-600 tpd with 92%
gold recovery while Vezza is being commissioned
 Design capacity of 900tpd with potential to expand
to 1,250tpd and 1,750tpd
 Tailings facility is expected to last 10 years at the
higher production rate
Sleeping Giant Mill Complex

LARGE PROSPECTIVE LAND POSITION
8
144,000 ha land package spanning 120km with excellent geological potential
Note: “MD_NAP” label refers to the Laflamme project which is a joint venture between NAP Quebec and Midland Exploration Inc.

VEZZA GOLD MINE
 100% interest in a permitted mine slated for
2013 production
 Over $43 million spent to date to bring the
mine into production
– Hoist, 3-compartment shaft and 4
underground levels completed down to
741m depth
 Ore currently being processed from
underground at nearby Sleeping Giant Mill
– Approximately 85 km south
 Mine optimization includes focus on grade
control and minimizing dilution
 Experienced workforce in place
 Exploration upside with 49 contiguous mining
claims covering a surface area of 691 hectares
9
Vezza Resource Estimate for North American Palladium Ltd. by Scott Wilson Roscoe Postle Associates Inc., 2010 prepared by Bernard Salmon, PEng and Petr Pelz, PGeo. In compliance with National Instrument 43-101 Standards for
Mineral Projects ("NI 43-101"), a NI 43-101 compliant technical report in respect of the Vezza project will be prepared by the Company within the next 45 days. The Company has retained Christian D'Amours, PGeo (GeoPointCom)
to prepare such report.
CURRENT RESOURCES
(M t)
Grade
(g/t Au)
Gold
(k oz Au)
Vezza Historical Resource Estimate (Dec 2010)

COMTOIS GOLD PROJECT
 100% interest in the Comtois Gold Project,
which hosts the “Osbell Deposit”
 Contains at least 2 continuous mineralized
zones with strike lengths of 700-1,400m
– Pyrite gold deposit containing sulphides in
disseminated or veinlet form
 Updated resource in October 2012 using new
geological interpretation and additional drilling
– Potential for both open pit and
underground mining scenarios
– Recent drill results include 1,195 g/t over
0.5m within 399 g/t over 1.3m
 Estimated that average gold recovery of 93%
can be achieved
10
Over 276 km of drilling completed to date in 927
drill holes with most recent 25km completed
subsequent to resource estimate
CURRENT RESOURCES
(M t)
Grade
(g/t Au)
Gold
(k oz Au)
Osbell Resource Estimate (Oct 2012)
Inferred 8.1 4.8 1259
Osbell Resource Estimate for Maudore Minerals Ltd. Nov 30, 2012 by Alain Carrier, PGeo (InnovExplo Inc.), Pierre-Luc Richard, PGeo (InnovExplo Inc.), Christian D'Amours, PGeo (GeoPointCom), and Alain Dorval, Eng. (InnovExplo
Inc.)

COMTOIS GOLD PROJECT
New geological interpretation of gold distribution underway
11

SLEEPING GIANT (PAST-PRODUCING MINE)
 Quartz-sulphide vein type gold deposit
 Gold-bearing veins may be structurally
controlled in steeply dipping box fold
 Drilling of mineralized zones at depth and
laterally indicate long-term exploration
potential of mine
– Underground drilling program to be
evaluated
 Significant underground development including
mine shaft to depth of 1,175m – extended by
200m in 2011 to gain access to new high grade
zones1
 Digitization of data into 3D model will provide
basis for reinterpretation
– Enables the definition of known veins
leading to additional mineral resources
12
Longitudinal section1
A qualified person has not performed sufficient work to classify historical estimates as current mineral resources; Maudore is not treating the table of historical mineral resource estimates as current mineral resource estimates.
1. Refer to North American Palladium press release dated July 12, 2011 titled “North American Palladium Provides Gold Exploration Update”
HISTORICAL RESOURCES
(M t)
Grade
(g/t Au)
Gold
(k oz Au)
Sleeping Giant Historical Resource Estimate (2008)

