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Updated - February 2, 2011

Calais Resources High Grade Gold and Silver Mining in the United States • Near Term Gold & Silver Production Mining - Colorado • Gold & Silver Exploration Programs - Colorado & Nevada

CAAUF.PK Website: www.calaisresources.com 1


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US Property Map

Round Mtn Mine Kinross / Barrick

Cross / Caribou Mine Denver

Manhattan / White Caps Mine Tonopah, NV


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Company Summary: High Grade Gold & Silver Deposits  0.30 to 0.50 oz Gold / ton ( 10.3 to 17.1 gm / tonne ) 

5.0 to 12.0 oz Silver / ton ( 171 to 411 gm / tonne )



All Mine Projects within U.S.  Reduces political & operational risks



Experienced Management Team  Seasoned operational, engineering, and executive leadership



Exploration AND Production  Initial high grade gold and silver resources - majority of exploration lies ahead  Permitted – Revenue stream from initial production projected to commence in 2011

Investor Opportunity:  

Near-term Capital Appreciation & Recovery Long-term Exponential Investment Growth


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Company Summary: High Grade Gold & Silver Deposits  0.30 to 0.50 oz Gold / ton ( 10.3 to 17.1 gm / tonne ) 

5.0 to 12.0 oz Silver / ton ( 171 to 411 gm / tonne )



All Mine Projects within U.S.  Reduces political & operational risks



Experienced Management Team  Seasoned operational, engineering, and executive leadership



Exploration AND Production  Initial high grade gold and silver resources - majority of exploration lies ahead  Permitted – Revenue stream from initial production projected to commence in 2011

Investor Opportunity:  

Near-term Capital Appreciation & Recovery Long-term Exponential Investment Growth


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Calais Resources Management Team Experience and Industry Leadership 

R. David Russell – Chairman / CEO / Director  One of the major shareholders of Calais Resources.  Previous President/CEO of Apollo Gold Corp., as well as a director and founder.  Thirty-plus years experience executive management at Asarco, LAC Minerals, Barrick Gold, Getchell Gold Corp.  Holds Directorship positions at General Moly, Pure Nickel, & Fire River Gold  BS degree – Mining Engineering, Montana Tech



David K. Young – President / COO / Director  Has over 28 years of underground mining experience in operations, engineering, mine and corporate management.  ASARCO – Black Cloud Mine (CO), Troy (MT), Galena & Coeur (ID)  Apollo Gold Corp. – Montana Tunnels (MT), Florida Canyon (FL); Black Fox (Ontario, Can.)  Registered Professional Engineer, State of Idaho; 43-101 qualified person for Calais  BS degree -- Mining Engineering, Colorado School of Mines



Thomas Hendricks - Vice President Exploration / Director:  Has over 38 years of mining experience at Cross/Caribou, and was President of Hendricks Mining prior to merger w/ Calais in 1999. Past President of Calais Resources  Experienced small mine operator and geologist  Numerous awards for environmental stewardship & community service.  Served(s) on several state and local boards for reclamation of historic mining properties. 5


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Calais Resources Management Team Additional Management Team & Technical / Legal Consultants 

Accounting Group - SJM Financial Solutions



Auditor – Eide Bailey



Legal Group  Jon Sawyer - US Corporate Council  Michael Hobart - Canadian Council  Fay Matsukage - SEC Corporate  John Henderson - Land / Mining Attorney



Permitting / Environmental Group  Bruce Humphries  Walsh Environmental



Independent Engineering Review  SRK Consulting 6


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Asset Summary 

Colorado Assets 

Cross / Caribou Mines - Nederland, Colorado  Started in 1869 – Historic Production - 20 million oz of Silver & 500,000 oz of Gold



Historic Resources (PAH - 2002)  Measured & Indicated – 443,000 tons  Gold - 0.57 oz per ton (19.5 gm / tonne)  Silver - 18.3 oz per ton (627 gm / tonne)

  



Inferred – 579,000 Tons  Gold – 0.29 oz per ton (9.93 gm / tonne)  Silver – 7.49 oz per ton (256 gm / tonne)



