Twin Mining Corporation

COMPANY DATA | INTRODUCTION | PROPERTIES IN HAND | MANAGEMENT
CONCLUSION | NEWS UPDATE | CHINESE

COMPANY DATA

INTRODUCTION

Twin Mining Corporation is a natural resources company engaged in gold and diamond exploration and gold development.

The Company was founded as a gold exploration company in 1985, is trading on the Toronto Stock Exchange under the Symbol of TWG and is also listed on the Frankfurt/Berlin OTC Exchange.

All of Twin Mining's properties are located in North America. The two 100% owned diamond projects, TORNGAT and Jackson Inlet, in Canada's eastern Arctic, six gold exploration properties (80% owned) in Quebec and the 100% owned Atlanta Gold Project in development in Idaho, U.S.A. All of Twin Mining's properties are owned 100 percent.

The Company's strength lies in the quality of the projects, the opportunities they offer and the experience and reputation of the management.

PROPERTIES IN HAND

Diamond Projects
(1) TORNGAT Project

Mid 1999 Twin Mining Corporation entered into diamond exploration and staked the TORNGAT property to explore for diamonds. By the end of 1999, the Ministere des Resources naturelles du Quebec had granted the Corporation four contiguous mine exploration permits for a period of five years covering a total of 444 square kilometres on the east coast of Ungava Bay in northern Quebec.

(2) Jackson Inlet Project

The Jackson Inlet kimberlite property is located on the West Coast of the Brodeur Peninsula of Baffin Island. It is centered 3.3 km south of Jackson River at 73° 14'48" latitude north and 88° 16'12" longitude west. Approximately 120 km to the east, the Nanisivik mine and the community of Arctic Bay are serviced by scheduled commercial jet aircraft and marine shipping companies. The Brodeur Peninsula is bounded by Admiralty Inlet, Lancaster Sound and Prince Regent Inlet.

The diamond properties are located close to commercial airports and natural deep-sea harbors therefore they are easily accessible which in turn lowers the exploration costs and eventually the operating and capital costs. Both properties show many prospective targets, an indicated of great upside potential.

The focus of the diamond exploration is on the 1.3 million acres at Jackson Inlet located on Baffin Island, Nunavut. There, 46 carats of gem quality diamonds (including 30 stones between 0.25 and 1.557 carats) were excavated during the second year of exploration. The area greatly increased its potential with the discoveries made during last summer's exploration activities.

Gold Projects
(1) Atlanta Project, Idaho, U.S.A.

The Atlanta Project is an advanced stage development project located 60 air miles northeast of Boise (state capital) in Elmore County, Idaho, U.S.A. Idaho is a mining friendly state with a long mining tradition. The State government has expressed its strong support for new mine development in general and the development of the Atlanta Gold Mine in particular. The property is approximately 2 km south of the town of Atlanta and is comprised of 113 unpatented mining claims, 33 patented lode claims and 2 patented mill site claims totaling 1,840 acres. Twin Mining Corporation through its wholly owned subsidiary Atlanta Gold Corporation of America Inc. has a 100 percent interest in the project.

Atlanta Gold Mine, a former producer of more than 400,000 ounces of gold and 2.2 million ounces of silver, has a measured mineral resource of 33.7 tonnes (1.1 million ounces) of gold and 99.5 tonnes (3.2 million ounces) of silver. It has an upside potential of another ? million ounces of inferred gold reserves and potentially another 1 million ounces gold grading 10 g/t (0.3 oz/t) underground.

A recently updated economic study for the Atlanta Gold Project concludes that, using a base case of US$325 per ounce for the gold price, total site cash cost (US$166) plus depreciation and amortization of US$230 per ounce and capital costs of US$34 million, an IRR of 25.6 percent results. Latest gold recovery test results show an increase in gold recovery from 65% (base case) to more than 70%.

A bankable feasibility study and pre-construction program, which is designed to bring the mine into production in 2005, are underway and the Company expects Atlanta to join the ranks of medium North American sized producers.

The great upside potential on open-pit-able gold reserves allows Twin Mining to target a production rate of 100,000 ounces of gold per year for a mine life of more than 10 years. Existing underground gold reserves and upside potential are expected to further extend the mine life.

(2) Abitibi Gold Belt Project, Quebec, Canada

Twin Mining optioned six gold properties located along a 65 km stretch of the Abitibi gold belt in Quebec, which also includes multimillion-ounce producing gold mines. The area produced already 150 million ounces of gold and just recently an inferred mineral resource of 3.3 million tons were outlined about 26 km west of one of the six properties optioned. The first drill hole has been collared and the Company expects that three drills will be turning to produce the planned 6,000 meters of BQ core before yearend.

