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Update on Plans for the Lupin and Ulu Projects Nunavut Mining Symposium April 16-19, 2012 – Iqaluit, NU 19 April 2012 TSX.V - ELG. CAUTIONARY STATEMENTS. Disclaimer

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Update on Plans for the Lupin and Ulu Projects

Nunavut Mining Symposium

April 16-19, 2012 – Iqaluit, NU

19 April 2012 TSX.V - ELG




The contents of this presentation are not to be reproduced or distributed to any third party, including the general public or the media, without the express written consent of Elgin Mining Inc. (“Elgin”) or Gold-Ore Resources Inc. (“Gold-Ore”). The information contained herein, while obtained from available sources which Elgin and Gold-Ore believe are reliable, is not guaranteed as to its accuracy or completeness. Elgin Mining is a Canadian based company focused on the exploration and development of the Lupin gold mine and Ulu gold project, both located in Nunavut Territory, Canada. Gold-Ore is a gold producing company focused in Sweden.

Cautionary Note Regarding Forward-Looking Information

Certain information set forth in this presentation contains "forward-looking statements", and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which include management's assessment of Elgin Mining’s and Gold-Ore’s future plans and operations and are based on each company’s current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Corporation as at the date of such information. Some of the forward-looking statements may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Elgin Mining’s and Gold-Ore's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: the productivity at Elgin’s or Gold-Ore’s projects in general economic conditions and conditions in the financial markets, changes in demand and prices for the minerals, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in areas in which Elgin or Gold-Ore operate, technological and operational difficulties encountered in connection with Elgin or Gold-Ore’s exploration activities, and labor related matters and costs. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Elgin Mining and Gold-Ore undertake no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Cautionary Note to United States Investors Concerning Estimates of Mineral Resources

The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale or issuance of these securities in any jurisdiction in which such offer, solicitation, issuance or sale would be unlawful.

Technical Information

The scientific and technical information contained in this presentation is based on the following reports:

1. Bjorkdal Gold Mine: Gold-Ore Resources Ltd. Annual Information Form, dated March 6, 2011, resource prepared by Wardell Armstrong International Ltd., dated January 2011;

2. Ulu Gold Project: NI 43-101 Technical Report on the Ulu Gold Property, Kitikmeot Area- Nunavut Territory, Canada, dated June 27, 2011 by Richard A. Graham, P.Geol. of Graham’s Geological Data Ltd. and G.H. Wahl, P. Geo, of G H Wahl & Associates Consulting;

Vivian Park, Manager of Exploration for Elgin Mining and a Qualified Person as defined by National Instrument 43‐101, has reviewed and approved of the written technical disclosure contained in this presentation.

The contents of this presentation are for informational purposes only and do not constitute an offer to sell or a solicitation to purchase any securities referred to herein.


elgin mining about the company
ELGIN MINING – About The Company
  • Acquired the Lupin and Ulu properties from MMG in July 2011
  • Patrick Downey appointed CEO and President in July 2011
  • Proven Management Team and Directors with strong track records
  • Other interests include an Earn-In Option Agreement with Lincoln Mining, and strategic investments in Auracle Mining and Angus Mining
  • Proposed merger with Gold-Ore Resources announced in February 2012


elgin mining merger with gold ore resources
ELGIN MINING – Merger with Gold-Ore Resources
  • Result will be a well-funded, growth-oriented gold producer
  • Chief assets are Bjorkdal Gold Mine in Sweden and the Lupin and Ulu projects in Nunavut
  • Bjorkdal currently produces 42,000 ounces of gold per year
  • Potential for near-term production from Lupin Mine
  • Cash flow from Bjorkdal and cash on hand will help to fund Lupin development and Ulu exploration
  • Deal expected to close at the end of April 2012


location map lupin and ulu
LOCATION MAP – Lupin and Ulu
  • Lupin is 400 km NE of Yellowknife
  • Ulu is 150 km N of Lupin



LUPIN – History

  • Discovered by Inco in the 1960s
  • Echo Bay Mines commenced production in 1982
  • Placed on Care and Maintenance in 1998-2000
  • Kinross became operator in 2002
  • Care and Maintenance in 2003; produced in 2004; C+M from 2005
  • Closed in 2005 due to prevailing low gold price
  • Produced 3.35 million ounces of gold at a head grade of 9 g/t from sulfide-facies amphibolitic banded iron formation (BIF)



