1. Young-Davidson Site Visit
Luc Guimond, General Manager
December 10, 2012

2. FORWARD LOOKING STATEMENTS
Certain information included in this presentation constitutes forward-looking statements, including any information as to our projects, plans and future
financial and operating performance. All statements, other than statements of historical fact, are forward-looking statements. The words “expect”,
“believe”, “anticipate”, “will”, “intend”, “estimate”, “forecast”, “budget”, “schedule” and similar expressions identify forward-looking statements. Forward-
looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are
inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual
results to differ materially from those projected in the forward-looking statements.
Such factors include, but are not limited to: changes to current estimates of mineral reserves and resources; fluctuations in the price of gold and silver;
changes in foreign exchange rates (particularly the Canadian dollar, Mexican peso and U.S. dollar); the impact of inflation; changes in our credit rating;
employee relations; litigation; disruptions affecting operations; availability of and increased costs associated with mining inputs and labor; development
delays at the Young-Davidson mine; technical challenges associated with the construction of capital projects; operating or technical difficulties in
connection with mining or development activities; inherent risks associated with mining and mineral processing; the risk that the Young-Davidson, El
Chanate and Ocampo mines and may not perform as planned; the ability to complete the sale of Ocampo, Venus and the Los Jarros properties; the
ability to complete a joint venture agreement on the Orion property; the ability to realize the perceived benefits from the acquisition of Capital Gold and
Northgate and from the divestiture of the Stawell, Fosterville and El Cubo mines; uncertainty with the Company’s ability to secure capital to execute its
business plans; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits;
contests over title to properties; changes in national and local government legislation in Canada, Mexico and other jurisdictions in which the company
does or may carry on business in the future; risk of loss due to sabotage and civil disturbances; the impact of global liquidity and credit availability and
the values of assets and liabilities based on projected future cash flows; risks arising from holding derivative instruments; business opportunities that
may be pursued by, the company; and the ability of the company to successfully integrate acquisitions. Many of these uncertainties and contingencies
can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made
by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking
statements made in this presentation are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying
forward-looking statements.
The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future
events or otherwise, except as required by applicable law.
Cautionary Note to U.S. Investors Concerning Measured, Indicated and Inferred Resources
This news release uses the terms "measured," "indicated " and "inferred” resources. We advise investors that while those terms are recognized and
required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. Under Canadian rules, estimates
of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that
all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not
to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.
2

3. Overview
Key long life, strategic asset with significant potential for sustainable growth
• Cornerstone asset
20
• Long life, low cost producer
• Located in stable jurisdiction, close 15
to major centres Historical Production YD P&P YD M&I YD Inferred
M Oz.
10
• Strong growth profile
• One of the largest gold mines in
5
Canada
‒ Sixth largest endowment in
0
Timmins and Kirkland Lake1
Aunor
Paymaster
Hollinger
Dome
Lakeshore
Young-Davidson
Sylvanite
Upper Canada
Preston
McIntyre
Wright Hargreaves
Pamour
Macassa
Hallnor
Kerr Addison
Teck Hughes
Hoyle Pond
Coniarium
• Poured gold on April 30, 2012
• Commercial production declared
September 1, 2012
• Historic production from underground gold mines in Timmins
• 2.4 million man hours without a lost and Kirkland Lake (~108 M Oz.)
time injury during construction • Five mines with greater than 5 million ounces production,
1. Ministry of Northern Development and Mines:
Young-Davidson is likely to be the sixth
http://www.mndm.gov.on.ca/mines/ogs/resgeol/offices/ne_e.asp 3

4. Aerial View
Town of Matachewan
Mine Site
Tailings Impoundment Area
Looking East
4

5. Rich Tradition
• Site of two former producers
Grade
Period Mine Tonnes Produced Oz
• 20+ years in operation (1930s to 1950s) (g/tonne)
- +1,200 tpd avg. production rate 1934 to 1957 YD 5,653,000 3.21 585,000
• Early pioneers of bulk mining 1934 to 1954 MCM 3,205,000 3.66 378,000
- +1 million tonne stopes underground
1981 to 1982 MCM 96,400 2.36 7,300
• Mined ~9 million tonnes and produced
Total 8,954,400 3.37 970,300
970,000 ounces
• Average realized grade of 3.37 g/tonne
Young-Davidson Mine (YD) Matachewan Consolidated Mine (MCM)
5

6. Update
Construction
• Surface construction complete
Commissioning
• Successful, on time commissioning
Commercial Production
• Declared commercial production September 1
• Mill operating at name-plate capacity
• Peak throughput approaching 8,000 tpd
Open Pit Productivity
• Open pit productivity at design levels
Underground
• Stoping commenced in late October
• Production exceeding target of 1,000 tpd
6

7. Resources and Reserves*
* March 5, 2012 Press Release 7

8. Young Davidson – Underground
Mine Plan
MCM Historic
Ramp Portal Mine Workings
10350L
Open Pit
YD Historic Current Design
Mine Workings
NG Shaft MCM Shaft
• Transverse longhole stoping
‒ For wider zones
9890L ‒ 30 m sub levels
‒ Highly productive (wide zones)
9590L
• Longitudinal retreat
‒ For areas < 12 m widths
9400L
• Pastefill plant Q4 2013
9200L
• Mining recovery ~ 92%
• Dilution ~10%
8900L
8

