The Gold Report

The Gold Report Interview with Jay Taylor (9/29/14) "Balmoral Resources Ltd. has projects straddling the Ontario-Quebec border. It has a high-grade gold discovery on its Detour trend project at the Martiniere claim group, located 45km from the Detour Gold deposit. Also in this group of claims, which measures 700 km sq, the company has made a nickel and platinum group metal discovery This is a very successful company from an equity point of view and from an exploration point of view." More >

Tickerscores (9/16/14) "The average score of Quebec and Atlantic Canada exploration was 42.5. . .Balmoral Resources Ltd. took home the #1 spot. It far exceeds every other company in market capitalization ($144M), cash ($11M), and overall Tickerscore (79). It held the #1 spot in our last report as well, and was one of the best performing stocks on the Toronto Stock Exchange this year."

Brien Lundin, Gold Newsletter (Jefferson Financial) (9/11/14) "Balmoral Resources Ltd. has reported some encouraging assays from drilling at Grasset, a nickel-copper-PGE play within its 700 km sq Detour Trend project in Quebec. . .the company's commanding property position along one of the last under-explored trends within Canada's Abitibi Greenstone Belt makes it a compelling exploration story, one that has the potential to grow rapidly via the drill bit."

Kevin MacKenzie, Salman Partners (9/5/14) "Balmoral Resources Ltd. provided an update on its exploration activities at its Detour Gold Trend project. . .drilling to date [Grasset Zone] has focused on Horizon 3; mineralization has been intersected 160m along strike and to a vertical depth of 270m. . .the company expects the results of ~2,400 line km of airborne geophysics within the next 4–6 weeks. . .with the results of 40 drill holes to be released in the next several weeks, Balmoral will be a company to keep a close eye on."

Eric Lemieux, EBL Consultants (9/4/14) "Drilling to date on Balmoral Resources Ltd.'s Grasset property has begun to outline significant zones of Ni-Cu-PGE mineralization at the southern end of the ~16 km long Grasset ultramafic complex. . .the initial drilling has defined multiple sulfide-enriched mineralized horizons (Horizons 1 to 3). . .the discovery of this style of mineralization opens up significant exploration potential along the length of the Grasset ultramafic complex, and we believe that the company may be able to crystallize the value of this significant Ni-Cu-PGE discovery."

Philip Ker, PI Financial (8/29/14) "We recently completed a site visit to Balmoral Resources Ltd.'s Grasset and La Martiniere exploration projects. . .the Grasset project is rapidly driving value for the company's share price as drill results continue to demonstrate high grade Ni-Cu-PGE values. . .mineralization remains open along strike and at depth."

Lawrence Roulston, Resource Opportunities (8/26/14) "Balmoral Resources Ltd. reported further high-grade nickel-copper-PGE intercepts from each of the first eight holes targeting its recent Horizon 3 discovery on the Grasset property in Quebec. . .drilling to date at Martiniere has outlined a couple of high-grade, near-surface gold zones and the current drilling is intended to confirm continuity and also push out the limits of the zones."

Jordan Roy-Byrne, The Daily Gold (8/24/14) "Balmoral Resources Ltd. has been one of the biggest early winners of this fledgling bull market and I think it can continue to move higher. It has two projects with strong takeover potential."

Kevin MacKenzie, Salman Partners (8/18/14) "Balmoral Resources Ltd. announced today the initial drill results from its 100%-owned Grasset Ni-Cu-PGM project. . .drilling highlights: GR-14-28 returned 102.86m grading 1.03% nickel, 0.11% Cu, 0.22 g/t Pt and 0.53 g/t Pd, including 54.08m grading 1.62% Ni, 0.18 % Cu, 0.36 g/t Pt and 0.88 g/t Pd."

The Gold Report Interview with Björn Paffrath (8/18/14) "Balmoral Resources Ltd. President and CEO Darin Wagner is on the Falco board. Balmoral itself had a huge run. It was presenting in Europe at $0.50–0.60/share; now it is around $1.90. You never really lose money with Darin. I like him very much. He's not overpromising or underdelivering. He has a good nose for the right asset. The latest high-grade discoveries are very promising and also the nickel deposit was a nice add on. Let’s see how long the company will be around." More >

Kevin MacKenzie, Salman Partners (7/24/14) "Balmoral Resources Ltd. has amassed a significant land package of more than 700 sq km along strike and to the east of the recently commissioned Detour Lake mine (15.6 Moz Au). The company's recent high-grade Ni-Cu-PGE discovery at Grasset now has the firm focused on advancing this well-timed base metals target. . .drill hole GR-14-25 in Horizon 3 hit the best intercept to date, with 45.28m at 1.79% Ni, 0.19% Cu, 0.42 g/t Pt and 1.04 g/t Pd. . .the company has a proven management team with a history of discovery and value creation."

