The Northern Miner February 6 2017 Issue

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AME ROUNDUP 2017: GEOSCIENCE BC SHOWS OFF NEW MAG SURVEY / 3 Geotech_Earlug_2016_Alt2.pdf 1 2016-06-24 4:27:20 PM

SPECIAL FOCUS

URANIUM

Exciting energy projects from across the globe / 9–13

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FEBRUARY 6-19, 2017 / VOL. 103 ISSUE 4 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Lumina Gold tallies 4M oz. gold resource in Ecuador

New Eastmain team pursues three-asset strategy QUEBEC GOLD  |

Junior advances Clearwater, Eastmain and Éléonore South JV

EXPLORATION

| Ross Beaty-linked junior drills at Cangrejos BY TRISH SAYWELL tsaywell@northernminer.com

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umina Gold (TSXV: LUM) has carved out 4 million oz. gold at its Cangrejos project in the Andean foothills of southwestern Ecuador’s El Oro province, and mineralization remains open to the northwest, south and to depth. The deposit contains inferred resources of 191.8 million tonnes grading 0.64 gram gold per tonne, 0.8 gram silver per tonne and 0.1% copper, for contained metal of 4 million oz. gold, 4.6 million oz. silver and 423 million lb. copper. “We’re really excited by the resource number and there’s significant gold and copper there, and there’s upside exploration potential within our concessions around Cangrejos,” Marsha l l Koval, Lumina Gold’s president and CEO, says in an interview from Vancouver, adding that the company plans to infill drill later this year to move parts of the inferred resource into the indicated category. The maiden estimate is based on 10,829 metres of diamond drilling in 35 holes, of which 3,190 metres in eight holes were drilled by Lumina and 7,639 metres in 27 holes were drilled by Newmont Mining (NYSE: NEM), the project’s previSee LUMINA / 8

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The camp at Eastmain Resources’ Clearwater gold project in Quebec’s James Bay region.   EASTMAIN RESOURCES

BY SALMA TARIKH starikh@northernminer.com

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astmain Resources (TSX: ER) has new management, led by president and CEO Claude Lemasson, and a new vision to advance its three key gold assets — Clearwater, Eastmain and the Éléonore South joint venture (JV) — in Quebec’s relatively underexplored James Bay region. Eastmain holds the top land position, covering 1,376 sq. km, where Goldcorp (TSX: G; NYSE:

GG) operates its Éléonore gold mine. This mine started commercial production in April 2015. Last year, the mine forecasted output of 250,000 to 280,000 oz. gold. “As you know, the company was completely focusing on the one asset, which was Clearwater, with the Eau Claire deposit. My number-one vision was that ‘Well, we don’t have one asset, we have at least three.’ Because we have 11 properties [in James Bay] and three of those properties have interesting potential … two have actual resources in different stages, and one is potentially a discovery,”

Lemasson says. “The vision is three projects. But the other part of the vision is to define a strategy on moving each one forward. So we did that and … defined a plan of execution.” The company took action soon after Lemasson took the helm last April as part of a management shakeup triggered by former shareholder Columbus Gold (TSX: CGT). Columbus said it would launch a proxy contest to take control of Eastmain due to the “slow progress” under Eastmain’s former

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unturned.

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