CaCaCaCanaccord naccord naccord naccord GenuityGenuityGenuityGenuity is the global capital markets group of Canaccord Financial Inc. (CF : TSX | CF. : AIM) is the global capital markets group of Canaccord Financial Inc. (CF : TSX | CF. : AIM) is the global capital markets group of Canaccord Financial Inc. (CF : TSX | CF. : AIM) is the global capital markets group of Canaccord Financial Inc. (CF : TSX | CF. : AIM)

The recommendations and opinions expressed in this Investment Research accurately reflect the Investment Analyst’s personal, The recommendations and opinions expressed in this Investment Research accurately reflect the Investment Analyst’s personal, The recommendations and opinions expressed in this Investment Research accurately reflect the Investment Analyst’s personal, The recommendations and opinions expressed in this Investment Research accurately reflect the Investment Analyst’s personal, independent and objective viindependent and objective viindependent and objective viindependent and objective views about any and all the Designated Investments and Relevant Issuers discussed herein. For important ews about any and all the Designated Investments and Relevant Issuers discussed herein. For important ews about any and all the Designated Investments and Relevant Issuers discussed herein. For important ews about any and all the Designated Investments and Relevant Issuers discussed herein. For important iiiinnnnffffoooorrrrmmmmaaaattttiiiioooonnnn,,,, pppplllleeeeaaaasssseeee sssseeeeeeee tttthhhheeee IIIImmmmppppoooorrrrttttaaaannnntttt DDDDiiiisssscccclllloooossssuuuurrrreeeessss sssseeeeccccttttiiiioooonnnn iiiinnnn tttthhhheeee aaaappppppppeeeennnnddddiiiixxxx ooooffff tttthhhhiiiissss ddddooooccccuuuummmmeeeennnntttt oooorrrr vvvviiiissssiiiitttt CCCCaaaannnnaaaaccccccccoooorrrrdddd GGGGeeeennnnuuuuiiiittttyyyy’’’’ssss OOOOnnnnlllliiiinnnneeee DDDDiiiisssscccclllloooossssuuuurrrreeee DDDDaaaattttaaaabbbbaaaasssseeee....

7 December 2010

Wendell Zerb 604.643.7485 wzerb@canaccordgenuity.com

Nicholas Campbell 604.643.7027 ncampbell@canaccordgenuity.com

Adam Melnyk (Research Associate) 604.643.1655 amelnyk@canaccordgenuity.com

Gabriel Gonzalez (Research Associate) 604.643.7529 ggonzalez@canaccordgenuity.com

Iris Varga (Research Assistant) 604.643.7412 ivarga@canaccordgenuity.com

A TOUCH OF REALITY • A critical driving force in the junior mining space is the speculation of finding the

next home run discovery. It is the thrill of the chase, the anticipation, the high, that drives the speculation. As observers and analyzers of the junior mining space, we live the highs and lows of the sector that at times, might feel schizophrenic. The junior market is clearly on one of its highs. Selective stocks have commonly gapped up 20-30% in a days trading session. Over the year, good performances are measured in gains of over 300% and gains of over 1,000% are not uncommon. While we remain long term, junior mining sector bulls, corrections come swiftly in our industry. In this week’s Junior Mining Weekly we highlight ATAC Resources’ recent market disappointment and some past high flyers that couldn’t live up to the markets original euphoria.

• Exploration updates:

Brilliant Mining Corp.Brilliant Mining Corp.Brilliant Mining Corp.Brilliant Mining Corp. ((((BLTBLTBLTBLT : : : : TSXTSXTSXTSX----VVVV : : : : C$C$C$C$0.390.390.390.39 | | | | Not ratedNot ratedNot ratedNot rated)))) Queenston Mining Inc.Queenston Mining Inc.Queenston Mining Inc.Queenston Mining Inc. ((((QMIQMIQMIQMI : : : : TSXTSXTSXTSX: C$: C$: C$: C$5.855.855.855.85 | Not rated) | Not rated) | Not rated) | Not rated)

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

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C$/US$ 1.00 Ag:Au ratio 48:1 Source: Canaccord Genuity, Capital IQ

Current Current Current Current value: US$158.56/value: US$158.56/value: US$158.56/value: US$158.56/oz oz oz oz ↑↑↑↑

Junior Mining Weekly | 2 7 December 2010

TABLE OF CONTENTS

Table of contents ....................................................................................................................2 Musical chairs .........................................................................................................................4 Other news ............................................................................................................................11 Exploration updates ..............................................................................................................12

Brilliant Mining Corp. (BLT : TSX-V : C$0.39 | Not rated) ..............................................13 Queenston Mining Inc. (QMI : TSX : C$5.85 | Not rated) ..............................................14

Drill bitz..................................................................................................................................15 Gold in situ spreadsheet ......................................................................................................16 Silver in situ chart .................................................................................................................17 Uranium in situ chart ............................................................................................................19 Research universe ................................................................................................................21 Ink spots ................................................................................................................................22 Junior Mining Weekly index previous 12 months................................................................24

Junior Mining Weekly | 3 7 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 eq.Mkt. cap/oz or lb eq.Mkt. cap/oz or lb eq.Mkt. cap/oz or lb eq. 3 Dec/103 Dec/103 Dec/103 Dec/10 YTDYTDYTDYTD WoWWoWWoWWoW DateDateDateDate DateDateDateDate Volume Volume Volume Volume CA GOLD In Situ (US$/oz) 158.56 84.0% 5.7% Monday 29-Nov-10 409,481,612 CA SILVER In Situ (US$/oz) 1.62 145.5% 0.0% Tuesday 30-Nov-10 387,194,750 CA URANIUM In Situ (US$/lb) 4.55 30.0% 4.1% Wednesday 1-Dec-10 419,682,958 3 Dec/103 Dec/103 Dec/103 Dec/10 YTDYTDYTDYTD WoWWoWWoWWoW Thursday 2-Dec-10 452,160,310 CA COPPER In Situ (cents Cdn/lb) 7.14 72.0% 3.8% Friday 3-Dec-10 495,704,156 CA NICKEL In Situ (cents Cdn/lb) 11.07 -28.9% 0.1% CA ZINC In Situ (cents Cdn/lb) 3.56 95.6% 2.0% TotalTotalTotalTotal 2,164,223,7862,164,223,7862,164,223,7862,164,223,786 CA MOLY In Situ (cents Cdn/lb) 16.84 -4.6% 3.5% Average. Daily VolumeAverage. Daily VolumeAverage. Daily VolumeAverage. Daily Volume 432,844,757432,844,757432,844,757432,844,757

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 3 Dec/103 Dec/103 Dec/103 Dec/10 YTDYTDYTDYTD WoWWoWWoWWoW JanJanJanJan 0 0 0 07777---- 3 Dec 103 Dec 103 Dec 103 Dec 10 S&P/TSX Venture Composite Index 2,110 38.7% 2.6% S&P/TSX Composite Index 13,179 12.2% 2.2% S&P/TSX Global Gold Index 432 29.3% 5.2% S&P/TSX Div. Metals & Mining 1388 38.1% 8.3% (SPDR) Streettracks Gold Trust 138.07 28.7% 3.7% IShares Comex Gold Trust 13.82 28.7% 4.0% AMEX Gold Bugs 582 35.3% 7.7% S&P/TSX Venture Composite IndexS&P/TSX Venture Composite IndexS&P/TSX Venture Composite IndexS&P/TSX Venture Composite Index SelSelSelSelected companiesected companiesected companiesected companies PricePricePricePrice Highly active by % Highly active by % Highly active by % Highly active by % ∆∆∆∆ (29 Nov (29 Nov (29 Nov (29 Nov –––– 3 Dec 2010 3 Dec 2010 3 Dec 2010 3 Dec 2010)))) SymbolSymbolSymbolSymbol 3 Dec/103 Dec/103 Dec/103 Dec/10 %%%%∆∆∆∆ Providence Capital Corp. TSXV:PV $1.62 406% Drilling update for Iron Range project, BC (100% EPL, PV earning 60%). Eagle Plains Resources Ltd. TSXV:EPL $0.74 208% Drilling update for Iron Range project, BC (100% EPL, PV earning 60%). Seafield Resources Limited TSXV:SFF $0.57 153% 449m grading 1.29 g/t Au at Miraflores project, Columbia.

