canaccord junior mining weekly dec18-2010

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The recommendations and opinions expressed in this Investment Research accurately reflect the Investment Analyst’s personal, independent The recommendations and opinions expressed in this Investment Research accurately reflect the Investment Analyst’s personal, independent The recommendations and opinions expressed in this Investment Research accurately reflect the Investment Analyst’s personal, independent The recommendations and opinions expressed in this Investment Research accurately reflect the Investment Analyst’s personal, independent aaaannnndddd oooobbbbjjjjeeeeccccttttiiiivvvveeee vvvviiiieeeewwwwssss aaaabbbboooouuuutttt aaaannnnyyyy aaaannnndddd aaaallllllll tttthhhheeee DDDDeeeessssiiiiggggnnnnaaaatttteeeedddd IIIInnnnvvvveeeessssttttmmmmeeeennnnttttssss aaaannnndddd RRRReeeelllleeeevvvvaaaannnntttt IIIIssssssssuuuueeeerrrrssss ddddiiiissssccccuuuusssssssseeeedddd hhhheeeerrrreeeeiiiinnnn.... FFFFoooorrrr iiiimmmmppppoooorrrrttttaaaannnntttt iiiinnnnffffoooorrrrmmmmaaaattttiiiioooonnnn,,,, pppplllleeeeaaaasssseeee sssseeeeeeee tttthhhheeee IIIImmmmppppoooorrrrttttaaaannnntttt DDDDiiiisssscccclllloooossssuuuurrrreeeessss sssseeeeccccttttiiiioooonnnn iiiinnnn tttthhhheeee aaaappppppppeeeennnnddddiiiixxxx ooooffff tttthhhhiiiissss ddddooooccccuuuummmmeeeennnntttt oooorrrr vvvviiiissssiiiitttt CCCCaaaannnnaaaaccccccccoooorrrrdddd GGGGeeeennnnuuuuiiiittttyyyy’’’’ssss OOOOnnnnlllliiiinnnneeee DDDDiiiisssscccclllloooossssuuuurrrreeee DDDDaaaattttaaaabbbbaaaasssseeee....

15 December 2010

Wendell Zerb 604.643.7485 [email protected]

Nicholas Campbell 604.643.7027 [email protected]

Adam Melnyk (Research Associate) 604.643.1655 [email protected]

Gabriel Gonzalez (Research Associate) 604.643.7529 [email protected]

Iris Varga (Research Assistant) 604.643.7412 [email protected]

SMALL CAP OVERVIEW AND

2011 WATCH LIST

We provide an overview of the small cap mining sector and our year-end list of exploration/development/mining companies that we believe could provide above-average speculative potential in 2011.

For 2011, we suggest continued exposure to small cap equities that are associated with strong management and that have active exploration and development programs on top-quality targets/assets over the next 6-12 months. Given the strength of the sector, we also like exposure to selective pre-drilling-phase exploration names that have quality preliminary geological data supporting upcoming drilling programs. Many of these speculative stories remain under-recognized, but offer above-average speculative appeal in the current market. We continue to stress that risk-tolerant investors should consider accumulating positions during corrective market phases and take profits in upturn rallies.

Companies on our 2011 watch list have been selected based on a wide variety of criteria, including: capable company management, 2011 work programs, project potential and leverage to metal price movement (ideally, upward leverage). Our primary goal is to identify companies that offer above-average opportunity based on successful project advancement/development in 2011.

Junior Mining WeeklyJunior Mining WeeklyJunior Mining WeeklyJunior Mining Weekly will resume publication the week of 11 January 2011. will resume publication the week of 11 January 2011. will resume publication the week of 11 January 2011. will resume publication the week of 11 January 2011.

Figure 1: Gold price versus average value US$/oz in situ

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Average Value US$/oz in situ Gold Price

C$/US$ 0.99 ; Ag:Au ratio 48:1 Source: Canaccord Genuity, Capital IQ

Current Current Current Current value: US$157.27/ozvalue: US$157.27/ozvalue: US$157.27/ozvalue: US$157.27/oz↓↓↓↓

http://www.canaccordgenuity.com/en/ODD/pages/disclosures.aspx

Junior Mining Weekly | 2 15 December 2010

TABLE OF CONTENTS

2011 overview ........................................................................................................................4 Key junior mining sector drivers........................................................................................8 2010 watch list performance............................................................................................9

2011 watch list company profiles.......................................................................................10 Alhambra Resources Ltd. (ALH : TSX-V : C$0.99 | Not rated) .......................................12 Almaden Minerals Ltd. (AMM : TSX : C$4.49 | Not rated).............................................13 Auryx Gold Corp. (AYX : TSX : C$0.94 | Not rated) .........................................................14 Batero Gold Corp. (BAT : TSX-V : C$2.58 | Not rated) ...................................................15 Bowmore Exploration Ltd. (BOW : TSX-V : C$0.58 | Not rated).....................................16 Dorato Resources Inc. (DRI : TSX-V : C$1.28 | Not rated).............................................17 Edgewater Exploration Ltd. (EDW : TSX-V : C$1.29 | Not rated) ...................................18 Full Metal Minerals Ltd. (FMM : TSX-V : C$0.29 | Not rated)........................................19 Goldgroup Mining Inc. (GGA : TSX : C$1.27 | Not rated)...............................................20 Indicator Minerals Inc. (IME : TSX-V : C$0.12 | Not rated) ............................................21 international PBX Ventures Ltd. (PBX : TSX-V : C$0.30 | Not rated).............................22 Iron Creek Capital Corp. (IRN : TSX-V : C$0.96 | Not rated)..........................................23 Mansfield Minerals Inc. (MDR : TSX-V : C$2.47 | Not rated) ........................................24 Newstrike Capital Inc. (NES : TSX-V : C$0.69 | Not rated) ............................................25 North Country Gold Corp. (NCG : TSX-V : C$1.20 | Not rated) ......................................26 Polar Star Mining Corporation (PSR : TSX : C$1.95 | Not rated) ..................................27 Queenston Mining Inc. (QMI : TSX : C$5.48 | Not rated) ..............................................28 Riverstone Resources Inc. (RVS : TSX-V : C$0.72 | Not rated) .....................................29 Rockgate Capital Corp. (RGT : TSX : C$1.98 | Not rated)..............................................30 Sulliden Gold Corporation Ltd. (SUE : TSX : C$2.26 | Not rated)..................................31 Sunridge Gold Corp. (SGC : TSX-V : C$1.30 | Not rated) ...............................................32 Trelawney Mining and Exploration Inc. (TRR : TSX-V : C$2.64 | Not rated)..................33

Research universe ................................................................................................................35 Gold in situ ............................................................................................................................36 Silver in situ...........................................................................................................................37 Uranium in situ......................................................................................................................39 Copper in situ ........................................................................................................................41 Zinc in situ .............................................................................................................................43 Nickel in situ..........................................................................................................................44 Ink spots ................................................................................................................................45 Junior Mining Weekly Index previous 12 months ...............................................................53

Note: All prices are as of close of market on 10 December 2010.


Figure 2: Junior market and commodities snapshot

In SituIn SituIn SituIn Situ ValueValueValueValue % Change% Change% Change% Change TSX Venture Daily Volume for the weekTSX Venture Daily Volume for the weekTSX Venture Daily Volume for the weekTSX Venture Daily Volume for the week EV/attrib. lb eq.or oz orEV/attrib. lb eq.or oz orEV/attrib. lb eq.or oz orEV/attrib. lb eq.or oz or Mkt. cap/oz or lb eqMkt. cap/oz or lb eqMkt. cap/oz or lb eqMkt. cap/oz or lb eq.... 10 Dec10 Dec10 Dec10 Dec 10 10 10 10 YTDYTDYTDYTD WoWWoWWoWWoW DateDateDateDate DateDateDateDate Volume Volume Volume Volume CA GOLD In Situ (US$/oz) 157.27 82.5% -0.8% Monday 6-Dec-10 515,098,956 CA SILVER In Situ (US$/oz) 1.88 184.8% 16.0% Tuesday 7-Dec-10 465,438,334 CA URANIUM In Situ (US$/lb) 4.35 24.3% -4.4% Wednesday 8-Dec-10 391,381,160 10 Dec10 Dec10 Dec10 Dec 10 10 10 10 YTDYTDYTDYTD WoWWoWWoWWoW Thursday 9-Dec-10 423,636,324 CA COPPER In Situ (cents Cdn/lb) 7.28 75.4% 2.0% Friday 10-Dec-10 398,785,224 CA NICKEL In Situ (cents Cdn/lb) 11.20 -28.1% 1.2% CA ZINC In Situ (cents Cdn/lb) 3.48 91.2% -2.2% TotalTotalTotalTotal 2,194,339,9982,194,339,9982,194,339,9982,194,339,998 CA MOLY In Situ (cents Cdn/lb) 17.58 -0.5% 4.4% Average. Daily VolumeAverage. Daily VolumeAverage. Daily VolumeAverage. Daily Volume 438,868,000438,868,000438,868,000438,868,000

ValueValueValueValue % Change% Change% Change% Change S&P/TSX Venture Composite Index Volume and ValueS&P/TSX Venture Composite Index Volume and ValueS&P/TSX Venture Composite Index Volume and ValueS&P/TSX Venture Composite Index Volume and Value IndexIndexIndexIndex 10 Dec10 Dec10 Dec10 Dec 10 10 10 10 YTDYTDYTDYTD WoWWoWWoWWoW JanJanJanJan 0 0 0 07777---- 10 Dec 10 Dec 10 Dec 10 Dec 10101010 S&P/TSX Venture Composite Index 2,124 39.7% 0.7% S&P/TSX Composite Index 13,239 12.7% 0.5% S&P/TSX Global Gold Index 425 27.3% -1.6% S&P/TSX Div. Metals & Mining 1466 45.9% 5.7% (SPDR) Streettracks Gold Trust 135.41 26.2% -1.9% IShares Comex Gold Trust 13.56 26.3% -1.9% AMEX Gold Bugs 571 32.7% -1.9% S&P/TSX Venture Composite IndexS&P/TSX Venture Composite IndexS&P/TSX Venture Composite IndexS&P/TSX Venture Composite Index Selected companiesSelected companiesSelected companiesSelected companies PricePricePricePrice Highly active by % Highly active by % Highly active by % Highly active by % ∆∆∆∆ ((((6666----10 Dec10 Dec10 Dec10 Dec 10 10 10 10)))) SymbolSymbolSymbolSymbol 10 Dec10 Dec10 Dec10 Dec 10 10 10 10 %%%%∆∆∆∆ Ashburton Ventures Inc. ABR $0.20 200% 1,180 g/t Au sampled at Deep Creek, NV. $600k investment by PG-T. Cadillac Mining Corporation CQX $0.33 94% VGD-V option for 60% of CQX’s Break project, Rouyn-Noranda, Quebec. Themac Resources Group Ltd. MAC.H $1.38 73% No news.

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CGCGCGCG commodity price and curr commodity price and curr commodity price and curr commodity price and currency forecastsency forecastsency forecastsency forecasts ValueValueValueValue % Change% Change% Change% Change 2010E2010E2010E2010E 2011E2011E2011E2011E 2012E2012E2012E2012E Long TermLong TermLong TermLong Term 10 Dec10 Dec10 Dec10 Dec 10 10 10 10 YTDYTDYTDYTD WoWWoWWoWWoW Aluminum US$/lb 0.93 0.90 0.90 0.85 1.04 4.0% 0.0% Copper US$/lb 3.34 3.75 3.75 2.25 4.10 23.1% 3.0% Nickel US$/lb 9.85 9.75 9.25 8.00 10.85 29.6% 1.9% Zinc US$/lb 0.97 0.95 0.90 0.85 1.03 -10.1% 3.0% Lead US$/lb 0.95 1.00 1.00 0.60 1.08 -0.9% 2.9% Uranium US$/lb 43.1 52.5 60.0 70.0 60.00 33.3% -1.6% Molybdenum US$/lb 15.85 15.0 15.0 15.0 16.02 40.8% 0.0% Cobalt US$/lb 20.9 17.5 15.0 12.5 17.00 -17.1% 0.0% Gold US$/oz 1,215.0 1,400.0 1,300.0 950.0 1,386.00 26.4% -2.0% Silver US$/oz 19.06 23.50 22.50 17.25 28.67 69.9% -2.5% Platinum US$/oz 1,613 1,800 1,550 1,550 1,681.75 14.8% -2.7% Palladium US$/oz 495.7 550 400 400 735.50 80.4% -4.3% C$/US$ 0.97 1.00 0.95 0.95 0.99 4.2% -0.6% A$/US$ 0.91 0.95 0.90 0.85 0.99 9.8% -0.8% US$/Euro 1.31 1.30 1.30 1.30 1.32 -7.6% -1.4% Rand/US$ 7.51 8.00 8.00 8.00 6.87 -7.2% -0.2%

WoW (week over week). CG - Canaccord Genuity The CG commodity price and currency forecasts – updated as of October 2010. In Situs: The basket of companies might vary quarterly. Past performance is not indicative of future results. Source: Canaccord Genuity estimates, Capital IQ, Bloomberg, TSX DataGroup


2011 OVERVIEW

In 2010, we again celebrated higher investor risk tolerance and the resulting reallocation of speculative capital to the junior mining sector. The resultant S&P/TSX Venture rally since we published our 2010 junior mining watch list equates to a 46.4% return. Selective stocks, however, commonly gapped up 20-30% in a day’s trading session. Over the year, good performances are measured in gains of over 300% and gains of over 1,000% are not uncommon. Our 2010 watch list returned a one-year gain of 147.1% as compared with 46.4% for the S&P/TSX Venture Index, 13.6% for the S&P/TSX Composite Index, 25.5% for the S&P/TSX Global Gold Index and 43.3% for the S&P/TSX Diversified Metals & Mining Index. (Figure 8, page 9). [Performance (percentage gain or loss) calculated from the publishing date of the 2010 watch list (23 December 2009) to present (10 December 2010)].

For 2011, we remain “generally optimistic”, again citing China’s growth benefitting metals demand, additional US-dollar weakness (or lack of relative strength) supporting commodity prices, contingency government stimulus programs to support the global economy, and moderate North American economic expansion underpinning the broad equity markets. We stress, however, that the years following significant one-year rallies have often produced negative or flat returns (Figure 3).

Figure 3: VSE, CDNX and TSX Venture Exchange (January 1983 to December 2010)

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VSE Index CDNX Index TSX Venture Index

VSE IndexVSE IndexVSE IndexVSE Index CDNX IndexCDNX IndexCDNX IndexCDNX Index S&P/TSX Venture Exchange IndexS&P/TSX Venture Exchange IndexS&P/TSX Venture Exchange IndexS&P/TSX Venture Exchange Index

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VSE and CDNX values adjusted for S&P/TSX Venture values. Source: Canaccord Genuity, TSX Datagroup, Bloomberg


For 2011, we suggest continued exposure to small capitalization equities that are associated with strong management and that have active exploration and development programs on top-quality targets/assets over the next 6-12 months. Given the strength of the sector, we also like exposure to selective, pre-drilling phase exploration names that have quality preliminary geological data supporting upcoming drilling programs. Many of these speculative stories remain under-recognized, but offer above-average speculative appeal in the current market. We continue to stress that risk-tolerant investors should consider accumulating positions during corrective market phases and take profits in upturn rallies.

Figure 4: TSX Venture Exchange (year over year, 2003 to December 2010)

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Source: Canaccord Genuity, TSX Datagroup, Bloomberg


VIX – the S&P Volatility Index

One of the most significant factors affecting the performance of the junior mining sector is the level of investor risk tolerance. At the end of 2008 during the full-blown credit crisis, confidence was shattered, investors were panicked and capital fled to safety at the slightest sign of risk. Figure 5 presents a chart of the CBOE SPX Volatility Index.

Figure 5: CBOE* SPX Volatility Index (January 2008 to December 2010)

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VIX - CBOE SPX Volatility Index

*CBOE – Chicago Board Options Exchange Source: Canaccord Genuity, Bloomberg

The S&P Volatility Index (VIX, Figure 5) is a relatively reliable reverse barometer for investor risk tolerance. As the index goes up, investor risk tolerance goes down. As indicated in the figure above, the index spiked in late 2008 and has since returned to more moderate levels. In 2010, the VIX was relatively well-behaved from February to April, but the European financial crisis began to spike fear and volatility in the middle of Q2/10. With an interim easing of risk aversion in June 2010, the junior sector started its current rally. Between 1 January 2010 and 6 July 2010 the S&P/TSX Venture Index was down 11% (1,521 to 1,348), back to the equivalent of mid-year 2003 levels, but since 7 July 2010, the S&P/TSX Venture Index is up 58% (1,348 to 2,124).

We believe risk tolerance will continue to be an integral factor in determining junior mining sector market valuations, so investors should be aware of the potential macro-economic factors that help to shape broad investor risk tolerance. Strong metal prices, renewed belief in global growth, and a thawing of risk capital have all contributed to speculative capital flowing to junior mining equities.


Volume

The TSX Venture Exchange established a new record for daily volume on 9 November 2010, when 526,512,252 shares traded, surpassing the previous record of 422,028,135 on 13 October 2010, and 411,550,319 set on 17 October 2007. We track the TSX Venture Index volume as a measure of the speculative capital being deployed into the small cap mining sector. We generally consider daily volumes of 200 million shares to be the minimum level of liquidity for supporting the S&P/TSX Venture Index. Higher volume levels are often associated with selective or broad advances in the junior sector. That being said, rallies driving the index to recent highs have come with liquidity levels of over 400 million shares traded daily. Higher volume levels are often associated with selective or broad advances in the junior sector. However, we caution that, according to our observations, downside pressure on the small cap mining sector is often related to periods of above-average volume followed by gaps down to lower daily volume (which translates to lower liquidity).

Figure 6: S&P/TSX Venture Exchange Index and Volume (December 2001 to December 2010)

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Figure 7: S&P/TSX Venture Exchange Index and Volume (December 2009 to December 2010)

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KEY JUNIOR MINING SECTOR DRIVERS In brief, we see the following as important catalysts to continued strength in small cap mining:

• Steady positive performance of the TSXSteady positive performance of the TSXSteady positive performance of the TSXSteady positive performance of the TSX resulting in excess capital flowing to the small cap mining development and exploration sector. The TSX remains heavily resource-weighted and, as investors continue to look for value in mining equities, more capital capital capital capital could continue to shift downstream to highly leveraged small capscould continue to shift downstream to highly leveraged small capscould continue to shift downstream to highly leveraged small capscould continue to shift downstream to highly leveraged small caps.

• The hThe hThe hThe hot ot ot ot junior mining junior mining junior mining junior mining sector in the 2009 and 2010sector in the 2009 and 2010sector in the 2009 and 2010sector in the 2009 and 2010 continues to draw new investors to the sector with unallocated pools of capital seeking entry points.

• Metals prices need to reMetals prices need to reMetals prices need to reMetals prices need to remain relatively robustmain relatively robustmain relatively robustmain relatively robust in order to create interest in the sector.

• S&P/TSX Venture Index daily volume of over 200 million sharesS&P/TSX Venture Index daily volume of over 200 million sharesS&P/TSX Venture Index daily volume of over 200 million sharesS&P/TSX Venture Index daily volume of over 200 million shares represents a level of liquidity we consider important to generally support the junior mining sector. That being said, rallies driving the index to recent highs have come with liquidity levels of over 400 million shares traded daily. Higher volume levels are often associated with selective or broad advances in the junior sector. However, we caution that, according to our observations, downside pressure on the small cap mining sector is often related to periods of above-average volume followed by gaps down to lower daily volume (which translates to lower liquidity).

• Mergers and acquisitions (M&A)Mergers and acquisitions (M&A)Mergers and acquisitions (M&A)Mergers and acquisitions (M&A) can be excellent catalysts to draw investor interest to the small capitalization mining development and exploration companies. Recent examples include: Goldcorp for Andean Resources, Kinross for Redback Mining, and Franco Nevada for Gold Wheaton.

• An exploration discoveryAn exploration discoveryAn exploration discoveryAn exploration discovery can be the best catalyst to drive speculative interest in the small capitalization space. We believe the potential for new discoveries improves relative to the amount of capital being deployed into exploration programs, which is currently above average.

• Current monetary policyCurrent monetary policyCurrent monetary policyCurrent monetary policy continues to foster an environment of risk taking. In fact it’s become a global phenomenon for countries to support an interest rate policy aimed at loosening credit availability to spur capital investment. With this has come a new wave of interest in bullion: if you can’t believe in any of the paper currencies, buy the most logical hard currency. We have yet to see a firm economic recovery take hold in the US, thus we believe the Fed, along with the US government, is likely to continue to attempt to foster an atmosphere of risk taking over the next several quarters. This low interest rate environment has remained intact. This has left fewer options for investors and, most importantly with regard to mining, has drawn capital to the junior sector.


2010 WATCH LIST PERFORMANCE If 2008 was the year of the freight train (the one that hit our 2008 watch list with a 75.2% loss), 2009 was the year of the express train with a gain of 289%. The 2010 performance carried our watch list to a gain of 147%, significantly outperforming our primary S&P/TSX Venture Index benchmark (46.4%). The star performers were Canaco Resources Inc. (CAN : TSX-V), Rio Alto Exploration Ltd. (RIO : TSX-V), Levon Resources Ltd. (LVN : TSX-V) and Kaminak Gold Corp. (KAM : TSX-V), while Capella Resources Ltd. (KPS : TSX-V) and Blue Sky Uranium Corp. (BSK : TSX-V) should, perhaps, have been voted off the island earlier in the year.

