N2 Project


The wholly owned N2 Project consists of two contiguous claim blocks; the 113-claim, 1600-hectare Northway block and the contiguous 114 claim, 2,000-hectare Noyon block. The properties are strategically located along the gold-bearing Casa Berardi Deformation Zone immediately east of the 460,000 ounce Vezza gold deposit owned by North American Palladium. The Vezza Headframe is located less than 500 metres from the eastern boundary of the project and the project controls the Vezza host structure and stratigraphy for over 2.0 kilometres.
Historic exploration has identified five zone of gold mineralization on the property, mainly located at contacts between rock units, which have been traced to depths ranging from 100 to 300 metres and which in all cases remain open to depth and frequently remain open along strike as well. Drilling during 2009 by the previous project operators has identified a six potential zone which remains largely untested. The abundance of styles and hosts to gold mineralization on the N2 project suggests a very large and strong gold bearing system with abundant untested potential. The property hosts a historic geological resource* of 18.2 million tonnes grading 1.48 g/t gold for an in-situ resource of 775,000 ounces of gold

Situated 25 kilometres south of the mining center of Mattagami, Quebec the N2 project is located approximately 4.0 kilometres south of a major regional highway and is road accessible. The western zones (A and RJ) are within the potential capture radius on the Vezza headframe on the adjacent property.
Balmoral's exploration staff are currently in the process of compiling and analyzing the historic data from the N2 project in anticipation of a mid-2011 resource confirmation and expansion drill program with a goal of completing a NI43-101 report for the N2 project during late 2011-early 2012.

*The N2 property contains a historical geological resource estimate defined by Cyprus Exploration in 1994 based on near surface drilling of approximately 230 diamond drill holes. The estimate is historical and not in compliance with NI 43-101, and the category of "geological resource" does not conform to current CIM definitions. The historical estimate is not supported by a technical report. A qualified person has not done the work necessary to verify the historical estimate as a current estimate under NI 43-101 and the estimate should not be relied upon.

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