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CGCGCGCG commodity price and currency forecasts commodity price and currency forecasts commodity price and currency forecasts commodity price and currency forecasts ValueValueValueValue % % % % ChangeChangeChangeChange 2010E2010E2010E2010E 2011E2011E2011E2011E 2012E2012E2012E2012E Long TermLong TermLong TermLong Term 3 Dec/103 Dec/103 Dec/103 Dec/10 YTDYTDYTDYTD WoWWoWWoWWoW Aluminum US$/lb 0.93 0.90 0.90 0.85 1.04 4.0% 2.0% Copper US$/lb 3.34 3.75 3.75 2.25 3.98 19.5% 5.9% Nickel US$/lb 9.85 9.75 9.25 8.00 10.65 27.2% 4.4% Zinc US$/lb 0.97 0.95 0.90 0.85 1.00 -12.7% 5.4% Lead US$/lb 0.95 1.00 1.00 0.60 1.05 -3.7% 2.9% Uranium US$/lb 43.1 52.5 60.0 70.0 61.00 35.6% 0.8% 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% -2.7% Gold US$/oz 1,215.0 1,400.0 1,300.0 950.0 1,414.07 28.9% 3.7% Silver US$/oz 19.06 23.50 22.50 17.25 29.41 74.3% 10.1% Platinum US$/oz 1,613 1,800 1,550 1,550 1,727.75 17.9% 4.9% Palladium US$/oz 495.7 550 400 400 768.50 88.5% 12.9% C$/US$ 0.97 1.00 0.95 0.95 1.00 4.8% 1.7% A$/US$ 0.91 0.95 0.90 0.85 0.99 10.6% 3.0% US$/Euro 1.31 1.30 1.30 1.30 1.34 -6.3% 1.3% Rand/US$ 7.51 8.00 8.00 8.00 6.88 -7.1% -3.9%

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, Capital IQ, Bloomberg, TSX DataGroup, Stockwatch.

Junior Mining Weekly | 4 7 December 2010

MUSICAL CHAIRS

With the strength of the metals markets and capital driving exploration spending in the junior mining sector, new discoveries have driven interest in the junior mining equities. In junior mining there are short-term winners and long-term winners; from the latter, we expect strong exploration results to potentially develop into high-margin deposits. Short-term winners capture speculative market interest, based on a wide variety of events. It is the share prices of these companies that catapult to new highs and then fall back when additional project developments do not justify the share price, or the market cools off, and market premiums fall.

It can be a long exploration haul to determining the ultimate value of a new discovery. In the current market, speculation can drive the market cap of companies dramatically above current market fundamentals. The market is willing to be forward-looking based on speculative characteristics of the discovery – “it could be this big!”

One example of a market high flyer has been ATAC Resources Ltd. (ATC : TSX-V: C$5.80 | Not rated) ATAC’s share price rose from $1.23 in early June 2010 reaching a high of $8.95 on 8 November 2010.

ATAC has outlined replacement-style, gold-bearing sulphide and oxide mineralization in Cambrian to Devonian limestones, dolomite, and calcareous siltstones in associated with a regional-scale thrust (Dawson) in Yukon, which is an environment with similar characteristics to areas in Nevada. This Nevada, Carlin-style mineralization has outstanding speculative appeal given the prolific history of mining in the Carlin trend. The principal target is the Osiris showing, which is located approximately 100 kilometres east of ATAC’s original discovery in the area, the Tiger zone at Rau.

As background, soil samples (talus fines) at the company’s Osiris target have graded up to 17.5 g/t Au and sampling of float material has yielded mineralization, associated with realgar and orpiment (arsenic oxides – also closely associated with Au in Nevada), grading between 1.92 and 12.15 g/t Au. ATAC indicates that at Osiris, the zone has been traced for a one kilometre strike length on both limbs of a fold, with the best-sampled grades associated with a 40 metre wide breccia zone that lies along the fold axis.

Last week, ATAC released the final 2010 drilling results (eight holes) from the Osiris area. Of the eight newly released drill holes, five targeted the Osiris zone, while single holes tested the Isis, Conrad and Eaton zones, which are considered to be in a similar geological environment to that of Osiris. While individual holes continue to identify zones of Au mineralization, results were mixed and the impressive first drill hole released in early September (9.26 g/t gold over 31.13 metres), could not be replicated. These recent drilling results on the Osiris zone suggest controls on mineralization are potentially more complicated than the market had been speculating.

On release of last week’s Osiris drill results, ATAC’s share price dropped from $7.31 to a low of $5.02 before recovering, closing the week at $5.80/share. Complicating the recent pressure on the share price is that news flow coming from the Yukon will now be limited over the next three to five months by the winter season, and investors may be less willing to hold shares positions with few upcoming catalysts. Furthermore, On December 9, 2010, 8.42 million common shares from an August 2010 private placement priced at

Junior Mining Weekly | 5 7 December 2010

$1.85 per share, and 3.02 million flow-through common shares priced at $2.15 per share, become free trading, which could add to the weakness in the stock price.

Figure 3: ATAC Resources Ltd. (ATC : TSX-V)

Source: StockCharts.com

Longer term, we believe the potential of the Osiris area to host significant Au mineralization remains valid. What the market is willing to apply to the potential, based on eight completed drill holes, is the challenge investors and analysts face in assessing this high-profile gold play. ATAC has proposed a 2011 drill program to include a

minimum of 40,000 metres of diamond drilling utilizing up to eight drills.

We have reviewed some previous short-term junior mining winners that could not recover from the original speculative euphoria the market applied to their early exploration successes. We highlight some background on each company, and provide a brief synopsis of where each company is today.

Junior Mining Weekly | 6 7 December 2010

Figure 4: Beaufield Resources Inc. (BFD : TSX-V)

PricePricePricePrice Period LowPeriod LowPeriod LowPeriod Low PeakPeakPeakPeak CurrentCurrentCurrentCurrent % Change% Change% Change% Change Sep 1/10Sep 1/10Sep 1/10Sep 1/10 Sep 30/10Sep 30/10Sep 30/10Sep 30/10 Dec 3/10Dec 3/10Dec 3/10Dec 3/10 Period Low to PeakPeriod Low to PeakPeriod Low to PeakPeriod Low to Peak Peak to CurrentPeak to CurrentPeak to CurrentPeak to Current C$0.11C$0.11C$0.11C$0.11 C$0.68C$0.68C$0.68C$0.68 C$0.4C$0.4C$0.4C$0.43333 555518181818%%%% ((((----37%)37%)37%)37%)

In the past 12 months, insiders have purchased $41,173 in equity and sold $873,180 in equity of Beaufield Resources Inc.

Overview In late September, 2010 Beaufield Resources Inc. released headline news of a drill intercept (TO-10-19) grading 4.20% zinc, 2.72% copper, 0.19% lead, 500.93 g/t Cobalt, 72.02 g/t Silver and 0.53 g/t gold over 322.15 metres, from its wholly-owned Tortigny project, 100 kilometres north of Chibougamau, Quebec. Within the body of the release it was disclosed that the hole was “drilled parallel to the hinge of the fold, following the mineralized zone”; in other words, the drill hole targeted the down plunge trend of the zone, not a representative cut across the width of the mineralization. Another drill hole TO-10-16 drilled in the central part of the mineralized body is believed to have cut a true width of mineralization of 12.8 m. Tortigny hosts a volcanogenic massive sulphide (VMS) Cu-Pb-Zn-Co-Ag-Au deposit with an historic (non-compliant) resource of 489,900 tonnes. On this news, the stock ran to significant new highs before falling back to current levels as the market digested the non significance of the TO-10-19 drill intercept.

Source: Source: Canaccord Genuity, StockCharts.com, INK Research

Figure 5: Crystallex International Corp. (KRY: TSX)

PricePricePricePrice Period LowPeriod LowPeriod LowPeriod Low PeakPeakPeakPeak CurrentCurrentCurrentCurrent % Change% Change% Change% Change Nov 21/08Nov 21/08Nov 21/08Nov 21/08 May 22/07May 22/07May 22/07May 22/07 Dec 3/10Dec 3/10Dec 3/10Dec 3/10 Period Low to PeakPeriod Low to PeakPeriod Low to PeakPeriod Low to Peak Peak to CurrentPeak to CurrentPeak to CurrentPeak to Current C$0.10C$0.10C$0.10C$0.10 C$5.70C$5.70C$5.70C$5.70 C$0.31C$0.31C$0.31C$0.31 5555,,,,600600600600%%%% (95(95(95(95%%%%))))

In the past 12 months – no share acquisitions or dispositions for Crystallex International Corp.

Overview The Company's principal asset, the Las Cristinas property located in Bolivar State, Venezuela hosts an estimated 17 million ounces Au. The company has faced political wrangling and regulatory barricades for years as it has struggled to develop Las Cristinas. Granting of specifics permits by the Environment and Natural Resources (MinAmb) remain outstanding. The company has a pending partnership deal to develop Las Cristinas with China Railway Resources Group., a Chinese state-owned company, which is dependent on receiving all necessary government approvals. KRY’s share price has been under considerable pressure stemming from a lack of progress in moving Las Cristinas forward.