OTHER HISTORICAL GOLD RESOURCES
Flordin
 Greenstone-hosted quartz-carbonate veins
 Mineral potential defined over 3 km strike with
at least 10 continuous mineralized zones
ranging from 300 m to 1,300 m
 Excellent potential to increase gold resources
 Permitting in progress for 10,000 tonne bulk
sample for sorting test
Discovery
 Gold bearing shear zone dipping 80-90 degrees
 Permitting in place for underground exploration
and bulk sampling
 Excellent exploration potential to increase
current mineral resources
 Potential to provide medium term production
to Sleeping Giant Mill
13
A qualified person has not performed sufficient work to classify historical estimates as current mineral resources; Maudore is not treating the table of historical mineral resource estimates as current mineral resource estimates.
(M t)
Grade
(g/t Au)
Gold
(k oz Au)
Flordin Historical Resource Estimate (2011)
(M t)
Grade
(g/t Au)
Gold
(k oz Au)
Discovery Historical Resource Estimate (2008)

DISTRICT EXPLORATION POTENTIAL
District scale land position in the Northern Abitibi Belt
14
 Northern Abitibi Belt underexplored
relative to Southern Abitibi Belt
– Fewer outcrops and less
infrastructure
 Controlling land position in underexplored
250+ km gold belt
– Large 144,000 hectare position over
prospective lands with 120km of
contiguous tenements
 Strong potential for extension of mineral
resources along Sleeping Giant–Osbell–
Windfall Lake trend
 Quebec has one of the highest levels of
VMS-style deposit occurrence globally

MANAGEMENT & BOARD OF DIRECTORS
Board of Directors
 George Fowlie - Deputy Chairman, Director of
Corporate Development - MBA, Investment
Banker, Corporate Finance, Co. Director
 Howard Carr - Non-Executive Director - PhD in
Economic Geology; Former Senior Resource
Analyst at Macquarie in Perth
 Raynald Vezina - Non-Executive Director - Mining
Engineer, Mining Co. COO & Director, Mining
Engineering Consultant
 Keith Harris - Non-Executive Director - Accountant,
Investment Banker, Corporate Finance, Co.
Director
 Daniel Harbour - Non-Executive Director - PhD,
Private Investment Management, Linguistics
 Robert Pevenstein - Non-Executive Director -
MBA, Corporate Finance, Mining Co. Director
15
Management Team
 Kevin Tomlinson - CEO & Chairman - Geologist,
Investment Banker, Mining Co. Chairman &
Director
 Anne Slivitzky - Chief Operating Officer - Former
Maudore CEO & Director, 30 years mining industry
experience in Canada and South America
 Kevin Kivi, PGeo - Chief Geologist - 30 years of
exploration and mining experience
 Ingrid Martin - Chief Financial Officer - Chartered
Accountant with extensive financial and corporate
experience
 Deborah Thompson - Manager Investor Relations
- 17 years as journalist / investor relations
 Julie Godard - Corporate Secretary
Hiring of additional experienced mining executives underway

PROPOSED FINANCING
 Maudore is currently raising proceeds of up to C$25 m in a best efforts private
placement of units of the Company
 Strong sponsorship by existing shareholders, management and FBC through
participation in the equity financing
16
Sources C$ m Uses1 C$ m
FBC Term Loan $22.0 NAP Assets Cash Consideration $18.0
Private Placement of Units $25.0 Bridge Loan Repayment $3.3
FBC Interest Escrow $2.8
Transaction Fees $2.4
Environmental Bonding $1.8
Working Capital $18.8
Total Sources $47.0 Total Uses $47.0
1. Management estimates. These estimates are based on current information available at this time. The company reserves the right to reassess these numbers based on the current business environment.

