DISCOVERED.

The Whistler Project

An Emerging Gold-Copper Porphyry District
May 2011
Jason Weber, P. Geo.
President & CEO
Cautionary Note

This presentation contains forward-looking statements. All statements, other than statements of historical fact, that
address activities, events or developments that the Company believes, expects or anticipates will or may occur in the
future (including, without limitation, statements regarding exploration results, potential mineralization, future plans
and objectives of the Company and mineral resources) are forward-looking statements. These forward-looking
statements reflect the current expectations or beliefs of the Company based on information currently available to the
Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual
results of the Company to differ materially from those discussed in the forward-looking statements, and even if such
actual results are realized or substantially realized, there can be no assurance that they will have the expected
consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially
from current expectations include, among other things, uncertainties relating to the availability and costs of financing
needed in the future, changes in commodity prices, changes in equity markets, changes to regulations affecting the
Company's activities, the uncertainties involved in interpreting exploration results and other geological data and the
other risks involved in the mineral exploration industry. Any forward-looking statement speaks only as of the date on
which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement, whether as a result of new information, future events or results
or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent uncertainty therein.

2
Investment Highlights

 Exploring a new gold-copper district in Alaska.

• Anchored by Whistler Au-Cu Porphyry Deposit –
indicated 2.25M oz gold eq., inferred 3.35M oz gold eq.*
 Four new porphyries discovered
• Island Mountain, Raintree West, Raintree East and
Rainmaker.
 Potential for further discoveries - numerous targets to be
tested and peripheral-style alteration to follow up.
 Major 2011 drill program started in March 2011 totalling
31,000 m.

* See slide 10 for details of NI43-101 resource estimate

3
Whistler Location & Infrastructure

• Location
– 150 km NW of
Anchorage.
– 527km2 State of
Alaska Mining Livengood
Claims. Fort Knox
– 50 person camp.
Whistler Pogo
2.25 Moz Au eq. indicated
• Infrastructure Donlin Creek
3.35 Moz Au eq. inferred*

– Multiple potential Anchorage

power/access routes
Pebble
– 385 Mw station at
Tyonek.
– Proposed power
projects:
• Chackachamna
• Mt. Spurr
* See slide 10 for details of NI43-101 resource estimate 4
Proposed New Infrastructure
Chackachamna Hydro
 TDX Power Corp
(Alaska Native Corp.)
 ~ 400 MW proposed

Mt. Spurr Geothermal

 Ormat Technologies Inc
 NYSE listed, geothermal
projects worldwide
 Currently in feasability
study

Donlin Creek gas pipeline

 Beluga to Donlin
through Whistler
 Will be open to other
users
 Feasibility to be
complete 2nd quarter
2011
5
Property Geology
Whistler
Corridor
•Cretaceous flysch sediments
(greywacke, sandstone) overlain
by extrusive andesite
•~75 Ma Whistler Intrusive
Suite (WIS) - diorite porphyry.
•Whistler deposit hosted by WIS
stock; other prospects (including
Island Mountain) associated with Muddy
WIS stocks/dykes Creek
•65 Ma: Composite Suite (Mt.
Estelle Intrusives) associated
8 km
with Muddy Creek

Island
Mountain

6
Comparables
Volcan
Maricunga gold-rich 10.6 Moz Au at 0.62 g/t Whistler gold-rich
porphyry belt, Chile porphyry district, Alaska

Round Mountain

10 km
Refugio
5.4 Moz Au at 0.76 g/t Whistler Deposit
2.25 Moz Au Eq indicated
3.35 Moz Au Eq inferred*

10 km

Caspiche
24.3 Moz Au at 0.52 g/t,
6,400 Mlbs Cu at 0.2%

Island Mountain 7
21.2 Moz Au at 0.61 g/t, 5,308 7
7
Mlbs of copper at 0.22%. Cerro Casale
* See slide 10 for details of NI43-101 resource estimate
Whistler Porphyry Au-Cu District
Island Whistler Deposit
Mountain Muddy
Creek
15 km
23 km

Raintree East
Rainmaker

Raintree West

 Gold rich gold-copper porphyry deposit.

