April 2015 www.cegmining.com
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This presentation contains certain “forward-looking statements”.
All statements, other than statements of historical fact, that address activities, events or developments that Cerro Grande Mining Corporation (“CEG” or the
“Company”) believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”,
“plan”, “estimate”, “expect”, and “intend” and statements that an event or result “may”, “will”, “can”, “should”, “could”, or “might” occur or be achieved and other similar expressions. These forward-looking statements reflect the current internal projections, expectations or beliefs of CEG based on information currently available to CEG. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by CEG with securities regulatory authorities, that may cause the actual results of CEG to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on CEG. CEG expressly disclaims any obligation to update or review any such forward looking statements.
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Introduction
Corporate Overview
Chilean Assets Overview
Pimenton
Tordillo
Catedral Rino
Santa Cecilia
Summary
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• Existing gold and copper producer with targeted production of 12,000 oz. of gold and 350 tonnes of copper for 2015 from the Pimenton Mine
• Have completed an updated 43-101 reserve and resource report in December, 2013 for
Pimenton. 49,254oz gold and 1,656 Tonnes of copper in Proven and Probable
• Track record of continuously adding to Reserves through exploration and development
• Significant drop in costs at the mine. Tonnes through the mill has been increased.
• Multiple Au and Cu vein targets at Pimenton and Tordillo
• Multiple porphyry exploration assets in ‘the right neighbourhoods’ at Pimenton, Tordillo and
Santa Cecilia
• Currently drilling for additional gold/copper veins at Pimenton. The company operates two diamond rigs with 1,000 meter capacity and one with a capacity of 300 meters.
• Drilling porphyry targets at Pimenton with drilling planned through this up coming winter season
• Proven exploration track record of Management and Board
• This Presentation has been reviewed by Dr. David R.S. Thomson, EVP of Exploration and a QP under NI 43-101.
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Summary
Existing production and cash flow
Four core assets located in a proven mining friendly jurisdiction
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2 highly prospective and potentially sizable Au/Cu porphyries
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2 high grade vein systems
Drilling on core Pimenton property at present
Proven Board and Management - significant exploration pedigree and track record of successful exploration including:
• El Indio, Pascua, Caserones, Maricunga (ex Refugio),
Mesquite, Agua Rica, Marte/Lobo, Santa Cecilia, Cerro
Lindo…
Pimenton Metrics
Symbols
Capitalization Overview
Shares Outstanding
(Basic)
Options, Warrants &
Converts
Shares Fully Diluted
Current Share Price¹
Market Cap
CNSX: CEG.CAC
OTCQB: CEGMF
174,977,010
21,407,952
196,384,962
G$ 0.01
C$ 1,749,770
Note 1: Share price as of April 7, 2015
Reserves
Name
Prov/Prob.
2013
Tonnage tonnes
Grade
Au g/t
138,000 11,1
Resources Tonnage Grade
Inferred Veins 162,000 12,3
Inferred Porph. 40,000,000 0.43
Gold
Oz Au
49,254
Gold
64,070
540,192
Grade
Cu %
1.20%
Grade
1.3%
0.37%
Sales
2011
2012
2013
2014
2015
Gold
12,716 oz
13,576 oz
Copper
377 t
410 t
10,591 oz 314 t
9,220 oz 287 t
12,000 oz 350 t
From last published 43-101 reserve December 2013.
US DOLLARS
US$24,289,000
US$25,549,000
US$18,677,000
US$14,064,000
Copper t Cu
1,656
Copper
2,106
148,000
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Insider Shareholdings
David Thomson
Mario Hernandez
Fernando Saenz
Stephen Houghton
30.12%
31.38%
3.62%
1.64%
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Paul J. DesLauriers (1,2,3,4)
Toronto, Canada
Chairman
A founder, EVP and Director of
LOM Limited. Past Chairman of the Canadian Securities
Institute and Vice Chairman and Governor of the Montreal
Exchange.
Stephen W. Houghton
New York, USA
CEO
Founder of Cerro Grande
Mining Corporation holds an
Economics degree from the
Wharton School of Finance and
Commerce and started his career at Morgan Guarantee
Trust Company.
Mario Hernandez
Santiago, Chile
Director, EVP Claims & Land
Mgmt.
Mining engineer with a degree from the Universidad del
Estado, La Serena, Chile. Has been involved in numerous projects as an investor and explorer including El Indio,
Pascua Lama, Caserones and
Maricunga ex Refugio .
Richard Lachcik (3,4)
Toronto, Canada
Director
Partner in the law firm Norton
Rose Fulbright and specializes in securities, corporate and mining matters .
William Hill (1,3,4)
Rock wood, ON, Canada
Director
Holds a B.A.Sc. in Mining from the University of Toronto. Very active mining engineer with experience with large copper operations in Chile, Peru and the Philippines
Fernando Saenz Poch
Haulpen, Chile
Director
Holds a M.Sc. In Operations
Management from the
University of Nottingham.
