BMO Capital Markets Global Metals & Mining Conference February 29, 2012

1. BMO CAPITAL MARKETS
Lake Shore Gold Global Metals & Mining
Conference
TSX, NYSE Amex: Symbol: LSG Feb. 29, 2012

2. Forward Looking Statements
Certain statements in this presentation relating to the Company's expected production levels, production growth, exploration activities,
potential for increasing resources project expenditures and business plans are "forward looking statements" or "forward looking
resources, forward-looking statements forward-looking
information" within the meaning of certain securities laws, including under the provisions of Canadian provincial securities laws and under the
United States Private Securities Litigation Reform Act of 1995 and are referred to herein as "forward-looking statements." The Company does not
intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent
management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and
capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption in transportation
or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete
, , p g , p
projects according to schedule, and that actual mineralization on properties will be consistent with models and will not be less than identified
mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would reach
the same conclusions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. In particular, delays in development or mining and fluctuations in the price of gold or in
currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking
statements. M
t t t More i f
information about risks and uncertainties affecting th C
ti b t i k d t i ti ff ti the Company and it b i
d its business i available i th C
is il bl in the Company's most recent
' t t
Annual Information Form and other regulatory filings with the Canadian Securities Administrators, which are posted on sedar at www.sedar.com,
or the Company’s most recent Annual Report on Form 40-F and other regulatory filings with the Securities and Exchange Commission.
QUALITY CONTROL
Lake Shore Gold has a quality control program to ensure best practices in the sampling and analysis of drill core. A total of three Quality Control
samples consisting of 1 blank, 1 certified standard and 1 reject duplicate are inserted into groups of 20 drill core samples. The blanks and the
certified standards are checked to be within acceptable limits prior to being accepted into the GEMS SQL database. Routine assays have been
completed using a standard fire assay with a 30-gram aliquot. For samples that return a value greater than three grams per tonne gold on
exploration projects and greater than 10 gpt at the Timmins mine and Thunder Creek underground project, the remaining pulp is taken and fire
assayed with a gravimetric finish. Select zones with visible gold are typically tested by pulp metallic analysis on some projects. NQ size drill core
is saw cut and half the drill core is sampled in standard intervals. The remaining half of the core is stored in a secure location. The drill core is
transported in security-sealed bags for preparation at ALS Chemex Prep Lab located in Timmins, Ontario, and the pulps shipped to ALS Chemex
Assay Laboratory in Vancouver B C ALS Chemex is an ISO 9001 2000 registered laboratory preparing for ISO 17025 certification
Vancouver, B.C. 9001-2000 certification.
QUALIFIED PERSON
The Company’s Qualified Persons (“QPs”) (as defined in National Instrument 43-101, “Standards of Disclosure for Mineral Projects”) for diamond
drilling projects at the Timmins deposit surface; Thunder Creek, Gold River Trend and 144 properties; Bell Creek Mine; and Casa Berardi
optioned property are Jacques Samson, P.Geo., Stephen Conquer, P.Geo, and Keith Green, respectively. Dean Crick, P.Geo. is the QP for the
Timmins deposit and Thunder Creek underground drilling projects, and Bob Kusins, P.Geo., is the QP for resource estimation at all of the
Company’s properties. As QPs, Messrs. Samson, Conquer, Green, Crick and Kusins have prepared or supervised the preparation of the
scientific or technical information for their respective properties as provided in this presentation. Messrs., Samson, Conquer, Kusins, Crick and
Green are employees of the Company.
2

3. • Strong growth already
Strong growth already
achieved
• Poised for rapid
Poised for rapid
production growth
• Timmins West Mine PEA
Timmins West Mine PEA
highlights potential for
strong cash flow and
g
favourable economics
• Full pipeline of
Full pipeline of
prospective projects
3

4. Three Multi-Million Ounce Gold Complexes
in Century-Old Timmins Camp
Century Old
Bell Creek Complex
Destor-Porcupine Fault
City of Timmins Fenn-Gib
Timmins
Timmins West Complex
>70 million ounces produced to date in Timmins Camp
Highly-prospective geology
Politically f low-risk j i di i
P li i ll safe, l i k jurisdiction
Established infrastructure
Access to suppliers labour training
suppliers, labour,
4