COMPANY CAPITALIZATION
Maudore is well capitalized with an enhanced capital markets profile
17
Maudore1 Maudore +
NAP Assets2
Illustrative
Unit Offering
Pro Forma
Maudore2
Share Price C$/sh $1.08 $1.08 - -
Basic Shares m 26.9 30.2 - -
Market Cap C$m $29.1 $32.6 $25.0 $57.6
Cash C$m $3.1 $5.4 $25.0 $22.5
Debt C$m $3.3 $25.3 - $22.1
Enterprise Value C$m $29.3 $52.5 - $57.2
Options and Warrants
Outstanding m 3.4 4.3 - -
Avg Exercise C$/sh $6.22 $5.16 - -
Note: Assumes an USD/CAD exchange rate of 1.00
1. Unaudited management estimate of December 31, 2012 balances; September 30, 2012 cash balance was $6.5 million and debt balance was nil
2. Cash and debt balances adjusted for NAP Quebec cash and Bridge Loan Repayment, FBC Interest Escrow, Transaction Fees and Environmental Bonding as detailed on slide 16

FBC SECURED CREDIT FACILITY TERMS
NAP Assets acquisition funded with senior secured credit facility
18
Credit Facility C$22 m senior secured credit facility provided by FBC Holdings Sarl (“FBC”)
Interest 15% per annum, payable quarterly in arrears
Maturity Date March 22, 2016 (third anniversary of the closing date)
Ranking
First-ranking charge over all of Maudore and its subsidiaries’ present and future personal
property and material real property, including specified mining rights
Compensation
1.76 m common shares and 880,000 common share purchase warrants to purchase one
common share at an exercise price of C$1.08/sh for a period of 2 years
Prepayment
Option
15% fee if loan repaid before first anniversary of closing date, 5% after first but before
second anniversary and no fee after the second anniversary

SUMMARY
19
 Clear path to near term production
 Strategic assets include key production
facility with multiple advanced
exploration projects within trucking
distance
 Well positioned to be a dominant
consolidator in the underexplored
Northern Abitibi region of Quebec
 Enhanced opportunity to further expand
mineral resources along Sleeping Giant -
Osbell – Windfall Lake resource trend
 Well capitalized to deliver shareholder
value
 One Expandable Processing Facility
– Sleeping Giant Mill
 Two UG Developments in Quebec
– Vezza Gold Project – UG Test Mining with
43-101 update underway
– Sleeping Giant (care & maintenance)
 Large Current Gold Resource
– Osbell Gold Deposit
 Three Historical Gold Resources
– Discovery Gold Project
– Flordin Gold Project
– Sleeping Giant Project
 District Scale Land Position
– 144,000 hectares in Abitibi Belt

Appendices and Historical Resources
Consolidate Produce Discover Grow

A high-grade potential consolidation opportunity in the region
CONSOLIDATION OPPORTUNITY: WINDFALL LAKE
21
NAP Assets
Acquired
Windfall Lake
Opportunity
• Maudore
• NAP Assets Acquired
• EAG/Noront

WINDFALL LAKE PROPERTY OVERVIEW
22
Tonnes
(M)
Grade
(g/t Au)
Contained
(k oz Au)
Windfall Lake (Jul 2012)
 High-grade regional gold deposit
 366 contiguous claims over 12,070 hectares
in the Northern Abitibi
 Two styles of gold mineralization
– Sulphide-rich (generally pyrite)
disseminations and stockworks
– Classical shear-hosted mesothermal
 Maudore would be able to truck and process
ore at the Sleeping Giant Mill
 Recent studies show cyanide leaching would be
adequate for this type of gold mineralization
 Currently held under a Joint Venture
– Eagle Hill Resources: 75%
– Noront Resources: 25% (repurchase right
on 75% interest for $6 million)
Windfall Lake Resource Estimate for Eagle Hill Exploration Corporation Sep 10, 2012 by SRK Consulting (Canada) Inc. Please refer to Eagle Hill Exploration press release dated July 25, 2012 titled “Updated Mineral Resource
Statement Results in 126% Increase in Inferred and 61% in Indicated Gold Ounces at higher grade at Windfall Lake Deposit”