Figure 8: 2010 watch list performance

Price C$Price C$Price C$Price C$ % Change% Change% Change% Change CoCoCoCompanympanympanympany Name Name Name Name TickerTickerTickerTicker ExchangeExchangeExchangeExchange 23 23 23 23 DecDecDecDec 09090909 10101010 DecDecDecDec 10101010 PricePricePricePrice 1 Anfield Nickel Corp. ANF TSX-V $2.90 $4.55 56.9% 2 Banro Corporation BAA TSX $2.12 $3.27 54.2% 3 Blue Sky Uranium Corp. BSK TSX-V $0.56 $0.23 -58.9% 4 Canaco Resources Inc. CAN TSX-V $0.53 $5.97 1,026.4% 5 Capella Resources Ltd. KPS TSX-V $0.45 $0.12 -73.3% 6 Carpathian Gold Inc. CPN TSX $0.33 $0.68 106.1% 7 Corex Gold Corp. CGE TSX-V $0.79 $0.80 1.3% 8 First Point Minerals Corp. FPX TSX-V $0.33 $0.90 176.9% 9 Focus Ventures Ltd. FCV TSX-V $0.97 $0.50 -48.5%

10 Hudson Resources Inc. HUD TSX-V $0.78 $1.16 48.7% 11 Intercitic Minerals Inc. ICI TSX $0.93 $2.04 119.4% 12 Kaminak Gold Corp. KAM TSX-V $0.73 $3.00 311.0% 13 Kiska Metals Corp. KSK TSX-V $0.87 $1.28 47.1% 14 Levon Resources Ltd. LVN TSX-V $0.40 $1.81 352.5% 15 PC Gold Inc. PKL TSX $0.62 $0.67 8.1% 16 Richfield Ventures Corp. RVC TSX-V $1.18 $4.60 289.8% 17 Rio Alto Exploration Ltd. RIO TSX-V $0.35 $1.90 442.9% 18 Rodinia Minerals RM TSX-V $0.45 $0.57 26.7% 19 Sandstorm Resources Ltd. SSL TSX-V $0.53 $0.73 37.7% 20 Uracan Resources Ltd. URC TSX-V $0.32 $0.26 -20.3% 21 US Gold Corp. UXG TSX $2.66 $7.57 184.6%

AverageAverageAverageAverage 147.1%147.1%147.1%147.1% S&P/TSX Venture Index 1,451 2,124 46.4% S&P/TSX Composite Index 11,659 13,239 13.6% S&P/TSX Global Gold Index 339 425 25.5% S&P/TSX Div. Metals & Mining Index 1,023 1,466 43.3%

Performance (percentage gain or loss) calculated from the publishing date of the 2010 watch list (23 December 2009) to present (10 December 2010). The results presented should not and cannot be viewed as an indicator of future performance. The results presented are exclusive of any relevant costs, including commissions and interest charges or other applicable expenses. Source: Canaccord Genuity, Capital IQ, Bloomberg


2011 WATCH LIST COMPANY PROFILES


2011 WATCH LIST Companies on our 2011 watch list have been selected based on a wide variety of criteria, including: capable company management, 2011 work programs, project potential and leverage to metal price movement (ideally, upward leverage). Our primary goal is to identify companies that provide above-average opportunity based on successful project advancement/development in 2011.

We do not have formal research coverage of the companies named in our 2011 watch list; their inclusion on the list does not constitute a recommendation nor should it be assumed to be a recommendation to purchase at this time. Share appreciation from current levels is dependant upon factors that may or may not materialize. We provide profiles of each of the companies on the watch list and highlight some important assumptions.

Figure 9: Canaccord Genuity 2011 watch list

Price C$Price C$Price C$Price C$ Company NameCompany NameCompany NameCompany Name TickerTickerTickerTicker ExchangeExchangeExchangeExchange 10 Dec10 Dec10 Dec10 Dec 1 1 1 10000 Analyst/AssociateAnalyst/AssociateAnalyst/AssociateAnalyst/Associate 1 Alhambra Resources Ltd. ALH TSX-V $0.99 NC 2 Almaden Minerals Ltd. AMM TSX $4.49 WZ/AM 3 Auryx Gold Corp. AYX TSX $0.94 NC 4 Batero Gold Corp. BAT TSX-V $2.58 NC 5 Bowmore Exploration Ltd. BOW TSX-V $0.58 WZ/GG 6 Dorato Resources Inc. DRI TSX-V $1.28 WZ/AM 7 Edgewater Exploration Ltd. EDW TSX-V $1.29 NC 8 Full Metals Minerals Ltd. FMM TSX-V $0.29 WZ/AM 9 Goldgroup Mining Inc. GGA TSX $1.27 NC 10 Indicator Minerals Inc. IME TSX-V $0.13 WZ/AM 11 International PBX Ventures Ltd. PBX TSX-V $0.30 WZ/AM 12 Iron Creek Capital Corp. IRN TSX-V $0.96 WZ/AM 13 Mansfield Minerals Inc. MDR TSX-V $2.47 WZ/AM 14 Newstrike Capital Inc. NES TSX-V $0.69 WZ/AM 15 North Country Gold Corp. NCG TSX-V $1.20 WZ/AM 16 Polar Star Mining Corporation PSR TSX $1.95 WZ/AM 17 Queenston Mining Inc. QMI TSX $5.48 WZ/AM 18 Riverstone Resources Inc. RVS TSX-V $0.72 NC 19 Rockgate Capital Corp. RGT TSX $1.98 NC/GG 20 Sulliden Gold Corporation Ltd. SUE TSX $2.26 NC/GG 21 Sunridge Gold Corp. SGC TSX-V $1.30 NC 22 Trelawney Mining and Exploration Inc. TRR TSX-V $2.64 WZ/AM

Source: Canaccord Genuity, Capital IQ


ALHAMBRA RESOURCES LTD. (ALH : TSX-V : C$0.99 | NOT RATED)

Nicholas CampbellNicholas CampbellNicholas CampbellNicholas Campbell 1.604.643.7027

Figure 10: ALH : TSX-V Figure 11: ALH : TSX-V

Shares O/S (M): 104.0 Shares FD (M): 123.5 Working capital (M): C$18.0 Market Cap (M): C$103.0 Website: www.alhambraresources.com

Source: Company reports Source: StockCharts.com

Alhambra Resources is a junior gold exploration and development company under the stewardship of John Komarnicki, President and CEO. The company is focused on the advancement of the Uzboy gold project in northern Kazakhstan and the exploration of the Dombraly and Shirotnaia gold projects.

• The Uzboy gold project hosts an NI 43-101 compliant resource estimate of 21.3 million tonnes grading 1.42 g/t gold (975,500 ounces of contained gold) in the measured and indicated category with an additional 11.3 million tonnes grading 1.17 g/t gold (421,700 ounces of contained gold) in the inferred category. Alhambra is currently producing at a rate of roughly 15,000 ounces of gold per year from the Uzboy mine with cash costs of roughly US$720/oz of gold produced. An updated preliminary economic assessment for the Uzboy mine is underway.

• The Dombraly gold project is a past producing gold operation with a target area of 1,700 by 240 meters. ALH is targeting an initial oxide resource of 5.0-7.0 M tonnes grading 1.4-1.8 g/t gold (230,000-410,000 ounces of gold). Waste piles from previous operations grade 1.52 g/t gold. Drilling in 2011 is to focus on delivering an initial resource estimate for the Dombraly project.

• The Shirotnaia gold project is a large 10.0 by 2.0 kilometre target area. Highlights from previous drilling include 73 metres grading 1.79 g/t gold, 40 metres grading 1.18 g/t gold and 62 metres grading 0.93 g/t gold. Drilling in 2011 is to focus on delivering an initial resource estimate for the Shirotnaia project.

• In addition to its more advanced projects, Alhambra intends to continue testing regional exploration targets to delineate new gold resources. Early-stage exploration targets include the Vasilkovskoe East, North Balusty, Zhanatobe and Kerbay prospects.

• For 2011, Alhambra has the objectives of releasing an updated resource estimate for the Uzboy gold deposit, providing initial resource estimates for the Dombraly and Shirotnaia projects, releasing an updated preliminary economic assessment for the Uzboy gold deposit and continuing to test regional targets to delineate new zones of mineralization.

An analyst has not visited Alhambra Resources Ltd.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Alhambra Resources Ltd. is for risk accounts only.


ALMADEN MINERALS LTD. (AMM : TSX : C$4.49 | NOT RATED)

Wendell Zerb, P. GeolWendell Zerb, P. GeolWendell Zerb, P. GeolWendell Zerb, P. Geol 1.604.643.7485 Adam Melnyk, P. EngAdam Melnyk, P. EngAdam Melnyk, P. EngAdam Melnyk, P. Eng 1.604.643.1655

Figure 12: AMM : TSX Figure 13: AMM : TSX

Shares O/S (M): 50.3 Shares FD (M): 57.0 Working capital (M): $13.6 Market Cap (M): $225.8 Website: www.almadenminerals.com


Almaden is a mineral exploration company specializing in the generation of new mineral prospects in the western half of North America. According to the company, it has over 40 properties in its portfolio at various stages of exploration and development. Almaden’s founder and Chairman, Duane Poliquin, is linked to numerous discoveries including: the Santa Fe gold deposit in Nevada, the Apex germanium-gallium deposit in Utah, the Nevada Scheelite Extension, and the Trinidad gold mine, Mexico. Morgan Poliquin, President and CEO, is a Ph.D geologist with a special interest in epithermal gold.

• In early August 2010, AMM announced initial drill results from its 100% Tuligitic project in Puebla State, Mexico. The first drill hole (TU-10-1) of an initial three-hole test program intersected 302.4 metres grading 1.01 g/t Au and 48 g/t Ag (1.7 g/t AuEq) and 1.67 metres grading 60.66 g/t Au and 2,112 g/t Ag (93.2 g/t AuEq) in the Ixtaca Zone, a new low-sulphidation epithermal gold discovery.

• Follow-up drilling in November 2010 confirmed the general NE trend of mineralization at Ixtaca. The company suggests that controls on mineralization are complex and that there are least two major sets of veins: one along bedding striking roughly 150 to 170 degrees and one perpendicular to bedding striking roughly 50 to 70 degrees. Recent drilling has roughly been at the same azimuth as the bedding parallel vein set, and the company is considering adjusting its drill direction to capture mineralization associated with both vein sets (approximately 100 degrees).

• Holes released in November include TU-10-4 and TU-10-5, which were collared at an azimuth 150 degrees and dips of -48 and -55, respectively. The company suggests the holes were designed to cross the veins intersected in TU-10-1. Both holes intersected multiple quartz-carbonate-sulphide veins. Hole TU-10-4 intersected 158.0 metres (from 189.10 to 347.10 metres) averaging 0.94 g/t gold and 61.1 g/t silver (2.2 g/t AuEq or 108 g/t AgEq). Hole TU-10-5 intersected 230.43 metres (from 146.40 to 379.13 metres) averaging 0.51 g/t gold and 42.0 g/t silver (1.3 g/t AuEq or 67 g/t AgEq). Drill hole TU-10-6 appears to be an important 110 metre NE step-out from holes TU-10-1 (in part), TU-10-4 and TU-10-5. Hole TU-10-6 was collared with an azimuth of 150 degrees and dip of -50 degrees and according to AMM intersected multiple quartz-carbonate-sulphide vein zones. The entire zone of veining averaged 0.86 g/t gold and 61.7 g/t silver (2.1 g/t AuEq or 105 g/t AgEq) over 126.22 metres from 295.58 to 421.80 metres on the drill stem. Higher-grade intervals include: 19.18 metres grading 2.84 g/t gold and 160.2 g/t silver (6.0 g/t AuEq or 302 g/t AgEq).

• We believe Ixtaca represents a classic hot springs/low sulphidation target. Early successful drilling results, combined with an associated high-resistivity IP anomaly and soil geochemistry with anomalous gold values that span up to 2 kilometres along the NE interpreted trend, give us encouragement that Ixtaca could represent a multi-million oz AuEq discovery. Subtle surface alteration suggests there is potential for the system to continue up to 2 kilometres to the SW. A thin layer of younger volcanic ash masks older geology in the area, including, potentially, gold mineralization.

An analyst has not visited Almaden Minerals Ltd.’s material operations

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Almaden Minerals Ltd. is for risk accounts only.


AURYX GOLD CORP. (AYX : TSX : C$0.94 | NOT RATED)


Figure 14: AYX : TSX Figure 15: AYX : TSX

Shares O/S (M): 161.3 Shares FD (M): 171.3 Working capital (M): C$15.3 Market Cap (M): C$151.6 Website: www.auryxgold.com


Auryx Gold is a junior gold developer under the stewardship of Tim Searcy, President. The company is focused on the advancement of its 92%-owned Otjikoto gold project in Namibia.

• The Otjikoto gold project is located in north-central Namibia. The project hosts an NI 43-101 compliant resource estimate of 28.4 million tonnes grading 1.34 g/t gold (containing 1.2 million ounces of gold) in indicated resources with an additional 17.2 million tonnes grading 1.28 g/t gold (containing 0.7 million ounces of gold) in inferred resources. The project has excellent infrastructure with highway access and sufficient local water supply, which is particularly important in Namibia.

• The mineralization occurs in higher-grade shoots within a halo of lower-grade mineralization. The mineralization remains open to extension along strike to the south and up and down shoot. The company is also testing for parallel shoots laterally from the current mineralization. Previously completed metallurgical work returned 80-85% recoveries using a combination of gravity and leaching and 85-95% recoveries using gold flotation. The project is being considered as an open pit mining operation. The strip ratio for the mine is currently estimated at 4.5:1.

• Auryx is expected to report a resource re-estimate (recalculation of the current resource based on previous drilling) in Q1/11. A 15,000 metre diamond drilling program and 10,000 metre reverse circulation (RC) drill program is set to begin in late 2010 with initial results expected in Q1/11. Geohydrological studies and an ESIA are expected to be completed in 2011 with an initial scoping study expected to be released by late 2011 to early 2012.

• The Otjikoto gold project is similar to AngloGold’s Navachab gold mine in Namibia, which was commissioned as a 50,000 ounce per year gold mine on a limited reserve and has since been expanded to 80,000 ounces of gold per year gold operation with a 4.2 million ounce resource.

• Auryx Gold is currently trading at a market value of C$79.80/oz of gold resource compared with the weighted average market value of C$104/oz that we estimate for junior gold companies.

An analyst has visited Auryx Gold Corporation’s material operations in Namibia. Partial payment or reimbursement was received from the issuer for the related travel costs.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Auryx Gold Corp. is for risk accounts only.


BATERO GOLD CORP. (BAT : TSX-V : C$2.58 | NOT RATED)


Figure 16: BAT : TSX-V Figure 17: BAT : TSX-V

Shares O/S (M): 41.8 Shares FD (M): 57.4 Working capital (M): C$17.0 Market Cap (M): C$107.8 Website: www.baterogold.com


Batero Gold is a junior gold exploration company under the stewardship of Brandon Rook, President and CEO. The company is focused on the advancement of the Batero-Quinchia copper-gold project in western Colombia.

• The Batero-Quinchia copper gold project is located 190 kilometres from Colombia’s capital city of Bogota, 20 kilometres southwest of Medoro’s Marmato gold project and 100 kilometres northwest of AngloGold’s La Colosa gold project. The property is accessible by way of paved highway with local access to the regional power grid.

• A 15-hole diamond drill program was completed on the property by AngoGold from 2006-2007, which outlined three copper-gold porphyry mineralized zones. Three Miocene intrusive centres were identified in a north-south trend on the Batero-Quinchia property with a total strike length of 3 kilometres long by 2 kilometres wide: La Cumbre, Dos Quebradas and La Lenguita/San Luis/Mandeval. A fourth porphyry target was indentified, Metecana, to the south of the mineralized zones.

• The La Cumbre porphyry target area has been visually confirmed over a 1.5 by 1.1 kilometre area. Historical drilling intersected mineralization from surface with mineralization remaining open at depth and in all directions. The discovery hole returned 277 metres grading 0.747 g/t gold and 0.143% copper. Drilling returned 42 277 metre intercepts grading 0.5-0.75 g/t gold and 0.06-0.15% copper.

• The Dos Quebradas porphyry target area covers a 700 by 700 metre area. Five holes were drilled historically, with the highlight hole intersecting 216 metres grading 0.746 g/t gold and 0.11% copper.

• The La Lenguita/San Luis/Mandeval targets lie roughly 1.0 kilometre to the north of the La Cumbre zone. A 250 metre by 1.0 kilometre target area was defined by geochemistry and mapping historically at the Mandeval target. Preliminary rock chip and soil samples indicated the presence of molybdenum and copper at La Lenguita/San Luis.

• A 16,000 metre drill program has been budgeted for the Batero-Quinchia copper gold project in 2011, focusing on the previously defined targets with some initial testing for new zones. The company is also working to complete initial metallurgical testing and begin environmental baseline work. An initial resource estimate for the Batero-Quinchia project is expected in 2011.

An analyst has not visited Batero Gold Corp.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Batero Gold Corp. is for risk accounts only.


BOWMORE EXPLORATION LTD. (BOW : TSX-V : C$0.58 | NOT RATED)

Wendell Zerb, P. GeolWendell Zerb, P. GeolWendell Zerb, P. GeolWendell Zerb, P. Geol 1.604.643.7485 Gabriel GonzalezGabriel GonzalezGabriel GonzalezGabriel Gonzalez 1.604.643.7529

Figure 18: BOW : TSX- V Figure 19: BOW : TSX-V

Shares O/S (M): 45.1 Shares FD (M): 58.6 Working capital (M): C$4.9 Market Cap (M): C$26.2 Website: www.bowmorexploration.com


Bowmore is a Montreal-based exploration and development company focused on gold mineral properties in Canada and Mexico. The company is led by Paul A. Dumas, President and CEO, and benefits from a strategic partnership with Osisko Mining (OSK : TSX : C$14.99 | SPECULATIVE BUY), which has a 40% interest in the company and has nominated Robert Wares, Osisko Director and COO, and Sean Roosen, Osisko President and CEO, to Bowmore’s board of directors.

• Bowmore has an option agreement with AMEX Exploration Inc (AMX : TSX-V : C$0.26 | Not rated) to acquire 70% of the Chivas project (formerly “Natora-South”), a 24,841 hectare property located on the Sierra Madre gold belt in Mexico. The property shares a similar geological setting with Minefinders Corp.’s (MFL : TSX : C$11.45 | SPECULATIVE BUY) Dolores mine located 15 kilometres east, and Alamos Gold’s (AGI : TSX : C$18.54 | HOLD) Mulatos mine 40 kilometres to the south. Bowmore can initially earn 50% over a 24-month period in consideration for issuing AMEX an aggregate 150,000 shares and total cash payment of $312,500, and incurring exploration expenditures of at least $1,250,000 over the same period. A further 20% can be elected to be earned by Bowmore over the following 24-month period by issuing AMEX 100,000 shares and a total cash payment of $200,000, and incurring exploration expenditures of at least $750,000 within the election period. The property is not subject to any NSR.

• An airborne radiometric and magnetic survey was recently completed on the Chivas property, identifying a total of 14 targets, of which three were found to have strong to intense epithermal alteration. A wide silicified zone measuring approximately 900 by 300 metres was identified within felsic volcanic rocks west southwest of the Piedra Rodante zone, where previous drilling identified low-grade to anomalous gold values. This sinter zone is similar to those found above high-grade Bonanza-type low sulphidation epithermal systems. Based on the character of the zone, and its significant size (mapped for over a strike length of 2.5 kilometres), it opens the potential for an above-average epithermal gold-silver discovery. Additional field work will establish priority targets for a Q1/11 drill program.

• The company also has two projects of interest in Quebec. Its St-Victor property is located in southern Quebec where the company is targeting sediment-hosted gold mineralization similar to the Sukkhoi Log deposit in Russia. The company recently announced it will conduct a total of 2,410 line kilometres of airborne magnetic and time-domain electromagnetic (TDEM)geophysics at St-Victor that will assist targeting for a January 2011 drill program. At its second area of interest in Quebec, Bowmore is exploring for Lode gold associated with the Abitibi Greenstone belt on its Duverny project.

An analyst has not visited Bowmore Exploration Ltd.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Bowmore Exploration Ltd. is for risk accounts only.


DORATO RESOURCES INC. (DRI : TSX-V : C$1.28 | NOT RATED)


Figure 20: DRI : TSX-V Figure 21: DRI : TSX-V

Shares O/S (M): 68.8 Shares FD (M): 90.7 Working capital (M): US$8.0 Market Cap (M): C$88.1 Website: www.doratoresources.com


Dorato is a mineral exploration company focused in the Cordillera del Condor Gold, Copper District in Peru along the Ecuador border. Dorato is led by Keith Henderson, President, a registered professional geologist with 15 years’ experience, primarily in precious and base metal exploration.

• Dorato’s 2010 work program has focused the Lucero bulk tonnage gold-copper target Cordillera del Condor Gold, Copper District in Peru. In October, Dorato released significant trench results at Lucero, which included 188 metres grading 2.08 g/t gold and 0.20% copper, including 56.9 metres of 3.65 g/t gold and 0.23% copper. Subsequent trenching has intersected 15 metres grading 1.66 g/t Au, 50 metres grading 1.01 g/t Au, and 63.2m grading 1.63 g/t Au. A total of 11 trenches have been excavated within the Lucero target area, totalling 668 metres in length. Trenching anomalies now cover an extensive 730 by 530 metre area within the larger Lucero anomaly.

