Mining analysts provide third party, independent insight to investors who are invested in or considering an investment in a particular company. While most analysts provide their analysis to institutional clients and investment advisors within their host firms their analysis, based typically on extensive industry and financial experience, can provide useful information to all investors.

Balmoral Resources Ltd. is followed by a group of analysts who have provided their own independent opinions, estimates and forecasts; which may include share price targets. Balmoral is providing analyst contact information to assist investors in evaluating the Company. Investors are cautioned to consult with a Registered Investment Representative prior to making investment decisions.

Analysts Covering Balmoral:
Firm		Analyst		Telephone
MPARTNERS		Marc Johnson CFA		416 603 7381 ext 283
Laurentian Bank		Éric Lemieux, MSc, P. Geo.		819-472-8037
Analysts Who Have Added Balmoral To Their 2012 Watchlists:
Canaccord Genuity		Wendell Zerb B.Sc. P. Geol.		604 643 7485
Haywood Securities		Kerry Smith B.A. Sc., MBA		416-507-2306
Union Securities		Philip Ker B.Sc. Geol. MBA		416 775 5130