Lawrence Roulston, Resource Opportunities (7/21/14) "Prospects are good for more good holes from Balmoral Resources Ltd.'s Bug Lake and Grasset discoveries, which would continue to propel the share price. . .with drilling underway on two high-potential projects, there is considerable upside potential."

The Gold Report Interview with Byron King (7/21/14) "Balmoral Resources Ltd. is up in Canada's Abitibi Greenstone Belt. This is a hugely productive geologic area filled with mineralized shears and faults. It's an area that has been heavily prospected and mined over the years. Balmoral is on the Detour Gold Trend. . .Balmoral's stock price has risen nicely over the last three months. Investors and the market are rewarding management for doing the right things with company assets. Balmoral is aggressive. It has a strong exploration program. It is always drilling, adding resources and reserves. . .Balmoral is a development company that keeps adding numbers to the bottom line. Considering its location and the existing infrastructure, it's true takeout bait. . .I've spoken with management. Balmoral is going to keep adding value through the drill bit and its development efforts. So far, those drill cores keep adding resources, which says a lot about the people who are telling the drillers where to drill. Looking ahead, I believe that shareholders will be rewarded by a string of good, solid news releases that indicate more resource and growing value." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (7/11/14) "With working capital of CA$11.9M, Balmoral Resources Ltd. is well positioned to develop both Grasset and Martiniere extensively in 2014. . .all in all, this looks like the type of company that could easily become a takeout target, especially if the drill bit continues to generate good results. It's a Strong Buy."

Morning Coffee (6/27/14) "Balmoral Resources Ltd. completed a flowthrough share offering for total proceeds of more than $4M, which will be used for further exploration of its Detour Trend gold project and other properties located in the province of Quebec. The company holds a monopoly position with an 82km strike on the Quebec side of the Detour trend, which also hosts the world-class 23 Moz Detour Lake mine."

Haywood Securities (6/25/14) "Balmoral Resources Ltd. has one of the largest land packages in the Abitibi area, controlling 82 km of the Detour-Sunday Lake deformation zone, which also hosts the Detour Lake gold project. . .the Martiniere gold system is located 45 km east of Detour Lake, and multiple discrete gold-bearing zones have been identified along a length of more than 2,700 m and a 1, 000 m-wide corridor that remains open in all directions."

The Gold Report Interview with Lawrence Roulston (6/25/14) "Balmoral Resources Ltd. is my favorite gold junior operating in Canada right now. The company has had tremendous exploration success in Québec. It made a substantial gold discovery at Martiniere and continues to expand its limits, adding size and scale. Balmoral has huge holdings that extend for about 80km into the Sunday/Detour Lake deformation zone of the Abitibi Greenstone Belt. Its properties are south of James Bay, just on the other side of the Ontario border. On the Ontario side, Detour Gold is producing over 100 Koz of gold quarterly from a resource in the order of 30 Moz. Balmoral has decided, quite wisely, to focus on Martiniere, much of which remains unexplored. . .Grasset is really a standalone project. I'm just guessing here, but it's the sort of thing it might be able to spin off or sell. Balmoral is likely to remain a gold company because that will result in a higher valuation than base metals. . .Balmoral has enough money to get through 2015 and possibly beyond. . .I rate Balmoral's management very high. CEO Darin Wagner has had considerable success, including the sale of West Timmins Mining to Lake Shore Gold for $424M in 2009. Other members of the geological and management team have had a considerable degree of exploration success." More >

The Gold Report Interview with Louis James (5/28/14) "Balmoral Resources Ltd. does not have a resource in hand, but it has several years of very successful drilling. It may, in fact, be on to two completely different, large, high-grade deposits, one gold and one nickel-copper-platinum-palladium. Shares are way up on spectacular drill results, so I wouldn't chase the stock, but I do expect more of the same from this summer's exploration program. . .it's hard to say when Balmoral will have an NI 43-101; both deposits [are] still in their early days and wide open. Balmoral could have a first stab at estimating a gold resource on its Martiniere gold discoveries, but that could be premature. Fortunately, Balmoral doesn't need to raise money to keep drilling, but if the stock keeps going up, I wouldn't be surprised to see the company raise more while it can do so with minimal dilution." More >

Lawrence Roulston, Resource Opportunities (5/26/14) "A spectacular drill hole on Balmoral Resources Ltd.'s Martiniere property in Québec highlights the importance of the company's Au discovery and the enormous exploration potential. . .the company's geological team quickly discovered several near-surface gold zones that carried high-grade Au values, with the scope to host a multimillion-ounce deposit. . .the recent spectacular results were encountered in hole 14-143, hitting 9,710 g/t (312 oz/ton) over 0.57m within a zone of 4.87m that assayed 1,138 g/t (33 oz/ton). . .the company recently confirmed the discovery of a high-grade nickel-platinum group metal zone on its Grasset property."