• Lucero is interpreted to be an intrusion-related gold and copper system. Mineralization occurs in a hydrothermally altered package of sedimentary and intrusive rocks and is also found in massive magnetite replacement and breccia bodies. Recent results outline a geochemical anomaly over 700 metres (east-west) by over 1,100 metres (north-south). The soil anomaly is coincident with airborne geophysical EM and magnetic data (recently upgraded resolution to 50 metre line spacing from 200 metre), and confirmed by gold-copper mineralization discovered by surface rock sampling and trenching.

• Dorato has the right to purchase 100% of Minera Afrodita, which controls concessions in the Cordillera del Condor in Peru. This mineral belt hosts the 14.1 million ounce AuEq Fruta del Norte gold deposit, which was the subject of Kinross’ US$923 million acquisition of Aurelian Resources in Q3/08.

• Dorato’s primary focus has been properties (Taracori, Lucero, Cobrecon) within the Cordillera del Condor project. A combination of geological mapping, geochemical sampling, and geophysics has led to multiple target areas. As part of its ongoing airborne geophysical survey (approximately 50% complete) at the project, the company recently indentified 13 additional targets on the 1,050 square kilometre property over 80 kilometres of strike length.

An analyst has not visited Dorato Resources Inc.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Dorato Resources Inc. is for risk accounts only.


EDGEWATER EXPLORATION LTD. (EDW : TSX-V : C$1.29 | NOT RATED)


Figure 22: EDW : TSX-V Figure 23: EDW : TSX-V

Shares O/S (M): 49.5 Shares FD (M): 70.4 Working capital (M): C$16.5 Market Cap (M): C$63.9 Website: www.edge-water.com


Edgewater Exploration is a junior gold exploration and development company under the stewardship of George Salamis, President and CEO. The company is focused on the advancement of its 100%-owned Corcoesto gold project in Spain and its Enchi gold project in Ghana (option to earn 45.9% of the project from Kinross).

• The Corcoesto gold project is located in northwestern Spain. The project hosts an NI 43-101 compliant resource of 5.6 million tonnes grading 1.73 g/t gold (315,000 ounces contained) in the measured and indicated category, with an additional 16.5 million tonnes grading 1.66 g/t gold (885,000 ounces contained) of inferred gold resources. Seven gold vein systems have been identified to date, which remain open along strike and to depth. The project has the potential to support open pit and underground mining operations. Initial metallurgical results indicate potential recoveries of 90% using a conventional CIL process. The project is located in a favourable mining jurisdiction in Spain with a small-scale mining permit already in place (will need to be re-submitted for a larger operation) and good infrastructure to site. Edgewater has budgeted for a 12,000 metre drill program to begin in Q4/10 with the goal of delivering an updated resource estimate in H1/11. An initial scoping study for the project is expected to be completed by late 2011 to early 2012.

• The Enchi gold project is located in southwestern Ghana. Edgewater has the option to earn 45.9% of the project from Kinross Gold Corporation by spending C$5 million on the project by August 2012. Previous work focused work on the Boin gold zone (112 RC drill holes) and the Nyamebekyere gold zone (35 RC drill holes). The Boin gold zone has been documented over 10 kilometres associated with the Bibiani Shear Zone. Nyamebekyere has been drilled over a 1.5 kilometre strike length. No NI 43-101 compliant resource estimate has been completed on the Enchi project. A 15,000 metre diamond drill program is budgeted for the Enchi project beginning in Q4/10. An initial resource estimate is expected to be completed in H1/11.

• Edgewater Exploration is currently trading at a market value of C$53.25/oz of gold resource compared with the weighted average market value of C$104/oz that we estimate for junior gold companies.

An analyst has not visited Edgewater Exploration Ltd.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Edgewater Exploration Ltd. is for risk accounts only.


FULL METAL MINERALS LTD. (FMM : TSX-V : C$0.29 | NOT RATED)

Wendell Zerb, P. GeolWendell Zerb, P. GeolWendell Zerb, P. GeolWendell Zerb, P. Geol 1.604.643.7485 Adam MelnykAdam MelnykAdam MelnykAdam Melnyk 1.604.643.1655

Figure 24: FMM : TSX-V Figure 25: FMM : TSX-V

Shares O/S (M): 133.3 Shares FD (M): 183.1 Working capital (M): C$3.0 Market Cap (M): C$35.9 Website: www.fullmetalminerals.com


Full Metal Minerals is a junior exploration company with an exploration focus in Alaska and Yukon. The company is under the stewardship of Michael Williams, President, and Rob McLeod, VP Exploration. The company’s Alaska land package is extensive and includes the Aleutian Islands/Alaska Peninsula Cu–Mo exploration projects (including Pyramid), the 40-Mile zinc-silver-lead project, the Rolling Thunder gold project in eastern Alaska, and the Pebble South copper project in southwestern Alaska.

• Full Metal and Antofagasta recently completed a five-hole 1,668 metre drill program at the Pyramid porphyry target at the Pyramid project, located in southwestern Alaska. All drill holes encountered meaningful chalcocite, chalcopyrite and molybdenite mineralization, starting at surface. The 2010 drill program covered an area spanning 900 metres (east-west) by 750 metres (north-south) area. PY10-05 encountered the most impressive mineralization, returning 195 metres averaging 0.63% Cu, 0.018% Mo and 0.14 g/t Au, or 0.82% copper equivalent (using US$2.00/lb for copper, US$1,000/oz for gold, and US$10/lb for molybdenum). The 37,296 hectare project lies along the southern margin of the Alaska Peninsula approximately eight kilometres from tidewater. Multiple hydrothermal centres have been identified at Pyramid, within an oval-shaped 2,300 by 1,400 metre mapped extent of phyllic and potassic alteration zones.

• The Pyramid area was initially explored in 1974 by the Aleut-Quintana-Duval joint venture, which drilled 19 shallow holes (maximum 168 metres depth) in late 1975 (1,695 metres total). This drilling outlined a historical resource (non- NI 43-101) of 125 million tons grading 0.403% copper (largely chalcocite) and 0.025% molybdenum near-surface.

• Antofagasta Minerals can earn an initial 51% Interest in Pyramid by incurring US$6 million in expenditures during the first four years (US$1.5 million in the first year) and paying Full Metal US$200,000 in cash (US$50,000 at the end of the first year). Antofagasta can then earn an additional 14% interest for a total aggregate of 65% interest by preparing and delivering, at its sole cost, a scoping study costing a minimum of US$4 million. Antofagasta can then earn an additional 15% interest for a total aggregate of 80% interest by funding at its sole cost a feasibility study on the project.

• Other important projects being explored by FMM include: The 40-Mile property (100%), a 90 kilometre trend of silver-lead-zinc targets, as well as prospective gold and copper showings. Drilling has expanded the LWM target along a strike of about 950 metres. Recent drill results include: 4.40 metres (true width) averaging 23.63% Zn, 23.71% Pb and 314.2 g/t Ag. The Rolling Thunder project includes about 210 State of Alaska mining claims (34,000 hectares) staked to target lode gold mineralization on trend with structurally controlled, quartz-pyrite stockwork, vein and vein breccias hosted on the White Gold Property, Yukon (Kinross/Underworld).

• Full Metal currently has 36.1 million outstanding share purchase warrants exercisable at $0.25, which expire between December 2010 and September 2012.

An analyst has not visited Full Metal Minerals Ltd.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Full Metal Minerals Ltd. is for risk accounts only.


GOLDGROUP MINING INC. (GGA : TSX : C$1.27 | NOT RATED)


Figure 26: GCA : TSX Figure 27: GCA : TSX

Shares O/S (M): 84.9 Shares FD (M): 95.1 Working capital (M): C$18.3 Market Cap (M): C$107.8 Website: www.goldgroupmining.com


Goldgroup Mining is a junior gold producer and exploration company under the stewardship of Keith Piggott, CEO. The company is focused on operating its Cerro Colorado gold mine and advancing the Caballo Blanco and San Jose de Gracia gold projects in Mexico.

• The Cerro Colorado gold mine is an open pit heap leach operation that produces roughly 25,000 ounces of gold per year in Sonora State, Mexico. There is a current NI 43-101 compliant resource of 244,000 ounces of measured, indicated and inferred gold resources estimated at the mine. The 2011 exploration program is focused on expanding the current resource base with a new crushing system recently installed to improve gold recoveries.

• Goldgroup holds a 70% interest in the Caballo Blanco project in Vera Cruz State, Mexico. The project has a current NI 43-101 compliant indicated and inferred gold resource of 34.3 million tonnes grading 0.6 g/t gold, containing 656,000 ounces of gold (459,000 ozs to Goldgroup’s account). The current resource is based on drilling completed at the La Paila deposit, which remains open on all sides with multiple anomalies to be tested on the current land package. A 30,000 metre drill program is in progress. Initial metallurgical test work indicated potential gold recoveries of 88+%. With excellent infrastructure to site, the company intends to fast track Caballo Blanco to production over the next three years with the goal of developing a 100,000+ ounce per year operation.

• Goldgroup has an option to earn a 50% interest in the San Jose de Gracia gold/silver project in Sinaloa State, Mexico. The project has an NI 43-101 compliant inferred mineral resource of 3.4 million tonnes grading 5.59 g/t gold and 10.02 g/t silver, containing 618,000 ounces of gold and 1.1 million ounces of silver (309,000 ozs of gold and 655,000 ounces of silver to Goldgroup’s account).

• Combined, Goldgroup has attributable NI 43-101 compliant resources of 1,025,000 ounces of gold-equivalent. The company is currently trading at a market value of C$105.19/oz compared with the weighted average market value of C$104/oz that we estimate for junior gold companies.

An analyst has visited Goldgroup Mining Inc.’s material operations in Mexico. Partial payment or reimbursement was received from the issuer for the related travel costs.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Goldgroup Mining Inc. is for risk accounts only.


INDICATOR MINERALS INC. (IME : TSX-V : C$0.12 | NOT RATED)


Figure 28: IME : TSX-V Figure 30: IME : TSX-V

Shares O/S (M): 115.0 Shares FD (M): 168.2 Working capital (M): C$1.7 Market Cap (M): C$13.8 Website: www.indicatorminerals.com


Indicator Minerals is a Vancouver-based junior mineral explorer under the stewardship of Bruce Counts. Indicator has largely been focused on diamond exploration since 2004, but has recently expanded its scope to target copper mineralization in Arizona. Mr. Counts has been involved in the Canadian diamond exploration industry for 14 years. Between 1992 and 1997 he was employed by BHP Minerals Canada Ltd. and was an integral member of the team responsible for the discovery and development of the Ekati diamond mine.

• In August 2010 Indicator entered into an arrangement to purchase Bluestone Resources ltd, a private company with the right to earn a 100% interest in the Mohave Cu-Mo project located in northwestern Arizona. Indicator issued 5 million of its common shares to former Bluestone shareholders and committed to total cash payments of $600,000 (due September 2011, 2012). The property is subject to a 3% NSR, of which 1% can be purchased for $1.5 million.

• The company is targeting large-scale copper porphyry mineralization with associated silver and molybdenum. Work conducted by Bluestone identified copper mineralization and favourable alteration over the project area, which is also associated with a coincident induced polarization (IP) anomaly and complementary structural features. The company suggests the Mohave area could be analogous to the Bagdad copper porphyry mine, located within 30 kilometres and along the same structural trend. Bagdad hosts reserves (2006) of 619 million tons grading 0.35% Cu and 0.022% Mo.

• The Mohave project is considered to have excellent infrastructure, including being located in close proximity to a major state highway. The project is entirely within BLM federal land designation.

• Indicator plans to conduct a 4,000 metre core drilling program to test the near-surface Cu oxide mineralization and a minimum three-hole deep drilling program to test the hypogene Cu-Mo mineralization.

• The company maintains significant exploration concessions in Nunavut Territory. The Nanuq North project is its principal diamond project, from which in mid-November a 1,008 kilogram sample returned 612 diamonds (larger than 0.075 mm) in an initial sample from the NQN-001 kimberlite. Further work programs are being considered pending additional results.

• Indicator currently has 47 million outstanding share purchase warrants exercisable at between $0.12 and $0.20 which expire between August 2011 and October 2012.

An analyst has not visited Indicator Minerals Inc.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Indicator Minerals Inc. is for risk accounts only.


INTERNATIONAL PBX VENTURES LTD. (PBX : TSX-V : C$0.30 | NOT RATED)


Figure 31: PBX : TSX-V Figure 32: PBX : TSX-V

Shares O/S (M): 104.2 Shares FD (M): 123.2 Working capital (M): C$4.0 Market Cap (M): C$31.3 Website: www.internationalpbx.com


International PBX is a mineral exploration company with exposure to copper, molybdenum and gold projects in Chile. The company’s flagship Copaquire copper molybdenum project is located in northern Chile within Chile’s copper porphyry belt, to the northwest of Quebrada Blanca and Collahuasi. Subject to a 2% NSR, Minera IPBX Limitada (IPBX), a wholly owned Chilean subsidiary of PBX, owns 100% interest in Copaquire.

• In late March 2010, the company initiated a Phase II drilling program on the Sulfato South copper zone, located immediately to the northeast of the Cerro Moly zone. According to PBX, the drill program objective is to bring the adjacent (north) copper zone to resource level and subsequently be added to an overall resource update, including near-surface oxide and supergene mineralization as well as deeper hypogene mineralization that historically has not been systematically tested at Copaquire. On a long-term basis, new mineralization could result in modelling an expansion to the open pit anticipated as part of the 2009 Cerro Moly PEA.

• 2010 drill results included: CQ-100 – 360 metres grading 0.57% Cu and 0.02% Mo; CQ-101 – 42 metres grading 0.39% Cu and 0.02% Mo; CQ-102 – 257 metres grading 0.31% Cu and 0.04% Mo; and CQ-103 – 402 metres grading 0.23% Cu and 0.04% Mo.

• In September, a Titan 24 deep IP survey was completed at Copaquire. A 7,000 metre drill program is planned by the company to test nine geophysical targets from this survey. Drilling will investigate coincident geophysical and surface alteration anomalies, as well as deep targets interpreted to be potential feeder zones at the project. Also of interest was the discovery in September of a new copper porphyry system on the property, located 2.5 kilometres west of the Cerro Moly zone, from which 49 surface chip samples averaged 0.20% Cu. The company is currently planning an airborne magnetics and EM geophysical program to cover the entire property (only 20% explored to date).

• The Copaquire project occurs within the Chilean copper porphyry belt in a similar geological setting to Xstrata/Anglo’s neighbouring Collahuasi (5 Bt at 0.83% Cu, 0.02% Mo) operation, and Teck’s Quebrada Blanca Mines 1Bt at 0.50% Cu and 0.02%Mo). The Chilean copper porphyry belt is host to over 30 porphyry Cu-Mo deposits and prospects that contains one of the largest accumulations of copper in the world (resources plus production 220 million tonnes of copper – 2002).

• In late-November, PBX closed a $3.8 million private placement, of which $2.5 million was purchased by Ningbo Jintian Copper, the largest copper processing company in China.

• The company controls a series of additional projects in Chile and intends to fly airborne geophysics over its 100%-owned Tierra de Oro, Sierra Pintada, Palo Negro and Hornitos copper gold projects located in the Chilean IOCG belt.

An analyst has not visited International PBX Ventures Ltd.’s material operations.

Investment risks The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of International PBX Ventures Ltd. is for risk accounts only.

http://www.internationalpbx.com/projects/copa/images/Mines_w_claims.jpg


IRON CREEK CAPITAL CORP. (IRN : TSX-V : C$0.96 | NOT RATED)


Figure 33: IRN : TSX-V Figure 34: IRN : TSX-V

Shares O/S (M): 26.6 Shares FD (M): 36.9 Working capital (M): C$6.3 Market Cap (M): C$25.5 Website: www.ironcreekcapital.com


Iron Creek is a mineral exploration and development company targeting porphyry copper and epithermal Au-Ag systems in Chile. The company is under the stewardship of Timothy Beale, President and Michael Winn, CEO. Hochschild Mining holds 8.6% of Iron Creek’s issued and outstanding shares.

• The Victoria project is a joint venture with Hochschild (60% HOC, 40% IRN) in Chile. It is 45,000 hectares and covers 37 kilometres of the Domeyko fault zone, situated midway between the Escondida and Salvador deposits in northern Chile’s porphyry belt. The project includes the Vaquillas mine (small-scale historical mining) and six undrilled porphyry targets. To earn its 60% interest in Victoria, HOC drilled 16,975 metres of RC and 715 metres of diamond drilling in 2009/2010, including 102 metres grading 0.90 g/t Au and 57 g/t Ag (1.9 g/t AuEq) at the Vaquillas mine target. The Vaquillas mine area is underlain by a large, deep IP chargeability anomaly. Exploration is currently ongoing at both the Vaquillas mine (5,000 metres program nearing completion, assays January 2011) and other targets (4,000 metres RC drilling). The Incahuasi porphyry Cu target displays a 3.5 by1.5 kilometre surface hydrothermal alteration pattern, with supergene oxidation and leaching; a surface geochemical anomaly is coincident with outcropping quartz vein stockwork and a peripheral propylitic alteration halo and tourmaline breccia.

• The 27,000 hectare Pampa Buenos Aires joint venture with Andina Minerals (50/50) covers 18 kilometres of the Dominador fault zone in northern Chile immediately south of Yamana’s El Peñon and Fortuna deposits. It includes several geochemical (arsenic, antimony) anomalies, which the company indicates are low-sulphidation epithermal Au/Ag vein targets, including the Cerro Buenos target and the Cerro Blanco porphyry target. Drilling at the project is planned for 2011.

• Iron Creek also has the 100%-owned 11,300 hectare Pampa Sur project (adjacent to Pampa Buenos Aires project on the Dominador fault zone), which has several Au/Ag vein targets based on geochemistry and is available for option. The company also has 100% of the 52 hectare Magallanes project, located approximately 100 kilometres north of the Pampa Buenos Aires project.

An analyst has not visited Iron Creek Capital Corp.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Iron Creek Capital Corp. is for risk accounts only.


MANSFIELD MINERALS INC. (MDR : TSX-V : C$2.47 | NOT RATED)


Figure 35: MDR : TSX-V Figure 36: MDR : TSX-V

Shares O/S (M): 50.0 Shares FD (M): 57.5 Working capital (M): C$7.0 Market Cap (M): C$123.5 Website: www.mansfieldminerals.com


Mansfield is a minerals exploration and development company focused on its 100%-owned Lindero gold project in Salta Province, northwestern Argentina. The company is led by Gordon Leask, President.

• In March 2010, Mansfield announced the results of an NI 43-101 pre-feasibility study for Lindero, completed by AMEC Americas. The study outlined a conventional 30,000 tpd open pit heap leach gold mine producing an average of 124,000 oz Au at cash operating costs of US$407/oz Au over a 9.5-year mine life. Using US$975/oz Au, the pre-tax project NPV 6% is estimated at US$305 million, with a pre-tax IRR of 35%. Increasing the gold price to US$1,100/oz increases the pre-tax NPV 6% to US$416 million. Higher-grade sequencing early in the first five years of the mine life (0.72 g/t Au years 1-5 vs. 0.59 g/t Au LOM) results in higher production averaging 161,000 oz Au and cash operating costs of US$373/oz Au in years 1-5, improving the project’s overall economics. Gold recoveries from the heap leach operation average 70%, based on a crush of 80% passing 3/8 inch (MDR indicates recoveries can be increased to up to 78% by using high pressure grinding rolls to create an 80% passing 1/3 inch crush) and the LOM strip ratio is 0.9:1. Initial capex was estimated at US$213 million and sustaining capital was estimated at US$15 million.

• Proven and probable reserves, using a 0.19 g/t Au cut-off, are estimated at 1.92 million oz Au grading 0.59 g/t Au. Reserves are included in a global project resource (0.20 g/t Au cut-off) of 2.95 million oz Au, consisting of 2.20 million oz M&I grading 0.56 g/t Au and an inferred resource of 0.75 million oz grading 0.40 g/t.

• The Lindero project is located 240 kilometres west-southwest of the City of Salta at a peak elevation of 3,900 metres and is accessed by an all-weather road. A gas pipeline is within 100 kilometres and a powerline is within 125 kilometres. In mid-October 2010, Mansfield submitted a mine permit application, including an Environmental Impact Assessment, to Salta province for the project. The receipt of a mining permit for Lindero is expected late Q1/11. Mansfield is targeting the completion of a bankable feasibility study for the project in Q2/11.

• Salta Province, Argentina, is overall supportive of mining development; however, no major mining projects have been permitted in the province since new mining laws were instituted in 1994. Lindero would be subject to a 32% corporate tax rate and net 1.75% NSR royalty payable to the provincial government.

An analyst has not visited Mansfield Minerals Inc.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Mansfield Minerals Inc. is for risk accounts only.


