Kopy Goldfields AB (publ) Press release 2/2013 Stockholm, March 26, 2013 Krasny project resource upgrade - 1.37 Moz of Inferred and Indicated gold resources at 1.59 g/t according to JORC Kopy Goldfields AB is happy to announce an updated JORC compliant mineral resource estimation for Krasny gold deposit of Indicated Mineral resources 0.21 Moz (4.3 million tons of rock at an average grade 1.53 g/t Au) and Inferred Mineral resources 1.16 Moz (22.5 million tons at an average grade of 1.60 g/t Au). These results both significantly increase average grade of gold resources reported previously for the Krasny project and also upgrade resource category slightly increasing the total amount of gold resources. The current estimation covers only 1,300 meters of mineralization out of totally 2,850 meters strike confirmed with recent drilling. Mikhail Damrin, CEO of Kopy Goldfields, commented the results: Upon completion of quality control procedures, revising and updating the geological model of mineralization, we were able to increase the average grade of resources and convert some of the Inferred resources into the Indicated category. The current resource report is still covering the same part of the Krasny mineralization as the previous report released in November 2012. The resource estimation is therefore limited to the most explored central part of the structure (see maps in Appendix 2). We are very pleased with the results which are in line with our expectation and plan to advance the Krasny project into production as soon as possible. The Krasny mineral resource estimation now looks as follows (see Appendix 1 for more details): Table 1. Mineral Resource Statement for the Krasny Gold Deposit, Irkutsk Region, Russia, OOO Miramine, March 25, 2013 at cut-off 0.8 g/t Cut off grade, g/t 0.8 Resource Category Million Tons Au Grade (g/t) Contained Au (tons) Contained Au (Moz) Indicated 4.3 1.53 6.6 0.21 Inferred 22.5 1.60 36.1 1.16 The mineral resource estimate was performed by Alexey Nikandrov, MSc, MAIG 3084 of LLC Miramine ( Miramine ). This estimate was prepared by Miramine in accordance with the Code JORC 2004 к for reporting of Mineral Resources (see Table 1 and 2 in Appendix 1). For more information, please contact: Mikhail Damrin, CEO, +7 916 808 12 17, mikhail.damrin@kopygoldfields.com Tim Carlsson, CFO, + 46 702 31 87 01, tim.carlsson@kopygoldfields.com About Kopy Goldfields AB Kopy Goldfields AB (publ), listed at NASDAQ OMX First North in Stockholm is a gold exploration and production company operating in one of the most gold rich areas in the world; Lena Goldfields, Bodaibo, Russia. The major owner is Eldorado Gold Corp. The company holds 100% of fifteeen bedrock exploration- and production licenses on 2,338 sq km. The long term target is to develop a gold exploration and production company with resources of 5Moz supporting annual gold production of 0.2 Moz within new and existing licenses. Kopy Goldfields AB applies International Financial Reporting Standards (IFRS), as approved by the European Union. Aqurat Fondkommission acts as Certified Adviser, contact number: +46-8-544 987 55. The Share Ticker: KOPY www.nasdaqomxnordic.com/firstnorth/ Outstanding shares: 22,851,621
Appendix 1 Tables and conclusion of the report Table 1. Mineral Resource Statement for the Krasny Gold Deposit, Irkutsk Region, Russia, OOO Miramine, March 25, 2013* Cut off grade, g/t 0.8 Resource Category Million Tons Au Grade (g/t) Contained Au (tons) Contained Au (Moz) Measured 0 0 0 0 Indicated 4.3 1.53 6.6 0.21 Inferred 22.5 1.60 36.1 1.16 The mineral resource estimate was performed by Alexey Nikandrov, MSc, MAIG of OOO Miramine. *Notes: Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves estimate. Resources stated as contained within a potentially economically minable open pit stated above a 0.311 g/t Au cut-off. Pit optimization is based on an assumed gold price of US$1,670/oz, metallurgical recovery of 93% and a processing cost of $15.20 /t. Mineral resource tonnage and grade are reported as diluted to reflect a potentially minable bench height of 10m. Gold grade estimation was conducted using Ordinary Kriging and method of inverse distance weighing, with the estimate constrained within gold grade shapes constructed at a nominal 0.2 g/t Au cut-off. Gold grades were estimated using a combination of core and surface trench sample data. Miramine has performed an independent verification of a portion of the electronic database provided by Krasny, and has concluded that it is suitable for use in resource estimation. The basis for this resource estimate is a three dimensional block model with a block size of 30m x 25m x 10m. The mineral resource is constrained by a potentially economically minable open pit. Pictures of the open pit and wire frame model used for resource estimation are attached in Appendix 3. Table 2. Estimation of Inferred and indicated in situ resources* (see notes above) within optimized open pit at different cut off grades: CUT-OFF, г/т 0,20 0,40 0,60 0,80 1,00 1,20 1,40 Category Million m3 Ore Million tons Average grade, g/t Au, tons Au, moz Indicated 3,09 8,04 1,06 8,50 0,27 Inferred 17,88 46,49 1,03 48,00 1,54 Indicated 2,68 6,97 1,18 8,20 0,26 Inferred 14,53 37,76 1,20 45,10 1,45 Indicated 2,19 5,70 1,33 7,60 0,24 Inferred 11,57 30,08 1,37 41,30 1,33 Indicated 1,67 4,33 1,53 6,60 0,21 Inferred 8,66 22,51 1,60 36,10 1,16 Indicated 1,29 3,35 1,71 5,70 0,18 Inferred 6,70 17,43 1,81 31,50 1,01 Indicated 0,98 2,55 1,91 4,90 0,16 Inferred 5,18 13,46 2,02 27,20 0,87 Indicated 0,75 1,95 2,10 4,10 0,13 Inferred 4,11 10,69 2,21 23,60 0,76
1,60 1,80 2,00 Indicated 0,52 1,36 2,37 3,20 0,10 Inferred 3,09 8,04 2,45 19,70 0,63 Indicated 0,37 0,96 2,65 2,50 0,08 Inferred 2,45 6,36 2,64 16,80 0,54 Indicated 0,26 0,68 2,97 2,00 0,06 Inferred 1,90 4,93 2,86 14,10 0,45 The mineral resource estimate was performed by Alexey Nikandrov, MSc, MAIG 3084 of OOO Miramine ( Miramine ). This estimate was prepared by Miramine in accordance with the Code JORC 2004 к for reporting of Mineral Resources (Table 1 and 2). Competent Person Statement Information in this press release that relates to Resource Estimation Results is based on information prepared by Alexey Nikandrov who is a Fellow of the Australian Institute of Geoscientists and a fulltime employee of OOO Miramine. Mr. Nikandrov has the experience which is relevant to the style of mineralization and type of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2004 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Nikandrov consents to the inclusion in this release of the matters based on his information in the form and context in which it appears. Mr. Nikandrov is fully independent from Kopy Goldfields AB, holds neither any securities of Kopy Goldfields AB nor any interest in Krasny project.
Appendix 2 Legend for all following maps and drill profiles Note: In pictures of cross sections, the Saddle quartz veinlets appear in orange color instead of red.
Plan view of Krasny license area with recent exploration activities
Detailed plan view of the area of recent activities with outline for the optimized open pit Cross sections along drill profile 16
Cross section along drill profile 22
Cross section along drill profile 26
Cross section along drill profile 27
Cross section along drill profile 28
Cross section along drill profile 32
Cross section along drill profile 35
Appendix 3 Wire-frame modeling of Krasny mineralization Pink Color Indicated Mineral resources Green and orange colors Inferred Mineral resources 3D Shape of optimized open pit
Plan view of optimized open pit