Jay Taylor, Gold, Energy & Tech Stocks (5/23/14) "Balmoral Resources Ltd. drilled 4.8m of 1,138 g/t Au at Martiniere. Spectacular! There is no other word to describe the kind of intercept reported on May 12 from Bug Lake Footwall zone in the Detour gold project in Quebec. While spectacular grade intercepts like this can drive share prices up dramatically, as it has helped do with Balmoral even in this horrible market, it is just one intercept of many."

Morning Coffee (5/21/14) "Balmoral Resources Ltd. confirmed the discovery of high-grade nickel-copper-PGE mineralization at New Horizon: Grasset property, Detour Trend, Quebec. Highlight intersections included: 1) 45.28 m grading 1.79% Ni, 0.19% Cu, 0.42 g/t Pt and 1.04 g/t Pd; and 2) 17.6m grading 2.45% Ni, 0.31% Cu, 0.62 g/t Pt and 1.57 g/t Pd."

Mick Carew, Haywood Securities (5/20/14) "Balmoral Resources Ltd. confirmed high-grade Ni-Cu-PGE mineralization at Grasset. . .highlights from drilling at Grasset include hole GR-14-25, which intersected 45.28m grading 1.79% Ni, 0.19% Cu, 0.42 g/t Pt and 1.04 g/t Pd, from a downhole depth of 95.67 m. . .the net-textured zone in GR-14-25 represents the most significant sulphide mineralization intersected to date. . .Grasset provides the company with a nickel project of significant potential at a time when global prices have risen significantly, and new discoveries are sparse. . .the company will recommence a 10,000–15,000 km drill program at its Martiniere Au project."

James West, Midas Letter (5/20/14) "It's not like Balmoral Resources Ltd. needed another outstanding discovery to be one of the best candidates for a takeover in the Canadian mining scene. But today's announcement confirming high-grade intercepts at the company's relatively new Grasset Nickel project in Québec has added a layer of polymetallic icing that now makes Balmoral the hottest play in Canada bar none."

Vivien Diniz, Gold Investing News (5/12/14) "Balmoral Resources Ltd. saw its share price embark on a steep climb today after the release of some positive news. . .responsible for the jump in share price are bonanza gold grades from the company's 2014 winter drill program at the Martiniere property. . .Balmoral intercepted 1,138 g/t (33 oz per ton) gold over 4.87m at the Bug Lake Footwall Zone. . .the latest results from the company's drill program are important as they emphasize the 'high-to-bonanza grade' nature of the Bug Lake Footwall Zone."

Mick Carew, Haywood Securities (5/12/14) "Balmoral Resources Ltd. released assay results from its 2014 winter drill program at its Martiniere property. . .drilling has successfully confirmed the presence of a deeper 'steeps' zone along the northern segment of the Bug Lake gold trend, with hole MDE-14-143 intersecting 14.53m grading 8.25 g/t gold from a downhole depth of 388.24m. The same hole also intersected bonanza-grade gold intersections in the upper 'steeps' zone, which included 4.87m grading 1,138.38 g/t gold from a downhole depth of 106.93m including 0.57m grading 9,710 g/t gold; these results represent the highest grade gold assays recorded so far at Bug Lake."

Eric Lemieux, Laurentian Bank Securities (4/30/14) "Balmoral Resources Ltd. released visual drill results from the latest hole to test the Grasset nickel-copper-platinum group metals discovery in the eastern portion of the Detour Lake gold project. Hole GR-14-25 intersected 1m massive sulfide mineralization within a 41m interval of semi-massive 'net-textured' sulfide mineralization at 125m downhole shallow depth. . .we maintain our Speculative Buy rating and believe that the company's cash position of ~$6M should allow it to maintain its pace at Detour Lake in 2014."

Haywood Securities (4/3/14) "Balmoral Resources Ltd. has one of the largest land packages in the Abitibi area. . .Martiniere West is a shallow, high-grade zone within a broad, lower-grade halo currently defined over an 850m strike length. . .the company plans to spend ~$6M on drilling and exploration during 2014. . .Balmoral will also work toward completing the initial resources at Martiniere West and Bug Lake."

Jordan Roy-Byrne, The Daily Gold (3/16/14) "Balmoral Resources Ltd. is showing quite a bit of strength. Despite some selling in February, the stock formed a bullish consolidation and broke out to a new 52-week high. . .also, the stock is now above the 400-day moving average, which is soon to slope up, signifying a shift in the long-term trend."

Eric Lemieux, Laurentian Bank Securities (3/5/14) "Balmoral Resources Ltd. released partial drill results from the Grasset Ni-Cu-PGE target. . .the massive sulphide intercept along 11.4m mineralized interval returned 3.69% nickel, 0.23% copper, 1.23 g/t palladium and 0.53 g/t platinum over 1.46m. . .it attests to the area's underexplored nature and polymetallic potential."

Jordan Roy-Byrne, The Daily Gold (2/27/14) "Overall, Balmoral Resources Ltd. has about everything we are looking for in an exploration company. Due to its high grades and location, Martiniere will be coveted by potential acquirers whether the Gold price is $1,300/oz or $1,800/oz. CEO Darin Wagner has done it before with West Timmins and knows exactly how to generate value for shareholders."