NEWSTRIKE CAPITAL INC. (NES : TSX-V : C$0.69 | NOT RATED)


Figure 37: NES : TSX-V Figure 38: NES : TSX-V

Shares O/S (M): 82.6 Shares FD (M): 94.0 Working capital (M): C$5.0 Market Cap (M): C$57.0 Website: www.newstrikecapital.com


Newstrike is a gold-silver focused mineral explorer, targeting known and historical mining districts in Mexico, including the Guerrero gold belt in Guerrero State. Newstrike principals, including CEO, Richard Whittall (formerly at Miranda Mining), and Gillian Kearvell, VP Exploration, (formerly at Teck Corp.), have extensive experience in the Guerrero mining camp.

• Newstrike is one of the largest holders of mineral claims (88,950 hectares) covering the main trend of the Guerrero gold belt in Guerrero State, Mexico. The company’s primary focus is the Santa Paula project north of and along trend of Torex Gold’s (TXG : TSX) Morelos project (which includes the El Limon deposit) and Goldcorp’s Los Filos mine. Newstrike acquired core mineral claims (3% NSR) at Santa Paula from Goldcorp in June 2010. Newstrike has a 10-year surface access agreement with the local community and has recently initiated a $3.5 million 5,000 metre drill program testing “Los Filos” style targets, which were previously tested sparsely in 2005.

• Newstrike is targeting gold mineralization associated with Tertiary aged diorite to granodiorite stocks emplaced in Cretaceous Morelos Formation carbonate rocks. Gold mineralization occurs largely on the margins of the intrusive stocks and is related to high temperature metasomatic alteration (skarn) followed by meso- to epithermal alteration. Prospective diorite to granodiorite stocks are believed to trend northwesterly onto Newstrikes concessions, opening the potential to outline gold mineralization at Santa Paula.

• Goldcorp is currently mining the Los Filos and El Bermejal deposits as twin open pit-heap leach operations. Annual production is currently about 250,000 oz/year. The property is located at the Village of Mezcala (230 kilometres south of Mexico City) and is accessible from Highway 95, a major paved route between Mexico City and Acapulco.

• Torex Gold’s Morelos gold project hosts measured and indicated resources of 28.8 million tonnes grading 3.2 g/t gold, with an additional 8.7 million tonnes of inferred resources at a grade of 3.2 g/t gold. Combined, the project hosts an in situ gold resource of 3.85 million ounces of gold (100%). A prefeasibility study was completed by Teck on the Morelos project in mid-2007. The 2007 study considered two development scenarios: an open-pit operation and a combined open-pit/underground operation. Capex was estimated at US$300 million under both scenarios. Annual gold production was estimated at 249,000-264,000 ounces of gold with cash costs ranging from US$248 to US$283/oz over a 9- to 11-year mine life (depending on the development scenario). Torex has recently outlined a higher-grade zone of 7.45 million tonnes at 6.79 g/t Au at El Limon, which could be exploitable in an underground mining operation.

• Activity in the area of Los Filos by Goldcorp, Torex (Morelos project) and Cayden Resources (Morelos Sur project) could provide news flow and speculative comparables for Newstrike over the next 12 months.

• The Lundin family controls about 52% of the outstanding common shares of Newstrike.

An analyst has not visited Newstrike Capital Inc.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Newstrike Capital Inc. is for risk accounts only.


NORTH COUNTRY GOLD CORP. (NCG : TSX-V : C$1.20 | NOT RATED)


Figure 39: NCG : TSX-V Figure 40: NCG : TSX-V

Shares O/S (M): 81.1 Shares FD (M): 88.1 Working capital (M): C$9.0 Market Cap (M): C$97.3 Website: www.northcountrygold.com


North Country Gold is a junior exploration and development company under the stewardship of John Williamson, President and CEO. The company was formed in 2010 with a focus on advancing the 100%-owned Three Bluffs gold deposit in the Committee Bay Greenstone Belt, located 300 kilometres NE of Baker Lake in Nunavut, Canada. This asset was formerly held by Committee Bay Resources (under the same management group).

• North Country is currently the 100% beneficial owner of the mineral rights to approximately 557,323 acres (225,569 hectares) of land, comprising 216 active mineral claims and 14 mineral leases within the Committee Bay Greenstone Belt. We believe NCG controls one of the largest prospective greenstone belts in Canada and with time and capital could identify material gold resources similar to other successful mineral explorers like Cumberland Resources and Hope Bay mines.

• Currently, the Three Bluffs deposit, the principal gold zone controlled by NCG, hosts an NI 43-101 compliant resource of 752,000 oz Au (508,000 oz Au indicated at 5.85 g/t Au and 244,000 oz Au inferred at 5.98 g/t Au). The company indicates that the deposit is open for expansion along strike to the west and to depth. The company is planning to complete updated mineral resource estimation on Three Bluffs in late 2010 or early 2011.

• The Three Bluffs deposit is located in the central area of the Committee Bay Greenstone Belt and is hosted at the eastern end of a folded iron formation, which North Country indicates has been traced for over 5 kilometres to the west. According to the company, only 5% of a potential 200 kilometres of prospective stratigraphy has been drill tested. In the most recent drill program, the company has targeted zones of mineralization that are within approximately 5 kilometres of the Three Bluff’s deposit. Recent results from the Antler gold target, 1.5 kilometres to the west of Three Bluffs included: 12.29 metres grading 4.51 g/t Au, 13.73 metres grading 2.61 g/t Au, and 10.00 metres grading 2.67 g/t Au. In addition, drilling at the Hayes occurrence located 1.5 kilometres west of Antler, has returned 3.7 metres grading 28.1 g/t Au

• In late October, North Country announced the results from a Quantec Titan-24 deep earth imaging IP survey conducted at Three Bluffs. The interpretation of the survey results by Quantec Geoscience Ltd. concludes that at the Three Bluffs project the Titan-24 survey has successfully identified at least five geophysical anomalies (DC resistivity and IP chargeability) with potential for poly-metallic mineralization from near surface to approximately the survey limits of 500 metres’ depth.

• A 2011 exploration and development program is currently being planned for Three Bluffs and is anticipated to begin in April 2011.

An analyst has not visited North Country Gold Corp.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of North Country Gold Corp. is for risk accounts only.


POLAR STAR MINING CORPORATION (PSR : TSX : C$1.95 | NOT RATED)


Figure 41: PSR : TSX Figure 42: PSR : TSX

Shares O/S (M): 90.4 Shares FD (M): 97.5 Working capital (M): C$13.5 Market Cap (M): C$176.3 Website: www.polarstarmining.com


Polar Star Mining is a mineral exploration and development company focused on the Montezuma project, located in northern Chile’s prolific copper porphyry belt. Polar Star is led by Douglas Willock, President and CEO.

• The 50,000 hectare (501 square kilometres) Montezuma property is 100%-owned by Polar Star, is located north of Antofagasta, Chile, and covers 25 kilometres of the West Fissure fault, which is host to some of the world’s largest Cu (+ Mo, Au, Ag) porphyry deposits, including Chuquicamata (18.2 billion tonnes), Escondida (4.4 billion tonnes), and Sierra Gorda (2.4 billion tonnes). Polar Star acquired Montenzuma through staking in 2007. The project is accessible by paved and gravel road from the city of Calama, 20 kilometres to the north.

• During 2009, two RC drilling programs totalled 7,256 metres. Diamond drilling began in 2010, with 12,000 metres completed to date. In total, 311 line kilometres of IP geophysical surveys have been completed at the project. Based on geophysical results, two main trends have been identified on the project: the 20 kilometres long, 1-2 kilometres wide, N-S Chuquicamata trend and the 25 kilometres long, 0.8-1.9 kilometres wide NE-SW Esperana trend. Nine target zones (each 2 by 4 kilometres) have been identified on these two trends, with the company’s focus primarily directed towards two zones (porphyry targets preserved below barren litho-caps) near the intersection of the trends. Three diamond drills are currently operating at the project. The company has identified disseminated and veinlet pyrite-chalcopyrite mineralization in porphyryTstyle alteration in drilling thus far, including 70 metres grading 0.37% Cu and 0.12 g/t Au and 114 metres grading 0.23% Cu, 0.07 g/t Au, and 0.002% Mo in hole 38 (November 2010). Hole 38 is continuously mineralized for 867 metres, from about 220 metres with disseminations and veinlets of pyrite-chalcopyrite in porphyry style phyllic alteration and averages 0.1% copper and 0.05 g/t gold.

• According to Polar Star, the hills that cover the north and west half of the Montezuma claims generally expose the same group of metamorphosed Palaeozoic intrusive, volcanic and sedimentary rocks that host the Chuquicamata porphyry copper deposits.

An analyst has not visited Polar Star Mining Corporation’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Polar Star Mining Corporation is for risk accounts only.


QUEENSTON MINING INC. (QMI : TSX : C$5.48 | NOT RATED)

Wendell Zerb, P. Wendell Zerb, P. Wendell Zerb, P. Wendell Zerb, P. GeolGeolGeolGeol 1.604.643.7485 Adam Melnyk, P. EngAdam Melnyk, P. EngAdam Melnyk, P. EngAdam Melnyk, P. Eng 1.604.643.1655

Figure 43: QMI : TSX Figure 44: QMI : TSX

Shares O/S (M): 77.8 Shares FD (M): 89.4 Working capital (M): C$90.0 Market Cap (M): C$426.3 Website: www.queenston.ca


Queenston controls 200 square kilometres of mineral properties in the Kirkland Lake gold camp in Ontario, which has historically produced over 40 million ounces of gold. QMI also has two properties (one 100%-owned, one 50/50 JV) covering 6 kilometres of the Cadillac Break, west of Agnico-Eagle’s Lapa mine in Cadillac Township, Quebec. Charles Page is President and CEO.

• Queenston’s projects can roughly be broken down into Kirkland East and Kirkland West properties. The Kirkland East properties consist of 1,109 mineral claims (23 properties), which are 100%-owned by the company. The Kirkland West properties consist of 142 mineral claims (seven properties), which are 50/50 joint ventures with Kirkland Lake Gold, as well as a 100%-owned property adjacent to the JV land. In total, in the Kirkland Lake area, QMI has exposure to 1.24 million oz of attributable NI 43-101 Au resources (6.97 g/t) and 847,000 oz Au (5.41 g/t) of historical (non-43-101) resources. In Cadillac Township, Quebec, QMI has 525,000 attributable oz Au (5.2 g/t), primarily in historical resources.

• Queenston’s Kirkland East projects cover 30 kilometres of the Larder Lake Break, a key structure that hosts mineralization in the Kirkland Lake camp. The Upper Canada (historical underground resource, not NI 43-101 of 422,000 oz Au at 6.91 g/t) and Bidgood and Boundary projects are open pit, potentially bulk mineable targets. Upper Canada is currently being drilled with three drill rigs, to be increased to five rigs in 2010 and an NI 43-101 resource is expected in Q1/11. The Upper Beaver project hosts a current NI 43-101 resource of 638,000 oz Au and 22.1 million lbs Cu (8.15 g/t Au and 0.41% Cu). A resource update is expected in Q1/11, based on 40,000 metres of drilling below the current resource. In 2011, Queenston intends to advance Upper Beaver toward feasibility and mine development. McBean-Anoki is host to a total of 453,000 oz Au (4.71 g/t) in two deposits.

• Near the Kirkland Lake Main Break mineralized structure at the west end of the camp, Queenston is exploring a series of 50/50 joint ventures with Kirkland Lake Gold immediately to the south and east of KGI’s 100%-owned properties, including a portion of the South Mine Complex, currently being mined at KGI’s 100%-owned Macassa mine. The portion of the SMC resource that falls onto 50% QMI land has an NI 43-101 resource of 300,000 oz Au at 44.4 g/t (50% QMI). Underground drilling on the JV land is ongoing and an exploration drift is being advanced along the JV claim boundary to further explore east of the SMC deposit. At Kirkland West, QMI also has 100% of the Amalgamated Kirkland deposit (historical resource of 382,000 oz Au at 4.5 g/t Au).

• In October 2010, Agnico-Eagle announced a $35 million strategic investment in QMI. The companies also agreed to a technical services agreement, providing Queenston access to Agnico’s geological and mining engineering teams. Agnico now owns 11% of QMI’s fully diluted shares.

An analyst has not visited International Queenston Mining Inc.’s material operations.

Investment risks The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Queenston Mining Inc. is for risk accounts only.


RIVERSTONE RESOURCES INC. (RVS : TSX-V : C$0.72 | NOT RATED)


Figure 45: RVS : TSX-V Figure 46: RVS : TSX-V

Shares O/S (M): 91.0 Shares FD (M): 115.9 Working capital (M): C$8.5 Market Cap (M): C$65.5 Website: www.riverstoneresources.com


Riverstone Resources is a junior gold exploration and development company under the stewardship of Michael McInnis, President and CEO. The company is focused on the advancement of the Karma gold project in Burkina Faso.

• The Karma project is located in north-central Burkina Faso. The project has an NI 43-101 compliant resource estimate of 821,000 ounces of indicated gold resources with an additional 322,000 ounces of inferred gold resources. The project is composed of the Goulagou, Kao and Rambo gold deposits as well as the recently discovered Nami prospect.

• Goulagou includes the GGI and GGII deposits, which host indicated NI 43-101 compliant resources of 6.6 million tonnes grading 1.83 g/t gold (390,000 ounces of contained gold) with an additional 8.4 million tonnes grading 0.7 g/t gold (189,000 ounces of contained gold). RAB drilling identified a new 700 metres long gold zone at GGI, which remains open to expansion to the west.

• Kao hosts indicated NI 43-101 compliant resource of 14.7 million tonnes grading 0.91 g/t gold (430,000 ounces of contained gold) with an additional 3.7 million tonnes grading 0.65 g/t gold (76,000 ounces of contained gold). The deposit is open to the north, northeast and at depth. A new gold zone was also identified 500 metres NE of the deposit.

• Rambo hosts inferred NI 43-101 compliant resource of 0.3 million tonnes grading 7.02 g/t gold (57,000 ounces of contained gold). Two new gold zones have been defined along strike from the current deposit.

• The Nami prospect was discovered in 2010 as a result of artisanal mining activities. No NI 43-101 compliant resources have been defined as of yet. The zone has been defined over a 500 metre strike with a 125 metre width and remains open to the south, west and at depth.

• Riverstone Resources is currently trading at a market value of C$57.31/oz of gold resource compared with the weighted average market value of C$104/oz that we estimate for junior gold companies. An updated resource estimate is expected to be reported in Q1/11 with a pre-feasibility study expected to be completed by late 2011 to early 2012.

An analyst has Riverstone Resources Inc.’s material operations in Burkina Faso. Partial payment or reimbursement was received from the issuer for the related travel costs.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Riverstone Resources Inc. is for risk accounts only.


ROCKGATE CAPITAL CORP. (RGT : TSX : C$1.98 | NOT RATED)

Nicholas CampbellNicholas CampbellNicholas CampbellNicholas Campbell 1.604.643.7027 Gabriel GonzalezGabriel GonzalezGabriel GonzalezGabriel Gonzalez 1.604.643.7529

Figure 47: RGT : TSX Figure 48: RGT : TSX

Shares O/S (M): 91.0 Shares FD (M): 110.4 Working capital (M): C$18.1 Market Cap (M): C$180.2 Website: www.rockgatecapital.com


Rockgate Capital is a Vancouver-based exploration and development company focused on projects in West Africa. The company is managed by Karl Kottmeier as President and CEO, Lorne Warner as VP Exploration and a board of directors including Allen Ambrose of Minera Andes (MAI : TSX : C$2.82 | SPECULATIVE BUY), Gord Neal of MAG Silver (MAG : TSX : C$11.66 | Not rated) and Philip Williams of Pinetree Capital (PNP : TSX : C$3.65 | Not rated).

• Rockgate’s primary asset is the Falea uranium-silver project in Mali, located approximately 350 kilometres west of the capital city of Bamako. The Falea project straddles the edge of a plateau, which formed as resistant, intruded dolerites protected softer underlying sediments that unconformably overlie the older gold-hosting Birimian metavolcanic and metasedimentary rocks. The Brimian has, in places, been intruded by uraninite-bearing Saraya granites. Silver mineralization is in the form of both silver sulphides and native silver, and grades can run up to 17,900 g/t over 1 metre. Uranium mineralization is found predominantly in sandstones, often with improved grade beneath capping, less permeable mudstone horizons.

• Rockgate has been conducting exploration and progressively closer-spaced drilling since 2007 and at July 2009 had identified six zones of shallow flat-lying uranium-silver mineralization. A July 2010 NI 43-101 compliant resource estimate (using a 0.04% U3O8 cut-off grade) outlined 788,000 lbs U3O8 (at 0.076% U3O8) and 723,000 oz Ag (at 48 g/t Ag) in the indicated category, and 16.7 million lbs U3O8 (at 0.089% U3O8) and 21.4 million oz Ag (at 78 g/t Ag) in the inferred category. Golder Associates is working on an updated resource estimate expected before year-end.

• Drilling to date has been on 100 metre centres, but the current drilling program will tighten the drill spacing down to 25 metres. A second rig will be on site in the new year, once the river is fordable; a bridge is planned to improve year-round road access. The mineralization is relatively flat-lying, and the absence of clay alteration makes it amenable to underground room-and-pillar mining. The top of the plateau provides an excellent flat location for plant construction and nearby undulating terrain provides a good site for a tailings storage facility.

• Rockgate’s Falea project provides unique exposure to relatively high-grade uranium and silver mineralization in a pro-development jurisdiction. The company is well-financed, having just closed the issue of C$15 million in subscription receipts, convertible into common shares pending a shareholder vote scheduled 17 December.

An analyst has not visited Rockgate Capital Corp.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Rockgate Capital Corp. is for risk accounts only.


SULLIDEN GOLD CORPORATION LTD. (SUE : TSX : C$2.26 | NOT RATED)

Nicholas CampbellNicholas CampbellNicholas CampbellNicholas Campbell 1.604.643.7027 Gabriel GonzalezGabriel GonzalezGabriel GonzalezGabriel Gonzalez 1.604.643.7529

Figure 49: SUE : TSX Figure 50: SUE : TSX

Shares O/S (M): 175.0 Shares FD (M): 226.0 Working capital (M): C$30.0 Market Cap (M): C$395.5 Website: www.sulliden.com


Sulliden Gold is a Toronto-based explorer focused on developing the Shahuindo gold project in Cajamarca, Peru. The company is guided by President and CEO, Peter Tagliamonte, a professional engineer with 25 years of experience in mine building and operations, and VP Operations and Technical Services, Joe Millbourne, a metallurgist with over 30 years of industry experience.

• The Shahuindo gold project is located along the same trend that hosts Newmont’s Yanacocha mine and Barrick’s Lagunas Norte mine, as well as a number of smaller Peruvian-operated mines. Infrastructure is quite good, the ground is unchallenging, and altitude is not an issue (below 2,900 metres ASL). Management initiatives are forging a positive environment with nearby communities. A November 2009 resource estimate focused on oxide mineralization amounting to 44.5 million tonnes indicated grading 0.58 g/t Au and 13.2 g/t Ag (830,000 oz Ag and 18.8 million oz Ag contained) plus 17.7 million tonnes inferred grading 0.49 g/t Au and 6.0 g/t Ag (280,000 oz Ag and 3.4 million oz Ag contained). A December 2009 preliminary economic assessment (PEA) examined a base case 15,000 t/d open-pit, heap-leach operation with capex of US$89 million and producing 105,000 oz Au equivalent per annum (over a seven-year mine life and 80% gold recovery) at an average cash cost of US$403/oz Au equivalent. The pre-tax project NPV with the base case US$775/oz Au price is US$53.8 million using an 8% discount rate.

• Sulliden’s 2011 exploration program will include an ambitious 70,000 metres of drilling at Shahuindo. The focus will be on expanding the oxide mineralization in the Central Zone, as well as targeting a potential 60% increase in strike length (to 6.2 kilometres), based on 800 metres of drilling at the South-East extension and an IP survey of the North-West extension over 1,600 metres. Sulliden will also be turning its attention toward demonstrating the presence of sulphide mineralization below the known oxide resource. Finally, a third-party study of the structural geology at Shahuindo has suggested the possibility of several other mineral structures parallel to the Central Corridor. Two such structures, the North and South Corridors are to be explored; six historical holes were drilled in the North Corridor, of which four intersected ore grade mineralization.

• The company has $30 million in cash, following a C$23 million equity offering (18.4 million shares at $1.25 per share) in October 2010.

An analyst has not visited Sulliden Gold Corporation Ltd.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Sulliden Gold Corporation Ltd. is for risk accounts only.


SUNRIDGE GOLD CORP. (SGC : TSX-V : C$1.30 | NOT RATED)


Figure 51: SGC : TSX-V Figure 52: SGC : TSX-V

Shares O/S (M): 95.6 Shares FD (M): 126.8 Working capital (M): C$19.6 Market Cap (M): C$124.3 Website: www.sunridgegold.com


Sunridge Gold is a junior mining development company under the stewardship of Michael Hopley, President and CEO. The company is focused on the advancement of its 100%-owned Asmara VMS (copper, zinc and gold) project in Eritrea.

• The Asmara gold project is a copper-zinc-gold VMS project located in central Eritrea. The project is currently comprised of four deposits: the Debarwa, Emba Derho and Adi Nefas VMS deposits and the Gupo Gold deposit. Combined, the Asmara project hosts an NI 43-101 compliant resource estimate of 1.28 billion pounds of copper, 2.5 billion pounds of zinc, 1.05 million ounces of gold and 31.8 million ounces of silver in the indicated category. There is an additional 189,000 ounces of gold in the inferred category.