Source: Source: Canaccord Genuity, Bloomberg, INK Research

Junior Mining Weekly | 7 7 December 2010

Figure 6: GGL Resources Corp. (GGL : TSX-V)

PricePricePricePrice PeriodPeriodPeriodPeriod LowLowLowLow PeakPeakPeakPeak CurrentCurrentCurrentCurrent % Change% Change% Change% Change Nov 13/08Nov 13/08Nov 13/08Nov 13/08 Apr 4/07Apr 4/07Apr 4/07Apr 4/07 Dec 3/10Dec 3/10Dec 3/10Dec 3/10 Period Low to PeakPeriod Low to PeakPeriod Low to PeakPeriod Low to Peak Peak to CurrentPeak to CurrentPeak to CurrentPeak to Current C$0.02C$0.02C$0.02C$0.02 C$1.50C$1.50C$1.50C$1.50 C$0.065C$0.065C$0.065C$0.065 7777,,,,400400400400%%%% (96(96(96(96%%%%))))

In the past 12 months – no share acquisitions or dispositions for GGL Diamond Corp.

Overview The April 2007 takeover frenzy for Ni assets helped propel GGL Resources Corp. (formally GGL Diamond Corp.) to excessive levels. On April 4, 2007 the company traded over 52 million shares reaching a high of $1.50 before closing up 538% (started at $0.13) at $0.83. GGL sparked a frenzy of interest on news that it had staked a large area (80 kilometres by 20 kilometres) in the NWT that it believed could host a new belt of Ni bearing Archean mafic and ultramafic rocks, similar in scope to other major Ni belts such as Thompson or Kambalda. A single grab sample that returned 0.4% Ni from an outcrop allegedly associated with a magnetic and coincident EM high (600 metres by 100 metres) was strongly promoted as evidence for a new Ni district. Recent focus for the company has been on its diamond and gold projects in the NWT.

Source: Canaccord Genuity, Bloomberg, INK Research

Figure 7: Rogue Resources Inc. (RRS : TSX-V) formerly Golden Chalice Resources Inc. (GCR : TSX-V)

PricePricePricePrice

Period LowPeriod LowPeriod LowPeriod Low PeakPeakPeakPeak CurrentCurrentCurrentCurrent % Change% Change% Change% Change Sep 27/10Sep 27/10Sep 27/10Sep 27/10 Jun 13/07Jun 13/07Jun 13/07Jun 13/07 Dec 3/10Dec 3/10Dec 3/10Dec 3/10 Period Low to PeakPeriod Low to PeakPeriod Low to PeakPeriod Low to Peak Peak to CurrentPeak to CurrentPeak to CurrentPeak to Current C$0.32C$0.32C$0.32C$0.32 C$36.45C$36.45C$36.45C$36.45 C$0.42C$0.42C$0.42C$0.42 11111111,,,,291291291291%%%% (99(99(99(99%%%%))))

In the past 12 months, insiders have purchased $15,136 in equity and sold $3,658 in equity of Rogue Resources Inc.

Overview Golden Chalice caught investor interest in May 2007 with a 72.5 metre drill intersection grading 1.14% Ni (GCL07-06) on its 100%-owned Langmuir Project near Timmins, Ontario. This new discovery of Ni mineralization in a known belt of Ni bearing komatitic rocks had some speculators believing a large new discovery was in the works. Subsequent drilling outlined what appears to be a typical pod-like komatiite, likely less than 200 metres in strike length. The market has lost its fervor for GCR and the stock is off 99% from its peak. Geological potential of the belt remains positive but typical of komatitic Ni belts, exploration is slow and with the lack of investor interest in Ni attention to this once high flyer has been grounded. On October 13, 2010 the Company consolidated its shares on a 9:1 basis and changed its name to Rogue Resources Inc. (TSX-V: RRS).

Source: Source: Canaccord Genuity, Bloomberg, INK Research

Junior Mining Weekly | 8 7 December 2010

Figure 8: Goldsource Mines Inc. (GXS : TSX-V)

PricePricePricePrice

Period LowPeriod LowPeriod LowPeriod Low PeakPeakPeakPeak CurrentCurrentCurrentCurrent % Change% Change% Change% Change Feb 6/08Feb 6/08Feb 6/08Feb 6/08 Jun 25/08Jun 25/08Jun 25/08Jun 25/08 Dec 3/10Dec 3/10Dec 3/10Dec 3/10 PerioPerioPerioPeriod Low to Peakd Low to Peakd Low to Peakd Low to Peak Peak to CurrentPeak to CurrentPeak to CurrentPeak to Current C$0.19C$0.19C$0.19C$0.19 C$19.60C$19.60C$19.60C$19.60 C$0.99C$0.99C$0.99C$0.99 10101010,,,,216216216216%%%% (95(95(95(95%%%%))))

In the past 12 months, insiders have purchased Nil in equity and sold $180,723 in equity of Goldsource Mines Inc.

Overview In April 2008, Goldsource Mines announced that an exploration drill program in Saskatchewan targeting kimberlitic rock (diamonds) had intersected potentially sub-bituminous or bituminous coal. Subsequent certified laboratory analysis determined the upper 22.6 metres of the coal seam was categorized as high-volatile bituminous to sub-bituminous coal. The early studies suggested the overall calorific value averaged 9,200 btu/lb. As comparison, Hillsborough’s Quinsam clean high volatile thermal coal has a calorific content of 11,900 btu/lb. Prior to the announcement of these coal intersections, GSX shares were trading around C$0.20. At peak trading levels of about C$18.20 per share represented more than a 9,000% increase in the value of GSX shares. Since the first discovery in April 2008 Goldsource has identified 17 coal deposits at its Saskatchewan, Border Project. The company has outlined 89.6 million tonnes of Inferred resources thus far and is working to upgrade resources to the Indicated category. A Preliminary Economic Assessment (PEA) is currently underway.

Source: Source: Canaccord Genuity, StockCharts.com, INK Research

Figure 9: Kodiak Exploration Ltd. (KXL : TSX-V)

PricePricePricePrice Period LowPeriod LowPeriod LowPeriod Low PeakPeakPeakPeak CurrentCurrentCurrentCurrent % Change% Change% Change% Change Aug 31/10Aug 31/10Aug 31/10Aug 31/10 Dec 7/07Dec 7/07Dec 7/07Dec 7/07 Dec 3/10Dec 3/10Dec 3/10Dec 3/10 Period Low to PeakPeriod Low to PeakPeriod Low to PeakPeriod Low to Peak Peak to CurrentPeak to CurrentPeak to CurrentPeak to Current C$0.19C$0.19C$0.19C$0.19 C$5.04C$5.04C$5.04C$5.04 C$C$C$C$0.310.310.310.31 2222,,,,553553553553%%%% ((((94949494%)%)%)%)

In the past 12 months, insiders have purchased $102,568 in equity and sold $96,163 in equity of Kodiak Exploration Ltd.

Overview In 2007 Kodiak Exploration gained significant speculative interest on its Hercules-Golden Mile Project in the Beardmore-Geraldton Gold Camp near Thunder Bay, Ontario. Kodiak completed a series of trenches and local drilling over two kilometres of a five-kilometre strike of multiple quartz-carbonate vein sets. Eventually variable overall results out weighed several limited, flashy, high-grade gold intersections. Kodiak has previously suggests the area has similar geological similarities to Red Lake and Kirkland Lake in an under-explored Archean greenstone belt. The stock is currently off 94% from its peak.

Source: Source: Canaccord Genuity, Bloomberg, INK Research

Junior Mining Weekly | 9 7 December 2010

Figure 10: Noront Resources Ltd. (NOT : TSX-V)

PricePricePricePrice

Period LowPeriod LowPeriod LowPeriod Low PeakPeakPeakPeak CurrentCurrentCurrentCurrent % Change% Change% Change% Change Aug 16/07Aug 16/07Aug 16/07Aug 16/07 Feb 29/08Feb 29/08Feb 29/08Feb 29/08 Dec 3/10Dec 3/10Dec 3/10Dec 3/10 Period Low to PeakPeriod Low to PeakPeriod Low to PeakPeriod Low to Peak Peak to CurrentPeak to CurrentPeak to CurrentPeak to Current C$0.29C$0.29C$0.29C$0.29 C$7.42C$7.42C$7.42C$7.42 C$0C$0C$0C$0.99.99.99.99 2222,,,,459459459459%%%% (87(87(87(87%%%%))))

In the past 12 months, insiders have purchased $490,105 in equity and sold $182,857 in equity of Noront Resources Ltd.

Overview In November 2007 the verdict was still pending on whether Noront’s lofty market cap of over $525 million was justifiable, at its peak NOT’s market cap was over $770 million. Today Noront has a market cap of about $175 million. The company’s Eagle Nest Ni-Cu-PGE discovery in northeastern Ontario was promoted as potentially the next true, large scale base metal discovery of its kind. The company continues to advance its Ring of Fire projects, recently completing a PEA on the Eagle’s Nest deposit.

