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.

Within Arctic Canada, the Project is favorably located. 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.

The exploration programme at Pistol Bay in 2015 confirmed the project’s potential as a high quality deposit of substantial scale with high grade ore. Maiden Inferred Resources of 739 koz of gold at 2.95 g/t were estimated for the Pistol Bay deposit as at 31 March 2016 (based on the NI 43-101 in-pit gold resource estimates using gold price of US$1,500/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

Valentina Bogomolova

Head of IR
tel.+7 495 644 44 73 #707 6711

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