Location and Description of the Project

PISTOL BAY

Pistol Bay Gold Project is a high grade exploration project located in Nunavut Territory, northern Canada, on the west coast of Hudson Bay.

The Pistol Bay property consists of 860 square kilometers of mineral rights within the underexplored Rankin-Ennadai greenstone belt. An operating mine at Meadowbank and a development project at Meliadine of Canadian gold producer Agnico Eagle Mines Ltd. are located in the same belt as Pistol Bay.

The Project is located within Arctic Canada. It is accessible by air or by sea with about 5 months navigation period from southern Canada. There is a village, port and airstrip within ten kilometres of the property and an all season road in the eastern part of the project provides access to the Pistol Bay camp and to most of the known gold occurrences.

Nordgold throught its Canadian subsidary Northquest Ltd is the 100% owner of the Pistol Bay Project.

A total of 4,205m of drilling was completed at Pistol Bay in 2017. The drilling concentrated on new targets on the large license area, including Howitzer, which returned highly anomalous drilling intercepts.

Total (Measured+Indicated+Inferred) Resources of 742 koz of gold at 2.94 g/t were estimated for the Pistol Bay deposit as at 31 December 2017 (Mineral Resources estimated within pit shell that is defined by an US$1,500/oz price (US$1,550/oz in 2016) and Au CoG of 1.25 g/t.).

Toronto Office Contact Details

Suite 101 - 50 Richmond Street East,
Toronto, Ontario
Canada M5C 1N7

Tel. 416 306 0954
email: ludy.gibson@nordgold.com

CONTACTS

tel.+7 495 644 44 73

Irina Dormidontova

RECRUITMENT MANAGER
tel.+7 495 644 44 73

OLEG BAZALEEV

HEAD OF SUSTAINABLE DEVELOPMENT PROJECTS
tel.+7 495 644 4473 #707 6746