Thibaut Lepouttre, Caesars Report (2/20/14) "Balmoral Resources Ltd. has announced it has mobilized drill crews to its Martinière and Fenelon exploration camps in order to prepare for the start of the 2014 drill program at the Detour Gold Trend in Québec. We're looking forward to the infill and expansion drilling of the high-grade Bug Lake and related gold zones on the Martinière property. Balmoral expects to drill 5,000–6,000m in this winter drill program, but said it could easily expand the program as the company has access to CA$6.8M in working capital as of the end of September 2013 and has raised CA$6.05M in Q4/13, bringing the total cash balance to approximately CA$12M."

Eric Lemieux, Laurentian Bank Securities (1/29/14) "Balmoral Resources Ltd. is set to commence its 2014 winter drill program on the Detour Gold Trend project. . .targets include infill and expansion drilling of the high-grade Bug Lake zones as well as follow-up testing of the volcanogenic massive sulphide target to the northeast of the Martiniere East zone. Notably, drilling shall also test the a high-priority Ni-Cu-PGE target outlined by the fall 2013 geophysical program on the Grasset property to the east. . .we believe that the company's relative stong cash position should permit the company to maintain a strong pace of work along the Detour Lake Trend Gold project in 2014."

The Gold Report Interview with Eric Lemieux (1/21/14) "There are quality explorers in Québec, Balmoral Resources Ltd., for example. . .Balmoral has done a very good job in amassing a strong portfolio of properties in the Detour Trend. Balmoral is a shining star right now in Québec. The company was nominated as the prospector of the year in November 2013, a testament to the good work that CEO Darin Wagner and his team are doing. The Martiniere project along the Detour Trend holds some more surprises. The drilling Balmoral has done—about 90 holes—has shown that there's a gold system there. The deepest hole, at about 400m, is just scratching the surface. Balmoral is well positioned to continue to work in 2014, with about $8M in cash and equivalents. It has a hot project, the financial capacity, a good team and the geological knowledge—it's a very well-positioned project in 2014." More >

Lawrence Roulston, Resource Opportunities (1/14/14) "Balmoral Resources Ltd. reported further high-grade gold values from the fall drilling program on its Martiniere gold project in Quebec. Those latest results continue to expand the near-surface gold zone, confirming the importance of that discovery as a substantial gold deposit. . .with drilling set to get underway again soon, Balmoral will be an early mover as investor interest returns to exploration and development companies, with big upside potential from ongoing exploration success."

Haywood Securities (1/13/14) "Balmoral Resources Ltd. plans to spend ~$5M on drilling and exploration during 2014, dependent on market conditions. The ~$1.5M winter drill program will focus on infill drilling at Bug Lake, testing the Grasset gold-nickel-platinum group elements target and some additional discoveries."

Jordan Roy-Byrne, The Daily Gold (12/29/13) "Once the final bottom is in for the sector, Balmoral Resources Ltd. is a stock that will achieve big gains. The company has $10M cash and is a strong takeout target eventually. It has a high-grade project in a top jurisdiction that will be acquired at some point."

Eric Lemieux, Laurentian Bank Securities (12/17/13) "We highlight that Balmoral Resources Ltd. has a strong track record of exploration success, and we maintain that the company has the capacity of laying the foundation for more discoveries and mineral resource delineation. . .Balmoral is well positioned to advance delineation work in the Martinière system, and we anticipate that a maiden mineral resource estimate could be completed in 2014."

Eric Lemieux, Laurentian Bank Securities (12/11/13) "We maintain our Speculative Buy rating for Balmoral Resources Ltd. . .the company has assembled a district-sized land covering over a 82-km strike length of the Sunday/Detour Lake trend. Balmoral has a certain track record of exploration success and we believe the company has the capacity to lay the foundation for more discoveries and deposit delineation."

Jordan Roy-Byrne, The Daily Gold (12/8/13) "Right now Balmoral Resources Ltd. has a $30M market cap with more than ~$10M in cash; Balmoral has a high-grade property that will be coveted after the coming bottom. Similar to Alexco, this is a company with good. . .fundamentals that are likely to stage a big rally in percentage terms after the market bottoms."