Measured, Indicated & Inferred – 1,022,000 tons  Gold – 0.41 oz per ton (14.0 gm / tonne)  Silver – 12.2 oz per ton (418 gm / tonne)

Identified Over 100 near vertical veins – true widths between 3ft (1m) to over 20ft (6.1m) Based on 175,000ft (53,500m) of core drilling and extensive underground sampling Land Position - 500 Acres Patented and 1800 Acres Unpatented 7


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Cross Mine Permit Summary 

Cross Mine – CDRMS – M 1977410 



Existing permit allows 70,000 tons per year mining with processing offsite  Boulder County Permit Expansion (Approved 2008 – SU-08-006) Allows processing on site  CDRMS – Permit revision for on site milling – April 2011  Increases disturbance area to 9.5 acres and Milling on Site  Increase cash reclamation bond to $100,000.

Water Quality Discharge Permit COCO-00322751 

Existing permit to discharge excess underground mine water after treatment with lime



Storm Water Discharge Permit - COR 040242



Air Quality Permit - APEN - 09 BO – 0439 F



Explosive License Number - 5-CO CO--013013-33 33--1H 1H--00625





MSHA - ID Number – 0502730 Colorado 112 Mine Expansion Permit Application (1,000 tpd) 

Apply for in Fall 2011 – Permit expected in 2012 8


Surface Facility Cross Mine – New On Site Mill 

Currently Permitted by Boulder County



Requires Colorado Permit Updates



Requires Tailing Impoundment - 2017 

Continued Paste Backfill



Initial Processing Rate – 200 tpd



Upgrade to 1000 tpd in 2012



Potential Underground Mill to Reduce Surface Disturbance

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Asset Summary 

Nevada Assets 

Manhattan, Nevada  Started in 1862 – Historic Gold Production  White Caps Mine District - 800,000 oz of Gold



Preliminary Review  Historic High grade gold values in limestone units that were mined underground  Historic mining to a depth of 1300ft (396m)  Potential for Open Pit and Underground Operations  Historic RC Drilling by Echo Bay – 70 RC holes  Historic Underground Production Sampling Programs  Land Position – 3,800 Acres Patented and Unpatented  5.93 square miles



Plans  Complete Technical Reports / Property Work  Geological Studies  Development Drilling – RC and Core Holes 10


Colorado Properties Caribou / Cross – Location Fig. 1-1

Caribou Mine

Cross Mine Area

Figure 1-1 11


Colorado Properties Caribou / Cross – Location Fig. 2-2

Figure 1-2 12


Colorado Properties Caribou / Cross – Location Map

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Colorado Properties Caribou / Cross Long Section – Looking N.E. Caribou Mine

Cross Mine Elevation – 9800ft (2,987m)

Idaho Tunnel

Elevation – 8800ft (2,682m)

Distance Between Mines – 4,000ft (1,219m)

Idaho Tunnel Used for Underground Core Drilling Platform

Showing Drill Hole Trace 14


Colorado Properties Caribou / Cross With Major Vein System Cross Section Location

Caribou Mine

Cross Mine

Idaho Tunnel

East & West Nelson Veins

Apache, Potosi, Juliet, Cross Veins No Name Vein

Anaconda

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Apache System Main (drift): 3.0 ft @ 0.50 opt Au - 8.0 opt Ag Intermediate (drill hole): 3.0 ft @ 0.50 opt Au - 7.5 opt Ag North Apache (drill hole): 3.5 ft @ 3.8 opt Au - 80 opt Ag

N

Independent Grab: 3.24 opt Au - 34.3 opt Ag 4th Level – 5.0 ft @ 0.50 opt Au 6.0 opt Ag

South Apache: 5.0 ft @ 0.50 opt Au 4.0 opt Ag Independent (Apache): 0.38 opt Au - 5.1 opt Ag

Shop Juliet Stockwork Average mine area: 0.15 opt Au - 5.0 opt Ag Independent Grab: 0.143 opt Au - 7.13 opt Ag

Independent Grab: 0.88 opt Au - 5.58 opt Ag Independent Grab: 0.005 opt Au - 0.36 opt Ag Romeo Adit Level (drift): 12.0 ft @ 0.35 opt Au 7.0 opt Ag 4th Level (drift): 5.0 ft @ 0.45 opt Au 15.0 opt Ag

New Portal

Calais Resources Cross Mine – Adit Level


Colorado Properties Cross-Caribou Mine Site – Nederland, Co. 1. 2. 3. 4.