5. Resources – Strong Growth Already Achieved
Doubled resources in 2011 – second straight year
3.2 3.9
1.8 3.1 3.0
0.6
0.9 1.2
5

6. Production – Strong Growth Already Achieved
Gold ounces poured doubled in 2011
Strong growth expected by 2013
3.1
100,000
85,000
1.8 3.2
37,755
0.6
06
1.2
7,700 0.9
Target Guidance not
6 *Examples of Forward Looking Statements.
Range* yet released*

7. LSG: Poised for Next Phase of Growth
Production
Timmins West Mine development advancing (PEA released)
Significant development early in 2012 positioning Company
for next major jump in production
50% increase in processing rate to 3,000 tpd by late 2012*
85,000 100,000
85 000 to 100 000 ounces targeted for 2012*
Strong production growth expected in 2013*
Resources
Updates at Gold River Trend and Timmins West already
increased total resources in 2012, Bell Creek update in
Q1/12*
Exploration
Full project pipeline provides potential for long-term growth
long term
7 *Examples of Forward Looking Statements.

8. Three Multi-Million Ounce Gold Complexes:
Timmins West Mine
Pipestone Fault
Bell Creek Complex
Hoyle
Pond
Destor Porcupine Fault
Hollinger
McIntyre
Dome
Fenn-
Fenn-Gib
F
Timmins West Complex
8

9. Timmins West Mine – PEA (Feb. 28, 2012)
PEA Disclaimer:
The Timmins West Mine PEA is preliminary in nature. It includes inferred mineral
resources that are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the preliminary economic assessment will be
9 realized.

10. Timmins West Mine Thunder Creek
Timmins Deposit
Timmins and 200 Level
Thunder Creek
deposits combined 300 Level
Initial Thunder
Creek resource
released Nov. 2011
Updated Timmins
deposit resource
February 2012 650 Level
PEA first evaluation 2012 Work 730 Level 2012 Work
of fully integrated Program* Program*
operation
Conceptual view - full development
of current resources
*Examples of Forward Looking Statements.
10

11. 11

12. Timmins West Mine – Resources
PEA assumes mining 1.4M ozs, including majority of Indicated and
portion of Inferred
Opportunity to grow ounces through increased conversion of
resources, continued exploration success
Capped Grade
Deposit Category Tonnes (gpt (i) Au) Ounces Au
Timmins Indicated 2,949,000 6.34 600,900
Inferred 1,579,000 5.54 281,500
Thunder Creek Indicated 2,877,000 5.64 521,600
Inferred 2,693,000 5.89 510,000
Total Indicated 5,826,000 5.99 1,122,500
Inferred 4,272,000 5.76 791,500
12

13. PEA: Highlights*
• Potential for $65M free cash flow in Year 2, over $100M of annual
free cash flow1 by Year 3 using current prices
• 10 years of production – averaging 160 000 in Years 3 – 9 peaking
160,000 9,
at 175,000 ounces
• Average cash operating costs of US$625/oz, US$590/oz in
Years 3 – 9
• Growth capital of $160M, including $67M for mill expansion, with
$225M of sustaining and other capital
• At current pricing2, total cash flow of $1.14B, NPV of $880M, IRR of
115%, payback p
p y period 1.25 yyears
• At analyst consensus3, total cash flow of $730M, NPV of
$570M, IRR of 100%, payback period 1.25 years.
1. All information is presented before income taxes. At December 31, 2011, the Company had total tax shelters of $540 million.
2. Gold price of US$1,775 and exchange rate at par.
3. Gold price starting at US$1,744/oz in 2012, declining to a long-term price of US$1,200/oz in 2018, average exchange rate of
13 $US:1.00 = $CDN 1.07
*Examples of Forward Looking Statements, see PEA disclaimer on slide 9

