1. Overview – Phase 1 Doris North Project Changes and Phase 2 Hope Bay Project Proposal Mineral Development Advisory Group Meeting October 26-27, 2010 Chris Hanks – Director ESR Hope Bay Mining Ltd.

2. 10/15/20152 Overview Phase 1b: Bulk Sample - Type B Amend. No. 6 –submit November 2010 Phase 1: Doris North 2011 Construction-Type A Amend. No. 2 – submit October 2010 Phase 1: Doris North 2012-2013 Construction-Type A Amend. No. 3 –submit November 2010 Phase 2: Hope Bay Belt Project Proposal –submit Q1 2011

3. Phase 1b: Patch 14 Bulk Sample

4. Patch 14 Bulk Sample Type B Amendment Bulk sample to commence in Q3 2011 Windy Road Helicopter Pad and refueling facility Requires amendment to existing Type B Water License 2BE-HOP0712 No other regulatory approvals have been identified to date (will need KIA approval)

5. Patch 14 Bulk Sample Type B Amendment cont. Consists of: All-weather roads to portal area – design will meet DFO Operational Statements for Single Span Crossings Pads, laydowns, surface facilities and infrastructure (e.g., emergency shelter, office, diesel generators, fuel transfer station, shop, air heating facility) Ore and waste rock storage areas

6. Patch 14 Bulk Sample Type B Amendment cont. Consists of: Development of quarries to support road and pad construction Manage mine water from underground Increase in water use permitted under 2BEHOP-0712

7. Phase 1 Doris North Project: Anticipated Changes

8. Overview Tank Farm highest priority change –Construction must commence in March 2011 in order to meet project timelines to allow tanks to be filled during 2011 sealift Expansion of airstrip/construction of bypass road will be built from rock quarried preparing tank foundations Expected construction of other facilities in package complete by end of Q4 2011 Amendment No. 2 2011 Anticipated Changes

9. Amendment No. 2: Fuel Tanks Expansion of Fuel Storage and Containment Facility Original fuel estimates of 13 ML for Doris North too low (similar to Meadowbank, which now requires 60ML) Total capacity being increased to 36 ML diesel and 1.5 ML Jet A Propose additional tank location within 100 m of existing Roberts Bay fuel tank

10. Amendment No. 2: Fuel Tanks cont. Expansion of Fuel Storage and Containment Facility HBML has supplemented via staged delivery of fuel from over winter ship –On site tankage environmentally superior solution Additional fuel needed to support Doris North Project No other approvals identified Requires amendment to approved OPPP/OPEP - Canada Shipping Act, 2001

11. Amendment No. 2: Fuel Tanks cont. [insert fuel tanks pic]

12. Amendment No. 2: Change Doris Camp Water Source Change to Doris North Camp water source from Doris Lake to Windy Lake Treatment of Doris Lake for potable water use has been extremely challenging Requires significant ongoing efforts to control persistent blue green algae Worker health concerns Windy Lake is closest alternate potable water source Rescan analysis has confirmed Windy Lake suitability

13. Amendment No. 2: Change Doris Camp Water Source cont. [pic showing proposed routing]

14. Amendment No. 2: Airstrip/Bypass Road Airstrip/ bypass road Rock from tank farm location to expand airstrip and construct airstrip bypass road Will improve site safety as traffic will be eliminated from airstrip Will improve site access in emergency situations since larger aircraft will be able to land at site

15. Amendment No. 2: Airstrip/ Bypass Road cont. [insert airstrip drawing]

16. Amendment No. 2: Cyanide/ Reagent Facilities Revised cyanide/reagent storage facility No other approvals identified

17. [insert facility pic] Proposed Reagent Storage

18. [insert facility pic] Proposed Cyanide Storage

19. Amendment to condition D24 to permit clean underground rock to be used in surface infrastructure Underground rock would not be used prior to geochemical testing SRK has provided geochemical analysis for this change Change would be reflected in Doris Ore and Waste Rock Management Plan Amendment No. 2: Waste Rock Use