MANAGEMENT

Twin Mining Corporation has a strong management team with experience in different areas. The Director and Officer includes:

Hermann Derbuch, P.Eng, Chairman, President, Chief Executive Officer and Director
Mr. Derbuch has more than 25 years of international mining, exploration and investment experience. He has a Masters Degree in Mining Engineering and is a Professional Engineer in the Province of Ontario. Most recently, Mr. Derbuch held the position of President and Chief Executive Officer of Minorca Resources Inc. Prior to that he was the President and Chief Operating Officer of Eden Roc Minerals Corp. and the Director of Mining with Noranda Minerals Inc.

James K. Gray, O.C., Director
For the past 45 years, Mr. Gray has been engaged in the oil and natural gas exploration business in Western Canada. In 1973, Mr. Gray co-founded Canadian Hunter Exploration Ltd. He is presently Chairman of Canadian Hunter Exploration Ltd., one of the larger natural gas producers in Canada. Mr. Gray is also a director of Canadian National Railways, EdperBrascan Corporation, Nova Scotia Power and the Hudson's Bay Company. Mr. Gray was awarded an Honourary Doctor of Laws degree in 1991 by the University of Calgary, a citation for Citizenship by the Government of Canada in 1992, the Fellowship of Honour by YMCA, Canada and was appointed as an Officer of the Order of Canada in 1995.

Gerard E. Munera, Director
Mr. Munera is a former President and CEO of Minorco (U.S.A.), a Senior Vice President Corporate Planning and Development and Member of the Executive Committee of RTZ and CEO of Union Miniere (Brussels). His extensive business experience of over 40 years includes chairmanships and directorships of senior and junior, private and public companies in the U.S., South America, Australia and Europe.

Robert Pendreigh, P.Eng., Director
Mr. Pendreigh is former Vice President and General Manager of AMEC E & C Services, based in Vancouver, which provides consulting, design, project and construction management services to the international mining industry. Prior to joining Simons, he was Vice President Technology with Fluor Daniel Wright in Vancouver and Consultant with A.H. Ross, Toronto. He is a graduate Metallurgical Engineer and worked in gold, uranium, diamonds and base metals in South Africa and Australia before becoming a consulting metallurgist for Anglo-American Corporation. Mr. Pendreigh was a director of Twin Gold's predecessor company Atlanta Gold Corporation from 1988 to 1996.

Alfred Powis, O.C., Director
Mr. Powis is a former Chairman and CEO of Noranda Inc. Mr. Powis is a Director of Noranda Inc., Canadian Imperial Bank of Commerce, Denison Mines Limited, Sun Life Assurance Company of Canada, Member of President's Advisory Council of Ford Motor Company of Canada Limited, and a number of subsidiaries within the Noranda Group of Companies.

Mr. Powis is also a Past Chairman of the Board of Trustees of the Toronto Hospital, Member of the Board of Princess Margaret Hospital, Founding Chairman of the Business Council on National Issues (BCNI), and Member of the British North American Committee. Mr. Powis was appointed an Officer of the Order of Canada in 1984; received an award from the Mineral Economics and Management Society for outstanding contribution to mineral economics. He was made an Honourary Associate of The Conference Board of Canada in October 1997.

Cedric E. Ritchie, O.C., Director
Mr. Cedric Ritchie is the former chairman of Scotia Bank and present chairman of the Business Development Bank of Canada. He also serves as a Director on the Boards of Mercedes-Benz Canada, Canada Post Corporation and Pacific Basin Economic Council, Canadian Committee. Mr. Ritchie is Governor of the Asian Institute of Management. His outstanding accomplishments for Canada have been recognized through his appointment as an officer of the Order of Canada and the awarding of a significant number of Honourary Degrees from Dalhousie University, Mount Allison University, Queen's University, St. Francis Xavier University, the University of New Brunswick and the University of Western Ontario.

Domenico Bertucci, CA, Chief Financial Officer
Mr. Bertucci formerly worked as an independent financial consultant and, prior thereto, was the Controller and Secretary Treasurer of Oxbridge Securities Inc. Mr. Bertucci received his chartered accountant designation in 1991 and joined the Corporation in July 1997 as accounting manager.

Paul Collins, Corporate Secretary/Officer
Mr. Collins has been a partner with the law firm of Lang Michener since 1991, practicing in the areas of corporate finance, mergers and acquisitions and securities law.

