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Scotia Capital
Mining Conference
N o v e m b e r 2 9 , 2 0 11




           Building Value through Growth 
           Building Value through Growth
         Production – Resources – Cash Flow  
Forward Looking Statements
Certain statements in this presentation relating to the Company s expected production levels, production growth, exploration activities,
                                                            Company's                       levels               growth              activities
potential for increasing resources, project expenditures and business plans are "forward-looking statements" or "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
                                                                                                       failure,                  parts,
disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations
in budgeted costs, that contractors will complete 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
                                        results,                                                                forward looking statements.
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. More information about risks and
uncertainties affecting the Company and its business is available in the Company's most recent
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 bl k 1 certified standard and 1 reject d li t are i
       l       i ti    f blank,        tifi d t d d d         j t duplicate       inserted i t groups of 20 d ill core samples. Th bl k and th
                                                                                       t d into          f   drill          l   The blanks d 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
                security sealed                                                            Timmins, Ontario,
Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO 9001-2000 registered laboratory preparing for ISO 17025 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
                                                                projects,           Kusins, P.Geo.,
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
Lake Shore Gold (LSG:TSX & NYSE Amex)

                  Advancing five multi‐million ounce deposits*

1. Timmins Mine  – In commercial production
                 – Updated reserve/resource in Q1/12*

2. Thunder Creek  – First resource released November 2011 
                  – Commercial production targeted for 2012*

3. Bell Creek     – In advanced exploration
                  – Updated resource in Q1/12*   

4. Fenn‐Gib       – Large‐scale open‐pit project
                  – First resource released in November 2011

5. Thorne (GRT) – Updated resource expected in Q1/12*

                                   *Examples of Forward Looking Statements.
                                                                              3
Lake Shore Gold – Achieving Growth
 Rapidly Growing Production, Resources – with more to come
 Production to double in 2011
  o Total gold poured of 60,014 ounces in 9M/11, targeting at least 85,000 on 2011*
  o Production growth to continue through advancement of five deposits

 Cash costs to improve
    h
  o $96/tonne or US$845/oz in 9M/11
  o Working to return to Q1/11 levels of $92/tonne and US$586/ounce*

 Resources already doubled in 2011, more growth to follow*
  o Total resource now totals 6.3 million ounces
  o To increase further through updated NI 43‐101 estimates in Q1/12*
    To increase further through updated NI 43 101 estimates in Q1/12

 Exploration upside at multiple properties – more growth to come  
  o Deep hole discovers potential 1.9km extension at Timmins Mine 
  o Company built on exploration success (“with Drill Bit”) and, increasingly, on cash flow 
    from gold sales
                                                              *Examples of Forward Looking Statements.
                                                                                                         4
Timmins Gold Camp

                                                             N



                                                  LSG
                                                Bell Creek
                Ontario
                                Timmins
                                Ti  i


                          Timmins



               LSG
           Timmins West               Toronto


                            Detroit


                                                             5
Strong Land Position in Timmins

                           Bell Creek
                           Complex                 Taylor
                                                   T l
                                                   Taylor
                                                    Mine
                                                    Mine    Black
                                                            Black
                                          Hoyle
                                           Hoyle              Fox
                                                             Fox
                                          Pond
                                           Pond


               Hollinger
               Hollinger
               McIntyre
               M I t
               McIntyre                 Pamour                      Fenn-Gib
                                                                    Fenn Gib
                                         Mine
 Timmins, Ontario                                             Ross
                                                              Ross
                                                              Mine
                                                              Mine
                             Dome
                             Dome
                              Mine
                              Mine




            Timmins West
            Mine Complex




                                                                               6
Timmins Mine Operations 

                           Timmins West Complex




     Bell Creek Complex 




                                                  7
                                                  7
Steadily Growing Production  




                     43,500




       7,700



       Actual        Actual
                                *Examples of Forward Looking Statements.
                                                                           8
Timmins West Complex 
Timmins Mine
Ti  i Mi
 Commercial production Jan1/11
 32,486 ozs in 9M/11                     Shaft
 UM1 grade reconciling well 
 UM1 grade reconciling well
 Significant infrastructure completed
 Development ongoing to more fully 
 access orebody, increase production
 Updated resource in Q1/12/
  Cash Costs   Q1   Q2    Q3   9M