20. Expansion of ore/waste rock pads No other approvals identified Amendment No. 2: Expansion of Ore/Waste Rock Pads

21. Amendment No. 2: Expansion of Ore/ Waste Rock Pad

22. Ore/ Waste Rock Pad Expansion

24. HBML wishes to have approval to implement the following changes to facilities and activities by the end of Q3 2011 Amendment No. 3

25. Doris North Mine Plan: Mine Doris North, Lower, Connector and Central using existing Doris North decline Milling rate of 800 tpd annual average 2-4 year extended mine life Some changes to surface infrastructure to accommodate change Amendment No. 3: Mine Plan Changes

26. Mine plan change will create more waste rock Tailings storage facility can accomodate additional tailings Ore and waste rock storage pads will require expansion to accommodate additional volumes Amendment No. 3: Mine Plan Changes

27. Mine plan change will require management of additional groundwater May encounter groundwater under Doris Lake Characterizations of groundwater indicate chemical composition akin to seawater Analysis currently underway Amendment No. 3: Mine Plan Changes

28. Addition of water treatment plant to ensure discharge from Tail Lake meets criteria Environmentally superior solution On site laboratory will no longer be necessary Will require amendment to NIRB Project Certificate No. 3 Amendment No. 3: Water Treatment

29. Expansion of Doris North Camp capacity Original workforce size was underestimated Currently using hotel barges to accommodate shortfall By Q1 2012 this issue will be critical Amendment No. 3: Doris Camp Expansion

30. Expansion of Doris North Camp capacity Solution is to add 180 person STP to Doris North Camp and expand beds accordingly By this time tailings facility will be constructed and will be ready to accept treated water In overall context of site, minimal change to footprint Amendment No. 3 Doris Camp Expansion cont..

31. Early renewal of Doris North Project Type A Water Licence Currently set to expire in 2013 just as mine reaches production Original Miramar plan was for production to be completed well before the renewal date HBML will request a expiry date to permit production from Doris North Project to be complete before expiry Amendment No. 3 Water Licence Renewal

32. Phase 2: Hope Bay Belt Project Proposal

33. Timeline: Production to commence in 2015 The following slides present preliminary designs only Additional Surface infrastructure will be required Selection of alternatives will be supported by environmental assessment process Preferred alternatives will be selected prior to new Type A Water Licence application Phase 2 Hope Bay Belt Project

34. Phased development of the Hope Bay Belt through: a series of underground and open pit mines processing facilities tailings facilities infrastructure including but not limited to: – an expanded port –new airstrip –wind farm –camps –roads Phase 2 Hope Bay Belt Project

35. Phase 2 will include deposits from Madrid and Boston districts Deposits overlain by 100% Inuit Owned Lands Phase 2 Hope Bay Belt Project

36. Mine Method Madrid and Boston: combination of underground development and small open pits Boston open pit will require shallow dikes around the edges of the deposit near the fore-shore of the lake All other open pits are currently proposed to be on dry land Phase 2 Hope Bay Belt Project

37. Production Rate (Ore) Milling rate 1.5-2 million tonnes per annum. Total tailings production approx. 26 million tonnes for all districts By comparison, Con Mine produced about 30 million tonnes during its life Ultimate tonnages will not be determined until additional underground exploration takes place once mining commences Phase 2 Hope Bay Belt Project

38. Production Rate (Waste) Approx. 19 million tonnes in the Madrid District 11 million tonnes in the Boston district Phase 2 Hope Bay Belt Project

39. Water Management Compliance with current Canadian and Nunavut standards Water treatment will be required for potable camp water and the septic disposal system Mill, tailing underground, and open pit water will require monitoring, management and possibly treatment before release to the environment Phase 2 Hope Bay Belt Project

40. Access/ delivery of fuel, equipment, and supplies Primarily via summer sealift through the Arctic Ocean to Melville Sound and Roberts Supplemented by air support Phase 2 Hope Bay Belt Project