Source: Source: Canaccord Genuity, Bloomberg, INK Research

Figure 11: Serengeti Resources Inc. (SIR : TSX-V)

PricePricePricePrice Period LowPeriod LowPeriod LowPeriod Low PeakPeakPeakPeak CurrentCurrentCurrentCurrent % Change% Change% Change% Change Nov 20/08Nov 20/08Nov 20/08Nov 20/08 Jun 21/07Jun 21/07Jun 21/07Jun 21/07 Dec 3/10Dec 3/10Dec 3/10Dec 3/10 Period Low to PeakPeriod Low to PeakPeriod Low to PeakPeriod Low to Peak Peak to CurrentPeak to CurrentPeak to CurrentPeak to Current C$0.10C$0.10C$0.10C$0.10 C$4.80C$4.80C$4.80C$4.80 C$0.25C$0.25C$0.25C$0.25 4444,,,,700700700700%%%% (95%)(95%)(95%)(95%)

In the past 12 months, insiders have purchased $49,500 in equity and sold $56,600 in equity of Serengeti Resources Inc.

Overview There’s nothing like a new high-grade Cu–Au porphyry discovery in Canada. Serengeti’s Kwanika Project in north central BC sparked speculative interest in early 2007 with a series impressive Cu–Au drill intersections. The first drill hole (hole 9) returned 111 metres grading 0.69% Cu, 0.54g/t Au. The company has completed over 40 drill holes in the Kwanika area and in our opinion has outlined a higher-grade zone of Cu–Au alkalic porphyry mineralization that currently measures about 150 metres east to west and 200 metres north to south. Unfortunately the market was looking for instant confirmation of a large system at Kwanika, and thus far potential has been slower to develop. Unfortunately, the stock is off 95% from its peak of $4.80 in June 2007.

Source: Source: Canaccord Genuity, Bloomberg, INK Research

Junior Mining Weekly | 10 7 December 2010

Figure 12: Starfield Resources Inc. (SRU : TSX)

PricePricePricePrice

Period LowPeriod LowPeriod LowPeriod Low PeakPeakPeakPeak CurrentCurrentCurrentCurrent % Change% Change% Change% Change Sep 24/10Sep 24/10Sep 24/10Sep 24/10 Jul 12/07Jul 12/07Jul 12/07Jul 12/07 Dec 3/10Dec 3/10Dec 3/10Dec 3/10 Period Low to PeakPeriod Low to PeakPeriod Low to PeakPeriod Low to Peak PPPPeak to Currenteak to Currenteak to Currenteak to Current C$0.04C$0.04C$0.04C$0.04 C$C$C$C$1.931.931.931.93 C$0.06C$0.06C$0.06C$0.06 4444,,,,725725725725%%%% (97(97(97(97%%%%))))

In the past 12 months, insiders have purchased $289,910 in equity and sold $12,701 in equity of Starfield Resources Inc.

Overview Before May 2007 Starfield Resources received little love for its 100%-owned Ferguson Lake multiple metal asset in Nunavut. With a change in management and strong financial/promotional support, the company was temporary successful in driving investor interest in the story. The company’s key asset is its Ferguson Lake nickel-copper-cobalt-platinum-palladium property in Nunavut, Canada which hosts about 43-million tonnes of mineralization. Metallurgy for this complex multi-metal deposit is critical and preliminary testing suggests there is no simple technology that will provide adequate recoveries for all the metals. Starfield shares have not recovered from the 2008 market correction. Prior to the correction company Insiders sold over $7.1 million shares of the stock.

Source: Source: Canaccord Genuity, Bloomberg, INK Research

Figure 13: Xemplar Energy Corp. (XE : TSX-V)

PricePricePricePrice Period LowPeriod LowPeriod LowPeriod Low PeakPeakPeakPeak CurrentCurrentCurrentCurrent % Change% Change% Change% Change Jun 21/10Jun 21/10Jun 21/10Jun 21/10 Jan 7/08Jan 7/08Jan 7/08Jan 7/08 Dec 3/10Dec 3/10Dec 3/10Dec 3/10 Period Low to PeakPeriod Low to PeakPeriod Low to PeakPeriod Low to Peak Peak to CurrentPeak to CurrentPeak to CurrentPeak to Current C$0.08C$0.08C$0.08C$0.08 8.508.508.508.50 C$0.23C$0.23C$0.23C$0.23 7777,,,,150150150150%%%% (96(96(96(96%%%%))))

In the past 12 months – no share acquisitions or dispositions for Xemplar Energy Corp.

Overview From August 20, 2007 to November 7, 2007, shares of Xemplar rose 660%. Xemplar attracted the attention of the market specifically because of its Warmbad Uranium Project in Namibia. At the height of the strong 2007 uranium market, speculators suggested the geology of Warmbad had the potential to contain an intrusive-hosted uranium deposit; similar to Rossing (Namibia), the third-largest uranium mine in the world. Detailed surface radiometric surveys, geological mapping and surface drilling (2008 & 2009, Xemplar drilled 71,000 metres) were used to outline eight (8) Alaskite zones displaying continuous low-grade uranium mineralization – based on the share price performance, Warmbad has not lived up to its early speculative potential.

Source: Source: Canaccord Genuity, Bloomberg, INK Research

Junior Mining Weekly | 11 7 December 2010

OTHER NEWS

• Uranium market: Uranium market: Uranium market: Uranium market: The spot price of uranium continued its climb last week, to close up +US$0.50/lb at US$61.00/lb U3O8, according to Ux Consulting. Although the spot price has been quickly converging onto the long-term contract price of uranium (currently US$65.oo/lb U3O8) and closing the window of opportunity for the carry trade, other determining factors in the spot price’s run-up continue to be long-term Chinese buying activity and hedge fund physical demand, which were particularly pronounced over the last three months. We expect demand to crest in December and then pick up again between January and March. With relatively tight supply on the market, the near-term direction that the price of uranium takes will still depend to a great extent on Chinese and hedge fund buying, even though this demand remains mostly discretionary.

• Silver pricesSilver pricesSilver pricesSilver prices rose to new 30-year highs taking the gold ratio to the lowest level since February 2007.

Junior Mining Weekly | 12 7 December 2010

EXPLORATION UPDATES

Junior Mining Weekly | 13 7 December 2010

BRILLIANT MINING CORP. (BLT : TSX-V : C$0.39 | 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 14: BLT : TSX-V Figure 15: BLT : TSX-V

Shares O/S (M): 43.3 Shares FD (M): 54.0 Working Cap. (M): C$4.9 Market Cap. (M): C$16.9 Co. Website: www.brilliantmining.com

Past 12 months – purchased: $117,775 Past 12 months – sold: $135,375 Since Oct. 22/10 – acquisitions or dispositions: Nil

Source: Company reports, StockCharts.com Source: INK Research Brilliant Mining is a Vancouver-based company with strong management in the form of Chairman, Mr. John Robins, President and CEO, Mr. John Williamson, and C$4.8 million working capital. In December 2009, Brilliant closed on selling its 25% interest in the producing Lanfranchi nickel mine in Western Australia.

• Brilliant has entered into a Memorandum of Understanding (MOU) with Salida Capital L.P. (Salida), whereby the company will complete a private placement with a number of parties, including Salida, in conjunction with the acquisition of Ivory Resources Inc. (Ivory), a private company which holds the rights to carry out an airborne geophysical survey in several west African countries and certain preferential rights to acquire mineral interests based on the results of the survey.

• As part of the transaction the company will issuance of 101.9 million common shares at a deemed value of $0.27 and cash payments of $225,000 for total consideration of $27.7 million. Units issued pursuant to the transaction include 92.6 million warrants, exercisable at a price of $0.45 within two years, for proceeds of approximately $41.7 million

• On 26 February 2009, Brilliant announced that it had entered into an agreement to sell all of the outstanding shares of its wholly owned subsidiary holding the 25% interest in the Lanfranchi Ni mine to Panoramic Resources (ASX : PAN : A$2.42 | Not rated), the company’s joint venture partner. The company also received consideration of 12 million ordinary shares of Panoramic and 3 million ordinary share purchase warrants exercisable at A$1.50 per ordinary share until 31 December 2012. The company’s shareholders of record at the close of trading on 29 May 2009 received beneficial ownership of the shares and warrants pro rata to their holdings of Brilliant common shares, subject to six-month escrow.

An analyst has not visited the properties held by Brilliant Mining Corp.

Investment risks

Brilliant Mining Corp. is currently evaluating new projects for future growth, the nature of which is unknown. The commercialization risks associated with new mineral exploration and development are high, thus investment in the shares of Brilliant Mining Corp. is for risk accounts only.

Junior Mining Weekly | 14 7 December 2010

QUEENSTON MINING INC. (QMI : TSX : C$5.85 | NOT RATED)

Wendell Zerb, P. GeolWendell Zerb, P. GeolWendell Zerb, P. GeolWendell Zerb, P. Geol 1.604.643.7485

Adam MelnykAdam MelnykAdam MelnykAdam Melnyk, P.Eng, P.Eng, P.Eng, P.Eng 1.604.643.1655

Figure 16: QMI : TSX Figure 17: QMI : TSX

Shares O/S (M): 77.8 Shares FD (M): 89.4 Working Cap. (M): $90.0 Market Cap. (M): C$455.1 Co. Website: www.queenston.ca

Past 12 months – purchased: $38,596,594 Past 12 months – sold: $242,650 Since Nov. 1/10 – acquisitions: 257,050 shares

Source: Company reports, StockCharts.com Source: INK Research

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 six kilometres of the Cadillac Break, west of Agnico-Eagle’s Lapa mine in Cadillac Township Quebec. Charles Page is President and CEO.