14. Timmins West Mine – Sensitivities*
Over 1.0 billion of total cumulative cash flow at current market prices
NPV of $880 million, IRR of 115% at current market prices
All numbers presented before income taxes (LSG had total tax
shelters of $540M at December 31, 2011)
Average Annual Total Cash Flow
Cash Flow ($M) ($M) NPV @ 5% Payback
Case (Full Production) (undiscounted) ($M) I IRR (years)
Current prices1 $165 $1,140 $880 115% 1.25
Analyst Consensus2 $110 $730 $570 100% 1.25
$1500 US$/Oz Gold $120 $770 $580 70% 2.00
$2000 US$/Oz Gold $200 $1,443 $1,130 175% 0.75
1. Gold price of US$1,775 and exchange rate at par.
2. Gold price starting at US$1,744/oz in 2012, declining to a long-term price of US$1,200/oz in 2018, average exchange rate of
$US:1.00 = $CDN 1.07
14 *Examples of Forward Looking Statements, see PEA disclaimer on slide 9

15. Timmins West Mine – Production & Costs*
PEA assumes mining 1.4M ozs, including majority of Indicated and
1 4M ozs
portion of Inferred
Average annual production 140,000 ozs, cash costs US$625/oz
(exchange rate at par)
Years 3 – 9: Average production of 160,000 ozs, cash costs US$590/oz
15
*Examples of Forward Looking Statements, see PEA disclaimer on slide 9

16. Timmins West Mine – Substantial Cash Flow*
Over $100 million of annual free cash flow by Year 3 at current
market prices (US$1,775/oz)
Net Cashflow ($Can)
$200
$180
$160
$140
$120
$100
$80
Millions ($Can)
$60
$40
$20
$0
‐$20 1 2 3 4 5 6 7 8 9 10
‐$40 Year of Project
‐$60
‐$80
‐$100
$100
‐$120
16 *Examples of Forward Looking Statements, see PEA disclaimer on slide 9

17. Timmins West Mine – Substantial Cash Flow*
Over $1 billion of cumulative free cash flow over 10 years at
current market prices (US$1,775/oz)
Undiscounted Cumulative Cash Flow
$1,200
$1,100
$1,000
$900
$800
$700
n)
Millions ($Can
$600
$500
$400
$300
$200
$100
$0
‐$100 1 2 3 4 5 6 7 8 9 10
Year of Project
17 *Examples of Forward Looking Statements, see PEA disclaimer on slide 9

18. Processing – Expanding Mill to Meet Growth
Mill operating very well
Recoveries of 96%
Exceeded 2 000 t d i Q4/11
E d d 2,000 tpd in
Expansion to 3,000 tpd to be
completed by late 2012*
2012
Mainly involves crushing/grinding
circuits
2012 capex of $67M (expansion
and other infrastructure)
All costs of expansion allocated t
t f i ll t d to
Timmins West Mine
Second phase of expansion to 5 500
5,500
tpd linked to continued project growth
18 *Examples of Forward Looking Statements.

19. Timmins West Mine – Opportunities
Many opportunities to enhance Timmins West Mine
economics
Reduced capital and operating costs
R d d it l d ti t
Additional ounces through higher conversions and
continued exploration success
p
Increased throughput
Potential for enhanced value at other projects given all costs
for mill expansion, indirect and overhead costs in Timmins
applied to Timmins West Mine
Additional projects include Bell Creek Mine Gold River
Mine,
Trend and Fenn-Gib
19

20. LSG – Full Project Pipeline
Early Stage Advanced Exploration Development Production
Production
Timmins West Mine In commercial operation, excellent potential to grow resources
Development
Bell Creek Complex In advanced exploration, updated NI 43‐101 pending* Scoping study ongoing*
Other Projects
Fenn‐Gib Large initial resource, recent expansion highlights depth potential
Gold River Trend
G ld Ri T d Large updated resource, zones open in all directions
Exploration
144
144 Adjacent to Thunder Creek, initial drill results compare favourably
Adjacent to Thunder Creek initial drill results compare favourably
Wetmore Second potential mineralized trend at Bell Creek Complex
Casa Berardi JV option with Aurizon , highly prospective land position
*Examples of Forward Looking Statements.
20

21. LSG Resources
Measured & Indicated Tonnes Au Grade (g/t) Contained Ounces
Timmins West 5,826,000 5.99 1,122,500
Gold River Trend 690,000 5.29 117,400
Bell Creek Mine* 1,790,000 4.36 251,200
Vogel 2,219,000 1.75 (OP) 125,000
Marlhill 395,000 4.52 57,400
Fenn Gib 40,800,000 0.99 (OP) 1,300,000
Total 2,973,500
Inferred
I f d Tonnes
T Au G d (g/t)
A Grade ( /t) Contained Ounces
C t i dO
Timmins West 4,272,000 5.76 791,500
Gold River Trend 5,273,000 6.06 1,027,800
Bell Creek Mine* 8,427,500 4.40 1,192,900
Vogel 1,459,000 3.60 (some OP) 168,800
Fenn Gib 24,500,000 0.95 (OP) 750,000
Total 3,931,000
21 *Revised NI 43-101 resources planned for Q1/12 OP – Open Pit