General manager of MADESAL, a real estate and fitness center operator.
Juan Proaño (3)
Potomac, Maryland
Director
Graduated from the
Universidad Nacional de
Ingenieria in Lima with a degree in Mining Engineering and from Stanford University with a degree in Geology and has been active in Peru and
Chile as General Manager and
Director of various projects and mines.
Dr. David Thomson
Santiago, Chile
Director, EVP Director of
Exploration
Holds a PhD from the Royal
School of Mines, Imperial
College and has a very successful career as an exploration Geologist and investor in projects in Peru,
USA, Canada and Chile.
1 Member Audit Committee
2 Member Compensation Committee
3 Member Technical Committee
4 Member Corporate Governance and Nominating Committee
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Peter Hogg, CA
Toronto, Canada
CFO
President Palmer Services that provides accounting support for multinational corporations which have a presence in
Canada but are without a local accounting department.
Frederick Seeley (1,2,4)
New York, USA
Director
Graduated with a BA from
Princeton University and an
MBA from New York University.
Started his career at Schroder
Bank & Trust and went on to be a founder and chairman of
Givens Hall Bank and Trust Co.
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Pimenton Vein Mine
Properties
• High grade Au, Cu mine
• Operating at near 128 tpd 28 days a month
• Target 2015 production is 12,000 oz. Au and 350 tonnes of Cu
• 2015 Target Au Eq. total cash cost of US$900 oz versus US$1,191 oz in 2014
Pimenton Porphyry
• Cu, Au, Moly
• Geology similar to CODELCO’S El
Teniente, ANGLO AMERICAN’S Los
Bronces, CODELCO’S Andina and
ANTOFAGASTA’S Pelambres mine
• Inferred NI 43-101 resource:40Mt @
0.37% Cu & 0.42g/t Au
• In 2006, Rio Tinto estimated the potential for a resource of 400Mt at
0.40% Cu and 0.43g/t Au in one target area alone.
• Presently drilling with company’s own diamond drill rigs.
Source: Technical Reports on the Pimenton Properties by WGM, Dated January 2011,
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CEG Will Concentrate its Exploration / Development
Activities Solely on Pimenton during the Fiscal Year
Ended Sept. 30 2015
PIMENTON – HIGH GRADE Au/Cu MINE
Summary Mine Overview
• High grade polymetallic underground mine
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Exploration conducted via drifting and underground sampling and diamond drilling
• 200 person mine and exploration camp
• Existing water rights for production
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Power from diesel generators
• Calendar 2015 mine targets include:
• Increase throughput through exploration for new veins
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Production target of 12,000 oz Au and 350 tonnes Cu
• Recoveries of approximately 95% Au and
90+% Cu
• The mine is producing with a innovative and proven narrow vein mining method resulting in 70 cm minimum width in working stopes `
• Underground mining on multiple levels via adits
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Six veins/vein systems known
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‘Jackpot Stull Mining’ directly over development drifts
• Company has three of its own diamond drills working onsite
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Well equipped with all required underground mining equipment on site.
• Some 60% of gold production is in the form of doré which is shipped to Switzerland
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Subject to a 5-6% sliding scale NSR
• Cash operating costs of approximately
US$900/oz. for the first quarter 2015.
PROVIDING POSTIVE CASHFLOW TO FUND
GROUP EXPLORATION ENDEAVOURS
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Summary
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38 square kilometre property 120km NNE of Santiago
Anglo American/Glencore West Wall project with 4.0 million tons of Cu metal and 1.20 million ozs of gold in 750,000,000 tons of rock lies 17 km to the S.W. of Pimenton
Very large Cu/Au porphyry target at Pimenton
To date inferred 43-101 resource of 40 Mt at 0.37% Cu and
42g/t Au
In 2006, Rio Tinto disclosed potential for a resource at
Pimenton of 400Mt at 0.40% Cu and 0.43g/t Au in one target area.
