A New Direction · We use certain terms on this presentation, such as “measured,”...

October 2011

TSX.v:COL

A New Direction

TSX.v: COL | 2 Copper North Mining

FORWARD LOOKING STATEMENTS

Statements contained in this presentation that are not historical fact, such as statements regarding the economic prospects of the Company’s projects, the Company’s future plans or future revenues, timing of development or potential expansion or improvements, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties include, but are not limited to, the Company’s ability to raise sufficient capital to fund development, changes in general economic conditions or financial markets, changes in prices for the Company’s mineral products or increases in input costs, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments in Canada, technological and operational difficulties or inability to obtain permits encountered in connection with exploration and development activities, labor relations matters, and changing foreign exchange rates, all of which are described more fully in the Company’s filings with the Securities and Exchange Commission. Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this presentation, such as “measured,” “indicated,” and “inferred” “resources,” that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. investors are urged to consider closely the disclosure in the Company’s Form 20-F, File No. 000-52231, which may be secured from the Company, or from the SEC’s website at www.sec.gov/edgar.shtml


KEY FINANCIAL INFORMATION

Cash on Hand C$ 2.0 MShort/Long Term Debt 0.0

Share Price N/AMarket Cap N/ACommon Shares 46,487,785Options TBDWarrants TBDFully Diluted TBD

Management & Board 9%Private Investors 44%Institutional Investors 30%Other 17%Common Shares 100%

» CASH POSITION October 2011

» SHARE STRUCTURE October 2011

» COMMON SHARES October 2011

TSX.v: COL | 4

» Carmacks – 100% owned – High grade (1.04% Cu) copper oxide

deposit – Permitted for construction

» Redstone – 100% owned – High grade stratiform copper deposit – Drilling program planned

Carmacks

PROPERTIES

TSX.v: COL | 5 Carmacks

CARMACKS DEPOSIT


HIGH GRADE COPPER OXIDE DEPOSIT

» Open pit mine – Heap leach, solvent extraction / electrowinning – 6+ year mine life

» Prime Location – 220 km north of Whitehorse, Yukon – 400 km from year-round port of Skagway, AK – Existing road into site – 11 km from Yukon power grid

» Advancing towards production – Feasibility Study completed May 2007 – Permitted for construction – 20 months from construction to production


CARMACKS – RESERVE & RESOURCE ESTIMATE

Tonnes Total Copper

Oxide Copper

Gold Silver Cu Eq Copper Gold Silver

M % % g/t g/t % M lb k oz k ozMeasured 4.0 1.10 0.90 0.59 5.7 1.52 98 76 739Indicated 7.9 1.04 0.83 0.39 4.0 1.32 182 100 1,022

M + I 12.0 1.06 0.85 0.46 4.57 1.39 280 176 1,761Inferred 0.1 0.73 0.53 0.13 1.8 0.83 1.4 0.4 5Measured 0.7 0.80 0.02 0.26 2.5 0.99 12 6 56Indicated 3.6 0.74 0.03 0.21 2.3 0.89 59 25 270

M + I 4.3 0.75 0.03 0.22 2.33 0.91 72 30 325Inferred 4.0 0.71 0.01 0.18 1.9 0.84 63 23 246

CONTAINED METAL

Category

Oxide

Sulphide

RESOURCE GRADE

Class Tonnes Total Copper Oxide Copper Gold Silver Cu Eq Copper Gold SilverM % % g/t g/t % M lb k oz k oz

Proven 3.2 1.23 1.028 0.659 6.20 1.70 86 68 636Probable 7.4 0.97 0.822 0.408 3.94 1.26 158 97 940Proven + Probable