• Debarwa Deposit: Sunridge is considering fast-tracking production at Debarwa by direct shipping the high-grade copper material associated with the supergene zone of the deposit, which can run as high as 18-20% copper with 2-6 g/t gold. A feasibility study is expected to be completed for the Debarwa deposit by late 2010 to early 2011.

• Emba Derho: A preliminary economic assessment was completed in June 2009 on the Emba Derho deposit. Based on a 4.0 million tonne per year (11,000 tpd) open pit mining operation, the project has the potential to produce 121.3 million pounds of zinc, 55.1 million pounds of copper, 20,000 ounces of gold and 600,000 ounces of silver per year over a 10.4-year mine life. Capex is estimated at US$331.8 million. Based on $2.95/lb copper, US$0.95/lb zinc, US$835/oz gold and US$14/oz silver, the project has a pre-tax 10% discounted NPV of US$323.8 million. Sunridge is examining the potential to improve the economics of the Emba Derho deposit through the incorporation of an additional 95,000 ounces of oxide gold resources and incorporating the Adi Nefas and Gupo Gold deposits into the model.

• Nevsun Resources is arguably the best comparable for Sunridge as it has been a trail blazer in Eritrea with its Bisha project on track to begin production in 2011. Nevsun is more advanced and fully funded, which needs to be taken into account; nevertheless, Nevsun is currently trading at an in situ market value of C$716/oz of gold resource vs. Sunridge’s current in situ market value of C$100/oz of gold resource.

An analyst has not visited Sunridge Gold Corp.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Sunridge Gold Corp. is for risk accounts only.


TRELAWNEY MINING AND EXPLORATION INC. (TRR : TSX-V : C$2.64 | NOT RATED)


Figure 53: TRR : TSX-V Figure 54: TRR : TSX-V

Shares O/S (M): 115.8 Shares FD (M): 133.4 Working capital (M): C$63.0 Market Cap (M): C$305.7 Website: www.trelawneymining.com


Trelawney is a junior mining and exploration company, focused on the development and exploration of its Chester project, located 20 kilometres southwest of Gogama Ontario, halfway between Sudbury and Timmins on highway 144. The company is led by Greg Gibson, President and CEO. TRR has up to an additional 13 million shares and $1.2 million in option payments outstanding over the next three years to acquire its full (up to 92.5% interest) in the Chester project.

• Last March, TRR generated interest with drill results from the Cote Lake zone (TRR earning 92.5%, 1.5% to 5.5% NSR) on the Chester project. Drill hole E10-04 returned 107 metres grading 8.2 g/t Au (carried largely by one high-grade intercept of 2.56, grading 313 g/t Au) from 222 metres depth. In November, TRR again captured market attention with hole E10-33, which intersected 520 metres grading 1.44 g/t Au. Mineralization has been traced over a strike length of 400 metres, to a depth of up to 450 metres and widths of up to 400 metres. The company suggests that the exploration potential of Cote Lake could be 3.5-6 million oz Au (at approximately 1.5 g/ Au). An initial NI 43-101 resource estimate (30 January 2011 drilling cut-off) for Cote Lake is expected in late Q1/10. The deposit is open for expansion along strike to the SW and down dip to the SE. Two rigs are currently drilling at the project, with an additional three rigs expected to be added in early 2011.

• The company suggests that the 8 by 4 kilometre Chester project is located just south of the southwest extension of the Cadillac-Larder Lake fault, which runs through the Kirkland Lake area. Gold mineralization at Cote Lake is described as being associated with a porphyry-style breccia-hosted mineralized body. Narrow intercepts within the body can contain multiple-ounce high-grade intercepts, which in some cases (E10-04) can profoundly skew the grade throughout the breccia.

• At Chester, three historical gold deposits, located 500 metres to three kilometres east of Cote Lake called Chester 1 (TRR earning 70%), Chester 2 (92.5% TRR, up to 5.5% NSR) and Chester 3 (TRR earning 92.5%, 1.5% NSR) (historically known as Murgold Chesbar, Young-Shannon and Jack Rabbit deposits) hosts a combined resource (not NI 43-101 compliant) of 467,800 oz Au at an average grade of 8.9 g/t. At Chester 1, underground infrastructure with an estimated replacement value of $30-35 million (never in production) accesses the historical resource. The company plans to drive a 1.5 kilometre haulage drift to Chester 2. Trelawney indicates it could be producing up to 30,000 oz/year by the end of 2011 and 60,000 oz/year by the end of 2012 (toll milled).

An analyst has not visited Trelawney Mining and Exploration Inc.’s material operations.

Investment risks

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Trelawney Mining and Exploration Inc. is for risk accounts only.


INVESTMENT RISKS AND SITE VISITS The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of any of the highlighted companies is for risk accounts only. The mining industry by its nature is subject to numerous risks. Investors should be aware that mineral exploration/development companies face many uncertainties in maintaining or advancing projects.

An analyst may have visited one or more of the principal projects held by the following companies and partial reimbursement may have been received for the related travel costs. Figure 55 provides details for each company.

Figure 55: Site visits

Location of materialLocation of materialLocation of materialLocation of material Reimbursement received from theReimbursement received from theReimbursement received from theReimbursement received from the Company NameCompany NameCompany NameCompany Name TickerTickerTickerTicker ExchangeExchangeExchangeExchange Site visitSite visitSite visitSite visit operations visitedoperations visitedoperations visitedoperations visited issuer for the related travel costsissuer for the related travel costsissuer for the related travel costsissuer for the related travel costs 1 Alhambra Resources Ltd. ALH TSX-V No n.a. n.a 2 Almaden Minerals Ltd. AMM TSX No n.a. n.a 3 Auryx Gold Corp. AYX TSX Yes Namibia partial 4 Batero Gold Corp. BAT TSX-V No n.a. n.a 5 Bowmore Exploration Ltd. BOW TSX-V No n.a. n.a 6 Dorato Resources Inc. DRI TSX-V No n.a. n.a 7 Edgewater Exploration Ltd. EDW TSX-V No n.a. n.a 8 Full Metals Minerals Ltd. FMM TSX-V No n.a. n.a 9 Goldgroup Mining Inc. GGA TSX Yes Mexico partial 10 Indicator Minerals Inc. IME TSX-V No n.a. n.a 11 International PBX Ventures Ltd. PBX TSX-V No n.a. n.a 12 Iron Creek Capital Corp. IRN TSX-V No n.a. n.a 13 Mansfield Minerals Inc. MDR TSX-V No n.a. n.a 14 Newstrike Capital Inc. NES TSX-V No n.a. n.a 15 North Country Gold Corp. NCG TSX-V No n.a. n.a 16 Polar Star Mining Corporation PSR TSX No n.a. n.a 17 Queenston Mining Inc. QMI TSX No n.a. n.a 18 Riverstone Resources Inc. RVS TSX-V Yes Burkina Faso partial 19 Rockgate Capital Corp. RGT TSX No n.a. n.a 20 Sulliden Gold Corporation Ltd. SUE TSX No n.a. n.a 21 Sunridge Gold Corp. SGC TSX-V No n.a. n.a 22 Trelawney Mining and Exploration Inc. TRR TSX-V No n.a. n.a

Source: Canaccord Genuity


RESEARCH UNIVERSE

WENDELL ZERB AND NICHOLAS CAMPBELL Figure 56: Research universe

10 Dec/1010 Dec/1010 Dec/1010 Dec/10 12121212----mo Targetmo Targetmo Targetmo Target 52525252----wkwkwkwk Sh. o/sSh. o/sSh. o/sSh. o/s MarketMarketMarketMarket CompanyCompanyCompanyCompany SymbSymbSymbSymb ExExExEx AnalystAnalystAnalystAnalyst RatingRatingRatingRating $$$$ P ($)P ($)P ($)P ($) P ($)P ($)P ($)P ($) RtnRtnRtnRtn (%) (%) (%) (%) Hi ($)Hi ($)Hi ($)Hi ($) Lo ($)Lo ($)Lo ($)Lo ($) MMMM Cap ($M)Cap ($M)Cap ($M)Cap ($M) FYEFYEFYEFYE 1 Alamos Gold Inc. AGI T WZ HOLD C $18.54 $18.25 (1.56%) $21.65 $11.31 115.9 $2,148.8 31-Dec 2 AXMIN Inc. AXM T NC HOLD C $0.13 $0.14 12.00% $0.17 $0.07 305.7 $38.2 31-Dec 3 Colossus Minerals Inc. CSI T NC SPECULATIVE BUY C $9.07 $12.00 32.30% $9.87 $4.00 92.3 $837.2 31-Jul 4 Copper Mountain Mining Corp. CUM T WZ SPECULATIVE BUY C $5.56 $5.95 7.01% $5.60 $1.68 89.8 $499.3 31-Dec 5 Dynasty Metals & Mining Inc. DMM T WZ SPECULATIVE BUY C $4.51 $6.55 45.23% $5.58 $3.15 41.9 $189.0 31-Dec 6 East Asia Minerals Corp. EAS T-V WZ SPECULATIVE BUY C $7.16 $7.50 4.75% $8.73 $2.81 66.0 $472.6 31-Aug 7 Endeavour Mining Corp. EDV T NC SPECULATIVE BUY C $2.88 $5.00 73.61% $3.13 $1.64 113.3 $326.3 30-Jun 8 Exeter Resource Corporation XRC T WZ SPECULATIVE BUY C $5.90 $11.50 94.92% $9.32 $5.47 76.0 $448.4 31-Dec 9 Extorre Gold Mines Ltd. XG T WZ SPECULATIVE BUY C $6.05 $8.20 35.54% $6.95 $1.30 86.8 $525.1 31-Dec

10 Fortuna Silver Mines Inc. FVI T NC RESTRICTED C $4.57 R N/A $4.82 $1.85 110.4 $504.5 31-Dec 11 Fronteer Gold Inc. FRG T WZ SPECULATIVE BUY C $10.67 $9.80 (8.15%) $11.50 $3.88 120.6 $1,286.8 31-Dec 12 Gammon Gold Inc. GAM T WZ SPECULATIVE BUY C $7.87 $9.00 14.36% $12.88 $5.42 138.6 $1,090.8 31-Dec 13 GlobeStar Mining Corp. GMI T WZ TENDER C $1.63 $1.65 1.23% $1.66 $0.86 105.5 $172.0 31-Dec 14 Grayd Resource Corp. GYD T-V WZ SPECULATIVE BUY C $1.50 $2.80 86.67% $1.69 $0.58 80.6 $88.2 31-Aug 15 Greystar Resources Ltd. GSL T NC SPECULATIVE BUY C $4.46 $9.00 101.79% $6.75 $3.11 84.0 $374.6 31-Dec 16 International Tower Hill Mines Ltd. ITH T WZ SPECULATIVE BUY C $9.39 $12.30 30.99% $10.08 $5.67 84.5 $793.5 31-May 17 Keegan Resources Inc. KGN T NC SPECULATIVE BUY C $8.93 $14.25 59.57% $9.29 $4.92 45.7 $408.1 31-Mar 18 Kimber Resources Inc. KBR T WZ RESTRICTED C $1.35 R N/A $1.67 $0.65 68.0 $91.8 30-Jan 19 La Mancha Resources Inc. LMA T NC SPECULATIVE BUY C $2.34 $4.50 92.31% $3.05 $1.47 142.4 $333.2 31-Dec 20 Lake Shore Gold Corp. LSG T WZ HOLD C $4.07 $3.90 (4.18%) $4.27 $2.48 376.4 $1,531.9 31-Dec 21 Minefinders Corp. Ltd. MFL T WZ SPECULATIVE BUY C $11.45 $12.65 10.48% $12.27 $8.51 66.0 $755.7 31-Dec 22 Minera Andes Inc. MAI T WZ SPECULATIVE BUY C $2.82 $3.25 15.25% $3.24 $0.67 265.0 $747.3 31-Dec 23 Northern Dynasty Minerals Ltd. NDM T WZ SPECULATIVE BUY C $13.55 $14.00 3.32% $13.65 $6.50 93.7 $1,269.6 31-Dec 24 Orezone Gold Corporation ORE T NC RESTRICTED C $3.76 R N/A $4.25 $0.66 67.6 $254.2 31-Dec 25 Rainy River Resources Ltd. RR T-V WZ RESTRICTED C $12.30 R N/A $13.15 $3.41 71.3 $604.5 30-Sep 26 Timmins Gold Corp. TMM T-V NC SPECULATIVE BUY C $2.49 $3.10 24.50% $2.49 $1.04 135.0 $336.2 31-Mar 27 Ventana Gold Corp. VEN T NC SPECULATIVE BUY C $13.35 $15.50 16.10% $14.13 $6.12 108.3 $1,445.8 30-Jun

UR – Under Review. R – Restricted. WZ – Wendell Zerb; NC – Nicholas Campbell. Past performance is not indicative of future results. Further information on the methodologies used to derive our target prices, and the risks that could impede achievement of these targets, is available upon request. Disclosure information for all Canaccord Genuity research coverage can be found at http://www.canaccordGenuity.com/research/Disclosure.htm. Source: Canaccord Genuity estimates, Capital IQ.


GOLD IN SITU DATABASE

Figure 57: Canaccord Genuity gold in situ valuation database

Sh o/sSh o/sSh o/sSh o/s Price C$Price C$Price C$Price C$ Mkt. CapMkt. CapMkt. CapMkt. Cap Sum OzSum OzSum OzSum Oz Sum OzSum OzSum OzSum Oz Sum Oz Sum Oz Sum Oz Sum Oz Mkt Cap/ozMkt Cap/ozMkt Cap/ozMkt Cap/oz Mkt Cap/ozMkt Cap/ozMkt Cap/ozMkt Cap/oz EV/ozEV/ozEV/ozEV/oz EV/ozEV/ozEV/ozEV/oz Company Company Company Company SymSymSymSym ExchExchExchExch MMMM 10 Dec/1010 Dec/1010 Dec/1010 Dec/10 $M$M$M$M Au /coAu /coAu /coAu /co (M) (M) (M) (M) Ag /coAg /coAg /coAg /co (M) (M) (M) (M) AuEq /coAuEq /coAuEq /coAuEq /co (M) (M) (M) (M) AuEq C$AuEq C$AuEq C$AuEq C$ AuEq US$AuEq US$AuEq US$AuEq US$ AuEq C$AuEq C$AuEq C$AuEq C$ AuEq US$AuEq US$AuEq US$AuEq US$ Alexis Minerals Corp. AMC TSX 307.9 $0.20 $60.0 1.34 0.00 1.34 44.70 44.2844.2844.2844.28 18.86 18.69 American Bonanza Gold Corp BZA TSX 129.9 $0.35 $44.8 1.51 0.00 1.51 29.61 29.3329.3329.3329.33 29.18 28.90 Anatolia Minerals Development Ltd. ANO TSX 138.9 $7.25 $1,006.8 6.50 15.38 6.82 147.57 146.18146.18146.18146.18 154.09 152.64 Andean Resources Ltd. AND TSX 548.5 $6.56 $3,597.8 3.06 26.66 3.62 995.17 985.81985.81985.81985.81 923.63 914.95 Andina Minerals, Inc. ADM TSXV 109.3 $1.63 $178.1 11.09 0.00 11.09 16.05 15.9015.9015.9015.90 13.21 13.09 ATNA Resources Ltd. ATN TSX 83.3 $0.59 $49.1 3.70 5.19 3.81 12.91 12.7912.7912.7912.79 15.56 15.42 AuEx Ventures, Inc. XAU TSX 43.7 $6.47 $282.5 0.40 0.00 0.40 700.22 693.63693.63693.63693.63 659.11 652.91 Canarc Resource Corp. CCM TSX 82.0 $0.16 $12.7 1.27 0.00 1.27 10.04 9.949.949.949.94 10.58 10.48 Carpathian Gold Inc. CPN TSX 289.2 $0.68 $196.7 8.43 0.00 8.43 23.33 23.1123.1123.1123.11 23.20 22.98 Detour Gold Corporation DGC TSX 83.0 $30.95 $2,568.6 22.03 0.00 22.03 116.61 115.51115.51115.51115.51 92.93 92.06 Endeavour Mining Corporation EDV TSX 111.3 $2.88 $320.5 2.23 0.00 2.23 143.73 142.38142.38142.38142.38 61.72 61.14 Extorre Gold Mines Limited XG TSX 86.8 $6.05 $525.1 1.78 25.94 2.31 226.92 224.79224.79224.79224.79 204.89 202.96 Gabriel Resources, Ltd. GBU TSX 344.9 $7.85 $2,707.4 13.80 59.38 15.03 180.17 178.48178.48178.48178.48 171.99 170.38 Golden Queen Mining Co. Ltd. GQM TSX 94.1 $2.55 $240.0 2.68 48.88 3.69 65.08 64.4764.4764.4764.47 62.98 62.39 Gold Reserve Inc. GRZ TSX 57.9 $1.75 $101.3 14.13 0.00 14.13 7.17 7.107.107.107.10 9.52 9.43 Grayd Resource Corp. GYD TSXV 87.7 $1.50 $131.6 1.26 0.00 1.26 104.05 103.08103.08103.08103.08 96.82 95.91 Great Basin Gold Ltd. GBG TSX 368.3 $2.76 $1,016.4 15.92 12.36 16.18 62.83 62.2462.2462.2462.24 77.09 76.36 Greystar Resources Ltd. GSL TSX 84.2 $4.46 $375.6 15.07 81.35 16.75 22.42 22.2122.2122.2122.21 16.34 16.18 Guyana Goldfields Inc. GUY TSX 77.3 $9.52 $736.0 4.55 0.00 4.55 161.92 160.39160.39160.39160.39 147.24 145.86 International Tower Hill Mines Ltd. ITH TSX 67.6 $9.39 $635.2 13.42 0.10 13.42 47.34 46.8946.8946.8946.89 44.94 44.52 Intrepid Mines Limited IAU TSX 431.8 $1.92 $829.0 1.57 62.72 2.87 289.33 286.61286.61286.61286.61 274.72 272.14 Keegan Resources Inc. KGN TSX 45.7 $8.93 $408.4 3.14 0.00 3.14 129.93 128.71128.71128.71128.71 117.95 116.84 Kirkland Lake Gold Inc. KGI TSX 67.7 $15.34 $1,039.0 3.28 0.00 3.28 316.88 313.90313.90313.90313.90 302.61 299.77 Klondex Mines Ltd. KDX TSX 32.5 $2.52 $81.9 2.15 0.00 2.15 38.12 37.7637.7637.7637.76 38.30 37.94 Kimber Resources Inc. KBR TSX 68.0 $1.35 $91.8 1.32 57.58 2.52 36.50 36.36.36.36.16161616 35.21 34.88 Luna Gold Corp. LGC TSXV 418.5 $0.78 $326.4 1.31 0.00 1.31 248.49 246.16246.16246.16246.16 253.78 251.40 North Country Gold Corp. NCG TSXV 81.1 $1.20 $97.3 0.75 0.00 0.75 129.35 128.13128.13128.13128.13 117.39 116.28 NovaGold Resources Inc. NG TSX 225.4 $15.25 $3,436.6 31.50 156.17 34.73 98.96 98.0398.0398.0398.03 98.33 97.40 Orezone Gold Corporation ORE TSX 68.2 $3.76 $256.2 3.22 0.00 3.22 79.52 78.7878.7878.7878.78 75.64 74.93 Osisko Mining Corporation OSK TSX 379.6 $14.99 $5,690.8 15.97 0.00 15.97 356.39 353.04353.04353.04353.04 339.85 336.66 Pacific Rim Mining Corporation PMU TSX 130.3 $0.22 $28.7 1.55 11.40 1.79 16.05 15.9015.9015.9015.90 16.82 16.66 Premier Gold Mines Limited PG TSX 102.6 $7.35 $753.8 1.80 0.00 1.80 418.87 414.93414.93414.93414.93 396.12 392.40 Rainy River Resources Ltd. RR TSXV 72.5 $12.30 $891.5 5.03 9.36 5.23 170.51 168.91168.91168.91168.91 159.10 157.61 Romarco Minerals Inc. R TSX 473.2 $2.37 $1,121.4 3.69 0.00 3.69 303.89 301.04301.04301.04301.04 265.08 262.59 Seabridge Gold, Inc. SEA TSX 40.5 $28.27 $1,146.2 61.48 0.00 61.48 18.64 18.4718.4718.4718.47 18.20 18.03 Tyhee Development Corp. TDC TSXV 222.0 $0.15 $33.3 2.22 0.00 2.22 15.02 14.8814.8814.8814.88 14.88 14.74 US Gold Corporation UXG TSX 121.9 $7.57 $922.8 3.59 13.11 3.86 239.30 237.05237.05237.05237.05 232.59 230.40 Vista Gold Corp. VGZ TSX 61.3 $2.74 $167.8 17.51 17.74 17.87 9.39 9.309.309.309.30 8.00 7.93 Arithmetic AverageArithmetic AverageArithmetic AverageArithmetic Average 158.76 157.27157.27157.27157.27 147.33 145.94 Weighted AverageWeighted AverageWeighted AverageWeighted Average 101.06 100.11100.11100.11100.11 95.17 94.28

C$/US$ : 0.99 Au:Ag = 48:1 Source: Canaccord Genuity, company reports, Capital IQ


SILVER IN SITU CHART

Figure 58: Canaccord Genuity silver in situ valuation spreadsheet

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Source: Canaccord Genuity, company reports, Capital IQ


SILVER IN SITU DATABASE

Figure 59: Canaccord Genuity silver in situ valuation database

PricePricePricePrice

(1)(1)(1)(1) Shares Shares Shares Shares (Basic)(Basic)(Basic)(Basic) MC (2)MC (2)MC (2)MC (2) WC (3)WC (3)WC (3)WC (3) EV (4)EV (4)EV (4)EV (4) ProjectProjectProjectProject

Global Global Global Global Resource (5) Resource (5) Resource (5) Resource (5)

(Moz)(Moz)(Moz)(Moz) Silver Silver Silver Silver PPPPurityurityurityurity MC/ozMC/ozMC/ozMC/oz EV/ozEV/ozEV/ozEV/oz

Implied Implied Implied Implied AgEq AgEq AgEq AgEq Mkt.Mkt.Mkt.Mkt.

