Elgin Mining Inc.

ELG:CA $0.92

• About Elgin
  • Corporate Profile
  • Summary Strategy
  • Board of Directors
  • Management Team
  • Corporate Governance
• Operations
  • Operations Overview
  • Lupin
  • Ulu
  • Other Properties
  • Technical Report
• Corporate Responsibility
• Investors
  • Overview
  • Stock Info
  • Shareholder Information
  • Financial Reports
  • Analyst Coverage
• News & Events
  • News Releases
  • Presentations
  • Events

About Elgin

• Corporate Profile
• Summary Strategy
• Board of Directors
• Management Team
• Corporate Governance

Summary Strategy

The Lupin Gold Mine and Ulu gold project in Nunavut Territory were both acquired in July 2011 for C$4.815 million in cash and 1.8 million Elgin common shares. In addition, the Company replaced certain reclamation bonds in the approximate amount of C$27 million with the Government of Canada, which post security for the reclamation liability at the Properties. In return for this consideration, Elgin secured at the Lupin Gold Mine the past-producing mining and processing facilities, a 400-man camp, a fuel farm and associated power generating station, a landing strip capable of landing large aircraft, and an extensive inventory of equipment and other materials. Furthermore, the Lupin Mine is fully permitted with all permits in good standing.

Elgin's core strategy is to aggressively explore the Lupin and Ulu deposits to identify additional gold mineralization and add to the existing resource inventories at both projects. The focus at Lupin will be to test known extensions of the main Lupin ore body and to identify and develop near surface deposits at or nearby the existing process plant and infrastructure which would then facilitate a rapid restart of operations. Relative to other junior gold exploration companies, Elgin's competitive advantage is the existing mine and mill facilities at the past-producing Lupin Gold Mine and associated infrastructure, together with a fully permitted facility.



The mine and mill are in excellent condition in care-and-maintenance status since 2004 when prior operations ceased, with environmental permits in place.

The exploration program at Lupin and Ulu in 2011 and 2012 will consist of the following stages:

Lupin

• review the extensive geology and geophysics databases to identify key drill targets at both mine and regional level.
• complete a detailed review of Lupin Mine targets with potential to provide ore for re-start of operations
• complete ground geophysics on regional targets to upgrade data and better define drill targets
• complete a detailed mapping and sampling program at all regional targets
• commence phase 1 drill program at Lupin during Q4 2011
• accelerate and expand the drill program at Lupin commencing late Q1 2012
• complete detailed IP and Mag surveys over the entire property early in 2012
• commence a regional drill program to explore the Lupin iron formations.
• commence engineering studies in 2012 for rapid restart of mill and mine operations

The primary goal of the drilling planned at Lupin will be to identify new ore bodies by exploring targets in relatively close proximity to the existing mine and mill that can be accessed by either the existing extensive road system or by helicopter.

Ulu

• review drilling and geological database to define drill program which will commence late Q1 2012
• expand the current high grade Flood Zone at depth and along strike
• commence detailed reconnaissance exploration over the entire Ulu property where there are at least 14 known gold occurrences
• follow up with historial high-grade VMS intercepts at Ulu.

Although management's primary focus will be on exploring and developing Elgin's Nunavut projects, the Company will also selectively pursue other opportunities to bolster its portfolio of other projects through joint venture arrangements and/or other investments.