CONCLUSION

The Company's 3-year goal is to expand through selective acquisitions or joint ventures the scope of diamond and gold exploration and development assets and to advance the Jackson Inlet project to development stage and in 2005 the Company expects to bring Atlanta into production.

NEWS UPDATE

On January 20, 2005, Twin Mining Corporation announced that it has retained the services of Renmark Financial Communication Inc. to strengthen its investor relations activities.

On November 11, 2004, Twin Mining Corporation announced the results of the feasibility study completed on its Atlanta Gold Project located in Idaho, USA. Based on open-pit mining and conventional heap leaching, the study demonstrates 13,669,000 tons of mineral reserves yielding 525,000 ounces of gold. Total cash costs are US$188 per ounce of gold (following the reporting standards by the Gold Institute).

Behre Dolbear & Company Inc. (USA) has completed a 43-101 Technical Report of the positive Full Feasibility Study. The Atlanta Gold mining schedule anticipates a yearly production of more than 110,000 oz of salable gold and more than 280,000 oz of salable silver, on average, for the first full three years. The average yearly gold and silver production for 5.5 production years is 95,500 ounces of gold and 207,000 ounces of silver respectively.

Management believes that these results show the Atlanta Gold Project is commercially attractive and financially robust. Based on these positive results Twin Mining, through its 100% owned subsidiary Atlanta Gold Corporation of America, is now proceeding to bring the Atlanta Gold Project into production by the end of 2005, contingent on the successful completion of the Environmental Impact Study by mid 2005.

On October 20, 2004, Twin Mining Corporation announced the appointment of Bruce Thorndycraft for the newly created key position of General Manager of the 100 percent owned Atlanta Gold Mine, Idaho, USA. Mr. Thorndycraft is a well experienced engineer (BS Chemical Engineering, U. Minnesota and MS Metallurgical Engineering, U. Washington) and operator who is internationally recognized for his expertise in designing, developing and running gold heap-leach operations for over 20 years.

On October 18, 2004, Twin Mining Corporation announced that further evaluation of results to date from the Jackson Inlet 2004 exploration activities now indicate as many as 67 separate new kimberlite drill targets on 200,000 acres of the 1.3 million acres 100% owned land position on the Brodeur Peninsula, Nunavut. 

On September 27, 2004, Twin Mining Corporation announced that it has completed the third tranche of its previously announced non-brokered unit private placement. The third tranche consisted of 4,050,000 units at $0.20 per unit. Twin has now raised a total of $3 million (15,000,000 units) under this financing to date.

On August 26, 2004, Twin Mining Corporation announced that it has closed the second tranche of its previously announced non-brokered private placement, comprising 5,000,00 units. Each unit was issued at $0.20 and consists of one (1) common share and one (1) common share purchase warrant exercisable at $0.24 for 24 months.

On August 13, 2004, Twin Mining Corporation reported that during the first week of July 2004, till sampling commenced on the 3,984.5 sq. km (980,000 acres) Jackson Inlet south-claim block that is additional to Twin Mining's 1,090.4 sq. km (270,000 acres) north claim block for which Kennecott Canada Exploration, Inc. ("Kennecott") completed an airborne magnetic survey. Kennecott reported to Twin Mining the discovery of more than 50 anomalies from their airborne survey which confirms the quality and potential of Twin Mining's Jackson Inlet diamond project as compared to other diamond plays in Canada. A 1,600 sample program, together with an airborne magnetic survey on the 980,000 acre south claim block is forecast to have a total cost of $1.6 million. Twin Mining is in talks with other exploration companies that expressed interest in participating in exploration on the 980,000 acre Jackson Inlet south claim block owned 100% by the Company. The binding letter of intent which Twin Mining signed with Kennecott was terminated as a result of Twin Mining's obligation towards a third party having an interest in the Jackson Inlet property.

On August 12, 2004, Twin Mining Corporation announced that it has closed a placement for $1,240,000 raised by way of a non-brokered private placement of 6,092,857 units. The financing consists of units at a price of $0.20. Each unit consists of one common share and one warrant to purchase an additional common share for $0.24 exercisable for a period of 24 months.

On July 14, 2004, Twin Mining Corporation announced the discovery of kimberlite fragments on frost boil surfaces at the A-2 magnetic anomaly detected 450 metres northeast of the Freightrain diamondiferous kimberlite. The A-2 anomaly was detected during a ground magnetometer survey carried out in 2003 by JVX Ltd. (see press release September 18, 2003). The A-2 magnetic anomaly is one of the potential drill targets for this summer. The full exploration program based on the binding letter of intent between Twin Mining and Kennecott Canada Exploration Inc. will be announced.