CompanyCompanyCompanyCompany TickerTickerTickerTicker 10 10 10 10

Dec/10Dec/10Dec/10Dec/10 (M)(M)(M)(M) (C$M)(C$M)(C$M)(C$M) (C$M)(C$M)(C$M)(C$M) (C$M)(C$M)(C$M)(C$M) Location(s)Location(s)Location(s)Location(s) AgAgAgAg Ag Eq Ag Eq Ag Eq Ag Eq

(6)(6)(6)(6) (%)(%)(%)(%) AgAgAgAg Ag EqAg EqAg EqAg Eq AgAgAgAg Ag EqAg EqAg EqAg Eq (7) (7) (7) (7)

(Moz)(Moz)(Moz)(Moz) ∆ (8)∆ (8)∆ (8)∆ (8) Alexco TSX : AXR $7.75 54.1 $419.6 $7.3 $412.3 Yukon 13 20 65% $32.24 $20.89 $31.68 $20.52 225 1021% Apogee TSXV : APE $0.34 139.7 $47.5 $1.9 $45.6 Bolivia 60 115 52% $0.79 $0.41 $0.75 $0.40 25 -78% Argentex TSXV : ATX $0.75 44.7 $33.5 $0.4 $33.1 Argentina 33 109 30% $1.01 $0.31 $1.00 $0.30 18 -83% Arian AIM : AGQ $0.38 290.6 $110.4 $4.0 $106.5 Mexico 43 170 25% $2.58 $0.65 $2.49 $0.63 58 -66% Aurcana TSXV : AUN $0.63 128.6 $81.0 -$4.4 $96.4 Texas 48 49 98% $1.68 $1.64 $2.00 $1.95 53 7% Bear Creek TSXV : BCM $9.91 90.4 $895.9 $10.8 $898.8 Peru 530 874 61% $1.69 $1.03 $1.70 $1.03 491 -44% ECU TSX : ECU $1.30 307.3 $399.5 -$22.7 $424.7 Mexico 152 250 61% $2.64 $1.60 $2.80 $1.70 232 -7% Esperanza TSXV : EPZ $2.24 53.7 $120.4 $8.4 $111.9 Peru, Mexico 6 64 9% $21.21 $1.89 $19.73 $1.76 61 -4% Golden Minerals TSX : AUM $27.05 15.1 $409.1 $30.4 $378.7 Argentina 60 60 100% $6.76 $6.76 $6.26 $6.26 207 242% Kimber TSX : KBR $1.35 68.0 $91.8 $3.2 $88.6 Mexico 57 118 48% $1.61 $0.78 $1.55 $0.75 48 -59% MAG Silver TSX : MAG $11.66 55.1 $642.2 $47.1 $595.1 Mexico 83 115 72% $7.70 $5.58 $7.14 $5.17 325 182% Minco Silver TSX : MSV $6.48 43.3 $280.5 $20.9 $259.5 China 141 167 85% $1.99 $1.68 $1.84 $1.56 142 -15% Oremex TSXV : ORM $0.25 82.2 $20.2 -$0.3 $20.5 Mexico 49 50 97% $0.41 $0.40 $0.42 $0.41 11 -78% Orko TSXV : OK $2.64 124.8 $329.6 $0.7 $328.8 Mexico 135 144 94% $2.44 $2.29 $2.43 $2.28 180 25% Sabina TSX : SBB $5.15 142.0 $731.3 $58.8 $672.5 Nunavut 265 605 44% $2.76 $1.21 $2.54 $1.11 367 -39% Silvercrest TSXV : SVL $2.01 60.2 $121.0 $1.2 $123.3 Mex., El Salvador 62 96 64% $1.96 $1.26 $2.00 $1.28 67 -30% Soltoro TSXV : SOL $0.54 35.0 $18.9 $1.2 $17.8 Mexico 25 25 100% $0.76 $0.76 $0.71 $0.71 10 -61% Source TSXV : SOP $0.62 37.3 $23.1 $0.3 $22.9 Mexico 18 20 92% $1.26 $1.16 $1.24 $1.15 12 -37% South American TSX : SAC $2.21 95.4 $210.7 $6.0 $204.7 Bolivia 322 355 91% $0.65 $0.59 $0.64 $0.58 112 -69% Sulliden TSX : SUE $2.26 176.4 $398.7 $9.2 $389.4 Peru 35 107 33% $11.33 $3.73 $11.06 $3.64 213 99% Tahoe TSX : THO $14.70 115.4 $1,695.7 $107.0 $1,588.7 Guatemala 276 326 85% $6.14 $5.20 $5.75 $4.87 868 166% Trevali OTCPK : TREV.F $1.59 34.6 $55.0 $1.5 $55.4 Peru 12 60 19% $4.77 $0.92 $4.80 $0.93 30 -49% US Gold UXG $7.51 122.1 $916.7 $21.5 $895.2 Mexico 49 49 100% $18.67 $18.67 $18.24 $18.24 489 896% Zazu TSX : ZAZ $0.21 30.7 $6.4 $1.4 $5.0 Alaska 33 204 16% $0.19 $0.03 $0.15 $0.02 3 -99% Mean (C$) $5.55 $3.31 $5.37 $3.22 Mean (US$)Mean (US$)Mean (US$)Mean (US$) $5.50 $3.28$3.28$3.28$3.28 $5.32 $$$$3.193.193.193.19 Mean (Less outliers, C$) $3.90 $1.90 $3.75 $1.83 Mean (Less outliers, US$)Mean (Less outliers, US$)Mean (Less outliers, US$)Mean (Less outliers, US$) $CADUSD $1.01 $3.86 $1.88$1.88$1.88$1.88 $3.72 $1.81$1.81$1.81$1.81

1. Priced in local currency. 2. Market Capitalization. 3. Working Capital. 4. Enterprise Value = MC + LT Debt - WC. 5. Global resource includes 43-101 compliant Measured, Indicated and Inferred resources. 6. Silver equivalent on a gross basis (no recovery factors) using current spot metal prices. 7. Implied resource is a conceptual resource indicated by the company’s EV at the mean peer EV/oz Ag Eq multiple. 8. The percentage difference between the implied resource and the global resource. Source: Canaccord Genuity, Company reports, Capital IQ


URANIUM IN SITU CHART

Figure 60: Canaccord Genuity uranium in situ chart

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URANIUM IN SITU DATABASE

Figure 61: Canaccord Genuity uranium in situ valuation database

Price Price Price Price (1)(1)(1)(1) Shares Shares Shares Shares (Basic)(Basic)(Basic)(Basic) MC (2)MC (2)MC (2)MC (2) WC (3)WC (3)WC (3)WC (3) EV (4)EV (4)EV (4)EV (4)

ProjectProjectProjectProject

Global Global Global Global ResourceResourceResourceResource MC/lbMC/lbMC/lbMC/lb EV/lbEV/lbEV/lbEV/lb

Implied Implied Implied Implied ((((6)6)6)6) MarketMarketMarketMarket

CompanyCompanyCompanyCompany TickerTickerTickerTicker 10 Dec 10 Dec 10 Dec 10 Dec 10101010 (M)(M)(M)(M) (C$M)(C$M)(C$M)(C$M) (C$M)(C$M)(C$M)(C$M) (C$M)(C$M)(C$M)(C$M) Location(s)Location(s)Location(s)Location(s) (5) (Mlb)(5) (Mlb)(5) (Mlb)(5) (Mlb) M+IM+IM+IM+I GlobalGlobalGlobalGlobal M+IM+IM+IM+I GlobalGlobalGlobalGlobal (Mlb)(Mlb)(Mlb)(Mlb) ∆ (7)∆ (7)∆ (7)∆ (7) Abitex Resources ABE : TSXV $0.18 92.4 $16.6 $2.0 $14.7 Quebec 6.6 $8.51 $2.53 $7.49 $2.22 $7.49 $2.22 A-Cap Resources ACB: ASX $0.42 184.7 $76.2 $5.2 $71.0 Botswana 157.8 $1.52 $0.48 $1.41 $0.45 $1.41 $0.45 Alliance Resources AGS : ASX $0.43 341.0 $145.8 $42.1 $103.7 South Australia 70.0 $4.56 $2.08 $3.24 $1.48 $3.24 $1.48 Bannerman Resources Ltd. BMN : ASX $0.57 204.4 $115.9 $10.5 $114.2 Namibia 170.1 $0.97 $0.68 $0.96 $0.67 $0.96 $0.67 Berkeley Resources Ltd. BKY : ASX $1.78 141.8 $251.0 $7.6 $243.4 Spain 83.2 $6.58 $3.02 $6.39 $2.92 $6.39 $2.92 Continental Precious Mineral CZQ : T $0.79 51.6 $40.8 $21.7 $19.1 Sweden 442.8 $7.10 $0.09 $3.33 $0.04 $3.33 $0.04 Crosshair Exploration & Mining CXX : T-V $0.37 131.5 $48.6 $2.1 $46.6 Wyoming, Labrador 16.7 $7.07 $2.91 $6.77 $2.79 $6.77 $2.79 Cue Resources Ltd. CUE : T-V $0.17 113.6 $18.7 -$0.8 $19.6 Paraguay 9.5 $2.25 $1.96 $2.35 $2.05 $2.35 $2.05 Deep Yellow Ltd. DYL : ASX $0.27 1,125.8 $296.7 $27.8 $268.9 Namibia 59.9 $26.77 $4.95 $24.26 $4.49 $24.26 $4.49 Energia Minerals Ltd. EMX : ASX $0.28 69.5 $19.4 $0.0 $19.4 Western Australia 7.5 $2.59 $2.59 $2.59 Energy Fuels Inc. EFR : T $0.62 97.2 $60.3 $1.5 $58.8 Utah, Colorado, Queensland 11.4 $6.95 $5.29 $6.78 $5.16 $6.78 $5.16 Extract Resources Limited EXT : ASX $8.97 243.3 $2,170.3 $56.9 $2,113.4 Namibia 392.3 $8.43 $5.53 $8.21 $5.39 $8.21 $5.39 Forsys Metals Corp. FSY : T $2.54 79.6 $202.2 $10.4 $191.8 Namibia 68.4 $3.34 $2.96 $3.17 $2.80 $3.17 $2.80 Forte Energy NL FTE : ASX $0.10 582.7 $57.9 $3.2 $54.7 Mauritania, Guinea 13.6 $53.85 $4.26 $50.84 $4.02 $50.84 $4.02 Hathor Exploration Limited HAT : T-V $3.24 107.4 $348.0 $22.9 $325.0 Saskatchewan 10.8 $58.76 $32.08 $54.88 $29.97 $54.88 $29.97 Khan Resources Inc. KRI : T $0.42 54.0 $22.4 $11.6 $10.8 Mongolia 32.1 $0.70 $0.70 $0.34 $0.34 $0.34 $0.34 Laramide Resources Ltd. LAM : T $2.00 67.5 $135.1 $7.0 $128.1 New Mexico, Queensland 57.9 $5.91 $2.33 $5.60 $2.21 $5.60 $2.21 Mantra Resources Limited MRU : ASX $7.50 130.2 $971.3 $63.5 $907.8 Tanzania 101.4 $14.83 $9.58 $13.86 $8.95 $13.86 $8.95 Marenica Energy MEY : ASX $0.08 528.3 $43.1 $1.9 $41.2 Namibia 84.8 $3.65 $0.51 $3.49 $0.49 $3.49 $0.49 Mega Uranium Ltd. MGA : T $1.02 251.2 $256.2 $51.7 $204.5 Queensland, Western Australia 27.1 $27.51 $9.47 $21.96 $7.56 $21.96 $7.56 Monaro Mining NL AIW : ASX $0.06 282.8 $16.3 $0.5 $15.8 New Mexico 11.4 $1.44 $1.39 $1.39 NGM Resources Ltd. NGM : ASX $0.21 210.4 $44.7 $1.1 $43.6 Niger, Australia 10.6 $4.20 $4.09 $4.09 Pele Mountain Resources Inc. GEM : T-V $0.27 127.9 $34.5 $0.4 $34.1 Ontario 42.5 $5.40 $0.81 $5.33 $0.80 $5.33 $0.80 Peninsula Minerals Ltd. PEN : ASX $0.07 1,642.0 $114.3 $6.6 $107.7 Wyoming, South Africa 25.2 $12.35 $4.54 $11.64 $4.28 $11.64 $4.28 Pitchstone Exploration Ltd. PXP : T-V $0.39 39.8 $15.5 $2.4 $13.1 Nunavut 4.1 $3.78 $3.20 $3.20 Powertech Uranium Corp. PWE : T $0.35 55.4 $19.4 -$1.4 $36.9 Colorado, South Dakota 24.3 $1.14 $0.80 $2.16 $1.52 $2.16 $1.52 Rockgate Capital Corp. RGT : T $1.98 77.4 $153.2 $8.5 $144.7 Mali 23.4 $149.18 $6.54 $140.94 $6.18 $140.94 $6.18 Strateco Resources Inc. RSC : T $0.82 122.7 $100.7 $9.0 $97.0 Quebec 16.8 $26.98 $5.99 $25.99 $5.77 $25.99 $5.77 Strathmore Minerals Corp. STM : T-V $1.19 88.0 $104.7 $24.4 $80.3 New Mexico, South Dakota 61.9 $2.60 $1.69 $1.99 $1.30 $1.99 $1.30 Titan Uranium Incorporated TUE : T-V $0.39 127.0 $49.5 $3.6 $45.9 Wyoming, Saskatchewan, Nunavut 16.0 $3.09 $3.09 $2.87 $2.87 $2.87 $2.87 Toro Energy Ltd. TOE : ASX $0.16 965.0 $148.7 $49.0 $99.7 Western Australia 24.4 $13.68 $6.09 $9.17 $4.09 $9.17 $4.09 Tournigan Energy Ltd. TVC : T-V $0.30 152.7 $45.0 $4.5 $40.5 Slovakia 38.1 $2.19 $1.18 $1.97 $1.06 $1.97 $1.06 U3O8 Corp. UWE : T-V $0.79 71.5 $56.5 $0.0 $56.5 Guyana 7.2 $9.72 $7.90 $9.72 $7.90 $9.72 $7.90 UEX Corporation UEX : T $2.24 202.7 $454.0 $9.0 $445.0 Saskatchewan 75.2 $7.49 $6.04 $7.35 $5.92 $7.35 $5.92 Uracan Resources Ltd. URC : T-V $0.26 108.6 $27.7 $3.5 $24.2 Quebec 44.0 $0.63 $0.55 $0.55 Uranerz Energy Corporation URZ : N $3.14 69.6 $220.6 $21.7 $198.9 Wyoming 19.1 $14.04 $11.57 $12.66 $10.44 $12.66 $10.44 Uranex NL UNX : ASX $0.32 165.1 $51.7 $1.5 $50.2 Tanzania 29.0 $11.90 $1.78 $11.55 $1.73 $11.55 $1.73 Uranium Energy Corp. UEC : N $5.94 69.7 $418.3 $16.7 $401.6 Texas 10.5 $64.04 $39.86 $61.48 $38.27 $61.48 $38.27 Uranium North Resources Corp. UNR : T-V $0.18 58.5 $10.5 $0.6 $9.9 Nunavut 13.0 $0.81 $0.77 $0.77 Uranium Resources URRE : Q $3.46 92.5 $323.1 $5.9 $317.6 New Mexico, Texas 99.8 $3.24 $3.18 $3.18 Uranium SA USA : ASX $0.36 111.2 $39.2 $3.4 $35.8 South Australia 22.9 $1.71 $1.57 $1.57 Ur-Energy Inc. URE : T $2.30 101.6 $233.6 $32.9 $200.8 Wyoming 24.9 $10.62 $9.38 $9.13 $8.06 $9.13 $8.06 Virginia Energy Resources Inc. VAE : T-V $0.42 76.9 $32.3 $2.4 $29.9 Virginia 26.5 $1.22 $1.22 $1.13 $1.13 $1.13 $1.13 Mean (C$) $16.95 $5.14 $15.67 $4.77 Mean (US$) $16.79 $5.09$5.09$5.09$5.09 $15.52 $4.73$4.73$4.73$4.73 Mean (C$, less outliers) $13.33 $4.40 $12.24 $4.05 Mean (US$, less outliers)Mean (US$, less outliers)Mean (US$, less outliers)Mean (US$, less outliers) $CADUSD $1.01 $13.20 $4.35$4.35$4.35$4.35 $12.12 $4.01$4.01$4.01$4.01

1. Priced in local currency 2. Market Capitalization 3. Working Capital 4. Enterprise Value = MC + LT Debt - WC 5. Global resource includes 43-101 compliant Measured, Indicated and Inferred resources 6. Implied resource is a conceptual resource indicated by the company’s EV at the mean peer EV/lb multiple 7. The percentage difference between the implied resource and the global resource Source: Canaccord Genuity, Capital IQ, company news releases.


COPPER IN SITU CHART

Figure 62: Canaccord Genuity copper in situ chart

Total Attributable Cu Eq lbs. and EV cents Cdn/M lbs of Attributable Cu Eq

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COPPER IN SITU DATABASE

Figure 63: Canaccord Genuity copper in situ database

SymbolSymbolSymbolSymbol Price $CPrice $CPrice $CPrice $C O/S O/S O/S O/S

SharesSharesSharesShares Mkt Cap.Mkt Cap.Mkt Cap.Mkt Cap.----

BasicBasicBasicBasic EV.EV.EV.EV. Attri CuAttri CuAttri CuAttri Cu Attri CuAttri CuAttri CuAttri Cu EV EV EV EV

centscentscentscents/Attrib/Attrib/Attrib/Attrib

Average Average Average Average Cu eq Cu eq Cu eq Cu eq GraGraGraGradededede

Resource Resource Resource Resource TonnesTonnesTonnesTonnes

CompanyCompanyCompanyCompany ExchExchExchExch 10 10 10 10 Dec Dec Dec Dec 10101010 MMMM $C M$C M$C M$C M $C M$C M$C M$C M M lbsM lbsM lbsM lbs Eq M lbsEq M lbsEq M lbsEq M lbs Cu eq lbsCu eq lbsCu eq lbsCu eq lbs %%%% MMMM Abacus Minerals & Expl Cp V-AME $0.24 176.4 42.3 40.8 3,842 5,324 0.770.770.770.77 0.40 597.4 Amerigo Resources Ltd T-ARG $1.08 170.9 184.6 181.8 3,889 4,233 4.294.294.294.29 0.15 1,313.0 Antares Minerals Inc V-ANM $9.15 64.5 590.2 584.8 11,706 13,474 4.344.344.344.34 0.63 975.4 Augusta Resource Corp T-AZC $4.00 133.1 532.4 578.6 8,048 9,937 5.825.825.825.82 0.52 863.7 Candente Copper Corp. T-DNT $1.43 98.9 141.4 137.0 7,658 8,625 1.591.591.591.59 0.52 750.0 Capstone Mining Corp. T-CS $4.65 199.3 926.7 787.4 1,927 3,847 20.4720.4720.4720.47 2.45 71.2 Continental Minerals Cp V-KMK $2.55 166.0 423.3 407.6 6,856 10,378 3.933.933.933.93 0.51 914.7 Copper Fox Metals Inc V-CUU $0.72 352.4 253.7 252.5 4,025 7,725 3.273.273.273.27 0.63 554.0 Copper Mountain Ming Corp T-CUM $5.56 89.8 499.3 512.5 2,823 2,823 18.1518.1518.1518.15 0.34 371.6 Equinox Minerals Limited T-EQN $5.95 707.9 4,212.0 4,398.4 13,841 15,131 29.0729.0729.0729.07 0.74 922.6 Explorator Resources Inc. V-EXO $0.64 79.9 51.1 45.9 1,086 1,309 3.513.513.513.51 0.78 76.0 Far West Mining Ltd T-FWM $5.07 62.4 316.4 313.6 4,089 4,393 7.147.147.147.14 0.41 486.4 Imperial Metals Corp T-III $25.50 36.8 938.4 881.9 5,671 8,123 10.8610.8610.8610.86 0.55 675.9 Ivanhoe Mines Limited T-IVN $24.24 488.9 11,850.9 11,093.4 62,987 80,319 13.8113.8113.8113.81 1.18 3,084.0 Los Andes Copper Ltd V-LA $0.40 93.6 37.4 37.8 6,624 8,023 0.470.470.470.47 0.44 826.1 Mercator Minerals Ltd T-ML $3.72 194.9 725.0 792.3 4,308 8,889 8.918.918.918.91 0.37 1,096.9 Minera Andes Inc T-MAI $2.80 264.7 741.2 769.1 12,522 13,859 5.555.555.555.55 0.61 1,037.0 Nevada Copper Corp T-NCU $3.95 53.1 209.7 187.6 9,364 9,364 2.002.002.002.00 0.50 842.7 Northern Dynasty Minerals Ltd T-NDM $13.55 93.8 1271.0 1226.2 36,817 70,535 1.741.741.741.74 0.78 4,122.0 Novagold Res T-NG $15.25 221.0 3370.3 3,335.0 8,648 13,880 24.0324.0324.0324.03 0.62 1,008.1 Panoro Minerals Ltd V-PML $0.32 87.8 27.7 27.5 3,291 4,055 0.680.680.680.68 0.68 270.0 Quadra Fnx Mining Ltd. T-QUX $15.14 188.8 2858.4 2,352.3 16,999 22,714 10.3610.3610.3610.36 0.53 1,934.0 Redhawk Resources Inc V-RDK $0.73 109.0 79.6 80.8 2,995 3,431 2.352.352.352.35 0.92 169.4 Serengeti Res Inc V-SIR $0.29 46.2 13.4 7.5 2,141 3,263 0.230.230.230.23 0.44 340.2 Taseko Mines Ltd T-TKO $4.95 186.7 924.2 743.3 10,070 17,785 4.184.184.184.18 0.44 1,814.5 Western Copper Corporation T-WRN $2.67 81.9 218.7 212.3 5,436 11,908 1.781.781.781.78 0.49 1,105.4 AverageAverageAverageAverage $1,153.4$1,153.4$1,153.4$1,153.4 9,9109,9109,9109,910 13,97513,97513,97513,975 7.287.287.287.28 0.640.640.640.64 1,0081,0081,0081,008.6.6.6.6



ZINC IN SITU CHART AND DATABASE Figure 64: Total attributable Zn equiv lbs and EV cents Canadian/M lbs of attributable Zn eq

0.10

0.13

0.19

0.82 0.93 1.09 1.20 1.

