President and CEO: Patrick Downey
Chief Operating Officer: James A. (Jim) Currie
Manager, Exploration: Vivian Park
Elgin Mining Inc. focused on exploring its Lupin and the Ulu gold properties in Nunavut in 2012. Through a merger with Gold-Ore Resources Ltd. in May, Elgin gained ownership of the producing Bjorkdal gold mine in Sweden. Ongoing exploration included an airborne geophysics survey to identify drill targets at the past-producing Lupin gold mine located about 400 kilometers north of Yellowknife, Northwest Territories along with follow-up drilling. Elgin is advancing Lupin toward a production decision in 2013. The company had two drills testing targets within the mine’s surface leases to identify potential sources of ore grade feed for Lupin’s mill. Elgin expects to drill 13,000 meters over the course of the summer/fall drilling season. This regional exploration program, along with planned exploration at the 947-hectare (2,340 acres) Ulu property, will help the company meet an obligation to incur C$9 million in flow-through eligible expenditures in 2012. Elgin is also advancing the Ulu gold project located 155 kilometers north of Lupin where a high-grade gold vein system is hosted within an Archean greenstone belt. The Flood Zone, one of 15 gold occurrences on the property, hosts an estimated indicated resource of 274,500 ounces gold (751,000 metric tons grading 11.37 grams per metric ton gold), and an inferred resource of 142,500 ounces gold (418,000 metric tons grading 10.61 g/t gold), using a 2.5 g/t gold cut-off grade. It remains open along strike and at depth. Elgin hopes to define sufficient resources for a standalone operation at Ulu. In June Elgin optioned from North Arrow Minerals Inc. the Conwoyto gold properties located adjacent to Lupin, agreeing to spend C$6 million over six years to earn a 60 percent interest.
Cash and short-term deposits: C$16.5 million (at June 30, 2012; plus C$29.3 million restricted cash held as financial security for reclamation obligations)
Working capital: n/a
Market capitalization: C$107.94 million (at Oct. 4, 2012)
201 - 750 West Pender St.
Vancouver, B.C. Canada V6C 2T7
Tel: 604-682-3366 • Fax: 604-682-3363