PROPOSED WINDFALL LAKE TRANSACTION
 On December 5, 2012, Maudore proposed a potential transaction to consolidate
Windfall Lake as detailed below which has not been completed to date but is still an
option to pursue
23
 Eagle Hill shareholders to receive 0.0773 Maudore shares for each
Eagle Hill share ($0.17 per share based on December 4, 2012 prices)
 Premium of 42 % to Eagle Hill closing share price as of Dec 4, 2012
 Purchase price of $10 million plus 3 million warrants for 25% interest
in the Windfall Lake Project
 Pro-forma the merger, Eagle Hill shareholders to hold approximately
34 % of the combined company
 Subject to Eagle Hill shareholders approval and regulatory approvals
Non-Binding
Proposed
Acquisition of
Eagle Hill
 Purchase and sale agreement to acquire 25% interest in Windfall Lake
 $10 million in cash plus 3 million warrants
 Right to direct Noront to exercise their repurchase right on the other
75%
Proposed
Transaction
with Noront

DISCOVERY HISTORICAL RESOURCE
24
The table below sets forth the historical mineral resource estimates acquired with the purchase of NAP Quebec. A qualified
person has not performed sufficient work to classify the historical estimates as current mineral resources; and
Maudore is not treating the table of historical mineral resource estimates as current mineral resource estimates.
Project Historical Mineral Resource Estimates Gold Resource
(x1000 oz)
Category
Discovery 2008 measured resources of 3,109 tonnes grading 8.95 g/t for 895 ounces,
indicated resource of 1,278,973 tonnes grading 5.74 g/t Au for 236,180
ounces and an inferred resource of 1,545,500 tonnes grading 5.93 g/t Au
for 294,473 ounces.
1
236
294
Measured
Indicated
Inferred
The Discovery historical resource estimate is sourced from “Technical Report on the Scoping Study and Mineral Resource Estimate for
the Discovery Project (according to Regulation 43-101 and Form 43-101F1)” by InnovExplo Inc., prepared by Carl Pelletier, PGeo for
Cadiscor Resources Inc. in 2008. The historical estimate is not relevant today because additional diamond drilling completed by NAP
Quebec since 2008 must be included, and the cut-off grade applied to the resource estimate must be re-evaluated in light of present
market conditions (gold price, exchange rate, and mining cost). Maudore believes that the historical estimate is reliable because
Maudore has worked extensively with InnovExplo and the author since 2006, and believes that all work was completed at a high
professional standard. Resource categories used in the historical estimate are in compliance with CIM Definition Standards on Mineral
Resources and Mineral Reserves. Parameters used are minimum mining width of 1.6 m (horizontal thickness), cut-off grade of 3 g/t Au,
capping grade of 35 g/t Au, and specific gravity of 2.82 g/cm3. Polygonal on longitudinal method used cross sections to confirm grade and
thickness, which were located on a longitudinal section, where polygons were traced and the volume and grade calculated (using
AutoCAD and Promine software). In order to upgrade the historical estimate new drilling must be digitized, validated, and quality control
protocols checked, prior to appending to the current drill database which will then be imported to GEMs software to generate a block
model and estimate a mineral resource. All work must be completed by qualified persons and evaluated to the current 43-101 Standards
for Mineral Projects. A qualified person has not performed sufficient work to classify the Discovery historical estimate as a
current mineral resource; and Maudore is not treating the Discovery historical mineral resource estimate as a current mineral
resource estimate.