Restart Cross Mine – 200 tpd New Decline New On Site Mill Ramp up to 1000 tpd

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Colorado Properties Preliminary Milling – Leadville, Co. • Initial Milling – 100 tpd • Cross Mine – Direct Ship Ore

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Caribou / Cross – Historic Resources (Pincock Alan & Holt – 2002 Category Measured and Indicated

Not - NI 43-101 compliant )

Tons

Gold (oz / ton) [gm/tonne]

Silver (oz / ton) [gm/tonne]

Gold (oz)

Silver (oz)

Measured and Indicated Juliet

19,000

0.18 [6.1]

0.67 [23]

3,420

252,840

Rare Metals

98,000

0.40 [13.7]

2.58 [88]

39,200

252,840

Apache

41,000

0.35 [12.0]

8.57 [293]

14,350

351,370

Potosi

8,000

0.22 [7.5]

10.84 [371]

1,760

86,720

Anaconda

35,000

0.51 [17.5]

1.15 [39]

17,850

40,250

No Name

133,000

0.25 [8.6]

9.67 [331]

33,250

1,286,110

East Nelson

30,000

0.11 [3.7]

13.32 [456]

3,300

399,600

West Nelson

79,000

1.78 [61.0]

71.78 [2,460]

140,620

5,670,620

443,000

0.57 [19.5]

18.3 [627]

252,510

8,106,900

Rare Metals

92,000

0.40 [13.7]

2.58 [88]

36,800

237,360

Apache

27,000

0.35 [12.0]

8.57 [293]

9,450

213,390

Potosi

7,000

0.22 [7.5]

10.84 [371]

1,540

75,880

Anaconda

30,000

0.51 [17.5]

1.15 [39]

15,300

34,500

No Name

423,000

0.25 [ 8.6]

8.88 [304]

105,750

3,756,240

Total Inferred

579,000

0.29 [9.9]

7.49 [257]

168,840

4,335,370

Total M & I & I

1,022,000

0.41 [14.1]

12.2 [417]

421,350

12,442,270 19

Total Measured & Indicated Inferred


Assets Summary Cross / Caribou Mines - Estimated Replacement Cost Area / Category

US$

Cumulative (US$)

Shop and Mill Building

1,000,000

1,000,000

Drifts

5,340 ft

5,340,000

6,340,000

Raises / shafts

1,150 ft

1,725,000

8,065,000

Shop

650,000

8,715,000

3,000,000

11,715,000

Cross Mine Surface Facilities Underground

Caribou Mine Surface Facilities Electrical Power Underground

Exploration

Drifts

13,500 ft

14,500,000

26,215,000

Raises / shafts

1,700 ft

9,000,000

35,215,000

175,000 ft

9,500,000

44,715,000

500,000

45,215,000

1,560,000

46,775,000

5,000,000

US$51,775,000

Permitting Land Purchase

500 acres

Leadville Mill Total

US$51,775,000 20


Underground Mining Equipment

Mechanized Underground Mining Equipment – Jumbo Drills 21


Loading and Hauling Ore

Mechanized Underground Loading and Hauling Equipment 22


Proposed Project Schedule Description

2011

2012

2013

2014

2015

2016

2017

Phase I Cross Mine – 100 tpd Restart Cross Mine – Ship Ore to Leadville Upgrade Leadville Mill - 200 tpd Phase II - Caribou / Cross - 1000 tpd Core Drilling, Permitting & Feasibility Study Construction - 1000 tpd Mill on Site Ramp up to 1000 tpd On - Site Tailing Impoundment On – Going Corporate Requirements Exploration Programs in Colorado & Nevada

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Cross Mine Underground Mining Levels

Apache Vein - Drift

Main Adit 9693 ft

Winze

4th Level 9509 ft Figure 1-4 24


Cross Mine Phase II

( Mining Sequence )