10.6 1.04 0.88 0.483 4.62 1.39 244 165 1576

RESERVE GRADE CONTAINED METAL

RESOURCE2

RESERVE1

See notes 1,2 in Appendix


PROPERTY GEOLOGY

» Carmacks deposit open at depth & oxidised to ~230m

» All Resources

and Reserves based on zones 1,4, 7 & 7A

» Upside potential

in zones 12, 13 & 14

TSX.v: COL | 9

PRODUCTION PROFILE & AFTER-TAX CASH FLOW*

Title of Presentation Goes Here

*Cash flow includes operating costs (mining, processing, G&A, shipping & property tax), sustaining capex and royalties. Excludes capex ~C$151M. Spot price $3.85 (US/lb) and exchange rate 1.00 (US$:C$) - Feasibility Study $2.32 (US/lb) and exchange rate 0.85 (US$:C$). Assumes tax rate of 30% (combined Federal and Provincial)


FEASIBILITY STUDY (MAY 2007)

MINE CAPITAL (C$ M) 134ACID PLANT CAPITAL (C$ M) 18TOTAL CAPEX (C$ M) 151

COPPER (US$/lb) 3.85 2.50 2.32FOREIGN EXCHANGE (US$:C$) 1.00 0.90 0.85NPV @ 8% (C$ M) 248 92 85IRR (100% equity) (%) 42.5 22.1 21.1CASH FLOW (C$ M/y) 81 49 48NPV @ 8% (C$ M) 150 49 39IRR (100% equity) (%) 31.6 16.4 15.7PAYBACK (y) 2.2 3.8 3.9

Pre

-Ta

xA

fter

-Ta

x

LONG TERM

SPOT SEPT 2011

PRE-FEAS MAY 2007

ORE THROUGHPUT (t/d) 5,000COPPER PRODUCTION (M lb/y) 32STRIP RATIO 5.4:1CASH COSTS (US$/lb Cu) 0.84

» CAPITAL COSTS

» ECONOMICS

» OPERATING DATA

See note 3 in Appendix


CARMACKS | PROGRESS HISTORY

1993 Basic engineering study initiated

1997 Definitive capital cost estimate completed

1998 Project suspended due to low copper prices

2005 Permitting process commences

2007 Extensive exploration at Carmacks (~25,000m); Feasibility Study (NI43-101 compliant) completed in May 2007

2008 YESAB recommends the Carmacks Project proceeds Yukon Government agrees with YESAB’s recommendation

2009 Quartz Mining License obtained; Carmacks permitted for construction. Yukon Water Board completes adequacy review of Water Use License

(WUL) application

2010 Public hearing for WUL completed in March 2010. Company notified in

May 2010 that WUL denied. Western Copper appealed decision in June 2010 (appeal favoured Water Board)

2011 Western Copper filed Notice of Appeal with Yukon Court of Appeal in

March 2011 Carmacks project spun out to Copper North in October 2011


WATER USE LICENSE

» Key issues identified by Water Board – Heap leaching technology – Closure and reclamation of heap – Discharge management plan

» Actions – Considering engineering modifications – Seeking independent engineering review – Working with Yukon Government to

determine alternative ways forward


NEXT STEPS

» Obtain Water Use License (WUL) – Anticipate WUL will be issued in 2012

» Get Project Ready for Production – Arrange financing

» Explore Opportunities – Further exploration of additional ore zones 12, 13 & 14 – Assess economics of mining and processing sulphide ore

TSX.v: COL | 14 Redstone

REDSTONE PROJECT


REDSTONE

» Underground Mine – Sediment-hosted stratiform deposit

» A Mining District of the Future – Redstone Copper belt Nahanni Mining

District, NWT – 300km north of Watson Lake, YT

» Mineral Resource

Tonnes Copper Silver Cu Eq Copper Silver

M % g/t % B lb M oz*Inferred 34 3.92 9.0 4.0 2.9 9.8

*See note 4 in appendix


REDSTONE

» Redstone Project consists of 13 claims (blue) and 5 leases (red) extending NW-SE over 160 km


