Balmoral Provides Exploration Update - Seite 2

Borehole UTEM Surveying

Downhole EM surveying of the outer fringe of holes completed to date has continued and several strongly conductive features have recently been identified proximal to the deepest drill holes completed to date. The down-hole conductors appear to correlate well with the projected extensions of the Horizon 3 nickel zone.

Airborne Geophysical Survey

The airborne geophysical survey of the GUC has now been completed and Balmoral anticipates receipt of the final geophysical data and interpretations within the next 4-6 weeks. Roughly 2,400 line kilometres of surveying were completed. Results of the airborne survey will be used to explore for additional zones of nickel-copper-PGE mineralization within the GUC, as well as to aid in the exploration for gold and other styles of mineralization within the broader property package. In addition to Balmoral's holdings over the GUC the airborne survey covered the Company's Jeremie, Lac Fleuri, Nantel and Grasset North Properties.

Martiniere Gold Property

The summer 2014 diamond drill program on the Martiniere Property, located 40 kilometres west of the Grasset nickel discovery, has now been completed. In total 20 holes, totaling just under 6,500 metres, were completed along the Bug Lake Gold Zone. Drilling targeted an interpreted "steep" along the southern portion of the Bug Lake Zone, a previously sparsely tested portion of the Zone proximal to the fault which offsets the northern and southern segments and, on a visual basis, appears to have successfully extended the Bug Lake Zone to the north by 240 metres, bringing the total strike length of the system to over 1,280 metres. Final results from the summer program are anticipated within the next 3 to 4 weeks.

Additional infill drilling of the Bug Lake Zone, including follow-up testing of last winter's bonanza grade Footwall Sub-Zone intercepts from holes MDE-14-143 and MDE-14-145 (which included 1,138 g/t gold over 4.87 metres; see NR14-10, May 12, 2014) is tentatively planned for January 2015 when winter conditions provide more ready and rapid access for the infill program.

Lac Hugo Exploration Target

Initial drill testing of the Lac Hugo exploration target is currently underway. The Lac Hugo target, located on the eastern portion of the Grasset Property approximately 20 kilometres east of the Grasset Nickel discovery, is a blind exploration target spanning a 5.0 kilometre stretch along the Sunday Lake Deformation Zone (which hosts the Detour Gold Deposit 80 kilometres to the west). Geophysical work has identified an extensive I.P. (strongly resistive, weak to moderately chargeable) anomaly in an area of what is interpreted by Company geologists to be strong structural deformation along the trend of the Sunday Lake Deformation Zone in a previously undrilled area of the Property.