  $/t          92   122   94    96

  US$/oz       586 1,187 884   845

Thunder Creek
  Advanced exploration program
  8,497 ozs recovered in 9M/11
  Underground access and ventilation  
        l t d
  completed 
   Bulk sample off 730 L advancing

                                                 9
Bell Creek Mine – Excellent Long‐Term Potential 
 Advanced exploration program
                                                 Surface          Shaft
                                                                             Mined out
 17,792 ozs recovered in 9M/11                    ramp
                                                                               areas

 Dec 2010 NI 43‐101 resource 
   o 251,200 ozs M&I                            300 Level

   o 1,192,000 ozs Inferred 
                                                                                 North A
                                       H2/11 stoping area                         Zone
 Between 2,000 and 3,000 ozs per                                                420 Level
                                                 Planned development
 vertical metre below 950 L
                                                        North A “Deep”
 Updated resource to 1600m depth 
 targeted for Q1/12*
 Mine scoping study to be completed 
 by mid‐2012*




                                          1600 metre depth (Open)

                                                               *Examples of Forward Looking Statements.
                                                                                                          10
                                                                                                          10
Bell Creek Mill – Expanding to Meet Growth 
 Meeting and exceeding current 2,000 tpd capacity
 Excellent recoveries – consistently exceeding 95%
 Two‐phase expansion* – timing to correspond to mine 
 advancement
  Phase 1 to 3,000 tpd* 
      Mainly involves crushing and grinding
      Estimated cost – $80 million 
  Phase 2 to 5,500 tpd*
              ,     p
     Phase 1 incorporates material handling, crushing, 
     grinding and infrastructure  (to support Phase 2 
     capacity)
     Phase 2 work mainly involves back end of circuit 
     Estimated cost – $40 to $50 million




                                                          *Examples of Forward Looking Statements.
                                                                                                     11
Doubled Resources in First 11 Months 2011 


                                   6.3


                        Doubled
                       Resources
                                   3.2
                                   32


            Doubled
           Resources    3.0


                        1.8
           1.5                     3.1
           0.6
                        1.2
           0.9




                                             12
LSG Resources 
 Measured & Indicated                Tonnes                  Au Grade (g/t)               Contained Ounces
    Timmins Mine*                  3,268,000                       8.56                       892,700
    Thunder Creek                  2,877,000                       5.64                       521,600
   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                                                                               3,147,900
        Inferred                     Tonnes                  Au Grade (g/t)
                                                                      (g )                Contained Ounces
    Timmins Mine*                    894,000                       5.74                       164,900
    Thunder Creek                  2,693,000                       5.89                       510,000
    Thorne (GRT)
           (GRT)*                  4,154,000
                                   4 154 000                       3.33
                                                                   3 33                       444,500
                                                                                              444 500
    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
                                   24,500,000                      0 95
                                                                   0.95                       750 000
                                                                                              750,000
         Total                                                                               3,231,100
                   *Revised 43-101 resources planned for Q1/12            OP – Open Pit
                                                                                                             13
Doubled Resources in 2011  
      Significant new resources added in November 2011




            Thunder Creek                             Fenn‐Gib 
      521,600
      521 600 ozs @ 5 64 gpt M&I
                    5.64                     1,300,000
                                             1 300 000 ozs @ 0 99 gpt Ind
                                                             0.99     Ind.
      510,000 ozs @ 5.89 gpt Inf.             750,000 ozs @ 0.95 gpt Inf.
          November 16, 2011                        November 17, 2011
        Resource to 900m level                 Potential large‐scale, open‐pit 
                                                            g          p p
        200m interval contains 650,000 ozs     mining operation
        @ approx. 6 g/t                        Excellent potential to grow 
        To support mining for 3‐4 years        resources  
        while Company grows Timmins
        while Company grows  Timmins           Silver content recent expansions
                                               Silver content, recent expansions 
        Mine/Thunder Creek deposits*           not included in resource
                                                       *Examples of Forward Looking Statements.
                                                                                                  14
Thunder Creek – First Resource                                    Thunder Creek  