 New gold-copper porphyries proximal to Whistler (Raintree W, Raintree E and
Rainmaker - All were blind, geophysical targets)
 >20 geophysical targets in 527km2 property.
 Favourable infrastructure options and preliminary metallurgical work
 Same geological belt as Pebble copper-gold porphyry with 72Blb Cu, 94Moz Au, 4.8Blb
Mo (Source: Northern Dynasty website).
8
Whistler Opportunity at a Glance

• New gold-copper
porphyry district.
Whistler Corridor
Whistler Deposit 18 x 9 km with multiple targets • Existing large gold
resource
• 2.25 Moz Au Eq indicated
Raintree and
Rainmaker • 3.35 Moz Au Eq inferred *
Muddy Creek
• Expansion potential
within 3 km at Raintree
and Rainmaker
• New gold discoveries
23km S and 17km ESE
Island Mountain of Whistler.
• Many untested targets.
* See slide 10 for details of NI43-101 resource estimate 9
Whistler 43-101 Resource
• Published revised resource in January 2011.
• Based on 41 drill holes on only the Whistler Zone.
• Au eq. calculation: US$990/oz Au, US$15.40/oz Ag, US$2.91/lb Cu.
• 0.30g/t Au eq. cutoff, 1.3 strip ratio, based on a 45 degree pit shell.
• Positive preliminary metallurgy: 85% Cu, 75% Au recoveries from open
circuit cleaner tests (22.5% Cu concentrate, 65 g/t Au).
Tonnes & Grade Contained Metal (M)
Tonnes Au Ag Cu Au eq. Au Ag Cu Au eq.
Resource Category
(Mt) (g/t) (g/t) (%) (g/t) (Moz) (Moz) (Mlb) (Moz)
2011 Revised Resource
Indicated (open-pit) 79.2 0.51 1.97 0.17 0.88 1.28 5.03 302 2.25
Inferred (open-pit) 145.8 0.40 1.75 0.15 0.73 1.85 8.21 467 3.35
2008 Resource
Indicated (open-pit) 30 0.87 2.46 0.24 1.35 0.84 2.37 159 1.31
Total Indicated 30 0.87 2.46 0.24 1.35 0.84 2.37 159 1.31
Inferred (open-pit) 123 0.59 2.07 0.19 0.98 2.33 8.19 515 3.86
Inferred (underground) 11 1.16 3.55 0.24 1.66 0.41 1.26 58 0.59
Total Inferred 134 0.64 2.18 0.20 1.05 2.74 9.44 573 4.44

Source: Mineral Resource Estimation Memo, Whistler Copper-Gold Project, Alaska Range, Alaska. January, 2011. Memo Prepared by Moose Mountain Technical Services Ltd. Final Report to 10
be filed on SEDAR in February 2011.
Whistler Discovery Outcrop

Raintree W

11
11
Whistler Property Exploration
Only Scratching the Surface
• Two blind targets drilled with discoveries – Raintree & Rainmaker.
• Numerous geophysical targets with same signature as Whistler
Snow Ridge Puntilla
Round Mountain

Whistler Spur Targets

Long Lake Hills
Raintree W Raintree E
Rainmaker

2.25 Moz Au Eq. indicated

3.35 Moz Au Eq. inferred*
40 m @ 0.98 g/t Au, 0.2% Cu, 10.2 90 m @ 0.42g/t Au, 1.3g/t Ag, 0.10% Cu
g/t Ag within 471.2 m of 0.38 g/t Au,
0.09% Cu, 4.7 g/t Ag
167 m @ 0.47g/t
Au, 0.17% Cu.
Portage Ck
Looking North
* See slide 10 for details of NI43-101 resource estimate 12
12
ALGER PEAK LOOK-OUT OF WHISTLER AREA PROSPECTS
Island Mountain Discovery

• Located 23 km south of
Whistler Deposit
NI43-101 Resource
2.25 Moz Au Eq indicated
3.35 Moz Au Eq inferred * Whistler.
Whistler Corridor
18 x 9 km with multiple Au-Cu targets
• Surface and drill evidence
for significant mineralized
system.
– 4.5x3km area of gold-copper
soil and rock anomalies.

– Untested zones of copper

2009 Island Mountain Discovery bearing stockwork and
Hole breccias.
IM09-001: 382.9m of 0.68 g/t Au
including 106.9m of 1.22g/t Au

* See slide 10 for details of NI43-101 resource estimate

13
Island Mountain Discovery
• Breccia Zone 09 Drilling
Breccia: 150 x 100m exposure of IM09-002: 214.3m @
0.13g/t Au
actinolite-magnetite hydrothermal
breccia in diorite.

