Resource World Magazine

A P R I L / M A Y 2 0 1 6 www.resourceworld.com 21 able reserves of 4.6M oz gold plus 137M lbs antimony and 6.92M oz silver. There are an additional 885,000 oz gold indicated and 1.07M oz inferred. The Pre-Feasibility Study contemplates a pro- duction rate of 337,000 oz gold per year for 12 years at a cash cost of US $568/oz. Life-of-mine all-in costs would be US $616/oz. As it heads into the permitting and development phase with a multi-million ounce, high-grade, open-pit, gold reserve already defined, important antimony credits and significant room for fur- ther growth, the Stibnite Gold Project is one of North America's premier development stories. Kaminak Gold Corp.'s [KAM-TSXV; KMKGF-OTC] President and CEO, Eira Thomas, spent 14 years with Aber Resources (now Dominion Diamond) before co-founding Stornoway Ventures (now Stornoway Diamond). Kaminak is advancing their 100%- owned, open pit, heap leach Coffee Gold Project in the Yukon towards production. A recent feasibility study indicated robust economics at today's gold prices, rapid pay-back, high margin and a 10-year mine life. At a gold price of US $1,150/oz and an exchange rate of C $1.00 to US $0.78, the Coffee Project base case estimate gener- ates an after-tax NPV (5% discount rate) of $455 million and an IRR of 37%. Average annual gold production would be more than 200,000 oz for the first five years and average annual life-of-mine gold production of 184,000 oz. Initial Capex is estimated at $317 million. Kaminak intends to move forward into mine permitting to support mine construction which is planned for mid-2018. As of October 2015, the company had $28.5 million in cash. Integra Gold Corp.'s [ICG-TSXV; ICGQF-OTCQX] Lamaque South Gold Project (1.6M oz grading 9.0 g/t gold indicated and inferred) and fully-permitted 2,200 tpd Sigma-Lamaque Mill and Mine Complex are located in Val d'Or, Québec on the prolific Abitibi Greenstone Belt. Integra's primary focus is to further the underground exploration of the high-grade Triangle Zone at its Lamaque South Project. This mill and mine complex includes the historic Sigma and Lamaque Mines which collectively produced more than 9M ounces of gold. Integra drilled 93 km in 2015 and 2016 plans include 90 km of drilling and releasing a new PEA and resource estimate for Lamaque South. n The above article was written by Barry Muir who is a registered Investment Adviser with Haywood Securities Inc. a Canadian based independent, full‐service investment firm and member of the Canadian Investor Protection Fund. The article is for informational purposes only and is neither a solicitation for the purchase of securi- ties nor an offer of securities. Readers of the article are expressly cautioned to seek the advice of a registered investment advisor and other professional advisors, as applicable, regarding the appropri- ateness of investing in any securities or any investment strategies, including those discussed above. The information contained in the reports have been compiled from sources Haywood believes are reliable; however, Haywood makes no guarantee, representation or warranty, expressed or implied, as to such information's accuracy or completeness. The views expressed are those of the author and not necessarily Haywood Securities Inc. All opinions and estimates con- tained in the reports are based on assumptions the author believes to be reasonable as of the dates of the reports but are subject to change without notice. Either the author, Haywood Securities Inc. or its employees may from time to time hold or transact in the securities mentioned. Barry can be reached at (604) 697-6172 or bmuir@hay- wood.com "Owning gold bullion, coins or bars has always been an important safe haven for wealth and an important hedge against inflation or other economic disruptions. The price of gold typically moves inversely to the dollar."

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