  2,877,000 tonnes @ 5.64 gpt for 521,600 ozs
  2,693,000 tonnes @ 5.89 gpt for 510,000 ozs
  200 metre interval around 730 Level contains 
  200 metre interval around 730 Level contains
  650,000 ozs @ close to 6.00 gpt
       >3,250 ozs per vertical metre
       Near existing infrastructure 
       To support efficient, profitable mining  while 
       new reserves/resources established*
       Mine planning & design  
  Significant potential to grow resources at depth 
  and along strike
  and along strike


                                                                           650k ozs @ 6.00 gpt


                       *Examples of Forward Looking Statements.
                                                                                            15
Fenn‐Gib Resource 
 40.8 t @ 0.99 for 1.3M ozs Ind.
 40 8 t @ 0 99 f 1 3M       I d
  24.5 t @ 0.95 for 0.75M ozs Inf.
 Gold price US$1,190/ozs., cut 
 off grade of 0.5 gpt
 Potential for extensions 
 considered excellent
 High silver values and recent 
 200 metre expansion not 
 200 metre expansion not
 included in resource 




                                         Recent Hole:
                                           FG-11-04
                                     1.31 gpt over 414.0m



                                                            16
Exploration – Much More Growth to Come
                 Early Stage          Advanced Exploration                   Development                 Production
Timmins Mine     Commercial production effective Jan. 1/11 –        Updated NI 43‐101 in Q1/12

Thunder Creek    Initial resource >1M ounces at close to 6 gpt      PFS/mine  design ongoing   Comm Prod’n ’12* 


Bell Creek       Mineralization already extended 400m            Updated 43‐101, PFS planned* 

Fenn‐Gib                              New resource Nov. ‘11,  recent expansion highlights depth potential 

Thorne (GRT)                          >3.5km strike length with open pit, U/G potential 


Vogel/Marlhill                        Initial resources mainly within 400m of surface 


144 
144                                   Adjacent to Thunder Creek, Initial results compare favourably
                                      Adj    t t Th d C k I iti l            lt          f      bl


Wetmore                               Second potential mineralized trend at Bell Creek Complex


Casa Berardi                          JV option with Aurizon ‐ Highly prospective land position


                                                                              *Examples of Forward Looking Statements.
                                                                                                                         17
Deep Target – Potential 1.9Km extension 
Hole intersects UM and 
Hole intersects UM and
Footwall mineralization 
at 2,380m from surface
Potential quadrupling of 
Potential quadrupling of
UM Zone 
Hole came into target 
on north limb of fold
on north limb of fold
Wedge cuts into nose of 
fold planned (greatest 
potential for high grade 
potential for high grade
mineralization)
Second, deeper zone 
discovered, results 
discovered results
pending
Hole continuing to test 
TM and TC depth
TM and TC depth 
potential 

                                           18
Poised for Short‐Term Value Enhancement   

     Over next several months, LSG expects to achieve: 


  Improved          Further Growth     Progress with            Continued 
 Production  
 Production             in Total 
                        in Total       Mill Expansion 
                                       Mill Expansion          exploration 
                                                               exploration
Performance  
   & Cost 
                +     Resources, 
                                  +
                    43‐101 updates 
                                             and 
                                       Mine Scoping 
                                                         +     success ‐ 27 
                                                              drills currently 
Management             in Q1/12
                       in Q1/12            Studies                working 
                                                                  working


                             Increased production
                             Increased production
                                Lower cash costs
           =                Rapid resource growth
                      Greater clarity – future production
                     Additional new discoveries/extensions 
                                                                             19
Leading to Long‐Term Value Creation  

   Much more production and resource growth to come 
          Advancing five multi‐million ounce deposits*
                  gf                           p