45

3.56

4.03

4.58 4.

81

4.83

5.57 5.

93

6.91

8.09 8.

40

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

V-SW

N

T-ZA

Z

V-LT

H

T-CZ

N

T-B

AJ

A-M

MG

V-CZ

X

T-ZN

C

T-AQ

A

T-B

WR

T-SB

B

T-LU

N

T-AD

A

V-IZ

N

V-G

MI

T-FA

N

T-CS

V-TV

Tota

l Attr

ib. Z

n Eq

M lb

s

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

EV c

ents

cdn

/M lb

s Zn

Eq

$

Total Attri Zn Eq lbs. EV cents cdn/M lbs Attri Zn Eq.


Figure 65: Zinc-related companies and EV-related data

SymbolSymbolSymbolSymbol Price $CPrice $CPrice $CPrice $C O/S O/S O/S O/S

SharesSharesSharesShares

Mkt Mkt Mkt Mkt Cap.Cap.Cap.Cap.---- BasicBasicBasicBasic EV.EV.EV.EV. AttribAttribAttribAttrib

Attrib. Attrib. Attrib. Attrib. Zn Zn Zn Zn

Attrib. Attrib. Attrib. Attrib. PbPbPbPb

Attrib. Attrib. Attrib. Attrib. AgAgAgAg Attrib. ZnAttrib. ZnAttrib. ZnAttrib. Zn EV cents cdnEV cents cdnEV cents cdnEV cents cdn

CompanyCompanyCompanyCompany ExchExchExchExch 10 Dec 1010 Dec 1010 Dec 1010 Dec 10 MMMM $C M$C M$C M$C M $C M$C M$C M$C M Cu M lbsCu M lbsCu M lbsCu M lbs M lbsM lbsM lbsM lbs M lbsM lbsM lbsM lbs M ozM ozM ozM oz Zn eq Zn eq Zn eq Zn eq M lbsM lbsM lbsM lbs /Attrib Zn eq lbs/Attrib Zn eq lbs/Attrib Zn eq lbs/Attrib Zn eq lbs Acadian Mining Corp. T-ADA $0.34 541.60 $184 $188 0 804 437 0 3,885 4.834.834.834.83 Aquila Resources Inc. T-AQA $1.09 81.77 $89 $87 101 1,165 67 10 2,454 3.563.563.563.56 Baja Mining Corp. T-BAJ $1.11 144.00 $160 $194 4,264 4,341 0 0 20,864 0.930.930.930.93 Breakwater Resources T-BWR $6.45 71.50 $461 $380 378 5,634 653 54 9,413 4.034.034.034.03 Canada Zinc Metals Corp. V-CZX $0.60 102.70 $62 $56 0 3,953 780 10 4,704 1.201.201.201.20 Canadian Zinc Corp. T-CZN $0.67 125.25 $84 $54 105 3,031 2,671 69 6,584 0.820.820.820.82 Capstone Mining Inc. T-CS $4.65 198.70 $924 $822 1,838 1,007 76 113 10,165 8.098.098.098.09 Farallon Resources Inc. T-FAN $0.79 473.50 $374 $378 306 2,101 382 32 5,468 6.916.916.916.91 Globestar Mining Corp. V-GMI $1.63 105.50 $172 $194 831 267 1 10 3,270 5.935.935.935.93 Iberian Minerals Corp. V-IZN $0.84 344.75 $290 $587 1,954 2,891 816 55 10,549 5.575.575.575.57 Lithic Resources Inc. V-LTH $0.12 41.70 $5 $4 91 1,743 0 0 1,985 0.190.190.190.19 Lundin Mining Corp. T-LUN $7.14 579.90 $4,140 $4,032 11,488 32,184 9,353 207 83,772 4.814.814.814.81 Metalline Mining A-MMG $1.15 103.20 $119 $103 0 6,437 0 151 9,507 1.091.091.091.09 Sabina Gold and Silver Corp. T-SBB $5.15 124.75 $642 $561 421 5,236 720 237 12,246 4.584.584.584.58 Selwyn Resources Ltd. V-SWN $0.19 320.60 $59 $50 0 41,641 13,608 0 51,246 0.100.100.100.10 Trevali Resources Corp. V-TV $1.61 52.87 $85 $83 0 713 173 8 993 8.48.48.48.40000 Zazu Metals Corp. T-ZAZ $0.21 30.70 $6 $4 0 2,312 755 21 3,268 0.130.130.130.13 Zincore Metals Inc. T-ZNC $0.52 103.19 $54 $47 0 2,288 1,322 0 3,222 1.451.451.451.45

Average:Average:Average:Average: $439$439$439$439 $435$435$435$435 6,5426,5426,5426,542 13,53313,53313,53313,533 3.483.483.483.48



NICKEL IN SITU CHART AND DATABASE Figure 66: Total attributable Ni equiv lbs and EV cents Canadian/M lbs of attributable Ni eq Total Attributable Ni Eq lbs. and EV cents cdn/M lbs of Attributable Ni Eq

47.1

37.4

12.8

9.1

7.6

7.1

5.9

5.1

4.2

3.3

2.4

2.3

0.4

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

T-H

NC

V-SR

U

LN-E

NK

V-B

LV

T-N

I

T-IN

V

V-AN

F

T-CM

L

V-CR

O

T-FN

I

V-CT

T-G

MI

T-LB

E

Tota

l Attr

ib. C

u Eq

M lb

s

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

EV c

ents

cdn

/M lb

s N

i Eq

Total Attri Ni Eq lbs. EV cents cdn/M lbs Attri Ni Eq.


Figure 67: Nickel-related companies and EV-related data

CompanyCompanyCompanyCompany SymbolSymbolSymbolSymbol Price $CPrice $CPrice $CPrice $C O/S SharesO/S SharesO/S SharesO/S Shares Mkt Cap.Mkt Cap.Mkt Cap.Mkt Cap.----

BasicBasicBasicBasic EV.EV.EV.EV. Attri Attri Attri Attri

NiNiNiNi Attri Ni Attri Ni Attri Ni Attri Ni EVEVEVEV cents cdncents cdncents cdncents cdn Average Average Average Average

Ni Ni Ni Ni Resource Resource Resource Resource

TonnesTonnesTonnesTonnes CompanyCompanyCompanyCompany ExchExchExchExch 10 Dec 1010 Dec 1010 Dec 1010 Dec 10 MMMM $C M$C M$C M$C M $C M$C M$C M$C M M lbsM lbsM lbsM lbs Eq m lbsEq m lbsEq m lbsEq m lbs /Attri NI eq lbs/Attri NI eq lbs/Attri NI eq lbs/Attri NI eq lbs eq Gradeeq Gradeeq Gradeeq Grade MMMM Anfield Nickel Corp. V-ANF $4.55 31.8 $144.7 $141.2 2,413 2,413 5.9 1.32 82.8 Blackstone Ventures Inc. V-BLV $0.05 108.7 $4.9 $7.7 195 234 3.3 0.61 17.3 Canadian Arrow Mines Limited V-CRO $0.08 125.0 $9.4 $9.6 108 128 7.6 0.77 7.6 Castillian Resources Corp. V-CT $0.08 181.2 $14.5 $14.0 83 110 12.8 0.79 6.3 Crowflight Minerals Inc. T-CML $0.07 698.8 $45.4 $62.5 874 874 7.1 1.06 37.5 European Nickel plc LN-ENK $0.37 214.2 $80.3 $66.5 2,600 2,780 2.4 1.20 104.9 First Nickel Inc. T-FNI $0.11 168.2 $18.5 $26.6 237 291 9.1 1.16 11.4 Globestar Mining Corp. T-GMI $1.63 105.5 $172.0 $193.2 204 516 37.4 0.40 58.2 Hard Creek Nickel Corp. T-HNC $0.40 66.5 $26.6 $25.3 5,551 6,132 0.4 0.23 1,205.8 INV Metals T-INV $1.03 57.3 $59.0 $50.2 920 986 5.1 1.18 38.1 Liberty Mines Inc. T-LBE $0.13 168.3 $21.0 $60.4 127 128 47.1 1.43 4.1 Starfield Resources Inc. V-SRU $0.05 550.0 $27.5 $25.7 666 1,103 2.3 1.13 44.2 Victory Nickel, Inc. T-NI $0.09 379.7 $34.2 $28.6 650 676 4.2 0.42 73.3

Arithmetic AverageArithmetic AverageArithmetic AverageArithmetic Average 57.757.757.757.7 1,0741,0741,0741,074 1,2261,2261,2261,226 11.2011.2011.2011.20 0.970.970.970.97 122.2122.2122.2122.2



INK SPOTS

Canaccord employs INK Research. This system reports, among other information, daily changes on insider trading. Security regulators require corporate insiders to report their trades within ten days of each transaction. We highlight recent changes below; noting the acquisition or disposition of a position. Our intention is not to evaluate or analyze any purchases or sales, but to note them for the interest of all investors. We include charts generated by INK Research that note purchase and disposition points relative to share price performance.

Figure 68: Alhambra Resources Ltd. (ALH : TSX-V)

Past 12 months – purchased: $1,383,981 Past 12 months – sold: $50,000 Since Jul. 5/10 – no acquisitions or dispositions in the past 12 months.

Source: INK Research

Figure 69: Almaden Minerals Ltd. (AMM : TSX)

Past 12 months – purchased: $967,948 Past 12 months – sold: $1,341,229 Since Dec 1/10 - acquisitions: Nil Since Dec 1/10 – exercise of options: 115,000 options Price range: C$0.94-2.50 Since Dec. 1/10 - dispositions: C$4.15-4.72 Price range: Insider: Mr. Dione Bitzen – exercise of options and share disposition:

25,000 options and 20,000 share dispositions

Insider: Mr. Marc Girthon Blythe – exercise of options and share dispositions:

40,000 options and 3,000 share dispositions


Source: www.squidinkbooks.com


Figure 70: Auryx Gold Corp. (AYX : TSX)

Past 12 months – purchased: $215,000 Past 12 months – sold: Nil Since Nov. 25/10- acquisitions and dispositions:

Nil


Figure 71: Batero Gold Corp. (BAT : TSX-V)

Past 12 months – purchased: $726,762 Past 12 months – sold: Nil Since Dec. 2/10 - acquisitions: 19,600 shares Price range: C$2.53 Since Dec. 2/10- dispositions: Nil Insider: Mr. James Hutton – acquisitions: 19,600 shares


Figure 72: Bowmore Exploration Ltd. (BOW : TSX)

Past 12 months – purchased: $291,840 Past 12 months – sold: $330,525 Since Dec. 9/10 - acquisitions: Nil Since Dec. 9/10 - dispositions: 10,000 shares Price range: C$0.60 Insider: Mr. Richard Grass – dispositions: 10,000 shares



Figure 73: Dorato Resources Inc. (DRI : TSX-V)

Past 12 months – purchased: $68,555 Past 12 months – sold: Nil Since Jul. 14/10 – acquisitions and dispositions:

Nil


Figure 74: Edgewater Exploration Ltd. (EDW : TSX-V)

Past 12 months – purchased: $1,007,080 Past 12 months – sold: $96,250 Since Oct. 6/10 – acquisitions and dispositions:

Nil


Figure 75: Full Metal Minerals Ltd. (FMM : TSX-V)

Past 12 months – purchased: $155,599 Past 12 months – sold: $94,691 Since Nov. 8/10 – acquisitions and dispositions:

Nil



Figure 76: Goldgroup Mining Inc. (GGA : TSX)

Past 12 months – purchased: $183,410 Past 12 months – sold: $34,200 Since Nov. 30/10 – acquisitions and dispositions:

Nil


Figure 77: Indicator Minerals Inc. (IME : TSX-V)

Past 12 months – purchased: $264,577 Past 12 months – sold: $21,440 Since Nov. 25/10 - acquisitions: 371,000 shares Price range: C$0.09 Since Nov. 25/10 - dispositions: Nil Insider: Mr. John Edward Robins - acquisitions: 371,000 shares


Figure 78: International PBX Ventures ltd. (PBX : TSX-V)

Past 12 months – purchased: $462,953 Past 12 months – sold: $159,925 Since Dec. 2/10 - acquisitions: Nil Since Dec. 2/10 - dispositions: 40,000 shares Price range: C$0.28 Insider: Mr. David Waskett-Myers – dispositions:

40,000 shares



Figure 79: Iron Creek Capital Corp. (IRN : TSX-V)

Past 12 months – purchased: $186,700 Past 12 months – sold: Nil Since Nov. 9/10 – acquisitions and dispositions:

Nil


Figure 80: Mansfield Minerals Inc. (MDR : TSX-V)

Past 12 months – purchased: $69,729 Past 12 months – sold: Nil Since Sep. 29/10 - acquisitions and dispositions:

Nil


Figure 81: Newstrike Capital Inc. (NES : TSX-V)

Past 12 months – purchased: $83,230 Past 12 months – sold: $60,060 Since Sep.7/10 - acquisitions and dispositions:

Nil



Figure 82: North Country Gold Corp. (NCG : TSX-V)

Past 12 months – purchased: $425,000 Past 12 months – sold: $121,989 Since Nov. 11/10 - acquisitions and dispositions:

Nil


Figure 83: Polar Star Mining Corporation (PSR : TSX)

Past 12 months – purchased: $668,039 Past 12 months – sold: $148,408 Since Jun. 30/10- acquisitions and dispositions:

Nil


Figure 84: Queenston Mining Inc. (QMI : TSX)

Past 12 months – purchased: $922,750 Past 12 months – sold: $2,648,100 Since Nov. 9/10 – acquisitions and dispositions:

Nil



Figure 85: Riverstone Resources Inc. (RVS : TSX-V)

Past 12 months – purchased: $223,875 Past 12 months – sold: $51,050 Since Sep. 23/10 - acquisitions and dispositions:

Nil


Figure 86: Rockgate Capital Corp. (RGT : TSX)

Past 12 months – purchased: $189,430 Past 12 months – sold: $435,220 Since Dec. 3/10 - acquisitions: Nil Since Dec. 3/10 - dispositions: 250,000 shares Price range: Disposition carried out

privately Insider: Mr. Karl Eric Kottmeier – dispositions:

250,000 shares


Figure 87: Sulliden Gold Corporation Ltd. (SUE : TSX)

Past 12 months – purchased: $619,355 Past 12 months – sold: Nil Since May 6/10 - acquisitions and dispositions:

Nil



Figure 88: Sunridge Gold Corp. (SGC : TSX-V)

Past 12 months – purchased: $266,626 Past 12 months – sold: $643,561 Since Dec. 3/10 - acquisitions: Nil Since Dec. 3/10 – exercise of options: 118,500 options Price range: C$0.47 Since Dec. 3/10 - dispositions: 118,000 shares Price range: C$1.30-1.47 Insider: Mr. Donald Halliday – exercise of options and share dispositions:

118,500 options and shares


Figure 89: Trelawney Mining and Exploration Inc. (TRR : TSX-V)

Past 12 months – purchased: $1,140,028 Past 12 months – sold: $526,577 Since Dec. 7/10 - acquisitions: 140,000 shares Price range: C$2.50 Since Dec. 7/10 - dispositions: Nil Insider: Mr. Christopher Irwin – acquisitions: 50,000 shares Insider: Mr. Paul Anthony makuch – acquisitions:

40,000 shares



JUNIOR MINING WEEKLY INDEX PREVIOUS 12 MONTHS Figure 90: Junior Mining Weekly Index