The Gold Report Interview with Leonard Melman (11/6/13) "I visited Balmoral Resources Ltd. on the Ontario-Quebec border. Balmoral is on the Quebec side of the same Detour trend, which on the Ontario side has Detour Gold's huge mine. Balmoral is run by the same people who succeeded so well with West Timmins Mining, which was bought out in 2009 by Lake Shore Gold. The management team is experienced, competent and thorough. I think that is another company of interest for investors looking just down the road. . .Balmoral just raised $6M, and the three or four east-west trends that follow along Ontario-Quebec border have seen enormous metals production through the decades. It's an area of elephants." More >

The Gold Report Interview with Jordan Roy-Byrne (10/28/13) "Balmoral Resources Ltd., which just announced a financing that will take its cash position to $11M. The company has made a high-grade discovery at its Martiniere project, which is located about 40 kilometers away from Detour Gold's mine. Balmoral should have a maiden resource estimate out in early 2014. This is going to be a high-grade property, and it's another potential acquisition. The stock has been beaten down, but it did rally 100% during the summer. That tells me that there is a lot of leverage if you buy shares near a low. CEO Darin Wagner has done it before—built up an exploration company and sold it for nearly $0.5B. It looks as if he's going to be able to do it again. The question comes down to what price will Balmoral sell out. Obviously it wants to wait for a market recovery, so it can prove up more value and get a better price." More >

The Gold Report Interview with Kerry Smith (10/23/13) "It will take a lot of drilling to figure out structures at Balmoral Resources Ltd.'s Bug Lake, but it has high grade and the potential to grow over time. . .Balmoral joint-ventured its Northshore project with GTA. Darin Wagner, who runs Balmoral, is a good geologist. In the current market, he probably had more projects than he could raise money to drill on. Northshore was lower priority. GTA is running the program now. . .Martiniere is looking OK. It's complicated geologically, though it has a number of discoveries there. It doesn't have great infrastructure either, so it's a somewhat expensive area to work in. In those kinds of situations, I like management teams that have a good track record, know what they're doing and know how to run these programs efficiently. Darin qualifies in that regard." More >

Jordan Roy-Byrne, The Daily Gold (10/22/13) "Balmoral Resources Ltd.'s Martiniere is high grade with growth potential and located in an excellent jurisdiction. . .due to its high grades, Martiniere will be coveted by potential acquirers whether the gold price is $1,300 or $1,800/oz. The company doesn't need gold to go back to $1,800/oz to be successful; in addition, it also has a management team with a proven track record."

Haywood Securities Inc. (9/11/13) "Balmoral Resources Ltd.'s Martiniere gold system is located 45km east of Detour Lake, and multiple discrete gold-bearing zones have been identified along a length of more than 2,700m and a 1,000m-wide corridor that remains open in all directions. . .the company plans to complete geochemical surveys and geophysics at Martiniere to aid with drill targeting."

Eric Lemieux, Laurentian Bank Securities (9/6/13) "Balmoral Resources Ltd. announced an update on exploration programs on the Detour Trend gold project. . .results from geophysical surveys highlight new vectors. . .induced polarization survey results suggest that there is a significant northwest-southeast anomaly over the Martinière East zones to the east of the NS Bug Lake Fault structure. . .we maintain our Speculative Buy rating with a $1 target price. We believe that the company's cash position of ~$7.2M will allow it to maintain the pace on Martinière."

Lawrence Roulston, Resource Opportunities (8/20/13) "Balmoral Resources Ltd. is again drilling on its Martiniere gold property in Quebec, seeking to expand and delineate the high-grade, near-surface gold zones discovered by earlier drilling. . .the Balmoral team is finding high-grade gold results starting from the top of the bedrock. . .Balmoral is well funded to complete the work program planned for this year. . .there is a great deal of potential for more high-grade, near-surface discoveries at Martiniere, and elsewhere along the trend. As the resource markets begin to return to normalcy, high-grade gold occurrences like those being delineated by Balmoral will attract a great deal of investor attention."

The Gold Report Interview with Louis James (8/14/13) "I'm very fond of Balmoral Resources Ltd. The company has a high-grade story coming together. It has made a high-grade discovery that keeps returning high grades over significant thicknesses. One of the zones is 500+m in shallow drilling along strike. That's great because these kinds of deposits tend to be deeper than they are wide. If the long dimension is down, this thing will be big. There's no initial resource. There's no PEA. There's no feasibility study. But the company has a discovery in hand and plenty of money. It's drilling it now." More >

Eric Lemieux, Laurentian Bank Securities (8/6/13) "Balmoral Resources Ltd. announced that drilling at Martinière has resumed with its 12,000m summer drilling program. Initial work will focus on delineating and expanding near-surface zones at Martinière West and Bug Lake with other property targets to be identified once results from geophysical and geochemical programs are received. . .Balmoral is well financed (~$9M in cash and equivalents, as of March 31, 2013) and has lots of interesting targets for drilling. . .we are expecting a maiden mineral resource estimate to be initiated for Martinière by the end of the year."

Jordan Roy-Byrne, The Daily Gold (7/25/13) "Balmoral Resources Ltd. is wisely focusing the majority of its resources on its Martiniere property, which has turned up the most exciting and consistent drill results. . .the drill results have been spectacular. . .Balmoral discovered more mineralization in the Martiniere East section, which included 13 g/t gold over 9m and 18.7 g/t gold over 2m. . .Balmoral fits what we are looking for in an exploration company. Its Martiniere property is not only located in a top jurisdiction but is the kind that would be coveted by a larger company. . .Balmoral doesn't need gold to go back to $1,800 to be successful."