2009
– Discovery Hole: 0.68g/t Au over 382.9
m, including 0.70g/t Au , 0.16% Cu
over 150 m and 1.22g/t over 106.9 m.

2010
– 15 holes completed over 700 m trend
– Preliminary metallurgy completed
• Very positive 75-90% gold 500m
recoveries (see appendix for more
details)
– Bonafide porphyry discovery 09 Drilling
Discovery

• 114.9 metres averaging 1.25 g/t 14

gold and 0.23 % copper
Island Mountain 2010 Drill Plan
Hornfels

114.9 of 1.25 g/t Au and 0.23% Cu

Hydrothermal Breccia

Intrusion Breccia 237.4 of 0.53 g/t Au and 0.14% Cu

Discovery Hole
150.0 m 0.72 g/t Au and 0.16% Cu
106.9 m 1.22 g/t Au only

Diorite

15
15
Island Mountain Discovery
Potential Targets

In the vicinity of the Discovery Breccia, soil

and rock sampling has expanded the target
area to 2 by 1.5 km in size

New anomaly of the same strength has been These areas will require additional sampling to define
defined by 2 by 1.2 km gold-copper anomaly their full extent and to determine drill targets in 2011
north of the Cirque Zone

Breccia Zone >175 ppb composite gold anomaly Looking NE

23 km to Whistler

16
16
250m
Whistler – Next Steps
2011 Program (~30,000 metre drilling program March-November)

Whistler Orbit area:

Spring:
 Initial startup – one drill in Whistler Orbit (Raintree West) area with two
“overburden rigs” testing geophysical targets.
Summer:
 2 rigs, expansion of Raintree targets, and testing
anomolies identified
 Continued drilling at Raintree West, East and new orbit targets
Island Mountain:
Spring:
 Detailed airborne geophysical survey over Island Mountain
Summer:
 2 drill rigs expanding Breccia zone for 37 holes for 11,000 m
drilling
 Testing new targets at Island Mountain and Muddy Creek
17
Whistler – Next Steps
Whistler Deposit:
 Detailed study of deposit geology. Re-examine drilling to identify controls on
mineralization to aid in building new, detailed model to aid in future targetting

Looking SW Looking NE

New Targets:
Summer:
 Drill 2-5 holes at Muddy Creek. Rock chip samples from Muddy Creek
averaged 4.72 g/t gold over 3.2 km by 3.3 km in a irregularly shaped area
 Evaluate and rank other drill targets including: Spur Area, Alger Peak, Snow
Ridge, Puntilla Ridge, Old Man Breccia 18
Resource Value Positioning
 Kiska is trading below US$15 EV / oz Au-equivalent

Value / Ounce of Resource (1)

(2)
Rainy River Detour Lake Several Livengood Toroparu Volcan Whistler Several (3)
KSM Caspiche

Note: Equivalent resources are calculated using the following long term price forecasts: Gold (US$990/oz), Silver (US$15.40/oz), Copper (US$2.91/lb) and
Moly (US$15.00/lb)
(1) Total resources including inferred
(2) Includes all Nova Gold’s assets: Donlin Creek (50%), Galore Creek (50%), Copper Canyon (100%), Ambler (100%)
(3) Includes the Snowfield & Brucejack projects
19
Management and Board of Directors
Management Team
Jason Weber, P.Geo.,President and CEO
Adrian Rothwell, CA, CFO
David Caulfield, P.Geo., Chairman and Director of Business Development
Mark Baknes, P.Geo.,VP Exploration

Board of Directors
David Caulfield, P.Geo. (Co-Chairman)
John Kanellitsas, B.S. (Co-Chairman)
Jason Weber, P.Geo.
Geoff Chater, B.Sc.
Bipin Ghelani, CA
George Ireland, B.S. 20

Mark Selby, B.Comm.

Kiska Corporate Summary
Capital Structure Share Performance

Symbol KSK:TSX-V

Shares 99.2 Million

Outstanding

Warrants 12.1 Million

Options 6.13 Million

Major Shareholders
Fully 117.4 Million
35%- Geologic Resource Partners
Diluted
5%- Management/ Insiders (RFM)
6%- Tocqueville
Cash $24.3 Million
2%- Global Strategic Management
2% Teck Resources Ltd. 21

2% Colonial First State

Investment Highlights
• Whistler (100% owned) – An Emerging Gold-Copper
Porphyry District- Gold rich porphyry deposit to anchor
district in same geological belt as Pebble copper-gold
porphyry- 2.25M oz gold eq indicated, 3.35M oz gold eq
inferred *
• Four new gold discoveries- Island Mountain, Raintree
West, Raintree East and Rainmaker
• Superior exploration upside.
• Large drill program began in Q1 2011.