200 tpd – Ramp Up to 1000 tpd Ventilation / Secondary Escapeway Apache Vein

Phase II b Phase II a

Phase I Level - 9509

Phase II c Level – 9409 To Be Developed

Figure 1-9

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Caribou Mine Silver Bricks

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NEVADA Property – Nye County



43 miles North of Tonopah, NV



Land Position

Manhattan Mining District

   

28 patented lode claims 203 unpatented lode claims Total of 3,798 acres 5.93 square miles



Historic Gold Mining District from 1905 to 1964  800,000 oz of Gold Produced



White Caps Mine  Historic 150,000 oz Au



Round Mountain Mine – Kinross / Barrick  5.0 miles to the Northwest 27


Manhattan - Nevada District Claims Calais Resources Round Mountain Mine Complex 5 miles

Calais Resources Manhattan District Nye County, Nevada

Manhattan North Wild Horse Claim Block

Manhattan Town Site

White Caps Mine Echo Bay (Kinross) Historic Open Pit Mines

N 28


White Cap Cross Section

Proposed Diamond Drill Hole 2,400 ft

RC Hole – WC 55 From 465 to 490 ft (25 ft) Avg Grade – 0.70 oz Au / ton

White Caps Limestone

Elevation 7600 ft

310 Level

800 Level

1,310 Level

White Caps Cross Section N 15 E – Looking West

Zanzibar Limestone

Manhattan Fault

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NEVADA Exploration Program

Exploration Program – US$ 3.5 million 

Complete Legal / Land Program 



Initial NI 43-101 Technical Report, Exploration Permits and Bonding 



US$250,000

US$250,000

Development Drilling – RC & Core 

 

Phase I with 5,000 ft at US$ 35 / ft – US$250,000 Phase II - 20,000 ft - US$750,000 Phase III – 30,000 ft - US$2.0 million 30


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Calais Resources Summary

High Grade Gold & Silver Deposits 

Exploration & Production

Initial High Grade Gold & Silver Resources Majority of Exploration Lies Ahead Experienced Management Team 

Seasoned operational, engineering, and executive leadership

Investment Opportunity 

Near-term Capital Appreciation & Recovery



Revenue stream from production projected to commence 2011



Long – Term Exponential Investment Growth

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Company Information 

Trading Symbol: CAAUF.PK



Registered in British Columbia, Canada  



Report in US$ and US GAAP - US Domestic Insurer Current CTO in Canada due to lack of financial reporting – Reports to be filed in February 2011

Chairman & Corporate Officers: 

Chairman / CEO

R. David Russell email: drussell@calaisresources.com



President and COO

David K. Young, PE email: dyoung@calaisresources.com NI 43-101 Qualified Person for Calais Resources





Vice President - Exploration

Thomas S. Hendricks email: thendricks@calaisresources.com

Corporate Address: 

Calais Resources Inc. PO Box 653 (4415 Caribou Rd.) Nederland, Colorado 80466-0653 Phone: (303) 258 – 3806 / Fax:

(303) 258 - 0402

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Safe Harbor Statement

FORWARD-LOOKING STATEMENTS This presentation includes certain “Forward-Looking Statements” within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements regarding potential mineralization, resources and reserves, exploration results and future plans and objectives of Calais Resources, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Calais Resources expectations are disclosed under the heading “Risk Factors” and elsewhere in Calais Resources documents filed from time to time with the regulatory authorities.

Warning: The Company relies upon litigation protection for forward-looking statements. Cautionary Note to U.S Investors Concerning Estimates of Measured, Indicated and Inferred Resources This presentation may use terms “Measured”, “Indicated” and “Inferred” Resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. “Inferred Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. Drill Indicated Resources are not recognized as resources in the US or Canada. U.S. investors are cautioned not to assume that all or any part of the Measured and Indicated Resources or any other category will ever be converted to reserves. U.S. Investors are also cautioned not to assume that all or any part of the Inferred Mineral Resource exists, or is economically or legally mineable.

Looking Over the Caribou Park Area Caribou, Colorado

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Calais Resources