Eric Lemieux, Laurentian Bank Securities (7/18/13) "Balmoral Resources Ltd. reported final drill results from the phase 4 drilling program on its Northshore property in Ontario. Hole WB-13-47 intersected 19.2 g/t over 1.5m. . .overall the phase 4 drilling showed that the mineralization footprint has expanded and that more work is warranted. . .the company acquired new property (new claims) along the Casa Berardi-Cameron fault structure. . .we believe this was an inexpensive, astute small acquisition for claims that belonged to Homestake (Barrick Gold Corp.)."

Eric Lemieux, Laurentian Bank Securities (6/4/13) "On May 30, 2013, we visited Balmoral Resources Ltd.'s Martinière project in Québec. . .we were impressed by the important land position the company controls and the quantity and quality of geological targets both on the property scale and along the Detour gold trend. We continue to believe that multiple gold systems are emerging at Martinière. . .we maintain our Speculative Buy rating and $1 target price."

Tyron Breytenbach, Cormark Securities (6/3/13) "Importantly, most of Balmoral Resources Ltd.'s discoveries are high grade, near surface and located in a safe Canadian jurisdiction. . .Martiniere is the current center of gravity, but the package has tremendous scale. . .the company has an enviable discovery record."

Eric Lemieux, Laurentian Bank Securities (5/28/13) "Balmoral Resources Ltd. announced additional results from its 2013 winter phase 4 drill program on its Northshore property in Ontario. . .we believe that these additional results confirm southwest and northeast extensions to the Afric gold zone. Highlights include 0.66 g/t Au over 196.5m (hole WB-13-44) including a higher-grade section that returned 3.14 g/t Au over 13m, which is the probable SW extension of the Audney vein system. . .we maintain our Speculative Buy rating with a $1 target price."

The Gold Report Interview with Ivan Lo (5/24/13) "Balmoral Resources Ltd. is an excellent exploration play. Balmoral has the advantage of being next to Detour Lake, one of Canada's next biggest gold mines. Balmoral is a high-grade story, Balmoral has tons of cash, so it can weather any storm in this market. That gives me comfort. Balmoral's Martiniere deposit has massive potential. Balmoral has encountered good high-grade gold zones in practically every hole it has drilled. Some of Balmoral's numbers are ridiculous. . .the drill results gets lost for the investors but not for the companies that might take over Balmoral. If Detour Gold looks at those drill results, it could see what's happening. You can bet those guys are looking at every news release that comes out." More >

Erik Bermel, M Partners (5/14/13) "Balmoral Resources Ltd. reported results from its winter program, which nearly doubled the strike length of the Bug Lake gold zone after encountering near-surface, high-grade mineralization in Hanging Wall and Foot Wall. Bug Lake has grown by 350m and remains open to the south and at depth. . .we are maintaining our Buy recommendation."

Eric Lemieux, Laurentian Bank Securities (5/13/13) "Balmoral Resources Ltd. provided new assay results from the Bug Lake zones of the Martinière property. . .results show some material extensions to the mineralized system. Company is financed to commence extensive summer drilling. . .we continue to believe that the drill results from the Martinière property are indicative of a growing, fertile gold system."

Jay Taylor, Gold, Energy & Tech Stocks (5/10/13) Balmoral Resources Ltd.'s Martiniere project has had nothing but good news. . .the mine could be on its way to becoming another major multimillion-ounce deposit and thus far the grades appear to be higher than those at Detour Lake and on the Osisko project. . .the grades being reported are nothing short of amazing. . .there are numerous intersections in the 0.2 oz/ton toward 1 oz/ton range that suggest Balmoral is on to an exciting gold discovery."

Jordan Roy-Byrne, The Daily Gold (4/30/13) "Balmoral Resources Ltd. is off to a very promising start. . .it is wisely focusing the majority of its resources on its Martiniere property, which has turned up the most exciting and consistent drill results. . .the Bug Lake and Footwall Wall zones of Martiniere have been the standouts: Drill intercepts from Bug Lake include 23.8 g/t Au over 6.7m, 8.5 g/t Au over 14.1m, 2 g/t Au over 44m, 15 g/t Au over 5.1m and a bonanza intercept of 195 g/t over 1m."

Jordan Roy-Byrne, The Daily Gold (4/21/13) "Balmoral Resources Ltd. is led by a management team which has done it before (sold a company for hundreds of millions) and is on the road to doing it again: The company's Martiniere project has consistently turned out the kind of high-grade results that everyone is looking for in this market. The project is located in one of the top jurisdictions in the world (Quebec) and lies within 50km of Canada’s newest and largest gold mine (Detour Lake)."

Eric Lemieux, Laurentian Bank Securities (4/18/13) "Balmoral Resources Ltd. remains financially well-positioned to continue its exploration work and we are anticipating more drill results from Martinière. We believe the company is very well positioned within the Detour Gold Trend."

