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Comparisons with WA high grade narrow vein gold projects

Northwest's Blue Spec Shear Gold-Antimony Project can be validly highlighted against other Western Australia high grade narrow vein gold projects such as Northern Star Resources' (ASX:NST) Paulsens project and Doray Mineral's Wilbur project.

It highlights the uncanny similarities with Paulsens, Wilbur and Blue-Spec on so many parameters. It also demonstrates the extremely modest valuation the market has placed on Northwest at present relative to its Western Australian cousins.

Comparison with Mandalay Resources

Although a Toronto listed company, Mandalay Resources (TSE: MND) is also a useful comparable company to Northwest.

Mandalay Resources produces gold and antimony in concentrate from the Costerfield gold-antimony mine in Victoria and is track for production of 14,000 - 18,000 ounces of gold and 1,800 - 2,200 ounces of antimony in concentrate in 2012.

The mine had an EBITDA Margin of 36.5% in second quarter 2012. Costerfield has an estimated Cash cost/ oz Au Equiv. US$1,000 – $1,200. Current recoveries (Q2 2012) Au: 89.1%, Sb: 96.1%