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Balmoral Resources Ltd.

TICKER: BAR:TSX; BAMLF:OTCQX

Founded in 2010, Balmoral Resources Inc. is a gold exploration and development company focused on creating shareholder value through the acquisition, aggressive exploration and development of gold projects and resources. The company's portfolio of advanced and early-stage gold exploration projects is located in the Abitibi greenstone belt. This belt of ancient rocks has produced well over 130 Moz gold—the second-largest accumulation of gold on Earth. Well financed, with a solid resource base and district-scale exploration opportunities, Balmoral has emerged as a significant new player in the gold exploration and development business.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

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."

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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."

Lawrence Roulston, Resource Opportunities (10/19/12) "Balmoral Resources Ltd. is on track to outline a substantial gold deposit at Martiniere, with good potential to grow to the multimillion ounce level. A deposit in that location with the sort of grades that have been encountered to date would be extremely appealing to any number of gold companies, with a valuation potentially at a multiple of the current share price."

Jay Taylor, Gold, Energy & Tech Stocks (10/18/12) "In my view, Balmoral Resources Ltd. is likely to succeed in outlining some significant gold deposits starting over the next 12 months. . .with 33 holes pending from the very exciting Martiniere property, this stock could be a big mover by year-end and/or into next year. The ability to finance combined with great results early in its history bodes well for shareholders. This is an unknown story but if the kind of upside that I have in mind unfolds, it may not be an unknown story for long. . .my hunch is Balmoral could be big."

Ivan Lo, The Equedia Weekly Letter (10/7/12) "In the last week alone, Balmoral Resources Ltd. has closed $8M in financing, resumed drilling at its flagship Martiniere property and announced it continues to hit high grades practically everywhere it drills. One of the recent holes from last week's announcement intercepted 195.5 g/t gold over 0.97m. . .this structure may be similar to the recently announced bonanza-grade Footwall discovery, which returned 273 g/t gold over 3.88m. . .anyone short on this stock may get bitten hard if Balmoral keeps this up—I am excited."

Eric Lemieux, Laurentian Bank Securities (10/5/12) "Balmoral Resources Ltd. completed, with over-allotment having been fully exercised, a $8M flow-through bought-deal private placement with a syndicate of underwriters. . .the equity issue allows the company to continue aggressive drilling work within the company's Detour Gold Trend Project. . .Balmoral Resources is well-positioned financially and technically to explore and develop the Martinière project. . .active drill programs on the Martinière and Northshore properties, both having potential fertile gold systems, should provide positive news flow for the rest of 2012 and could act as catalysts for share price appreciation."

The Gold Report Interview with Eric Lemieux (10/5/12) "Well most junior discoveries in the past decade can be traced to exploration activities funded by flow-through financings. The Detour Gold Trend is presently on my radar screen. I cover three companies in that area, including Balmoral Resources Ltd. . .works by Balmoral may result in new discoveries and advancements." More >

Trish Saywell, The Northern Miner (9/24/12) "Shares of Balmoral Resources Ltd. surged nearly 40% in the three trading days after the junior explorer reported results on Aug. 16 from its summer drill program at its flagship Martiniere project. . .the first results from the ME-series of holes discovered a new bonanza-grade, gold-bearing structure in the footwall to the Bug Lake zone, the company reported. The footwall discovery returned 272.79 g/t over 3.9m across the width of the mineralized structure on an uncut basis."

The Gold Report Interview with Arie Papernick (9/5/12) "Bonanza-grade discoveries remind investors that meteoric returns are possible, and that brings people back into the sector. We've recently seen a few such dramatic moves. Balmoral Resources Ltd. saw its stock rise dramatically from its discovery on the Martiniere property east of Detour Lake. And JV partner GTA Resources and Mining Inc. saw its shares rise on the Hemlo-Schreiber greenstone belt." More >

Ingrid Rico, M Partners (8/30/12) "Balmoral Resources Ltd. reported drill results from the Martiniere property, with the highlight being the discovery of three new areas of mineralization outside the known extent of the Martiniere gold system. The large stepouts from the Bud Lake target, which lies along a N-S trending fault zone between Martiniere West and East, encountered broad areas of gold mineralization. . .the results provide three new areas for exploration and demonstrate the large extent of the gold system at Martiniere. . .we are maintaining our Buy recommendation and $1.25/share target."

Morning Coffee (8/21/12) "Shares of Balmoral Resources Ltd. continued to jump and have risen approximately 40% since the company released very positive drill results last week from its Martiniere property. . .the first of the ME-series holes completed as part of the summer drill program discovered a new bonanza-grade, gold-bearing structure in the footwall to the Bug Lake gold zone."