• Last week, QMI released assay results from 66 additional surface drill holes from its 100%-owned Upper Canada property in Kirkland Lake, designed to test for an open-pit, potentially bulk mineable target at the project. The highlight from infill drilling was 10.43 g/t Au over 17.3 metres at 144 metres down the hole. 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 project has a historic underground resource (not 43-101 compliant) of 422,000 oz Au at 6.91 g/t.

• 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.

• Queenston’s Kirkland East projects cover 30 kilometres of the Larder Lake Break, a key structure which hosts mineralization in the Kirkland Lake camp. They include Upper Canada and the Upper Beaver project, which 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 towards 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, Queenton 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 a 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.

• 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 the properties held by Queenston Mining Inc.

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.

Junior Mining Weekly | 15 7 December 2010

DRILL BITZ

The Drill Bitz section is designed to provide the reader with a very quick overview of juniors that have announced drill programs in the past week. The intent of this data is to identify those juniors that may provide news in the near future and also to allow us to track turn-around time from the initiation of drilling to first results. The old adage that good news travels fast will be under the microscope. The layout of Drill Bitz will remain constant. We will provide a short one to two line description of the program planned as well as the company ticker, shares issued, market capitalization, and the name and location of the project.

Figure 18: Drill Bitz for 29 Nov – 6 Dec, 2010

Sh o/sSh o/sSh o/sSh o/s Price $Price $Price $Price $ Mkt. Cap.Mkt. Cap.Mkt. Cap.Mkt. Cap. Co nameCo nameCo nameCo name TickerTickerTickerTicker Exch.Exch.Exch.Exch. MMMM 3 Dec/103 Dec/103 Dec/103 Dec/10 $M$M$M$M ProjectProjectProjectProject DescriptionDescriptionDescriptionDescription East Asia Minerals Corp. EAS TSX-V 75.5 $7.45 $562.4 Sipopok area, Miwah Au Project/North

Sumatra, Indonesia Drilling expected to commence mid-December.

Golden Hope Mines Limited

GNH TSX-V 100.8 $0.39 $39.3 Bellechasse-Timmins Au Project/SE Quebec

Ongoing drilling. 56 holes have been drilled to date. Seven additional holes to be drilled until the year end.

Kent Exploration Inc. KEX TSX-V 42.9 $0.13 $5.6 Bunarra Prospect-Gnaweeda Au Project/Meekathatta, Western Australia

Commencing Phase 2 of drilling.

Matamec Explorations Inc.

MAT TSX-V 92.2 $0.56 $51.6 Kipawa deposit-Zeus Property/Timmins, Ontario

Drilling underway. 2,700 metes of NQ drilling are planned.

MetalCORP Limited MTC TSX-V 62.7 $0.14 $8.5 Gouda Lake Zone-Hemlo East Property/Northern Ontario

Completed Phase 1 of drilling. Planning Phase 2 to begin early next year.

Millrock Resources Inc. MRO TSX-V 58.3 $0.96 $56.0 Galiuro Cu-Au Property/SE Arizona A drill program of 4,000 metres is planned.

Mindoro Resources Ltd. MIO TSX-V 132.9 $0.28 $37.2 Lobo Au-Cu Project-Batangas JV/Phillipines

2,200 metres of drilling planned.

Sidon International Resources

SD TSX-V 102.2 $0.17 $16.9 Morogoro Region-MEG Property/East-central Tanzania

Initiating drilling.

Sniper Resources Ltd. SIP TSX-V 18.9 $0.29 $5.5 Guild Property/Nevada Commencing drilling. Initial program comprising of 24 RC holes.

TerraX Minerals Inc. TXR TSX-V 17.4 $0.25 $4.4 Blackfly Au Project/Atikokan, Ontario Follow-up drilling will consist of four holes totaling 930 metres.

Source: Canaccord Genuity, Marketwire, Capital IQ

Source: www.Forsur-tools.com

Junior Mining Weekly | 16 7 December 2010

GOLD IN SITU SPREADSHEET

Figure 19: Canaccord Genuity gold in situ valuation spreadsheet

SSSSh o/sh o/sh o/sh 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 3 Dec/103 Dec/103 Dec/103 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 $0.21 $63.1 1.34 0.00 1.34 46.99 46.746.746.746.78888 21.16 21.06 American Bonanza Gold Corp BZA TSX 119.8 $0.39 $46.7 1.51 0.00 1.51 30.88 30.7430.7430.7430.74 30.45 30.31 Anatolia Minerals Development Ltd. ANO TSX 138.8 $7.41 $1,028.3 6.50 15.38 6.82 150.69 150.01150.01150.01150.01 153.87 153.18 Andean Resources Ltd. AND TSX 548.5 $6.56 $3,597.8 3.06 26.66 3.62 994.39 989.91989.91989.91989.91 922.91 918.76 Andina Minerals, Inc. ADM TSXV 109.3 $1.51 $165.0 11.09 0.00 11.09 14.87 14.8014.8014.8014.80 12.03 11.98 ATNA Resources Ltd. ATN TSX 83.3 $0.57 $47.5 3.70 5.19 3.81 12.47 12.4112.4112.4112.41 15.12 15.06 AuEx Ventures, Inc. XAU TSX 43.7 $6.47 $282.5 0.40 0.00 0.40 700.22 697.06697.06697.06697.06 659.11 656.14 Canarc Resource Corp. CCM TSX 82.0 $0.17 $13.5 1.27 0.00 1.27 10.69 10.6410.6410.6410.64 11.36 11.31 Carpathian Gold Inc. CPN TSX 286.9 $0.66 $189.3 8.43 0.00 8.43 22.46 22.3622.3622.3622.36 21.76 21.67 Detour Gold Corporation DGC TSX 83.0 $32.13 $2,666.5 22.03 0.00 22.03 121.05 120.51120.51120.51120.51 97.38 96.94 Endeavour Mining Corporation EDV TSX 111.3 $2.89 $321.7 2.23 0.00 2.23 144.23 143.58143.58143.58143.58 51.86 51.63 Extorre Gold Mines Limited XG TSX 86.8 $6.50 $564.2 1.78 25.94 2.32 243.51 242.42242.42242.42242.42 221.50 220.50 Gabriel Resources, Ltd. GBU TSX 344.9 $8.37 $2,886.7 13.80 59.38 15.03 192.03 191.16191.16191.16191.16 183.85 183.03 Golden Queen Mining Co. Ltd. GQM TSX 94.1 $2.59 $243.7 2.68 48.88 3.69 65.97 65.6865.6865.6865.68 63.55 63.26 Gold Reserve Inc. GRZ TSX 57.8 $1.72 $99.4 14.13 0.00 14.13 7.04 7.007.007.007.00 8.98 8.94 Grayd Resource Corp. GYD TSXV 87.7 $1.50 $131.6 1.26 0.00 1.26 104.05 103.59103.59103.59103.59 96.82 96.39 Great Basin Gold Ltd. GBG TSX 348.0 $2.90 $1,009.2 15.92 12.36 16.18 62.38 62.1062.1062.1062.10 72.64 72.31 Greystar Resources Ltd. GSL TSX 84.2 $4.88 $411.0 15.07 81.35 16.76 24.52 24.4124.4124.4124.41 18.44 18.36 Guyana Goldfields Inc. GUY TSX 77.3 $9.97 $770.8 4.55 0.00 4.55 169.57 168.81168.81168.81168.81 154.90 154.20 International Tower Hill Mines Ltd. ITH TSX 67.6 $9.66 $653.4 13.42 0.10 13.42 48.70 48.4848.4848.4848.48 46.30 46.10 Intrepid Mines Limited IAU TSX 431.8 $2.05 $885.1 1.57 62.72 2.87 308.21 306.82306.82306.82306.82 293.63 292.31 Keegan Resources Inc. KGN TSX 45.7 $9.08 $415.3 3.14 0.00 3.14 132.11 131.52131.52131.52131.52 120.13 119.59 Kirkland Lake Gold Inc. KGI TSX 67.7 $14.62 $990.2 3.28 0.00 3.28 302.00 300.65300.65300.65300.65 287.74 286.45 Klondex Mines Ltd. KDX TSX 32.4 $2.30 $74.6 2.15 0.00 2.15 34.74 34.5934.5934.5934.59 34.00 33.85 Kimber Resources Inc. KBR TSX 68.0 $1.54 $104.7 1.32 57.58 2.52 41.53 41.3541.3541.3541.35 39.75 39.57 Luna Gold Corp. LGC TSXV 418.5 $0.79 $330.6 1.31 0.00 1.31 251.68 250.55250.55250.55250.55 256.97 255.81 North Country Gold Corp. NCG TSXV 34.0 $1.15 $39.1 0.75 0.00 0.75 51.97 51.7351.7351.7351.73 45.32 45.12 NovaGold Resources Inc. NG TSX 225.4 $14.99 $3,378.0 31.50 156.17 34.74 97.22 96.7996.7996.7996.79 96.59 96.16 Orezone Gold Corporation ORE TSX 68.2 $3.88 $264.4 3.22 0.00 3.22 82.06 81.6981.6981.6981.69 78.17 77.82 Osisko Mining Corporation OSK TSX 379.6 $15.95 $6,055.3 15.97 0.00 15.97 379.21 377.51377.51377.51377.51 362.68 361.05 Pacific Rim Mining Corporation PMU TSX 130.3 $0.22 $28.0 1.55 11.40 1.79 15.68 15.6115.6115.6115.61 16.44 16.37 Premier Gold Mines Limited PG TSX 99.1 $7.32 $725.5 1.80 0.00 1.80 403.16 401.34401.34401.34401.34 387.89 386.15 Rainy River Resources Ltd. RR TSXV 72.5 $12.65 $916.9 5.03 9.36 5.23 175.33 174.54174.54174.54174.54 163.92 163.19 Romarco Minerals Inc. R TSX 473.2 $2.65 $1,253.9 3.69 0.00 3.69 339.80 338.27338.27338.27338.27 300.99 299.63 Seabridge Gold, Inc. SEA TSX 40.5 $29.05 $1,177.8 61.48 0.00 61.48 19.16 19.0719.0719.0719.07 18.71 18.63 Tyhee Development Corp. TDC TSXV 222.0 $0.15 $33.3 2.22 0.00 2.22 15.02 14.9614.9614.9614.96 14.88 14.81 US Gold Corporation UXG TSX 121.9 $7.16 $872.8 3.59 13.11 3.86 226.26 225.24225.24225.24225.24 219.55 218.56 Vista Gold Corp. VGZ TSX 61.3 $3.07 $188.0 17.51 17.74 17.88 10.52 10.4710.4710.4710.47 9.13 9.09 Arithmetic AverageArithmetic AverageArithmetic AverageArithmetic Average 159.27 158.56158.56158.56158.56 147.64 146.98 Weighted AverageWeighted AverageWeighted AverageWeighted Average 103.61 103.14103.14103.14103.14 97.38 89.55