Substantial potential to add significant tonnage through further drilling
Multiple large Mobile Metal Ion Cu, Au and Moly anomalies established
Cerro Grande has to date drilled seven holes totalling 5,775 meters on porphyry exploration with Cerro Grande’s own drill rigs
Best hole to date cut 204 meters with 0.372% Cu and 0.24g/t
Au
Porphyry targets based on geology, assays and geochemistry/geophysics in mine area to be drilled in the coming winter of 2015
Pimenton lies in the same Miocene trend that hosts the mega
Chilean copper mines El Teniente, Andina, Los Bronces and
Pelambres
Rio Tinto Potential Resource¹
Historical
Name
Tonnage
Mt
Grade
Au g/t
Gold oz Au
Grade
Cu %
Copper tons Cu
Inferred 400,000,000 0.43
5,530,000 0.40% 1,600,000
Note 1: Based on 2006 Final Report by Rio Tinto available in www.ceg@cegmining.com
Contoured MMI Response Ratios
4 km
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4 km
10
+15
10-15
5-10
+15
10-15
5-10
+15
10-15
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Summary
• A 66.3 square kilometre property 12 km south of Pimenton which is 120 km NNE of
Santiago
• Anglo American/Glencore West Wall Project
(4.0 M tons copper 1.20 M oz Au) Lies 10 km to the West
• Cu/Au/Mo porphyry target with narrow high grade Au/Cu/Ag veins at Tordillo
• Alteration zone 2 by 3 km. Cu/Au MMI anomaly 1,700 by 350 meters
• Copper float extends below ridge of altered dioritic intrusive over 600 Mts
• 6 km access road up to 4200 Mt elevation completed
• Further exploration and development to recommence when Pimenton reaches average production of 150 -180 t/d at current gold price
Contoured MMI Response Ratios
2.5 km
2.5 km
+
15
10-15
5-10
+ 15
10-15
5-10
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Location Map Summary
• Located 80km SE of Santiago (2 hour drive)
• Inferred N.I. 43-101 resources of approximately 86,100,000 tons ¹
• Grade~90% CaCO
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• Accessible limestone for year round mining
• High grade limestone beds entirely within lower grade limestone
• Contacts marked by gradation
• Limestone zones of >200m thick
• CaCO3 grade varies from 73% – 93%
• High grade beds vary from 11m – >30m
• Shortage of local lime production and supportive demand
• Deposit well suited for production of both premium quality lime and Portland cement production
• Potential to build and operate >600tpd lime plant and/or >1,300,000 ton per year cement plant
NON-CORE ASSETS – DIVESTMENT/JV
Note 1: As determined by Watts Griffis and McOuat Limited, Dec 2010 Report available on CEG website
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Summary
• 32.5 square kilometres property 180 km by road east of
Copiapo. Altitude 4400 Mts
• Maricunga Mine of Kinross Gold Corporation with 7.2 M ozs Au lies 16 km to the North. Producing an average of some 200,000 oz of gold per year
• Cerro Casale of Barrick Gold Corporation with 17.4 M ozs Au lies 11.3 km to the south.
• 2010 - Quantec Geoscience CSAMT survey.
Encountered massive central anomaly with matching
Au and Cu MMI anomalies
• 2012 – 3,336 meters of diamond drilling on central anomaly split between two holes
CDM002 869 meters 0.08g/t Au, 0.18% Cu &
0.016% Moly
CDM003 1,048 meters 0.20g/t Au, 0.25% Cu & 0.008%
Moly
• 2013 – Quantec Geoscience ORION 3D DC/IP/MT survey completed over entire altered area
Quantec recommends 23 drill targets associated with five Au/Cu MMI anomalies
Four drill holes are planned 1,000 meters southwest of
EXETER Resources Caspiche orebody (contained gold of planned pit is 19.3 million ounces Au, 2.1 million tons of Cu metal and 41.5 million ounces of Ag according to Exeter Resources) Further 2 holes planned in central zone and another to the south
Location Map
Anglo American sampled 142 meters of a drift which gave 0.66 g/t gold and 18.46 g/t silver near a diamond drill hole intercept that assayed 11.26 g/t gold over 12 meters
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Diamond drill holes CDM 002 and 003 were put down on a strong and very large central CSAMT Quantec anomaly with closely coinciding gold and copper Mobile
Metal Ion anomalies. Both holes encountered strong but uneconomic gold, copper and molybdenum mineralization beneath the Santa Cecilia silica cap as summarized below.
CDM 002: Drilled due south at - 60 degrees and starting at 870 meters below the surface:
Intercept
Meters
994 -1,084
1,084 -1,556
1,556 -1,716
1,716 -1,863
Total
Length meters
90
472
160
147
869
GOLD g/t
0.14
0.10
0.05
0.03
0.08
COPPER
%
0.26
0.23
0.13
0.03
0.18
MOLY ppm
107
155
241
43
147
CDM 003: Drilled due south at minus -60 degrees and starting at 540 meters below the surface depth:
Intercept
Meters
550 -760
760 -1,060
1,060 -1,140
1,140 -1,260
1,260 -1,390
1,390 -1,598
Total
Length meters
210
300
80
120
130
208
1,048
GOLD g/t
0.14
0.19
0.23
0.28
0.25
0.20
0.20
COPPER
%
0.16
0.26
0.27
0.34
0.28
0.25
0.25
MOLY ppm
59
41
49
70
174
114
80
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• Existing gold and copper producer with production target for
Pimenton of 12,000oz. of gold and 350 tonnes of copper for
2015
• 43-101 Technical Review of reserve and resource for
Pimenton completed in Dec 2013
• Multiple Au/Cu vein targets at Pimenton and Tordillo
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Multiple porphyry exploration assets in ‘the right neighbourhood’ at Pimenton, Tordillo and Santa Cecilia
• Currently drilling porphyry targets at Pimenton
• Proven exploration track record of Management and Board
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Cash flow from production at Pimenton finances CEG’s activities
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