41. Infrastructure - The development of Phase 2 of the Hope Bay Project is constrained by infrastructure development, including the need for: expanded deep sea and shallow water port facilities additional airstrip additional winter and all weather roads, including extension of the existing all weather road camp facilities in each district additional fuel storage Phase 2 Hope Bay Belt Project

42. Infrastructure, cont. maintenance facilities at each major mining district e.g. heliports, airstrips, reagent storage, quarries, and power generation portable self-contained (water, waste, maintenance, and supplies) temporary construction camps Phase 2 Hope Bay Belt Project

43. Phase 2 may require construction of additional milling locations in the Boston District Total milling tonnages expected to be approx. 2 million tonnes per annum during this phase of the project Option of an expanded central mill location Boston mill would be conceptually similar to Doris mill, would require tailings facility Phase 2 Hope Bay Belt Project

44. Mill Process o Anticipated that flotation processes will be used: o bulk tailings stream that will have relatively benign environmental characteristics, and o smaller tailings stream associated with other milling processes including cyanide, which will also likely be more highly mineralized o will include cyanide destruction circuit prior to any disposal option Phase 2 Hope Bay Belt Project

45. Tailings Disposal o Preferred option for location of Boston tailings, if Boston mill is constructed, has not yet been selected; tailing options study is in process o No current plan to add any additional lakes to Schedule 2 of the Metal Mining Effluent Regulations Phase 2 Hope Bay Belt Project

46. Tailings disposal Additional flotation tailings land disposal options include dry stack facilities and new land based sub-aerial facilities Some placement of cyanide and flotation tailings underground is possible Cyanide destruction prior to deposition of cyanide tailings Phase 2 Hope Bay Belt Project

47. Personnel During peak construction phase, up to approximately 500 personnel Permanent camps will house approximately 400 people, which is only slightly larger then the Doris Mine at its peak but the staff will be spread over several operating mines Approximately 400 personnel will be employed at the mine on a fly-in/fly-out rotation Phase 2 Hope Bay Belt Project

48. Phase 2 Life of Mine Approximately 15 years of operation, based on current geologic knowledge Ongoing exploration Need for high standards of environmental stewardship and creating a sustainable operation that provides long term benefits for the Kitikmeot Region and Nunavut Phase 2 Hope Bay Belt Project

49. 10/15/201549 Phase 2 Baseline Studies Baseline studies to support the Phase 2 Hope Bay Belt project include: The Physical Environment The Biological Environment The Human Environment Doris North compliance monitoring programs Inuit traditional knowledge incorporated in all studies and project planning

50. 50 Phase 2 Baseline Studies Studies conducted to date: Traditional Knowledge Geochemistry (ongoing) Kitikmeot health study Hydrology studies (water quality and flow) Weather studies (evaporation and dust) Fish and fish habitat (incl. sea, lake and stream fish) Aquatic biology Raptor survey Caribou surveys Breeding bird and waterfowl survey Sea birds Archaeology Groundwater well installation and WQ Monitoring Meteorology Air quality and dust Noise Hydrology Water, sediment, and aquatic biology Fish and fish habitat Ecosystem Mapping Vegetation Terrain, soils, and surficial geology Wildlife and wildlife habitat Socio-Economics and Land Use Human health and country foods

51. 10/15/201551 Phase 2 Baseline Studies Meteorology Air Quality Noise

52. 10/15/201552 Phase 2 Baseline Studies Hydrology Freshwater quality Marine water quality

53. 10/15/201553 Phase 2 Baseline Studies Freshwater Fish and Fish Habitat Marine Fish and Fish Habitat

54. 10/15/201554 Phase 2 Baseline Studies Avian Wildlife

55. 10/15/201555 Phase 2 Baseline Studies Ecosystem Mapping Terrain, Soils, and Surficial Geology Vegetation

56. 10/15/201556 Phase 2 Baseline Studies Wildlife and Wildlife Habitat Land and Resource Use

57. 10/15/201557 Phase 2 Baseline Studies Socio-Economics Human Health and Country Foods

58. 10/15/201558 Thank You – Questions?