REDSTONE | PROGRESS HISTORY

1960 - 1980 The Redstone property underwent extensive drilling by Redstone

Mines Ltd., Cerro Mining Company of Canada and Shell Canada Resources

1990 Redstone Mines Ltd. carried out a complete data review

2005 Lumina Resources Corp. completed a regional geological evaluation of the Redstone Copper belt

2006 Western Copper acquired Lumina Resources in November 2006, taking control of Redstone

2007 Research project to better understand regional geology

commenced by University of British Columbia (UBC), funded by Western Copper

2008 - 2009 UBC Research project continues

2010 2010 field program commences, focusing on Coates Lake area

2011 Project spun out into Copper North, October 2011


REDSTONE

» Work Plan – Develop drilling program for 2012 – Submit application for exploration permit – Continue regional geological study of the

Redstone Copper belt

TSX.v: COL | 19

SUMMARY

» Copper North owns a 100% interest in two high grade copper deposits in northern Canada

– Carmacks: permitted for construction (Proven & Probable Reserves of 10.6Mt @1.04% Cu)

– Redstone: significant upside potential (Inferred Resource of 34Mt @3.92% Cu & 9.0g/t Ag)

» Resolve issues identified by Yukon Water Board

– Seek independent engineering review

» Consider financing options for Carmacks development (~C$150M)

» Submit application for exploration permit at Redstone – Develop drill program

» Build executive management team

Copper North Mining Corp.

TSX.v: COL | 20 Management & Board

MANAGEMENT & BOARD

Dale Corman, P. Eng. – Non - Executive Chairman – Over 40 years’ experience as a senior corporate officer of publicly listed companies.

Extensive expertise in mineral exploration & development, financing, property evaluation and acquisition. Formerly Chairman & CEO of Western Silver Corporation and currently Chairman & CEO of Western Copper & Gold.

Sally Eyre, Ph.D., DIC – President & Chief Executive Officer – 19 years’ experience in the global resource sector. Previously CEO of Etruscan Resources

Inc. (now Endeavour Mining Corp.), a gold company with assets in West Africa. Dr. Eyre has a Ph.D. in Economic Geology from the Royal School of Mines, Imperial College, London and is a member of the Society of Economic Geologists.

Julien François, CA – Chief Financial Officer – 5 years experience at PricewaterhouseCoopers concentrated in mining and high tech sectors

and on internal control design & assessment projects. Formerly Controller of Western Silver Corporation and currently serves as CFO for Western Copper & Gold.

Robert Gayton, Ph.D. – Director – Formerly Partner of Peat Marwick Mitchell. Directed the accounting and financial matters of

public companies in the resource and non-resource fields since 1987. Director of several public companies including Nevsun and B2Gold.

David Street, MA (Hons) Cantab. – Director – Managing Director, Debt Finance of Endeavour Financial Ltd. Previously Director & Head of

Mining & Metals for NM Rothschild. Holds extensive experience in structuring, arranging and advising on financings for mining projects and companies around the world.

TSX.v: COL | 21 Appendix

APPENDIX


HISTORY OF COPPER NORTH

– In October of 2011, Western Copper Corporation (WRN) spun-off by plan of

arrangement Copper North Mining Corp (COL). and NorthIsle Copper & Gold Inc. (NCX)

– Western Copper issued 46,487,785 common shares to Copper North, representing 0.5 Copper North share for each Western Copper share issued and outstanding

– Copper North holds a 100% interest in the Carmacks Copper Project and the Redstone Project and C$2M in working capital

– NorthIsle holds a 100% interest in the Island Copper Project and C$2.5M in

working capital – Copper North expected to commence trading on the TSX.V: COL, on or about

October 17, 2011

TSX.v: COL | 23

REDSTONE


WATER USE LICENSE – REASONS FOR DECISION

» Summary from Decision Document related to Carmacks’ Water Use Application – Yukon Water Board, May 2010