C$/US$ : 1.00 Au:Ag = 48:1 Source: Canaccord Genuity, company reports, Capital IQ.

Junior Mining Weekly | 17 7 December 2010

SILVER IN SITU CHART

Figure 20: Canaccord Genuity silver in situ valuation spreadsheet

$0.00

$0.50

$1.00

$1.50

$2.00

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Jan-

08

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08

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8

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-08

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-08

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09

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9

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$35

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on S

ilver

Fix

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/oz)

EV Ag (US$/oz) EV AgEq (US$/oz) Price (US$/oz)

Source: Canaccord Genuity, company reports, Capital IQ.

Junior Mining Weekly | 18 7 December 2010

SILVER IN SITU SPREADSHEET

Figure 21: Canaccord Genuity silver in situ valuation spreadsheet

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 PurityPurityPurityPurity MC/ozMC/ozMC/ozMC/oz EV/ozEV/ozEV/ozEV/oz

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

CompanyCompanyCompanyCompany TickerTickerTickerTicker 3 Dec/103 Dec/103 Dec/103 Dec/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 $7.03 53.8 $378.5 $7.3 $371.2 Yukon 13 20 65% $29.08 $18.81 $28.52 $18.45 233 1060% Apogee TSXV:APE $0.21 139.7 $28.6 $1.9 $26.7 Bolivia 60 115 53% $0.47 $0.25 $0.44 $0.23 17 -85% Argentex TSXV:ATX $0.91 44.7 $40.7 $0.4 $40.3 Argentina 33 111 30% $1.22 $0.37 $1.21 $0.36 25 -77% Arian AIM:AGQ $0.31 273.6 $84.8 $4.0 $80.9 Mexico 43 173 25% $1.98 $0.49 $1.89 $0.47 51 -71% Aurcana TSXV:AUN $0.41 127.7 $52.3 -$4.4 $67.7 Texas 48 49 98% $1.09 $1.06 $1.41 $1.37 43 -14% Bear Creek TSXV:BCM $9.07 90.4 $819.9 $10.8 $822.8 Peru 530 876 60% $1.55 $0.94 $1.55 $0.94 517 -41% ECU TSX:ECU $1.10 307.3 $338.0 -$22.7 $363.2 Mexico 152 256 59% $2.23 $1.32 $2.40 $1.42 228 -11% Esperanza TSXV:EPZ $2.18 53.6 $117.0 $8.4 $108.5 Peru, Mexico 6 68 8% $20.61 $1.73 $19.12 $1.61 68 1% Golden Minerals TSX:AUM $27.80 15.1 $420.5 $30.4 $390.1 Argentina 60 60 100% $6.95 $6.95 $6.45 $6.45 245 305% Kimber TSX:KBR $1.14 68.0 $77.6 $4.5 $73.1 Mexico 57 122 47% $1.36 $0.63 $1.28 $0.60 46 -62% MAG Silver TSX:MAG $10.60 54.7 $580.3 $47.1 $533.2 Mexico 83 116 72% $6.96 $5.01 $6.39 $4.60 335 189% Minco Silver TSX:MSV $6.72 43.3 $290.8 $20.9 $269.9 China 141 167 84% $2.06 $1.74 $1.91 $1.62 170 2% Oremex TSXV:ORM $0.23 82.2 $18.9 -$0.3 $19.3 Mexico 49 51 96% $0.39 $0.37 $0.40 $0.38 12 -76% Orko TSXV:OK $2.39 115.3 $275.6 $0.7 $274.9 Mexico 135 145 93% $2.04 $1.90 $2.03 $1.90 173 19% Sabina TSX:SBB $4.94 138.0 $681.7 $58.8 $622.9 Nunavut 265 605 44% $2.58 $1.13 $2.35 $1.03 392 -35% Silvercrest TSXV:SVL $1.47 60.2 $88.5 $1.2 $90.8 Mex., El Salvador 62 98 63% $1.44 $0.90 $1.47 $0.92 57 -42% Soltoro TSXV:SOL $0.45 35.0 $15.8 $1.2 $14.6 Mexico 25 25 100% $0.63 $0.63 $0.58 $0.58 9 -63% Source TSXV:SOP $0.57 37.3 $21.3 $0.3 $21.0 Mexico 18 20 92% $1.16 $1.06 $1.14 $1.05 13 -34% South American TSX:SAC $1.79 67.9 $121.5 $4.0 $117.4 Bolivia 322 357 90% $0.38 $0.34 $0.36 $0.33 74 -79% Sulliden TSX:SUE $1.73 176.0 $304.6 $9.2 $295.3 Peru 35 112 32% $8.65 $2.73 $8.39 $2.64 186 66% Tahoe TSX:THO $12.00 115.4 $1,384.2 $107.0 $1,277.2 Guatemala 276 327 84% $5.01 $4.23 $4.62 $3.90 803 145% Trevali OTCPK:TREV.F $1.71 34.6 $59.2 $1.5 $59.5 Peru 12 60 19% $5.13 $0.99 $5.16 $1.00 37 -37% US Gold UXG $5.66 122.1 $690.9 $21.5 $669.4 Mexico 49 49 100% $14.07 $14.07 $13.64 $13.64 421 757% Zazu TSX:ZAZ $0.22 30.7 $6.7 $1.8 $4.9 Alaska 33 204 16% $0.20 $0.03 $0.15 $0.02 3 -98% Mean (C$) $4.89 $2.82 $4.70 $2.73 Mean (US$)Mean (US$)Mean (US$)Mean (US$) $4.79 $2.77$2.77$2.77$2.77 $4.61 $2.68$2.68$2.68$2.68 Mean (Less outliers, C$) $3.51 $1.66 $3.36 $1.59 Mean (Less outliers, US$)Mean (Less outliers, US$)Mean (Less outliers, US$)Mean (Less outliers, US$) $CADUSD $1.02 $3.44 $1.62$1.62$1.62$1.62 $3.30 $1.56$1.56$1.56$1.56

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.

Junior Mining Weekly | 19 7 December 2010

URANIUM IN SITU CHART

Figure 22: Canaccord Genuity uranium in situ chart

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Source: Canaccord Genuity, company reports, Capital IQ.