22. Gold River Trend
Timmins Deposit
Timmins West Mine
Thunder Creek Deposit
144 Zone
East Deposit
West Deposit
Gold River Trend
144 South
22

23. Gold River Trend – Ounces Nearly Tripled
Second potential mining operation on west side of Ti
S d t ti l i i ti t id f Timmins
i
Updated resource released Feb. 22/12 (2.0 gpt cut off grade)
117,400
117 400 ozs @ 5 29 gpt Indicated
5.29
1,027,800 ozs @ 6.06 gpt Inferred
Brings total ounces at Timmins West Complex to
1,239,900 ozs @ 5.92 gpt Indicated
1,819,300 ozs @ 5.93 gpt Inferred
High-grade core at East Deposit includes >300,000 ozs @
9.81 gpt – remains open at depth & along strike
Sensitivity analysis demonstrates potential for higher grades
with minimal loss of ounces at increased cut-off grades
1,044,400 o s @ 6 89 gpt at 3 0 gpt cut o
,0 , 00 ozs 6.89 3.0 cut-off
Potential to add further resources considered excellent
23

24. Three Multi-Million Ounce Gold Complexes:
Bell Creek
Pipestone Fault
Bell Creek Complex
Hoyle
Pond
Destor Porcupine Fault
Hollinger
McIntyre
Dome
Fenn-
Fenn-Gib
F
Timmins West Complex
Ti i W tC l
24

25. Bell Creek Complex
Marlhill
New Mine Trend
Hoyle Pond
Bell Creek Mine Vogel Past Prod.
2.4M ozs @ 13.0 g
Wetmore
Pamour
Past Prod.
4.2M ozs @ 3.1 g
Historic Mine Trend
Hallnor/
Hallnor/Broulan Trend
Past Prod.
2.7M ozs @ 10.6g
25 25

26. Shaft
Bell Creek Mine Bell Creek Mine Mined out
areas
Recent
Over 20,000 ozs i 2011
O 20 000 in mining
Total resources of 0.4M ozs
M&I, 1.4M ozs Inferred
North A
0.2M
0 2M ozs I di t d 1 2M ozs
Indicated, 1.2M “Deep”
Inferred at Bell Creek Mine
0.2M ozs M&I, 0.2M ozs
g
Inferred at Vogel/Marlhill
Updated resource in Q1/12*
Further increase in
resources expected*
Existing resources to
be upgraded*
2012 work plan focused
on establishing new
t bli hi
mining complex (475 L
and 600 L)*
Mine scoping study
ongoing
26 *Examples of Forward Looking Statements. Conceptual view of planned work in 2012

27. Three Multi-Million Ounce Gold Complexes:
Fenn-Gib
Fenn Gib
Pipestone Fault
Bell Creek Complex
Hoyle
Pond
Destor Porcupine Fault
Hollinger
McIntyre
Dome Fenn-
Fenn-Gib
Timmins West Complex
Ti i W tC l
27

28. Fenn-Gib*
Potential large-
P t ti l l
scale, open-pit mine
1.3M ozs Indicated
0.75M ozs Inferred
Current estimate: 15,000
to 25,000 tpd operation
Production range of 120k
to 210k ozs per year
10 15
10-15 year mine life
based on current
resource
Excellent exploration
potential, expect to
increase resources
28 *Examples of Forward Looking Statements.

29. Summary: Why Invest in Lake Shore Gold?
Three multi-million ounce gold complexes in the century-
old Timmins Gold Camp
Timmins West Mine Bell Creek Mine Fenn-
Fenn-Gib
Reserve estimate Q1/12*
R ti t Resource update Q1/12*
R d t Advancing project
Ad i j t
PEA by end 2012* PEA to follow
29 *Examples of Forward Looking Statements.