FLORDIN HISTORICAL RESOURCE
25
(x1000 oz)
Category
Flordin A 2011 measured resource of 116,000 tonnes grading 3.25 g/t Au for 12,133
ounces Au, indicated resource of 2,707,000 tonnes grading 1.77 g/t Au for
153,998 ounces Au, and 2,199,000 tonnes grading 1.95 g/t Au for 137,561
ounces Au.
166
137
Measured and
Indicated
Inferred
The Flordin historical resource estimate is sourced from “43-101 Technical Report and Resource Estimate on the Flordin Property
(according to Regulation 43-101 and Form 43-101F1)” by InnovExplo Inc. and prepared by Pierre-Luc Richard, PGeo and Carl Pelletier,
PGeo for North American Palladium Ltd in 2011, which was filed on SEDAR. The historical estimate is not relevant today because
additional diamond drilling completed by NAP Quebec since 2011 must be included, and the cut-off grade applied to the resource
estimate must be re-evaluated in light of present market conditions (gold price, exchange rate, and mining cost). Maudore believes that
the historical estimate is reliable because Maudore has worked extensively with InnovExplo and the authors since 2006, and believes that
all work was completed at a high professional standard. Resource categories used in the historical estimate are in compliance with CIM
Definition Standards on Mineral Resources and Mineral Reserves. InnovExplo used the squared inverse distance method to interpolate
gold grades in a block model, and a pit-shell confined portions of the model. A minimum cut-off grade of 0.5 g/t Au was used for the open
pit portion of the Mineral Resource Estimate and a minimum cut-off grade of 3.50 g/t Au was used for the underground model. Drill hole
intercepts were calculated to a 3.0 meter minimum true thickness and specific gravity of 2.8 t/m3 was used. In order to upgrade the
historical estimate new drilling must be added to the database, validated and quality control protocols checked, prior to being appended to
the current dataset for a subsequent block model, mineral resource estimate, and possible Whittle pit shell model. All work must be
completed by qualified persons and evaluated to the current 43-101 Standards for Mineral Projects. A qualified person has not
performed sufficient work to classify the Flordin historical estimate as a current mineral resource; and Maudore is not treating
the Flordin historical mineral resource estimate as a current mineral resource estimate.

SLEEPING GIANT HISTORICAL RESOURCE
26
(x1000 oz)
Category
Sleeping Giant A 2008 measured and indicated resource of 489,200 tonnes grading 9.7 g/t Au
for 152,743 ounces Au.
153 Measured and
Indicated
The Sleeping Giant historical resource estimate is sourced from “Technical Report, The Sleeping Giant Mine Northwestern Quebec” by
Genivar LP, and prepared by Tyson Birkett, PEng, Josée Couture, PEng, and Christian Bézy, PGeo for Cadiscor Resources Inc. in 2008.
The historical estimate is not relevant today for several reasons: 1) additional drilling completed by NAP Quebec since 2008 must be
included; 2) material mined by NAP Quebec since 2008 must be subtracted from the historical resource estimate (prior reserve estimates
are not included for this reason); 3) cut-off grade applied to the resource estimate must also be re-evaluated in light of present market
conditions (gold price, exchange rate, and mining cost); 4) recent work and subsequent reporting by NAP Quebec not available to the
public have demonstrated the historical estimate is out of date. Maudore believes that the historical estimate can be relied on because
much of it is based on mining experience at Sleeping Giant and believes that work was conducted at a high technical standard and the
author is an employee of NAP Quebec and is known to Maudore. Resource categories used in the historical estimate are in compliance
with CIM Definition Standards on Mineral Resources and Mineral Reserves. Mineral resources were calculated using the polygon
method on inclined longitudinal sections, which has been used in the past to yield reliable results. Capping varied from 60-250 g/t Au
depending on the vein; grades, tonnage and costs derived from actual mining were integrated, and minimum mining width 1.6m applied
to stopes with dip greater than 50° and minimum mining width 1.8m applied to stopes with dip less than 50°. Nominal dilution of 15% was
applied, and mining recovery varied from 75-100%. In order to upgrade the historical estimate, a massive project of digitization of paper
records is required, then new drilling must be added to the database, validated, and quality control protocols checked. Underground
workings must be digitized and subtracted from a block model, likely generated using GEMs software, followed by a resource calculation.
All work must be completed by qualified persons and evaluated to the current 43-101 Standards for Mineral Projects. A qualified person
has not performed sufficient work to classify the Sleeping Giant historical estimate as a current mineral resource; and Maudore
is not treating the Sleeping Giant historical mineral resource estimate as a current mineral resource estimate.

Maudore mar13presentation

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Similar to Maudore mar13presentation

Similar to Maudore mar13presentation (20)

More from Company Spotlight

More from Company Spotlight (20)

Recently uploaded

Recently uploaded (20)

Maudore mar13presentation