Junior Mining Weekly | 20 7 December 2010

URANIUM IN SITU SPREADSHEET

Figure 23: Canaccord Genuity uranium in situ valuation spreadsheet

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 3 Dec/103 Dec/103 Dec/103 Dec/10 (M)(M)(M)(M) (C$M)(C$M)(C$M)(C$M) (C(C(C(C$M)$M)$M)$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 TSXV:ABE $0.19 92.4 $17.6 $14.5 Quebec 6.6 $8.98 $2.67 $7.40 $2.20 $7.40 $2.20 A-Cap Resources ACB: ASX ASX:ACB $0.44 184.7 $79.8 $74.5 Botswana 157.8 $1.59 $0.51 $1.48 $0.47 $1.48 $0.47 Alliance Resources AGS : ASX ASX:AGS $0.44 341.0 $147.2 $105.2 South Australia 70.0 $4.60 $2.10 $3.29 $1.50 $3.29 $1.50 Bannerman Resources Ltd. BMN : ASX ASX:BMN $0.59 204.4 $119.7 $118.1 Namibia 170.1 $1.01 $0.70 $0.99 $0.69 $0.99 $0.69 Berkeley Resources Ltd. BKY : ASX ASX:BKY $1.84 141.8 $259.0 $251.4 Spain 83.2 $6.79 $3.11 $6.59 $3.02 $6.59 $3.02 Continental Precious Mineral CZQ : T TSX:CZQ $0.91 51.6 $47.0 $25.3 Sweden 442.8 $8.18 $0.11 $4.41 $0.06 $4.41 $0.06 Crosshair Exploration & Mining CXX : T-V TSX:CXX $0.33 131.5 $43.4 $41.0 Wyoming, Labrador 16.7 $6.31 $2.59 $5.95 $2.45 $5.95 $2.45 Cue Resources Ltd. CUE : T-V TSXV:CUE $0.17 113.6 $19.3 $20.1 Paraguay 9.5 $2.32 $2.02 $2.42 $2.11 $2.42 $2.11 Deep Yellow Ltd. DYL : ASX ASX:DYL $0.28 1,125.8 $307.3 $279.5 Namibia 59.9 $27.73 $5.13 $25.22 $4.67 $25.22 $4.67 Energia Minerals Ltd. EMX : ASX ASX:EMX $0.30 69.5 $20.4 $20.4 Western Australia 7.5 $2.73 $2.73 $2.73 Energy Fuels Inc. EFR : T TSX:EFR $0.70 97.2 $68.0 $66.6 Utah, Colorado, Queensland 11.4 $7.85 $5.97 $7.68 $5.84 $7.68 $5.84 Extract Resources Limited EXT : ASX ASX:EXT $8.63 243.3 $2,084.2 $2,027.3 Namibia 392.3 $8.10 $5.31 $7.88 $5.17 $7.88 $5.17 Forsys Metals Corp. FSY : T TSX:FSY $2.62 79.6 $208.6 $198.2 Namibia 68.4 $3.45 $3.05 $3.28 $2.90 $3.28 $2.90 Forte Energy NL FTE : ASX ASX:FTE $0.12 582.7 $69.4 $66.2 Mauritania, Guinea 13.6 $64.50 $5.10 $61.50 $4.86 $61.50 $4.86 Hathor Exploration Limited HAT : T-V TSXV:HAT $3.53 107.2 $378.5 $355.5 Saskatchewan 10.8 $63.91 $34.90 $60.03 $32.78 $60.03 $32.78 Khan Resources Inc. KRI : T TSX:KRI $0.43 54.0 $23.2 $11.6 Mongolia 32.1 $0.72 $0.72 $0.36 $0.36 $0.36 $0.36 Laramide Resources Ltd. LAM : T TSX:LAM $1.98 67.5 $133.7 $126.7 New Mexico, Queensland 57.9 $5.85 $2.31 $5.54 $2.19 $5.54 $2.19 Mantra Resources Limited MRU : ASX ASX:MRU $7.22 130.2 $933.3 $869.9 Tanzania 84.3 $32.75 $11.07 $30.52 $10.32 $30.52 $10.32 Marenica Energy MEY : ASX ASX:MEY $0.09 499.0 $43.1 $41.2 Namibia 84.8 $3.65 $0.51 $3.49 $0.49 $3.49 $0.49 Mega Uranium Ltd. MGA : T TSX:MGA $1.08 251.1 $271.2 $219.5 Queensland, Western Australia 27.1 $29.12 $10.02 $23.57 $8.11 $23.57 $8.11 Monaro Mining NL AIW : ASX ASX:AIW $0.06 282.8 $16.3 $15.8 New Mexico 11.4 $1.43 $1.39 $1.39 NGM Resources Ltd. NGM : ASX ASX:NGM $0.21 210.4 $43.1 $42.0 Niger, Australia 10.6 $4.05 $3.94 $3.94 Pele Mountain Resources Inc. GEM : T-V TSXV:GEM $0.31 127.9 $39.0 $38.6 Ontario 42.5 $6.10 $0.92 $6.03 $0.91 $6.03 $0.91 Peninsula Minerals Ltd. PEN : ASX ASX:PEN $0.06 1,642.2 $96.2 $89.6 Wyoming, South Africa 25.2 $10.40 $3.82 $9.68 $3.56 $9.68 $3.56 Pitchstone Exploration Ltd. PXP : T-V TSXV:PXP $0.47 36.5 $17.2 $13.5 Nunavut 4.1 $4.18 $3.29 $3.29 Powertech Uranium Corp. PWE : T TSX:PWE $0.38 55.4 $20.8 $38.3 Colorado, South Dakota 24.3 $1.22 $0.86 $2.24 $1.58 $2.24 $1.58 Rockgate Capital Corp. RGT : T TSX:RGT $1.70 77.4 $131.5 $123.0 Mali 23.4 $128.04 $5.62 $119.81 $5.26 $119.81 $5.26 Strateco Resources Inc. RSC : T TSX:RSC $0.84 122.7 $103.1 $99.4 Quebec 16.8 $27.64 $6.14 $26.65 $5.92 $26.65 $5.92 Strathmore Minerals Corp. STM : T-V TSXV:STM $1.25 88.0 $110.0 $85.6 New Mexico, South Dakota 61.9 $2.73 $1.78 $2.12 $1.38 $2.12 $1.38 Titan Uranium Incorporated TUE : T-V TSXV:TUE $0.43 126.9 $54.6 $51.0 Wyoming, Saskatchewan, Nunavut 16.0 $3.41 $3.41 $3.18 $3.18 $3.18 $3.18 Toro Energy Ltd. TOE : ASX ASX:TOE $0.16 965.0 $153.3 $104.2 Western Australia 24.4 $14.10 $6.28 $9.59 $4.27 $9.59 $4.27 Tournigan Energy Ltd. TVC : T-V TSXV:TVC $0.32 152.7 $48.9 $44.3 Slovakia 38.1 $2.38 $1.28 $2.16 $1.16 $2.16 $1.16 U3O8 Corp. UWE : T-V TSXV:UWE $0.85 71.5 $60.8 $60.8 Guyana 7.2 $10.46 $8.50 $10.46 $8.50 $10.46 $8.50 UEX Corporation UEX : T TSX:UEX $2.25 202.7 $456.0 $447.0 Saskatchewan 75.2 $7.53 $6.07 $7.38 $5.95 $7.38 $5.95 Uracan Resources Ltd. URC : T-V TSXV:URC $0.29 108.6 $30.9 $27.5 Quebec 44.0 $0.70 $0.63 $0.63 Uranerz Energy Corporation URZ : N URZ $3.42 69.6 $239.0 $217.3 Wyoming 19.1 $15.20 $12.54 $13.83 $11.40 $13.83 $11.40 Uranex NL UNX : ASX ASX:UNX $0.28 123.8 $33.8 $32.3 Tanzania 29.0 $7.77 $1.16 $7.43 $1.11 $7.43 $1.11 Uranium Energy Corp. UEC : N UEC $6.70 60.8 $409.4 $392.6 Texas 10.5 $62.67 $39.01 $60.11 $37.41 $60.11 $37.41 Uranium North Resources Corp. UNR : T-V TSXV:UNR $0.19 58.5 $11.1 $10.5 Nunavut 13.0 $0.86 $0.81 $0.81 Uranium Resources URRE : Q URRE $3.50 92.5 $325.1 $319.6 New Mexico, Texas 99.8 $3.26 $3.20 $3.20 Uranium SA USA : ASX ASX:USA $0.36 111.0 $39.1 $35.7 South Australia 22.9 $1.71 $1.56 $1.56 Ur-Energy Inc. URE : T TSX:URE $2.24 101.6 $227.6 $194.7 Wyoming 24.9 $10.34 $9.14 $8.85 $7.82 $8.85 $7.82 Virginia Energy Resources Inc. VAE : T-V TSXV:VAE $0.45 76.9 $34.6 $32.2 Virginia 26.5 $1.31 $1.31 $1.21 $1.21 $1.21 $1.21 Mean (C$) $17.34 $5.29 $16.03 $4.91 Mean (US$) $17.27 $5.26$5.26$5.26$5.26 $15.96 $4.89$4.89$4.89$4.89 Mean (C$, less outliers) $14.40 $4.57 $13.27 $4.22 Mean (US$, less outliers)Mean (US$, less outliers)Mean (US$, less outliers)Mean (US$, less outliers) $CADUSD $1.00 $14.34 $4.55$4.55$4.55$4.55 $13.22 $4.20$4.20$4.20$4.20

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.