LUPIN – Current Status

  • Possesses current permits and licenses
    • Type A Water License # 2AM-LUP0914
    • Land Use Permit # N2011C0026
    • Type B Water License #2BE-LEP1217
  • Mill and infrastructure in place and maintained
  • Lease area of 6,756 hectares has not been actively explored since the mid-1990s
  • Potential for near-term production from West Zone South of Shaft (WZSOS)
  • Potential to build additional resources on McPherson Zones (M2 and M1), L19, L20
  • Excellent exploration potential from the dozens of gold showings on the lease area



LUPIN – Planned Exploration Work – Lupin BIF

  • Definition and exploration drilling on WZSOS, L19, L20 and M1/M2
  • Drilling on WZSOS commenced in November 2011
  • A steeply north plunging, steeply dipping M-shaped fold



LUPIN – Near-Term Production Targets - WZSOS

  • Average 2 meter thickness at up to 10 g/t Au over a 300 meter strike length
  • Open from 1,100 meter level to 490 meter level
  • Near existing ramp which will allow rapid development
  • WZSOS area hosts a current inferred mineral resource of 1,110,000 tonnes grading 11.32 g/t Au for 403,600 ounces, using a cut-off grade of 5.0 g/t Au
  • Elgin plan to drill from surface to up 300 meters from surface to test continuity, grade and thickness and fill in drilling gaps

Longsection looking west – Zones of Inferred Mineral Resources



LUPIN – Near Term Production Targets – M1/M2

  • Discovered late in mine life
  • Limited exploration and development
  • Separate cylindrical mineralized bodies within wacke units that are stratigraphically lower than the Lupin BIF, within the Lupin domal structure
  • Average grade is approximately 10 g/t Au
  • Potential that zones continue to surface from the 890 meter level and persist below the 1300 meter level



LUPIN – Planned Development Work

  • 2012 – advance exploration and commence engineering work
  • 2013 – start mine development and mill/infrastructure rehabilitation
  • 2014 – begin operations at 1000 tpd



LUPIN – Planned Exploration Work – On-Lease

  • Numerous on-lease targets have been under-explored
  • Looking for analogs to Lupin BIF, based on successes at Goose Lake, Meliadine, and Musselwhite
  • Airborne magnetic and EM surveys to identify BIF and conductors will commence in April
  • Mapping and prospecting
  • Surface drilling of targets selected based on available information and results of continuing work



ULU – History

  • Discovered by BHP Minerals in 1989
  • Purchased in 1995 by Echo Bay Mines
  • Purchased in 2004 by Wolfden
  • Ceased activities in 2006
  • Over 135,000 meters of surface and underground drilling
  • Over $45,000,000 spent on exploration and development
  • Flood Zone mineralization is hosted within a plunging system of Bi-Po rich high strain zones comprised of gold-bearing quartz and calc-silicate veins



ULU – Current Status

  • Possesses current permits and licenses
      • Land Use Permit # KTL311C013
      • Type B Water License # 2BM-ULU0914
  • 40 man all-season camp
  • No active exploration since 2005
  • Several on-lease occurrences have been under-explored
  • Flood Zone hosts a current indicated mineral resource of 751,000 tonnesgrading 11.37 g/t Au for 274,500 ounces, and an inferred mineral resource of 418,000 tonnesgrading 10.61 g/t Au for 142,600 ounces, using a cut-off grade of 2.5 g/t Au.
  • Flood Zone is open down plunge



ULU - Planned Work

  • Perform infill and exploration drilling on Flood Deposit to further define and expand on current resource starting in July
  • Evaluate other 14 on-lease targets through data compilation, mapping and prospecting, and drilling
  • Update studies on development scenarios




  • Technical reports for Lupin and Ulu at and
  • Website:
  • Information:
  • Head Office (Vancouver): 604-682-3366
  • Vivian Park, Manager, Exploration:
  • Sharleen Hamm, Manager, Environmental and Community Affairs: