Resource World Magazine

SABINA GOLD & SILVER CORP. [SBB-TSX] NPV (5% Discount).............. $290 million IRR (Post-Tax)...............................16.5% Payback Period...........................3.3 years Cash Costs.................................. $685/oz* Capital Costs......................... $605 million Shares Outstanding...............194,019,926 * Includes royalties, refining & transport Sabina Gold & Silver Corp. has received a positive Preliminary Feasibility Study (PFS) for its 100%-owned Back River gold project in Nunavut, northern Canada. Located approximately 75 km from tidewater at Bathurst Inlet, the project comprises seven claim blocks of which only two have been the focus of exploration and resource development – Goose and George. The Back River PFS envisaged a conventional, open pit mine supplemented by underground operations that feed a 5,000 tonne per day whole ore leach process plant. The mine would produce an average of 287,000 oz gold per year over the 8.4-year life of mine. The project would be built over two years with the first gold doré bar scheduled to be poured in Q4 2017. The PFS mine plan includes less than 50% of the 2012 mineral resources. Drilling this year has indicated that all of the deposits, particularly the Umwelt, continue at depth outside of the currently estimated resource. Recent drilling on the Goose property indicated that the Echo Zone is open to the northeast and at depth. Drill intercepts included 13.13 g/t gold over 12.55 metres and 7.73 g/t gold over 12.20 metres. Company geologists expect to expand and upgrade resources used in the PFS. Supplies and equipment will be brought by sealift to Bathurst Inlet and hauled to the Goose mill on a winter road. Plans call for Sabina to get started on the preparation of a Final Feasibility Study. The company expects to end 2013 with about $60 million in cash and equivalents. DECEMBER/JANUARY 2014 RW December 2013.indd 25 NOVACOPPER INC. [NCQ-TSX, NYSE MKT] PV (8% Discount)............. $927.7 million IRR (Pre-Tax).................................22.8% Payback Period...........................4.6 years Cash Costs.(Cu)............................$0.62/lb All-In Sustaining Cash Costs........$1.26/lb Capital Costs..................... $882.1 million* Shares Outstanding.................53,066,656 * Initial & sustaining capital NovaCopper Inc. has completed a Preliminary Economic Assessment on its Arctic deposit, one of the Upper Kobuk projects in the Ambler Mining District, northwest Alaska. NANA Regional Corp., an Alaska Native Corporation, holds a 1% 2.5% NSR and has an option to participate as an equity partner (16% - 25%) or receive a net proceeds royalty of 15%. The polymetallic Arctic volcanogenic massive sulphide deposit grades approximately 6% copper equivalent and contains indicated resources of 3.1 billion lbs of copper equivalent and inferred resources of 0.4 billion lbs of copper equivalent. The total minimum 12-year life-of-mine payable metal output is 1.5 billion lbs copper, 1.8 billion lbs zinc, 289 million lbs lead, 349,000 oz gold and 30 million oz silver. Upon commercial production the open-pit operation would have an average annual payable production of 125 million lbs copper, 152 million lbs zinc, 24 million lbs lead, 29,000 oz gold and 2.5 million oz silver at a production rate of 10,000 tpd. NovaCopper is contemplating generating power using LNG rather than diesel. Permitting for the access road will start shortly and a Prefeasibility Study is planned to commence in 2014. The company has also been drilling the Ruby Creek and South Reef zones at the nearby Bornite carbonate replacement deposit. Recent assay results include 236 metres of 1.90% copper. Ruby Creek has near-surface open pittable indicated resources of 6.8 million tonnes of 1.19% copper containing 178.8 million lbs copper and inferred resources of 47.7 million tonnes of 0.84% copper containing 883.2 million lbs copper, plus inferred resources of 43.1 million tonnes of 2.54% copper containing 2.4 billion lbs copper at the South Reef zone (underground). n Westhaven Ventures awaiting Ben gold assays Westhaven Ventures Inc. [WHN-TSXV] has completed a three-hole, 424-metre, diamond drilling program on its 100%-owned Ben gold prospect located 50 km north of Williams Lake, central British Columbia. The large road-accessible 14,576-hectare (146 km2) property is in the Cariboo Mining District where there are several large-scale mining projects in the development stage as well as operating mines. The drill program tested two targets approximately 4 km apart. Drill holes BN-13-01 and BN-13-02 tested an area that was anomalous in gold as indicated by soil and rock sampling. The drilling encountered highly sheared volcanics and sediments that showed encouraging evidence of epithermal alteration and silicification. Drill hole BN-13-03 tested an induced polarization chargeability anomaly and encountered highly chlorite and serpentine altered mafic volcanics that contained high concentrations of magnetite. Assays are pending. Westhaven Ventures has also been exploring its 70%-owned Shovelnose gold property located within the prospective Spences Bridge Gold Belt, approximately 30 km south of Merritt, south-central BC. The 18,412-hectare claim group is road-accessible. Recent exploration included detailed prospecting, mapping and sampling. The Tower Zone was paid particular attention as the area is covered by an auriferous silica cap. The objective was to define the feeder to the system that could lead to the discovery of higher grade material at depth. In a press release, Gareth Thomas, Director, reported that prospecting in a drainage south of the MIK and Line 6 zones uncovered a heavily-veined, siliceous rock grab sample that returned 16 g/t gold. In total 33 rock samples and 41 soil samples were collected for assay. Rock samples ranged from below detection level to 16 g/t gold. n www.resourceworld.com 25 12/11/2013 6:11 PM

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