   Potential for at least 300,000 ounces per year, with 
   considerable upside, all from existing, wholly owned assets
   considerable upside, all from existing, wholly owned assets*
   Long‐term cash operating costs to be well below US$845/oz 
   recorded from Timmins Mine in 9M/11*
                                      /
   Continued growth in reserves and resource  from existing 
   assets – additional drilling and technical work to grow current 
                              g                       g
   resource base* 
   160 km2 land position hosts excellent potential for major new 
                 p                       p               j
   discoveries and extensions
                                               *Examples of Forward Looking Statements.
                                                                                          20
Lake Shore Gold

   Lake Shore Gold (TSX, NYSE Amex: LSG)
   Shares Outstanding  (Basic)                                   400,146,669
   Shares Outstanding (Fully diluted)                            418,145,521
   Share Price (Nov. 28/11)                                              $1.30
   Market Capitalization                                        $520,000,000
   52 Week High/Low                                             $4.42 – $1.27
   3 month Average Volume (# of shares)                            3,700,000


              A Rapidly Growing Gold Company in Production 
                Doubling production in ’11 to 85‐90k ozs
                Doubled resourced for second straight year to 6.3M ozs
                Going forward:
                     More production and resource growth
                     C i     d     l    i
                     Continued exploration success


                                                                                 21

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Scotia Capital Mining Conference November 29, 2011