M Partners (4/8/13) "Balmoral Resources Ltd. completed its winter 2013 drill program that focused on the Martiniere West zone and Bug Lake area. Results received to date from the 13,000m of drilling (50 holes) reported high-grade mineralization along the projected southwest extension of the Martiniere West zone. . .drilling also discovered a new area of anomalous gold mineralization 500m northeast of Bug Lake, highlighting the large exploration potential of the largely unexplored property."

Eric Lemieux, Laurentian Bank Securities (4/5/13) "Balmoral Resources Ltd. announced that its 13,600m 2013 winter drill program has been completed at the Martinière property. . .results are pending for over 30 holes, and results received to date indicate that high-grade gold mineralization can be traced over 850m along the Martinière West zone and anomalous gold mineralization has been tested 500m northeast of the Bug Lake zone suggesting an emerging gold trend of over 2km SW-NE. . .we maintain our Speculative Buy rating and $1.50 target price. . .the company has over $10M in cash on hand, and remains financially well positioned to continue its exploration work."

The Gold Report Interview with Jordan Roy-Byrne (3/25/13) "With regard to mergers and acquistions, I think Balmoral Resources Ltd. fits what major companies are looking for, which are high-grade, high-margin deposits that are 3–5 Moz in size. It's a question of what the potential is of this deposit. What's the potential metallurgy? How big is this deposit? Balmoral will have a resource estimate out later this year, but it is well funded and has had a lot of drilling success. If you favor exploration companies, this is the type of company that you need to be looking at." More >

Eric Lemieux, Laurentian Bank Securities (3/19/13) "We believe that Balmoral Resources Ltd.'s continued exploration at Martinière continues to show a gold system open for expansion and delineation. We are also encouraged that drilling is continuing at Northshore, where a growing gold system continues to be identified. . .we reiterate our Speculative Buy rating with a $1.50 target price on the company."

The Gold Report Interview with Eric Lemieux (3/15/13) "Balmoral Resources Ltd.'s portfolio of properties positions it dominantly in the Sunday/Detour Lake Deformation Zone. . .the company is very active on the Martiniere project. It is winter drilling and has completed more than 7,000m since the beginning of the year. It's onto something. It's got good management and technical teams. I feel very comfortable with Balmoral. . .there should be news flow this year from Balmoral's substantial drilling program. The company expects to do about 40,000m of drilling, so it's going to be very dynamic. It could have a first resource estimate for the Martiniere by year-end." More >

Tyron Breytenbach, Cormark Securities (3/5/13) "Balmoral Resources Ltd.'s first-pass drilling from four holes west of the Martiniere system has intersected potentially mineable widths and grades for 500m outside of known extents. . .the larger system remains open with limits yet to be defined. . .the company is fully financed ($19M in cash) to continue current drill rates (two rigs) at Martiniere through 2013."

Eric Lemieux, Laurentian Bank Securities (3/4/13) "Balmoral Resources Ltd. reported four successful drill results out of nine holes from the ongoing Winter 2013 drill program that suggest potential extensions of the mineralized Martinière West Zone (MWZ) gold structure. These initial exploration results located 300–450m to the southwest of the MWZ confirm a potential major expansion; we believe a growing system with important lateral extensions with excellent potential at depth is emerging. . .the company has potential to increase the footprint of the high-grade MWZ. . .we reiterate our Speculative Buy rating with a $1.50 target price. . .we view the current share price weakness as a buying opportunity."

The Gold Report Interview with Ingrid Rico (2/11/13) "Balmoral Resources Ltd. is a good example. It has the cash to complete its 2013 work program and toward the end of the year deliver a resource estimate for its Martiniere project. Balmoral had an excellent exploration program in 2012. It delineated new targets and discovered three new zones. It has highlighted the prospective nature of the region and the Martiniere gold system. We believe that 2013 will be another interesting year for Balmoral. Its winter program is already underway. We expect to see results from new targets, resource definition and expansion drilling of the zones that were outlined last year." More >

Tyron Breytenbach, Cormark Securities (1/29/13) "Balmoral Resources Ltd. holds a monopoly position on the Quebec side of the Detour Lake trend. . .the company has produced nine new discoveries in the last 12 months highlighting the potential in this underexplored section of the Abitbi and the aggressive exploration approach of management. . .importantly, most discoveries are high grade, near surface and located in a safe Canadian jurisdiction, separating Balmoral from the abundant lower-grade plays. . .the company released the final assays from the 2012 drill program at Bug Lake and drilling continues to intersect multiple zones of higher-grade gold."

Lawrence Roulston, Resource Opportunities (1/16/13) "Balmoral Resources Ltd. is about to restart drilling on its Martiniere gold project. . .the company is on the way to outlining multiple gold deposits in very favorable jurisdictions. The current share price doesn't come close to recognizing the potential value of the gold discoveries already in hand, much less the future discovery potential."

