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.

Pistol Bay exploration activities for 2016 were completed in July-September 2016. A total of 4,007 m were drilled at the Vickers property in an effort to expand the known resource, and 6,863 m at the new Howitzer target to test the potential for economic mineralisation.

An aggressive drilling programme at existing and new targets, similar in size to 2016, is planned for 2017.

Inferred Resources of 742 koz of gold at 2.94 g/t were estimated for the Pistol Bay deposit as at 31 December 2016 (based on the NI 43-101 in-pit gold resource estimates using gold price of US$1,550/oz and utilising a cut-off grade of 1.25 g/t Au).

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

Olga Ulyeva


Head of Media Relations
tel.+7 495 644 44 73 #707 6632

ROMAN MEZHUEV

RECRUITMENT MANAGER
tel.+7 495 644 44 73

OLEG BAZALEEV

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