  • 1. Scotia Capital Mining Conference N o v e m b e r 2 9 , 2 0 11 Building Value through Growth  Building Value through Growth Production – Resources – Cash Flow  
  • 2. Forward Looking Statements Certain statements in this presentation relating to the Company s expected production levels, production growth, exploration activities, Company's levels growth activities potential for increasing resources, project expenditures and business plans are "forward-looking statements" or "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 failure, parts, disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete 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 results, forward looking statements. 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. More information about risks and uncertainties affecting the Company and its business is available in the Company's most recent 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 bl k 1 certified standard and 1 reject d li t are i l i ti f blank, tifi d t d d d j t duplicate inserted i t groups of 20 d ill core samples. Th bl k and th t d into f drill l The blanks d 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 security sealed Timmins, Ontario, Assay Laboratory in Vancouver, B.C. ALS Chemex is an ISO 9001-2000 registered laboratory preparing for ISO 17025 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 projects, Kusins, P.Geo., 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. Lake Shore Gold (LSG:TSX & NYSE Amex) Advancing five multi‐million ounce deposits* 1. Timmins Mine  – In commercial production – Updated reserve/resource in Q1/12* 2. Thunder Creek  – First resource released November 2011  – Commercial production targeted for 2012* 3. Bell Creek   – In advanced exploration – Updated resource in Q1/12*    4. Fenn‐Gib  – Large‐scale open‐pit project – First resource released in November 2011 5. Thorne (GRT) – Updated resource expected in Q1/12* *Examples of Forward Looking Statements. 3
  • 4. Lake Shore Gold – Achieving Growth Rapidly Growing Production, Resources – with more to come Production to double in 2011 o Total gold poured of 60,014 ounces in 9M/11, targeting at least 85,000 on 2011* o Production growth to continue through advancement of five deposits Cash costs to improve h o $96/tonne or US$845/oz in 9M/11 o Working to return to Q1/11 levels of $92/tonne and US$586/ounce* Resources already doubled in 2011, more growth to follow* o Total resource now totals 6.3 million ounces o To increase further through updated NI 43‐101 estimates in Q1/12* To increase further through updated NI 43 101 estimates in Q1/12 Exploration upside at multiple properties – more growth to come   o Deep hole discovers potential 1.9km extension at Timmins Mine  o Company built on exploration success (“with Drill Bit”) and, increasingly, on cash flow  from gold sales *Examples of Forward Looking Statements. 4
  • 5. Timmins Gold Camp N LSG Bell Creek Ontario Timmins Ti i Timmins LSG Timmins West Toronto Detroit 5
  • 6. Strong Land Position in Timmins Bell Creek Complex Taylor T l Taylor Mine Mine Black Black Hoyle Hoyle Fox Fox Pond Pond Hollinger Hollinger McIntyre M I t McIntyre Pamour Fenn-Gib Fenn Gib Mine Timmins, Ontario Ross Ross Mine Mine Dome Dome Mine Mine Timmins West Mine Complex 6
  • 7. Timmins Mine Operations  Timmins West Complex Bell Creek Complex  7 7
  • 8. Steadily Growing Production   43,500 7,700 Actual Actual *Examples of Forward Looking Statements. 8
  • 9. Timmins West Complex  Timmins Mine Ti i Mi Commercial production Jan1/11 32,486 ozs in 9M/11 Shaft UM1 grade reconciling well  UM1 grade reconciling well Significant infrastructure completed Development ongoing to more fully  access orebody, increase production Updated resource in Q1/12/ Cash Costs Q1 Q2 Q3 9M $/t 92 122 94 96 US$/oz  586 1,187 884 845 Thunder Creek Advanced exploration program 8,497 ozs recovered in 9M/11 Underground access and ventilation   l t d completed  Bulk sample off 730 L advancing 9
  • 10. Bell Creek Mine – Excellent Long‐Term Potential  Advanced exploration program Surface Shaft Mined out 17,792 ozs recovered in 9M/11 ramp areas Dec 2010 NI 43‐101 resource  o 251,200 ozs M&I 300 Level o 1,192,000 ozs Inferred  North A H2/11 stoping area Zone Between 2,000 and 3,000 ozs per  420 Level Planned development vertical metre below 950 L North A “Deep” Updated resource to 1600m depth  targeted for Q1/12* Mine scoping study to be completed  by mid‐2012* 1600 metre depth (Open) *Examples of Forward Looking Statements. 10 10
  • 11. Bell Creek Mill – Expanding to Meet Growth  Meeting and exceeding current 2,000 tpd capacity Excellent recoveries – consistently exceeding 95% Two‐phase expansion* – timing to correspond to mine  advancement Phase 1 to 3,000 tpd*  Mainly involves crushing and grinding Estimated cost – $80 million  Phase 2 to 5,500 tpd* , p Phase 1 incorporates material handling, crushing,  grinding and infrastructure  (to support Phase 2  capacity) Phase 2 work mainly involves back end of circuit  Estimated cost – $40 to $50 million *Examples of Forward Looking Statements. 11
  • 12. Doubled Resources in First 11 Months 2011  6.3 Doubled Resources 3.2 32 Doubled Resources 3.0 1.8 1.5 3.1 0.6 1.2 0.9 12