In its deliberations for the Water Use Application, Yukon Water Board focused on following key issues: – Use of unproven technology – Likelihood of Successful Leaching – Likelihood of Successful Detoxification – Adequacy of the Proposed Discharge

Management Plan – Adequacy of Water Quality Standards for

W12 – Adequacy of Proposed Effluent Discharge

Standards – Adequacy of Heap Facility Preliminary

Design and Liner System – Adequacy of Water Quality Model – Adequacy of Sludge Management Proposal

TSX.v: COL | 25

ASSESSMENT STAGE Identifies environmental and socio-economic effects, their significance, and makes recommendations for mitigation measures

REGULATORY STAGE Regulators issue their respective permits, licenses or other authorizations

1) YUKON ENVIRONMENTAL & SOCIO- ECONOMIC ASSESSMENT

• Conducted by Yukon Socio-economic Assessment Board (YESAB) • YESAB is an independent Yukon Agency comprised of Federal,

Territorial and First Nation Governments (One window process) • Makes recommendations to governments with licensing authority

(“Decision Bodies”)

2) DECISION DOCUMENT • Issued by “Decision Bodies” – governments (Federal, Territorial and First

Nation) that have licensing authority for a project • Accepts, varies or rejects assessment recommendations • Allows project to proceed to regulatory stage 3) QUARTZ MINING LICENSE • Issued by Yukon Government Department of Energy, Mines and

Resources (EMR) • Allows construction to commence 4) WATER USE LICENCE • Issued by Yukon Water Board • Allows production to commence (covers use of water and deposit of

waste)

YUKON PERMITTING PROCESS

Appendix

TSX.v: COL | 26

Preparation and submission of project description

Feasibility and environmental baseline studies

Preliminary screening and referral for assessment

Conducted by the Mackenzie Valley Environmental Impact & Review Board Environmental Impact

Assessment

Type “A” Water License issued

License signed by Minister of AANDC

NORTHWEST TERRITORIES PERMITTING PROCESS

Appendix

» Board-style governance – Independent boards and

agencies

» Initiatives underway to improve processes and timelines

– Actions under Federal Northern Strategy and Regulatory Improvement Initiative


NOTES

1. CARMACKS RESERVE ESTIMATE – Technical Report: May 2007 – Qualified Person: M.Hester, FAusIMM – Cu Eq Metal prices: US$2.00/lb copper, US$875.00/oz gold, US$11.25/oz silver – Includes mining dilution

2. CARMACKS RESOURCE ESTIMATE – Technical Report: Wardrop, December 2007 – Qualified Person: G. Arsenau, Ph.D., P.Geo & Scott Casselman, P.Geo – Total Copper cut-off: 0.25% – Oxide resource estimate for Zones 1,4 and 7. Sulphide resource estimate for Zone 1 – Cu Eq metal prices: US$2.00/lb copper, US$875.00/oz gold, US$11.25/oz silver – No discount for metallurgical recovery in contained metal figures

3. CARMACKS FEASIBILITY STUDY – Technical Report: M3 Engineering & Technology Corporation, May 2007 – Qualified Person: Timothy S. Oliver, P.Eng. – Metal Prices (LME 3-year historical, 2-year future metal prices rolling average as of March 07): US$2.32/lb

copper – Foreign Exchange: C$1.00 = US$0.85

4. REDSTONE RESOURCE ESTIMATE – Technical Report: August 2005 – Qualified Person: A.W. Gourlay, P.Geo – 3.0% copper minimum assay intercept – Cu Eq Metal prices: US$2.00/lb copper, US$11.25/oz silver – No discount for metallurgical recovery in contained metal figures

October 2011

TSX.v:COL

2050 – 1111 West Georgia Street Vancouver, BC V6E 4M3

T: 604.638.2505 F: 604.669.2926

www.coppernorthmining.com

[email protected]

A New Direction · We use certain terms on this presentation, such as “measured,”...

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