On July 09, 2004, Twin Mining Corporation announced that its exploration team has arrived at Nanisivik and has commenced a $1.6 million exploration program on its 100% owned 950,000 acre Jackson Inlet claim block. The Company is in talks with other exploration companies that expressed interest in participating in these exploration activities. The exploration budget and program for the 270,000 acres, in respect of which Twin Mining and Kennecott Canada Exploration Inc. entered into a binding letter of intent (see press release of April 15, 2004), will be announced separately.

On April 15, 2004, Twin Mining Corporation announced that it has signed a binding letter of intent with Kennecott Canada Exploration, Inc. ("Kennecott") pursuant to which Kennecott may earn an interest in Twin's Jackson Inlet Project, located on the Brodeur Peninsular in Nunavut, Canada.

Kennecott will earn a 56% interest in the property by making exploration expenditures of not less than CDN$10 Million and completing a representative bulk sample within 4 years after execution of the Agreement. Kennecott may earn a further interest, to an aggregate of 71%, by solely funding all JV costs and completing a feasibility study within 7 years or a 67% interest if the study is completed within 8 years or a 62% interest if the study is completed after 8 years from the execution date of the Agreement. Once Kennecott has completed the feasibility study it can elect to earn a further 4%in the property by funding Twin's share of development of construction costs and bringing the mine into production within 10 years of the execution date of the Agreement.

On March 02, 2004, Twin Mining Corporation announced that it has raised $1,315,175 by way of a non-brokered private placement of 4,288,667 units. Each unit consists of one (1) common share and one (1) warrant. The warrants are exercisable for two years at an exercise price of $0.40 per share during the first year and at $0.50 per share during the second year. 2,383,667 units were placed with arms length parties at $0.30 per unit and 1,905,000 units were placed with two directors of the Company at $0.315 per unit.

On February 06, 2004, Twin Mining Corporation reported the discovery of twelve (12) new indicator mineral clusters. The clusters, based on the recovery of kimberlite indicator mineral grains from soil samples and stream sediments, suggest the presence of previously unidentified kimberlite bodies. Of the 426 samples collected, 110 contained indicator minerals. Seven of the twelve (12) clusters are located in the eastern half of Twin Mining's new claim block from 72°15' to 73°15' latitude. Several of the seven clusters correlate well with airborne magnetic anomalies and intersecting structures, which enhances of the probability of their relationship to kimberlite targets. Five clusters are within 3 to 6 km of the Freightrain and Cargol pipes. The high numbers of indicator minerals from the five areas provide strong evidence of kimberlite bodies under shallow overburden cover.

On December 01, 2003, Twin Mining Corporation announced that it has engaged Salman Partners Inc. as its agent to offer, by private placement, 15,800,000 units at a price of $0.38 per unit, for aggregate proceeds of $6,004,000. Each unit will consist of one common share and one-half common share purchase warrant.

Proceeds of the offering will be primarily used to complete the development phase of Twin Mining's Atlanta Gold Project, including the completion of a full feasiblity study, and for general corporate purpose.

On November 24, 2003, Twin Mining Corporation reported that its 2003 third quarter result and the exploration efforts on the Jackson Inlet diamond project were rewarded with exciting new discoveries.

During the quarter, Twin Mining optioned six gold properties on the Abitibi gold belt which are located along a 65km stretch of the gold belt and include multimillion ounce producing gold mines, such as Doyon (Cambior) and LaRonde (Agnico Eagle).

On November 20, 2003, Twin Mining Corporation announced it has raised a total of $1.3 million by way of non brokered private placements of 762,500 common shares and 3,000.000 units, with each unit consisting of one common share and half warrant attached, with Macquarie Bank Limited of Sidney, Australia and City Natural Resources High Yield Trust PLC of London, England respectively. The warrants are exercisable for 18 months at $0.50 per share.

On November 13, 2003, Twin Mining Corporation reported that it has completed 8,976 meters of core drilling on three of its Abitibi gold properties. Early visual evidence for gold mineralization in recovered core from these properties warranted acceleration of the drilling program by increasing the number of drills from three to six with a seventh drill to be introduced shartly.

On October 15, 2003, Twin Mining Corporation announced an important milestone in the completion and approval of an Environmental Impact statement for the Atlanta Gold Project, currently scheduled to be completed in the 2nd half of 2004.

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