  • 13. LSG Resources  Measured & Indicated Tonnes Au Grade (g/t) Contained Ounces Timmins Mine* 3,268,000 8.56 892,700 Thunder Creek 2,877,000 5.64 521,600 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 3,147,900 Inferred Tonnes Au Grade (g/t) (g ) Contained Ounces Timmins Mine* 894,000 5.74 164,900 Thunder Creek 2,693,000 5.89 510,000 Thorne (GRT) (GRT)* 4,154,000 4 154 000 3.33 3 33 444,500 444 500 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 24,500,000 0 95 0.95 750 000 750,000 Total 3,231,100 *Revised 43-101 resources planned for Q1/12 OP – Open Pit 13
  • 14. Doubled Resources in 2011   Significant new resources added in November 2011 Thunder Creek  Fenn‐Gib  521,600 521 600 ozs @ 5 64 gpt M&I 5.64 1,300,000 1 300 000 ozs @ 0 99 gpt Ind 0.99 Ind. 510,000 ozs @ 5.89 gpt Inf. 750,000 ozs @ 0.95 gpt Inf. November 16, 2011 November 17, 2011 Resource to 900m level Potential large‐scale, open‐pit  g p p 200m interval contains 650,000 ozs mining operation @ approx. 6 g/t Excellent potential to grow  To support mining for 3‐4 years  resources   while Company grows Timmins while Company grows  Timmins  Silver content recent expansions Silver content, recent expansions  Mine/Thunder Creek deposits* not included in resource *Examples of Forward Looking Statements. 14
  • 15. Thunder Creek – First Resource   Thunder Creek   2,877,000 tonnes @ 5.64 gpt for 521,600 ozs 2,693,000 tonnes @ 5.89 gpt for 510,000 ozs 200 metre interval around 730 Level contains  200 metre interval around 730 Level contains 650,000 ozs @ close to 6.00 gpt >3,250 ozs per vertical metre Near existing infrastructure  To support efficient, profitable mining  while  new reserves/resources established* Mine planning & design   Significant potential to grow resources at depth  and along strike and along strike 650k ozs @ 6.00 gpt *Examples of Forward Looking Statements. 15
  • 16. Fenn‐Gib Resource  40.8 t @ 0.99 for 1.3M ozs Ind. 40 8 t @ 0 99 f 1 3M I d 24.5 t @ 0.95 for 0.75M ozs Inf. Gold price US$1,190/ozs., cut  off grade of 0.5 gpt Potential for extensions  considered excellent High silver values and recent  200 metre expansion not  200 metre expansion not included in resource  Recent Hole: FG-11-04 1.31 gpt over 414.0m 16
  • 17. Exploration – Much More Growth to Come Early Stage Advanced Exploration Development Production Timmins Mine  Commercial production effective Jan. 1/11 – Updated NI 43‐101 in Q1/12 Thunder Creek  Initial resource >1M ounces at close to 6 gpt PFS/mine  design ongoing   Comm Prod’n ’12*  Bell Creek   Mineralization already extended 400m   Updated 43‐101, PFS planned*  Fenn‐Gib  New resource Nov. ‘11,  recent expansion highlights depth potential  Thorne (GRT)  >3.5km strike length with open pit, U/G potential  Vogel/Marlhill Initial resources mainly within 400m of surface  144  144 Adjacent to Thunder Creek, Initial results compare favourably Adj t t Th d C k I iti l lt f bl Wetmore Second potential mineralized trend at Bell Creek Complex Casa Berardi JV option with Aurizon ‐ Highly prospective land position *Examples of Forward Looking Statements. 17
  • 18. Deep Target – Potential 1.9Km extension  Hole intersects UM and  Hole intersects UM and Footwall mineralization  at 2,380m from surface Potential quadrupling of  Potential quadrupling of UM Zone  Hole came into target  on north limb of fold on north limb of fold Wedge cuts into nose of  fold planned (greatest  potential for high grade  potential for high grade mineralization) Second, deeper zone  discovered, results  discovered results pending Hole continuing to test  TM and TC depth TM and TC depth  potential  18
  • 19. Poised for Short‐Term Value Enhancement    Over next several months, LSG expects to achieve:  Improved  Further Growth  Progress with  Continued  Production   Production in Total  in Total Mill Expansion  Mill Expansion exploration  exploration Performance   & Cost  + Resources,  + 43‐101 updates  and  Mine Scoping  + success ‐ 27  drills currently  Management in Q1/12 in Q1/12 Studies working  working Increased production Increased production Lower cash costs = Rapid resource growth Greater clarity – future production Additional new discoveries/extensions  19
  • 20. Leading to Long‐Term Value Creation   Much more production and resource growth to come  Advancing five multi‐million ounce deposits* gf p Potential for at least 300,000 ounces per year, with  considerable upside, all from existing, wholly owned assets considerable upside, all from existing, wholly owned assets* Long‐term cash operating costs to be well below US$845/oz  recorded from Timmins Mine in 9M/11* / Continued growth in reserves and resource  from existing  assets – additional drilling and technical work to grow current  g g resource base*  160 km2 land position hosts excellent potential for major new  p p j discoveries and extensions *Examples of Forward Looking Statements. 20
  • 21. Lake Shore Gold Lake Shore Gold (TSX, NYSE Amex: LSG) Shares Outstanding  (Basic) 400,146,669 Shares Outstanding (Fully diluted) 418,145,521 Share Price (Nov. 28/11) $1.30 Market Capitalization $520,000,000 52 Week High/Low $4.42 – $1.27 3 month Average Volume (# of shares) 3,700,000 A Rapidly Growing Gold Company in Production  Doubling production in ’11 to 85‐90k ozs Doubled resourced for second straight year to 6.3M ozs Going forward: More production and resource growth C i d l i Continued exploration success 21