9. Underground Mine Plan 2012
Started first ore stope in
October
Developing crusher
chamber
Developing conveyor level
Ramp Development
• Current depth: 925 m Mid shaft bottom 9440 level
‒ Size: 4.9 m wide x 5.1 m high development established
• Current length: 6,000 m
• Final depth: 1,450 m
• Final length: 9,800 m Soledad Property – Kern County, California
9

10. MCM Shaft Work
Legend
• Sink existing MCM shaft
• Men & material during production
• Current depth: 822 m Current location of shaft sinking 9533 EL
‒ Size: 5.18 m x 2.44 m
• Final Depth: 1,500 m
‒ Size: 6.54 m x 2.44 m
• Skips: 2 – 8.5 t skips
• Hoisting: 2,000 tpd, 1,500 kW (2,000 hp)
• Ventilation: 175,000 cfm
Soledad Property – Kern County, California
10

11. Northgate Production Shaft Work
• RB 1st leg completed 440 m
• Ground support completed April 29
• Started RB 2nd leg 450 m
• Pilot hole completed early November
• Started reaming, expected to be
completed mid February
• 5.5 m raise bore shaft
• Depth: 1,500 m
• Headframe civil construction
• Skips: 2 – 21 t skips completed on October 20
• Hoisting: 7,000 tpd, 4,500 kW (6,000 hp), 6,000 tpd
• Headframe structural steel
ore & 1,000 tpd waste
installation continues
• Ventilation: 550,000 cfm
• Electrical & Piping installation
for Headframe has started
Northgate Headframe
• RB 3rd leg 610 m
Soledad Property – Kern County, California
11

12. YD Early Ore Opportunity
Transverse Longhole Stoping – UBZ Mining Block
• Production from the initial two stopes began in the latter part of October 2012
• Targeting mining 90,000 tonnes in Q4 2012
• Drilled to 15 m centres
12

13. Section View of YD Early Ore in Q4
Transverse Longhole Stoping – UBZ 3600 stope as of November 5
13

14. Open Pit Overview
• Production – 2.25 years
‒ Low grade stockpile for ~2 years
• 7.5 Mt of ore at 1.36 g/t Au
‒ Mill Feed 4.2 Mt @1.78 g/t
Open Pit Operations
‒ Low grade stockpile 3.3 Mt @0.82 g/t
• Strip Ratio 2.5:1
• 8 m benches, Cat 777 trucks and 992 loaders
• >1 Mt low grade ore stockpile
14

15. Young-Davidson Expansion
Expansion Gold Production
300
Expansion Impact New Reserves Impact
250
Gold Production (Koz)
200
150
100
50
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Ounces - Feasibility Ounces - Expansion
15

16. Young-Davidson Expansion
Mill Ore Sources
Tonnes per Day
Q2 Q3 Q4 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
2012 2012 2012
Underground Ore Open Pit Ore Stockpiled Ore Feasibility - UG Tonnes
• LOM includes only Proven and Probable Reserves (46.6 Mt)
16

17. Young-Davidson Milestone Dates
Northgate headframe civil work / structural steel completed Q4-2012
Northgate mechanical / electrical completed Q1-2013
2nd leg of shaft reaming completed Q1-2013
Shaft waste handling / rockbreaker / loading pocket commissioned Q3-2013
Shaft ore handling system / crusher commissioned Q3-2013
Paste fill plant operation Q4- 2013
Mill upgraded to 8,000 tpd Q1- 2014
Mill Expansion Paste Fill Plant
• $11-13 M • $40 M capex in 2013
• Pebble recycle conveyor • Offsets requirement for additional tailings
capacity
• Additional tails line and pumps
• Proceeding to detailed engineering
• Upgrades to 1 pump and 2 pump motors
• Commissioning anticipated for Q4 2013
17

18. Production and Guidance
Q1-12 Q2-12 Jul-12 Aug-12 Sept-12
Open Pit (tpd) 20,622 28,575 31,039 31,479 36,667
Mill throughput (tpd) - 4,300 5,3001 5,4742 6,857
Mill grade (g/t) - 1.15 0.88 0.92 1.63
Recoveries - 83% 81% 83% 92%
Production (gold ounces) - 11,950 3,766 4,156 9,903
Cash Costs per gold oz. produced - - - - $6393
1. Including a 3-day maintenance shutdown
2. Including a 2-day shutdown for SAG mill reline
3. Attributable to the commercial production ounces (9,903 ounces)
1. Cash costs for the Young-Davidson mine are calculated on a per gold ounce basis, using by-product revenues as a cost credit. Production includes gold ounces only.
2. Includes pre-production, sustaining and accelerated underground capital infrastructure costs.
3. The following currency assumptions were used to forecast estimates:
• 1:1 Canadian dollars to the US dollar
18

19. Rochelle Collins, Chief Geologist

20. Mineralization – Syenite-hosted
Cross section geology
• General structure, detailed petrologic and structural studies 20

21. Mineralization – Property Cross Section
XS 22815E
Proterozoic Sediment
• Over-turned sequence
• Mineralization on structural footwall
Mafic Volcanic
• Stacked zones of mineralization
• Unconformity
• Logging challenges
Timiskiming
Sediment ‒ Mafic-sediment contact
- Basal conglomerate
Diabase ‒ Syenite-sediment contact
- Blurred by Hem-kspar
Resource
alteration
250m - Quartz grains in sediment
Syenite
Looking West 21

22. Young-Davidson Site Visit
December 10, 2012