Ivan Lo, The Equedia Weekly Letter (8/19/12) "Balmoral Resources Ltd. announced that on its very first of the ME-series holes it discovered a new bonanza grade, gold bearing structure in the footwall to the Bug Lake Gold Zone. . .the Footwall discovery returned, on an uncut basis, 272.39 g/t gold over 3.88 meters across the width of the mineralized structure. Included in this interval are adjacent bonanza grade intercepts of 1,530 g/t gold over 0.55 meters and 409 g/t gold over 0.50 meters. . .this new discovery just gave Balmoral another high-grade target for a total of eight high grade zones along with a bulk tonnage zone at Bug Lake to expand and grow."

Morning Coffee (8/17/12) "Shares of Balmoral Resources Ltd. got a nice boost after the company reported new drill results from its Martiniere property. . .the first of the ME-series holes, completed as part of the summer drill program, discovered a new bonanza-grade, gold-bearing structure in the footwall to the Bug Lake gold zone. The footwall discovery returned, on an uncut basis, 272.39 g/t gold over 3.88m across the width of the mineralized structure."

Eric Lemieux, Laurentian Bank Securities (8/17/12) "Balmoral Resources Ltd. provided assay results for some of the first of the ME-series holes completed during the summer drilling program at its Martiniere property. . .a bonanza-grade structure was identified in the footwall to the north north-west oriented Bug Lake zone with uncut grades of up to 272.39 g/t Au over 3.88m. This interval also included intercepts ranging from 1,530 g/t Au over 0.55m and 409 g/t Au over 0.50m. . .we continue to believe that the initial assay results are indicative of an expanding gold system."

Tyron Breytenbach, Cormark Securities (8/17/12) "Balmoral Resources Ltd.'s recent results intersected a new gold structure in the footwall of the Bug Lake zone; the 3.9m intersection is continuously mineralized and not limited to a single high-grade assay that has been stretched across the core. The flagship Martiniere asset has now been defined for 1,500m along strike and consists of sets of multiple high-grade shoots. . .we highlight the company as unique in being a homegrown, high-grade discovery in perhaps the best mining jurisdiction globally (Quebec)."

Joel Chury, The Bottom Line Report (8/13/12) "Balmoral Resources Ltd. has nestled itself in a favorable position, capitalizing on 'closeology' with respect to Detour Lake, and raising eyebrows from potential takeover suitors along the way. . .with the all the advantages Quebec has to offer, their track record, recent discoveries and attentive corporate audience the Balmoral team is grooming its properties at a nice pace that's worth your attention."

Ivan Lo, Equedia Weekly (8/12/12) "One of my favorite exploration plays right now, Balmoral Resources Ltd., climbed nearly 25%. . .its flagship property is sitting right beside what will become Canada's largest gold mine and management continues to hit high grades everywhere. In short, it is a prime takeover target. . .I love the management team led by Darin Wagner; these guys have done it before and I expect them to do it again."

The Gold Report Interview with Louis James (8/10/12) "Balmoral Resources Ltd. doesn't have a clear company-maker in the bag yet, but it does have an excellent track record of exploration success for a brand new company." More >

Eric Lemieux, Laurentian Bank Securities (7/13/12) "Balmoral Resources Ltd. reported results from six holes completed on the Northshore property. . .management indicates drilling continues to intersect numerous high-grade, often visibly gold-bearing, vein systems that returned gold assays ranging from 5.13 g/t gold over 9m (hole 15), 4.89 g/t gold over 4m (hole 20) to 18.3 g/t gold over 0.5m (hole 19) and 44.20 g/t gold over 0.5m (hole 18). . .we continue to believe that the results are indicative of a fertile, expanding gold system."

The Gold Report Interview with Ivan Lo (7/13/12) "As far as a non-producer in the junior space, I like Balmoral Resources Ltd. The team at Balmoral, led by Darin Wagner, has a time-tested business model with a really high probability of leading to major rewards. Less than two years ago these guys sold West Timmins Mining to Lake Shore Gold Corp. and gave investors an amazing return. Back in 2008, when times were tough, management continued to do exactly what they're doing right now and deployed my investment strategy, bang on. They had a great project and managed their treasury just right at a time when the world was screaming death in 2008. They also continued to market when no one else would. As a result, West Timmins was one of the first companies to come out of the gate with a bang in 2008. It went from $0.13 to $3.00 in less than 12-months. That's a return over 2,200%.