Company/CommodityCompany/CommodityCompany/CommodityCompany/Commodity SymSymSymSym ExExExEx DateDateDateDate Company/CommodityCompany/CommodityCompany/CommodityCompany/Commodity SymSymSymSym ExExExEx DateDateDateDate Company/CoCompany/CoCompany/CoCompany/Commoditymmoditymmoditymmodity SymSymSymSym ExExExEx DateDateDateDate Alamos Gold Inc. AGI TSX Jul/07/10 Condor Resources Inc. CN TSX-V Jan/12/10 Geologix Explorations Inc. GIX TSX Nov/16/10 Alderon Resource Corp. ADV TSX-V Sep/28/10 Copper In Situ Update Sep/22/10 Gleichen Resources Ltd. GRL TSX-V Aug/11/09 Alexco Resource Corp. AXR TSX Nov/17/09 Copper In Situ Update Jun/09/10 Globestar Mining Corp. GMI TSX Mar/02/10 Alexco Resource Corp. AXR TSX Oct/20/09 Copper In Situ Update Feb/02/10 Gold Canyon Resources Inc. GCU TSX-V Aug/24/10 Almaden Minerals Ltd. AMM TSX Aug/24/10 Copper In Situ Update Aug/11/09 Gold In Situ in all editions Almaden Minerals Ltd. AMM TSX Nov/30/10 Corex Gold Corporation CGE TSX-V Aug/03/10 Gold In Situ Update Aug/25/09 Almaden Minerals Ltd. AMM TSX Aug/18/10 Corex Gold Corporation CGE TSX-V Jun/23/10 Golden Minerals Company AUM TSX Sep/22/10 Anfield Nickel Corp. ANF TSX-V Jun/23/10 Corex Gold Corporation CGE TSX-V May/18/10 Golden Minerals Company AUM TSX Aug/24/10 Anfield Nickel Corp. ANF TSX-V Jun/16/10 Corex Gold Corporation CGE TSX-V Dec/23/09 Golden Minerals Company AUM TSX May/12/10 Anfield Nickel Corp. ANF TSX-V Apr/27/10 Corex Gold Corporation CGE TSX-V Nov/25/09 Golden Minerals Company AUM TSX May/04/10 Anfield Nickel Corp. ANF TSX-V Mar/16/10 Corvus Gold Inc. KOR TSX Sep/09/10 Golden Minerals Company AUM TSX Apr/20/10 Anfield Nickel Corp. ANF TSX-V Dec/23/09 Creston Moly Corp. CMS TSX-V Nov/03/10 Golden Predator Corp. GPD TSX-V Sep/14/10 Antares Minerals Inc. ANM TSX-V Jul/28/10 Creston Moly Corp. CMS TSX-V Oct/26/10 Golden Predator Corp. GPD TSX-V Sep/01/10 Antares Minerals Inc. ANM TSX-V Feb/09/10 Creston Moly Corp. CMS TSX-V Sep/14/10 Golden Predator Corp. GPD TSX-V Jun/09/10 Apoquindo Minerals Inc. AQM TSX-V Feb/09/10 Creston Moly Corp. CMS TSX-V Mar/08/10 Golden Predator Corp. GPD TSX-V Nov/11/09 Argentex Mining Corp. ATX TSX-V Sep/22/09 Deep Yellow Ltd. DYL ASX Aug/03/10 Great Western Minerals Group Ltd. GWG TSX-V Jun/30/10 ATAC Resources Ltd. ATC TSX-V Sep/09/10 Deep Yellow Ltd. DYL ASX May/04/10 Guyana Goldfields Inc. GUY TSX Sep/02/09 ATAC Resources Ltd. ATC TSX-V Aug/10/10 Deep Yellow Ltd. DYL ASX Apr/27/10 Hana Mining Ltd. HMG TSX-V Oct/27/09 ATAC Resources Ltd. ATC TSX-V Aug/18/09 Deep Yellow Ltd. DYL ASX Jan/20/10 Hudson Resources Inc. HUD TSX-V Nov/10/10 ATW Gold Corp. ATW TSX-V Aug/25/09 Deep Yellow Ltd. DYL ASX Sep/09/09 Hudson Resources Inc. HUD TSX-V Jun/23/10 AuEx Ventures, Inc. XAU TSX Oct/20/09 Dorato Resources Inc. DRI TSX-V Oct/26/10 Hudson Resources Inc. HUD TSX-V Feb/09/10 Avalon Rare Metals Inc. AVL TSX Sep/09/10 Dorato Resources Inc. DRI TSX-V Oct/13/10 Hudson Resources Inc. HUD TSX-V Dec/23/09 Avalon Rare Metals Inc. AVL TSX Jun/30/10 Duluth Metals Ltd. DM TSX Nov/03/09 Imperial Metals Corp. III TSX Jan/27/10 B2Gold Corp. BTO TSX Jun/30/10 East Asia Minerals Corp. EAS TSX-V Nov/03/10 Imperial Metals Corp. III TSX Oct/30/09 Bannerman Resources Ltd. BAN TSX Nov/03/10 East Asia Minerals Corp. EAS TSX-V Jun/30/10 Inter-Citic Minerals Inc. ICI TSX Jul/28/10 Bannerman Resources Ltd. BAN TSX Jul/28/10 East Asia Minerals Corp. EAS TSX-V Mar/08/10 Inter-Citic Minerals Inc. ICI TSX Jun/23/10 Bannerman Resources Ltd. BAN TSX Apr/06/10 East Asia Minerals Corp. EAS TSX-V Dec/08/09 Inter-Citic Minerals Inc. ICI TSX Apr/20/10 Bannerman Resources Ltd. BAN TSX Mar/08/10 East Asia Minerals Corp. EAS TSX-V Sep/15/09 Inter-Citic Minerals Inc. ICI TSX Dec/23/09 Bannerman Resources Ltd. BAN TSX Feb/23/10 East Asia Minerals Corp. EAS TSX-V Sep/02/09 International PBX Ventures Ltd. PBX TSX-V May/27/10 Bannerman Resources Ltd. BAN TSX Dec/16/09 East Asia Minerals Corp. EAS TSX-V Aug/18/09 International PBX Ventures Ltd. PBX TSX-V May/04/10 Bannerman Resources Ltd. BAN TSX Oct/27/09 East Asia Minerals Corp. EAS TSX-V Aug/04/09 Intl. Tower Hill Mines Ltd. ITH TSX-V Jun/01/10 Banro Corporation BAA TSX Aug/03/10 Endeavour Silver Corp. EDR TSX Sep/09/09 Intl. Tower Hill Mines Ltd. ITH TSX-V Sep/15/09 Banro Corporation BAA TSX Jun/23/10 Etruscan Resources Inc. EET TSX Sep/29/09 Intl. Tower Hill Mines Ltd. ITH TSX-V Aug/11/09 Banro Corporation BAA TSX Feb/09/10 Eurasian Minerals Inc. EMX TSX-V Dec/08/09 Intrepid Mines Ltd. IAU TSX Aug/18/10 Banro Corporation BAA TSX Dec/23/09 Evolving Gold Corp. EVG TSX-V Sep/29/09 Kaminak Gold Corp. KAM TSX-V Oct/19/10 Bayfield Ventures Corp. BYV TSX-V Sep/14/10 Excellon Resources Inc. EXN TSX Aug/11/09 Kaminak Gold Corp. KAM TSX-V Oct/13/10 Belvedere Resources Ltd. BEL TSX-V May/12/10 Exeter Resource Corp. XRC TSX-V Feb/23/10 Kaminak Gold Corp. KAM TSX-V Sep/01/10 Blackstone Ventures Inc. BLV TSX-V Apr/27/10 Exeter Resource Corp. XRC TSX-V Sep/29/09 Kaminak Gold Corp. KAM TSX-V Aug/10/10 Blue Sky Uranium Corp. BSK TSX-V Jul/13/10 Exeter Resource Corp. XRC TSX-V Sep/22/09 Kaminak Gold Corp. KAM TSX-V Jun/23/10 Blue Sky Uranium Corp. BSK TSX-V Jun/23/10 Extorre Gold Mines Ltd. XG TSX-V Apr/27/10 Kaminak Gold Corp. KAM TSX-V Jun/16/10 Blue Sky Uranium Corp. BSK TSX-V May/27/10 Extract Resources Ltd. EXT TSX Sep/14/10 Kaminak Gold Corp. KAM TSX-V Jun/01/10 Blue Sky Uranium Corp. BSK TSX-V Mar/31/10 Extract Resources Ltd. EXT TSX Jul/07/10 Kaminak Gold Corp. KAM TSX-V Dec/23/09 Blue Sky Uranium Corp. BSK TSX-V Feb/23/10 Extract Resources Ltd. EXT TSX Apr/13/10 Kaminak Gold Corp. KAM TSX-V Oct/14/09 Blue Sky Uranium Corp. BSK TSX-V Dec/23/09 Extract Resources Ltd. EXT TSX Feb/23/10 Keegan Resources Inc. KGN TSX Nov/03/10 Blue Sky Uranium Corp. BSK TSX-V Nov/17/09 Extract Resources Ltd. EXT TSX Jan/12/10 Kiska Metals Corp. KSK TSX-V Nov/10/10 Brett Resources Inc. BBR TSX-V Nov/17/09 Extract Resources Ltd. EXT TSX Dec/16/09 Kiska Metals Corp. KSK TSX-V Sep/09/10 Brilliant Mining Corp. BLT TSX-V Dec/07/10 Extract Resources Ltd. EXT TSX Nov/25/09 Kiska Metals Corp. KSK TSX-V Aug/03/10 Canaco Resources Inc. CAN TSX-V Aug/10/10 Extract Resources Ltd. EXT TSX Sep/02/09 Kiska Metals Corp. KSK TSX-V Jun/23/10 Canaco Resources Inc. CAN TSX-V Jun/23/10 Extract Resources Ltd. EXT TSX Aug/11/09 Kiska Metals Corp. KSK TSX-V May/31/10 Canaco Resources Inc. CAN TSX-V Feb/02/10 First Point Minerals Corp. FPX TSX-V Sep/28/10 Kiska Metals Corp. KSK TSX-V Mar/30/10 Canaco Resources Inc. CAN TSX-V Dec/23/09 First Point Minerals Corp. FPX TSX-V Aug/18/10 Kiska Metals Corp. KSK TSX-V Dec/23/09 Canadian Royalties Inc. CZZ TSX Sep/02/09 First Point Minerals Corp. FPX TSX-V Jun/23/10 Kiska Metals Corp. KSK TSX-V Nov/11/09 Canadian Royalties Inc. CZZ TSX Aug/11/09 First Point Minerals Corp. FPX TSX-V Feb/23/10 Kiska Metals Corp. KSK TSX-V Aug/11/09 Capella Resources Ltd. KPS TSX-V Jun/23/10 First Point Minerals Corp. FPX TSX-V Dec/23/09 Kivalliq Energy Corp. KIV TSX-V Nov/03/10 Capella Resources Ltd. KPS TSX-V Mar/23/10 Fission Energy Corp. FIS TSX-V Oct/19/10 Kivalliq Energy Corp. KIV TSX-V Oct/19/10 Capella Resources Ltd. KPS TSX-V Feb/02/10 Fission Energy Corp. FIS TSX-V Aug/18/10 Kivalliq Energy Corp. KIV TSX-V May/27/10 Capella Resources Ltd. KPS TSX-V Dec/23/09 Fission Energy Corp. FIS TSX-V Aug/03/10 Kivalliq Energy Corp. KIV TSX-V Mar/16/10 Carpathian Gold Inc. CPN TSX Sep/28/10 Fission Energy Corp. FIS TSX-V May/04/10 Klondex Mines Ltd. KDX TSX Jan/27/10 Carpathian Gold Inc. CPN TSX Sep/14/10 Fission Energy Corp. FIS TSX-V Apr/06/10 La Mancha Resources Inc. LMA TSX Nov/11/09 Carpathian Gold Inc. CPN TSX Jul/28/10 Fission Energy Corp. FIS TSX-V Mar/16/10 La Mancha Resources Inc. LMA TSX Sep/15/09 Carpathian Gold Inc. CPN TSX Jul/13/10 Fission Energy Corp. FIS TSX-V Mar/02/10 La Mancha Resources Inc. LMA TSX Aug/03/09 Carpathian Gold Inc. CPN TSX Jun/23/10 Fission Energy Corp. FIS TSX-V Feb/23/10 Lake Shore Gold Corp. LSG TSX Feb/23/10 Carpathian Gold Inc. CPN TSX May/12/10 Fjorland Exploration Inc. FEX TSX-V Apr/27/10 Lake Shore Gold Corp. LSG TSX Aug/25/09 Carpathian Gold Inc. CPN TSX Apr/20/10 Focus Ventures Ltd. FCV TSX-V Jun/23/10 Lake Shore Gold Corp. LSG TSX Aug/04/09 Carpathian Gold Inc. CPN TSX Mar/30/10 Focus Ventures Ltd. FCV TSX-V Apr/06/10 Levon Resources Ltd. LVN TSX-V Nov/24/10 Carpathian Gold Inc. CPN TSX Mar/02/10 Focus Ventures Ltd. FCV TSX-V Dec/23/09 Levon Resources Ltd. LVN TSX-V Sep/28/10 Carpathian Gold Inc. CPN TSX Jan/12/10 Fronteer Development Gp. Inc. FRG TSX Apr/13/10 Levon Resources Ltd. LVN TSX-V Jun/23/10 Carpathian Gold Inc. CPN TSX Dec/23/09 Fronteer Development Gp. Inc. FRG TSX Mar/02/10 Levon Resources Ltd. LVN TSX-V May/18/10 Carpathian Gold Inc. CPN TSX Oct/20/09 Fronteer Development Gp. Inc. FRG TSX Mar/02/10 Levon Resources Ltd. LVN TSX-V Apr/13/10 Carpathian Gold Inc. CPN TSX Aug/25/09 Fronteer Development Gp. Inc. FRG TSX Sep/22/09 Levon Resources Ltd. LVN TSX-V Dec/23/09 Champion Minerals Inc. CGHM TSX Nov/10/10 Fronteer Gold Inc. FRG TSX Jul/13/10 Levon Resources Ltd. LVN TSX-V Nov/11/09 Champion Minerals Inc. CGHM TSX Sep/28/10 Full Metal Minerals Ltd. FMM TSX-X Oct/26/10 Lithium Americas Corp. LAC TSX Sep/14/10 Chariot Resources Ltd. CHD TSX Dec/16/09 Full Metal Minerals Ltd. FMM TSX-X Oct/05/10 Lithium Americas Corp. LAC TSX Jul/13/10 Chariot Resources Ltd. CHD TSX Aug/25/09 Full Metal Minerals Ltd. FMM TSX-X Feb/16/10 Lucara Diamond Corp. LUC TSX-V May/04/10 Chesapeake Gold Corp. CKG TSX-V Apr/27/10 Galway Resources Ltd. GWY TSX-V Aug/18/09 Lucara Diamond Corp. LUC TSX-V Apr/06/10 Claude Resources Inc. CRJ TSX Dec/16/09 Galway Resources Ltd. GWY TSX-V Aug/04/09 Lydian International Limited LYD TSX Nov/10/10 Claude Resources Inc. CRJ TSX Aug/04/09 Geologix Explorations Inc. GIX TSX Nov/24/10 Lydian International Limited LYD TSX Aug/18/10



Figure 91: Junior Mining Weekly Index (cont’d)

Company/CommodityCompany/CommodityCompany/CommodityCompany/Commodity SymSymSymSym ExExExEx DateDateDateDate Company/CommodityCompany/CommodityCompany/CommodityCompany/Commodity SymSymSymSym ExExExEx DateDateDateDate Company/CommodityCompany/CommodityCompany/CommodityCompany/Commodity SymSymSymSym ExExExEx DateDateDateDate Lydian International Limited LYD TSX Jul/13/10 Rodinia Minerals Inc. RMX TSX-V Mar/02/10 White Canyon Uranium Ltd. WCU ASX Aug/04/09 Magma Energy Corp. MXY TSX Aug/25/09 Rodinia Minerals Inc. RMX TSX-V Jan/20/10 Zazu Metals Corp. ZAZ TSX Feb/02/10 Magma Energy Corp. MXY TSX Aug/04/09 Rodinia Minerals Inc. RMX TSX-V Dec/23/09 Zinc In Situ Update Aug/10/10 Magma Metals Ltd. MMB ASX May/18/10 Rubicon Minerals Corp. RMX TSX Sep/22/09 Zinc In Situ Update Feb/23/10 Magma Metals Ltd. MMB ASX Feb/23/10 Rubicon Minerals Corp. RMX TSX Aug/04/09 Zinc In Situ Update Nov/03/09 Magma Metals Ltd. MMB ASX Sep/09/09 Rockgate Capital Corp. RGT TSX Nov/24/10 Mantra Resources Limited MRU ASX Oct/26/10 Salares Lithium Inc. LIT TSX-V Jul/20/10 Mantra Resources Limited MRU ASX May/12/10 Salazar Resources Limited SRL TSX-V Nov/30/10 Mantra Resources Limited MRU ASX May/04/10 Salazar Resources Limited SRL TSX-V Nov/16/10 Mantra Resources Limited MRU ASX Mar/08/10 Salazar Resources Limited SRL TSX-V Jul/20/10 Mantra Resources Limited MRU ASX Feb/02/10 Salazar Resources Limited SRL TSX-V Jun/16/10 Mantra Resources Limited MRU ASX Jan/27/10 Salazar Resources Limited SRL TSX-V Nov/25/09 Mantra Resources Limited MRU ASX Nov/25/09 Sandspring Resources Ltd. SSP TSX-V Sep/22/10 Minera Andes Inc. MAI TSX Oct/14/09 Sandspring Resources Ltd. SSP TSX-V Jul/13/10 Molybdenum In Situ Update Apr/20/10 Sandspring Resources Ltd. SSP TSX-V Apr/13/10 Nevada Copper Corp. NCU TSX Oct/08/09 Sandstorm Resources Ltd. SSL TSX-V Jun/23/10 Nickel In Situ Oct/26/10 Sandstorm Resources Ltd. SSL TSX-V Dec/23/09 Nickel In Situ Jun/16/10 Serengeti Resources Inc. SIR TSX-V Dec/16/09 Nickel In Situ Mar/16/10 Serengeti Resources Inc. SIR TSX-V Oct/20/09 Nickel In Situ Nov/11/09 Shore Gold Inc. SGF TSX Feb/16/10 North Country Gold Inc. NCG TSX-V Nov/03/10 Silver In Situ All editions North Country Gold Inc. NCG TSX-V Sep/14/10 Silver Quest Resources Ltd. SQI TSX-V Aug/10/10 North Country Gold Inc. NCG TSX-V Jul/28/10 Spanish Mountain Gold Ltd. SPA TSX-V Nov/30/10 Northern Gold Mining Inc. NGM TSX-V Mar/02/10 Spanish Mountain Gold Ltd. SPA TSX-V Oct/05/10 Northern Tiger Resources Inc. NTR TSX-V Nov/10/10 Sulliden Gold Corporation Ltd. SUE TSX Sep/22/10 Northern Tiger Resources Inc. NTR TSX-V Oct/11/10 Sulliden Gold Corporation Ltd. SUE TSX Sep/09/10 Northern Tiger Resources Inc. NTR TSX-V Sep/28/10 Sulliden Gold Corporation Ltd. SUE TSX Jul/20/10 Northern Tiger Resources Inc. NTR TSX-V Apr/20/10 Trelawney Mining and Exploration Inc. TRR TSX-V Mar/08/10 Novus Gold Corp. NOV TSX-V Feb/16/10 UEX Corp. UEX TSX Mar/23/10 Orezone Gold Corp. ORE TSX Aug/03/10 UEX Corp. UEX TSX Feb/23/10 Orezone Gold Corp. ORE TSX Mar/30/10 UEX Corp. UEX TSX Feb/02/10 Orko Silver Corp. OK TSX-V May/04/10 UEX Corp. UEX TSX Jan/12/10 Orko Silver Corp. OK TSX-V Jan/20/10 UEX Corp. UEX TSX Nov/25/09 Oro Gold Resources Ltd. OGR TSX-V Mar/08/10 Underworld Resources Inc. UW TSX-V Oct/30/09 Oromin Explorations Ltd. OLE TSX Sep/15/09 Underworld Resources Inc. UW TSX-V Sep/15/09 Pan American Lithium Corp. PL TSX-V May/12/10 Underworld Resources Inc. UW TSX-V Aug/11/09 PC Gold Inc. PKL TSX Oct/13/10 Uracan Resources Ltd URC TSX-V Jun/23/10 PC Gold Inc. PKL TSX Jul/28/10 Uracan Resources Ltd URC TSX-V Jun/16/10 PC Gold Inc. PKL TSX Jun/23/10 Uracan Resources Ltd URC TSX-V May/12/10 PC Gold Inc. PKL TSX Apr/06/10 Uracan Resources Ltd URC TSX-V Apr/27/10 PC Gold Inc. PKL TSX Mar/30/10 Uracan Resources Ltd URC TSX-V Mar/30/10 PC Gold Inc. PKL TSX Mar/16/10 Uracan Resources Ltd URC TSX-V Mar/08/10 PC Gold Inc. PKL TSX Mar/02/10 Uracan Resources Ltd URC TSX-V Jan/20/10 PC Gold Inc. PKL TSX Dec/23/09 Uracan Resources Ltd URC TSX-V Dec/23/09 PC Gold Inc. PKL TSX Oct/08/09 Uracan Resources Ltd URC TSX-V Dec/16/09 Peregrine Diamonds Ltd. PGD TSX Sep/22/10 Uracan Resources Ltd URC TSX-V Oct/20/09 Peregrine Diamonds Ltd. PGD TSX May/04/10 Uracan Resources Ltd URC TSX-V Sep/02/09 Peregrine Diamonds Ltd. PGD TSX Feb/02/10 Uranium Energy Corp. UEC TSX Mar/23/10 Peregrine Diamonds Ltd. PGD TSX Dec/08/09 Uranium In Situ in all editions Peregrine Diamonds Ltd. PGD TSX Sep/29/09 US Gold Corporation UXG TSX Nov/24/10 Peregrine Metals Ltd. GPD TSX-V Jun/09/10 US Gold Corporation UXG TSX Nov/03/10 Petaquilla Minerals Ltd. PTQ TSX Jan/20/10 US Gold Corporation UXG TSX Jul/13/10 PGM In Situ in all editions to Jul/13/10 US Gold Corporation UXG TSX Jun/23/10 Queenston Mining Inc. QMI TSX Dec/07/10 US Gold Corporation UXG TSX May/27/10 Quest Rare Minerals Ltd. QRM TSX-V Sep/14/10 US Gold Corporation UXG TSX May/04/10 Quest Uranium Corporation QUC TSX-V Apr/13/10 US Gold Corporation UXG TSX Apr/20/10 Rare Element Resources Ltd. RES TSX-V Jun/30/10 US Gold Corporation UXG TSX Apr/06/10 Richfield Ventures Corp. RVC TSX Nov/30/10 US Gold Corporation UXG TSX Mar/30/10 Richfield Ventures Corp. RVC TSX Aug/10/10 US Gold Corporation UXG TSX Mar/23/10 Richfield Ventures Corp. RVC TSX Jun/23/10 US Gold Corporation UXG TSX Mar/08/10 Richfield Ventures Corp. RVC TSX Jun/16/10 US Gold Corporation UXG TSX Feb/23/10 Richfield Ventures Corp. RVC TSX May/12/10 US Gold Corporation UXG TSX Feb/02/10 Richfield Ventures Corp. RVC TSX Apr/27/10 US Gold Corporation UXG AMEX Dec/23/09 Richfield Ventures Corp. RVC TSX Jan/12/10 US Gold Corporation UXG TSX Sep/02/09 Richfield Ventures Corp. RVC TSX Dec/23/09 Ventana Gold Corp. VEN TSX Feb/09/10 Richfield Ventures Corp. RVC TSX Nov/11/09 VG Gold Corp. VG TSX Oct/20/10 Richfield Ventures Corp. RVC TSX Oct/08/09 VG Gold Corp. VG TSX Oct/27/09 Rio Alto Mining Ltd. RIO TSX-V Sep/22/10 VG Gold Corp. VG TSX Aug/04/09 Rio Alto Mining Ltd. RIO TSX-V Jul/28/10 Victoria Gold Corp. VIT TSX-V Jan/20/10 Rio Alto Mining Ltd. RIO TSX-V Jun/23/10 Victoria Gold Corp. VIT TSX-V Oct/27/09 Rio Alto Mining Ltd. RIO TSX-V Apr/27/10 Virginia Mines Inc. VGQ TSX-V Sep/09/09 Rio Alto Mining Ltd. RIO TSX-V Apr/13/10 Vista Gold Corp. VGZ TSX Sep/09/09 Rio Alto Mining Ltd. RIO TSX-V Dec/23/09 Western Copper Corp. WRN TSX May/18/10 Riverstone Resources Inc. RVS TSX-V Mar/02/10 White Canyon Uranium Ltd. WCU ASX Apr/27/10 Rodinia Minerals Inc. RMX TSX-V Nov/10/10 White Canyon Uranium Ltd. WCU ASX Jan/20/10 Rodinia Minerals Inc. RMX TSX-V Sep/22/10 White Canyon Uranium Ltd. WCU ASX Jan/12/10 Rodinia Minerals Inc. RMX TSX-V Jun/23/10 White Canyon Uranium Ltd. WCU ASX Dec/16/09 Rodinia Minerals Inc. RMX TSX-V Apr/27/10 White Canyon Uranium Ltd. WCU ASX Oct/27/09



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