Haywood Securities (1/15/13) "Balmoral Resources Ltd. is a company to watch in Q3/12. . .it has one of the largest land packages in the Abitibi area. . .and multiple, discrete gold-bearing zones have been identified at Martiniere. . .the company continues to deliver excellent drill results from this project and could conceivably deliver an initial resource by mid-2013."

Eric Lemieux, Laurentian Bank Securities (1/8/13) "On Jan. 8, 2013, Balmoral Resources Ltd. provided assay results from another eight holes completed by GTA Resources on its Northshore property located in the Hemlo-Schreiber Gold Belt of Ontario. . .we believe the intercepts reported expand the Afric Gold zone along strike to the northeast and at depth. . .we continue to believe that the results are indicative of a fertile gold system open for expansion and delineation. . .the company is a compelling investment opportunity at current levels."

Ivan Lo, The Equedia Weekly Letter (12/30/12) "Balmoral Resources Ltd. has had tremendous success this year and many of our subscribers have seen gains of well over 90% since our first report. . .the company's management team continues to hit high grades and its drilling success just doesn't seem to have an end."

The Gold Report Interview with Leonard Melman (12/26/12) "I've developed an interest in Balmoral Resources Ltd. A while back, I got to know Darin Wagner, and he struck me as a very competent individual. He successfully sold a company called West Timmins Mining Inc., and now he's the president of Balmoral. He understands the value of obtaining properties with a high likelihood of success. The old adage is that if you want to develop a new mine, acquire property in the vicinity of an old mine. Balmoral is working in the Detour Gold Trend along the Québec-Ontario border, which has four different multimillion-ounce projects. Wagner has a great chance of success there." More >

Ingrid Rico, M Partners (12/18/12) "Drilling in the Bug Lake zone returned the highest grade yet. . .Balmoral Resources Ltd. reported results from the fall drill program at the Martiniere property: The set of six holes targeted the new Bug Lake area and continued to confirm the continuity and high-grade nature of its multiple zones. . .we are maintaining our Buy recommendation."

Eric Lemieux, Laurentian Bank Securities (12/17/12) "Balmoral Resources Ltd. provided assay results from the Bug Lake area of the Martiniere property, centrally located within the company's Detour trend gold project in Québec. . .drill assays continue to indicate the presence of extensive NNW trending gold zones, hosting broad anomalous gold mineralization surrounding high-grade gold intercepts. . .we continue to believe that results from drilling on the Martiniere property are indicative of a growing, fertile gold system."

Jay Taylor, Hotline (12/14/12) "Balmoral Resources Ltd. recently reported that its working capital is up to $19M, of which $14.6M is cash. . .this company would appear to hold the potential to come up with something big. . .grades appear quite high, although NI 43-101 resource numbers have not yet been published. . .exploration success combined with a strong treasury could make this a very interesting and hopefully profitable story in 2013."

The Gold Report Interview with Brian Ostroff (11/26/12) "Adventure Gold Inc. is intertwined with Balmoral Resources Ltd., which has done very well." More >

Ivan Lo, The Equedia Weekly Letter (11/5/12) "Balmoral Resources Ltd. has had tremendous success over the last few months. . .on Nov. 9, the company's warrant overhang will be gone and I wouldn't be surprised to see Balmoral trade higher as result. . .the company's recent new discovery and massive uncut hole of 273 g/t (8 oz/ton) gold over 3.88m (12.7 ft) continue to show us phenomenal grades. . .Balmoral's management team continues to hit high grades and their drilling success just doesn't seem to have an end."

Jordan Roy-Byrne, The Daily Gold (11/4/12) "Balmoral Resources Ltd. has everything we are looking for in an exploration company; its projects are not only located in a top jurisdiction, but are of the kind that would be coveted by a larger company. . .Balmoral is cashed up. . .and also has a management team with a proven track record."

Tyron Breytenbach, Cormark Securities (11/1/12) "Balmoral Resources Ltd.'s Bug Lake may provide a second avenue for resource development, as results prove at least some strike and dip extent to the initial bonanza grade discovery (272.79 g/t over 3.88 m) and confirm two additional targets for growth. . .we highlight the company as unique in being a homegrown high-grade discovery in perhaps the best mining jurisdiction globally (Quebec). With large, cashed-up neighbors nearby, we believe Balmoral may be an acquisition target for majors/midcaps operating in northern Ontario looking to secure high-grade potential ounces in North America."

Ingrid Rico, M Partners (10/31/12) "Balmoral Resources Ltd. reported pending drill results from the summer drill program at the Mariniere property; the set of 17 holes confirmed and expanded mineralization at three new sub-parallel high-grade zones within the Bug Lake area. . .The positive summer drill program. . .has now outlined three new zones that appear to be holding up together and beginning to shape up for potential resource definition. . .We look forward to positive follow up results from the new program currently underway. The four zones of shallow, high-grade mineralization at Martiniere provide a clear path to continue defining/expanding these areas of mineralization towards an initial resource estimate."