I think Balmoral is a second chance for investors who missed West Timmins. It currently controls one of the largest land positions in the Abitibi, which is home to the second largest accumulation of gold in the world. It continues to hit high grades everywhere along the properties with a greater than 75% success rate. Not only does it have one of the largest land packages in the Abitibi, it's right beside what will become Canada's largest gold mine next year—Detour Gold's 15.6 million ounce Detour Lake mine. I'm looking for potential takeover targets—Balmoral has the ingredients to be a prime takeover target. It just needs some more drill results to blend it all together. Detour has already publicly stated that its strategy is to focus on high-grade mineralization within a 50-kilometer radius of its processing plant, and Balmoral fits right in. . .if you're Detour and you're about to become Canada's largest gold miner, what would you do? I think Balmoral, especially at these prices, looks very interesting." More >

Mike Niehuser, The Stockvine (7/3/12) "Balmoral Resources Ltd. is set to build on multiple gold discoveries near Detour Lake. . .the company is doing business in one of the most attractive areas in the world for gold exploration. . .founded in 2010, Balmoral has already made eight new gold discoveries, leading to it being awarded the Best Discovery Record by Casey Research in 2012. Having explored less than 5% of its land position, the company has now commenced an aggressive exploration program for 2012."

Ivan Lo, The Equedia Weekly Letter (7/2/12) "Not only does Balmoral Resources Ltd. own one of the largest land packages in the Abitibi, it owns almost all of it right beside what will become Canada's largest gold mine next year: Detour Gold's 15.6 Moz Detour Lake mine. Balmoral is led by a proven management that advanced the exploration at West Timmins Mining. . .management knows how to make shareholders money, regardless of market conditions."

Tyron Breytenbach, Cormark Securities (6/28/12) "Balmoral Resources Ltd.'s management has a track record of re-evaluating historical gold camps in a new gold-price environment with focused drilling. . .the company has already made several discoveries in the last 12 months demonstrating the prospectivity of its property position and the technical capability of its exploration team. Two of the discoveries are heading toward a maiden resource and appear to be high-grade in nature, separating the company from the numerous low-grade plays currently on the market. . .we are initiating coverage on Balmoral Resources with a Buy rating."

Eric Lemieux, Laurentian Bank Securities (6/14/12) "Balmoral Resources Ltd. reported results from the final eight holes of the winter drilling campaign at the Martiniere West gold zone. . .intersects include 6.68 g/t Au over 7.46m, 4.38 g/t Au over 7.1m and 1.57 g/t Au over 7.6m. . .we believe that the latest round of drilling results is reassuring and look forward for more works to be performed at the Martiniere West zone."

Eric Lemieux, Laurentian Bank Securities (6/5/12) "Balmoral Resources Ltd. reported results from four additional holes testing the eastern central parts of the Martiniere gold system on the Quebec side of the Detour gold trend. All holes intersected gold mineralization highlighted by intercepts of broad gold mineralization and higher-grade intercepts with an average grade X thickness of 23.7 g/t Au per meter. . .we believe these drilling results are interesting as they suggest a complex, fertile gold system. . .the company's Martiniere project could host high-grade gold deposits very well positioned within the Sunday/Detour Lake deformation zone."

Eric Lemieux, Laurentian Bank Securities (5/24/12) "Balmoral Resources Ltd. reported results from eight additional holes testing its wholly owned Grasset property; the company disclosed it had discovered new nickel-copper-platinum group metal mineralization at Grasset within a poorly explored ultramafic intrusion. . .we that highlight drilling results appear somewhat encouraging and suggest a fertile polymetallic system. . .Balmoral's planned summer 2012 drilling programs should continue to provide positive news flow and results could act as catalysts for share price appreciation."

Ivan Lo, Equedia Weekly (5/13/12) "Balmoral Resources Ltd. currently owns one of the largest land packages in a belt which hosts one of the largest accumulations of gold in the world; that gives it one of the biggest and best land packages on the planet. . .the company has a very significant high-grade system discovery at their Martiniere site that is very similar to what management was seeing early on in the West Timmins story with Lake Shore. It has a potential buyer in Detour Gold Corp., or any of a number of other nearby Quebec gold producers."

Marc Johnson, M Partners (4/26/12) "Balmoral Resources Ltd. announced drill results yesterday from Martiniere East: A set of four holes were reported, and they confirm the presence of three styles of gold mineralization in this area of the Martiniere project. . .highlight hole MDE-122-12 intersected 6.3m at 6.4 g/t Au and 8.33 g/t Ag including 3.8m at 9.54 g/t Au and 12.44 g/t Ag. Drilling continues to demonstrate the potential of the Martiniere sysyem. . .we are maintaining our Buy recommendation."

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