* See slide 10 for details of NI43-101 resource estimate

22
Contact Information

Kiska Metals Corporation

Jason Weber, President & CEO

Tel: (604) 669-6660 ext 237
Email: jasonw@kiskametals.com
Suite 575 – 510 Burrard Street, Vancouver, British Columbia, V6C 3A8
www.kiskametals.com

Drew Martel, Manager, Investor Relations

Tel: (604) 669-6660 ext 236
Email: drewm@kiskametals.com
Suite 575 – 510 Burrard Street, Vancouver, British Columbia, V6C 3A8
www.kiskametals.com

23
Analyst Coverage

Byron Capital Markets – Drew Clark 647-426-1673

Mackie Research Capital Corporation - Dale Mah, P.Geol. 604-662-1840

Raymond James Ltd. – Bart Jaworski, P. Geo. 604-659-8282

Union Securities Ltd – Brian Mok, P.Eng., MBA 416-775-5135

For further information contact:

Drew Martel, Manager, Investor Relations

Tel: (604) 669-6660 ext 236
Email: drewm@kiskametals.com
Suite 575 – 510 Burrard Street, Vancouver, British Columbia, V6C 3A8
www.kiskametals.com

24
 K-feldspar Alteration Actinolite-Magnetite
+ Disseminated Chalcopyrite Hydrothermal Breccia

114.9 of 1.25 g/t Au and 0.23% Cu

150.0 m 0.72 g/t Au and 0.16% Cu

1200m
Vein and Net-Textured Pyrrhotite

Kspar Alt Looking for on strike extension of breccia area

Surface breccia extends 700 m to N of discovery breccia

INT
106.9 m 1.22 g/t Au only
BX HYD
1000m Testing depth of breccia system and cause of porphyry
BX
Pyrrhotite Dominant Pyrite Dominant
Strike and depth extend of lower zone style pyrrhotite mineralization
Biotite Alteration Chlorite-Epidote Alteration
?
DIO
? ? HNFS
800m ? ?
Causative Intrusion?
25
Island Mountain: Metallurgy
• Metallurgical processing of samples from Island Mountain show excellent
recovery rates and saleable Cu concentrate grades using conventional
processing techniques

• The Lower Zone (Net-textured Pyrrhotite) composite sample achieved

nearly 90% Au recovery through a combination of selective flotation and
cyanidation of tailings; The upper composite sample (Actinolite-Magnetite
breccia) achieved 75% Au recovery, further modification and optimization
can be expected to greatly improve those results

• Processing infrastructure contemplated at Whistler, including

conventional milling and flotation followed by cyanide leaching of tailings,
matches what would be required at Island Mountain based on this early
test work

Island Mountain mineralization a growing part of a district resource base

26
Property History
• 1986-1989: Cominco team discovers Whistler outcrops and drills 16 holes
(1677 m).
• 2002: Kent Turner options Whistler to Kennecott
• 2003-2006: Kennecott conducts groundwork, geophysics and completes 35
drillholes (15 at Whistler) totalling 12,694 m.
• 2005: Geoinformatics (GXL) signs Strategic Alliance agreement with
Kennecott. Geologic Resource Partners provides $20 million (US)
convertible loan to GXL.
• 2007: GXL acquires Whistler and drills 7 infill holes at Whistler (3,321).
• 2008: GXL drills 8 holes at Whistler and 1 hole each at Raintree and
Rainmaker targets, resulting in Raintree West discovery. Geologic gains
control of GXL after acquiring 85% of GXL’s shares
• 2009: GXL merges with Rimfire Minerals to form Kiska. Kiska renegotiates
terms of Kennecott’s back-in rights. Kiska embarks on 264 line kilometres of
IP and 5 drillholes (1500m) as part of Kennecott “trigger program”. Island
Mountain and deep Raintree West discoveries made.
• 2010: Kiska completes additional 18 drillholes (7,142m) to fulfill “trigger
program” and provides report of program to Kennecott. September 1 –
27
Kennecott waives back in rights. Kiska completes an additional 17 holes (5
at Whistler) totalling 9450 m.