Junior Mining Weekly | 21 7 December 2010

RESEARCH UNIVERSE

WENDELL ZERB AND NICHOLAS CAMPBELL Figure 24: Research universe

3 Dec/103 Dec/103 Dec/103 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 ($)P ($) Rtn (%)Rtn (%)Rtn (%)Rtn (%) 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 $19.99 $18.25 (8.70%) $20.49 $11.31 115.9 $2,316.8 31-Dec

4 AXMIN Inc. AXM T NC HOLD C $0.14 $0.14 3.70% $0.17 $0.07 305.7 $41.3 31-Dec

8 Colossus Minerals Inc. CSI T NC SPECULATIVE BUY C $9.56 $12.00 25.52% $9.87 $4.00 92.3 $882.4 31-Jul

9 Copper Mountain Mining Corp. CUM T WZ SPECULATIVE BUY C $5.19 $5.95 14.64% $5.49 $1.68 89.8 $466.1 31-Dec

10 Dynasty Metals & Mining Inc. DMM T WZ SPECULATIVE BUY C $4.48 $6.55 46.21% $5.58 $3.15 41.9 $187.7 31-Dec

11 East Asia Minerals Corp. EAS T-V WZ SPECULATIVE BUY C $7.45 $7.50 0.67% $8.73 $2.44 66.0 $491.7 31-Aug

12 Endeavour Mining Corp. EDV T NC SPECULATIVE BUY C $2.89 $5.00 73.01% $3.13 $1.64 113.3 $327.4 30-Jun

13 Exeter Resource Corporation XRC T WZ SPECULATIVE BUY C $6.10 $11.50 88.52% $9.32 $5.47 76.0 $463.6 31-Dec

14 Extorre Gold Mines Ltd. XG T WZ SPECULATIVE BUY C $6.50 $8.20 26.15% $6.89 $1.30 86.8 $564.2 31-Dec

16 Fortuna Silver Mines Inc. FVI T NC RESTRICTED C $4.34 R N/A $4.61 $1.83 110.4 $479.1 31-Dec

17 Fronteer Gold Inc. FRG T WZ SPECULATIVE BUY C $10.77 $9.80 (9.01%) $11.02 $3.88 120.6 $1,298.9 31-Dec

19 Gammon Gold Inc. GAM T WZ SPECULATIVE BUY C $7.79 $9.00 15.53% $12.88 $5.42 138.6 $1,079.7 31-Dec

20 GlobeStar Mining Corp. GMI T WZ TENDER C $1.64 $1.65 0.61% $1.66 $0.86 105.5 $173.0 31-Dec

22 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

23 Greystar Resources Ltd. GSL T NC SPECULATIVE BUY C $4.88 $9.00 84.43% $6.75 $3.11 84.0 $409.9 31-Dec

26 International Tower Hill Mines Ltd. ITH T WZ SPECULATIVE BUY C $9.70 $12.30 26.80% $10.08 $5.67 84.5 $819.7 31-May

27 Keegan Resources Inc. KGN T NC SPECULATIVE BUY C $9.08 $12.50 37.67% $9.29 $4.92 45.7 $415.0 31-Mar

28 Kimber Resources Inc. KBR T WZ SPECULATIVE BUY C $1.54 R N/A $1.67 $0.65 68.0 $104.7 30-Jan

29 La Mancha Resources Inc. LMA T NC SPECULATIVE BUY C $2.53 $4.50 77.87% $3.05 $1.47 142.4 $360.3 31-Dec

30 Lake Shore Gold Corp. LSG T WZ HOLD C $4.04 $3.90 (3.47%) $4.27 $2.48 376.4 $1,520.7 31-Dec

33 Minefinders Corp. Ltd. MFL T WZ SPECULATIVE BUY C $10.36 $12.65 22.10% $12.27 $8.51 66.0 $683.8 31-Dec

34 Minera Andes Inc. MAI T WZ SPECULATIVE BUY C $3.10 $3.25 4.84% $3.17 $0.67 265.0 $821.5 31-Dec

35 Northern Dynasty Minerals Ltd. NDM T WZ SPECULATIVE BUY C $10.10 $14.00 38.61% $10.38 $6.50 93.7 $946.4 31-Dec

36 Orezone Gold Corporation ORE T NC SPECULATIVE BUY C $3.88 R N/A $4.25 $0.66 67.6 $262.3 31-Dec

37 Rainy River Resources Ltd. RR T-V WZ SPECULATIVE BUY C $12.65 $11.30 (10.67%) $13.15 $2.55 71.3 $604.5 30-Sep

39 Timmins Gold Corp. TMM T-V NC SPECULATIVE BUY C $2.11 $3.10 46.92% $2.24 $1.04 135.0 $284.9 31-Mar

43 Ventana Gold Corp. VEN T NC SPECULATIVE BUY C $13.41 $15.50 15.59% $14.13 $6.12 108.3 $1,452.3 30-Jun

UR – Under Review. R – Restricted. S – Suspended. 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.

Junior Mining Weekly | 22 7 December 2010

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 25: East Asia Minerals Corporation (EAS : TSX-V)

Past 12 months – purchased: $944,425 Past 12 months – sold: $10,543,670 Since Nov. 3/10 - acquisitions: Nil Since Nov. 3/10 - dispositions: 125,000 shares Price range: C$6.37-7.35 Since Nov. 3/10 – exercise of options: 125,000 options Price range: C$1.20-1.50 Insider: Mr. Darren Pylot – exercise of options and share dispositions:

50,000 options and shares

Insider: Mr. Robert Brain Parsons - exercise of options and share dispositions:

75,000 options and shares

Source: INK Research

Figure 26: Minera Andes Inc. (MAI : TSX)

Past 12 months – purchased: $792,500 Past 12 months – sold: Nil Since Nov. 30/10 - acquisitions: Nil Since Nov. 30/10 - dispositions: Nil Since Nov. 30/10 – exercise of options: 1,450,000 options Price range: C$0.31-0.60 Insider: Mr. Allen Vernon Ambrose – exercise of options:

1,450,000 options

Source: INK Research

Source: www.squidinkbooks.com

Junior Mining Weekly | 23 7 December 2010

Figure 27: Yukon-Nevada Gold Corp. (YNG : TSX)

Past 12 months – purchased: $31,593,600 Past 12 months – sold: $16,675,441 Since Nov. 30/10 - acquisitions: Nil Since Nov. 30/10 - dispositions: 1,192,500 shares Price range: C$0.74-0.87 Insider: Mr. Francois Marland – dispositions: 1,142,500 shares Insider: Mr. Shaun Perin Heinrichs – dispositions:

50,000 shares

Source: INK Research

Junior Mining Weekly | 24 7 December 2010

JUNIOR MINING WEEKLY INDEX PREVIOUS 12 MONTHS Figure 28: Junior Mining Weekly Index

Company/CommodityCompany/CommodityCompany/CommodityCompany/Commodity SymSymSymSym ExExExEx DateDateDateDate Company/CommodityCompany/CommodityCompany/CommodityCompany/Commodity SymSymSymSym ExExExEx DateDateDateDate Company/CommodityCompany/CommodityCompany/CommodityCompany/Commodity SymSymSymSym ExExExEx DateDateDateDate Alamos Gold Inc. AGI TSX Jul/07/10 Copper In Situ Update Sep/22/10 Gleichen Resources Ltd. GRL TSX-V Aug/11/09 Alderon Resource Corp. ADV TSX-V Sep/28/10 Copper In Situ Update Jun/09/10 Globestar Mining Corp. GMI TSX Mar/02/10 Alexco Resource Corp. AXR TSX Nov/17/09 Copper In Situ Update Feb/02/10 Gold Canyon Resources Inc. GCU TSX-V Aug/24/10 Alexco Resource Corp. AXR TSX Oct/20/09 Copper In Situ Update Aug/11/09 Gold In Situ in all editions Almaden Minerals Ltd. AMM TSX Aug/24/10 Corex Gold Corporation CGE TSX-V Aug/03/10 Gold In Situ Update Aug/25/09 Almaden Minerals Ltd. AMM TSX Nov/30/10 Corex Gold Corporation CGE TSX-V Jun/23/10 Golden Minerals Company AUM TSX Sep/22/10 Almaden Minerals Ltd. AMM TSX Aug/18/10 Corex Gold Corporation CGE TSX-V May/18/10 Golden Minerals Company AUM TSX Aug/24/10 Anfield Nickel Corp. ANF TSX-V Jun/23/10 Corex Gold Corporation CGE TSX-V Dec/23/09 Golden Minerals Company AUM TSX May/12/10 Anfield Nickel Corp. ANF TSX-V Jun/16/10 Corex Gold Corporation CGE TSX-V Nov/25/09 Golden Minerals Company AUM TSX May/04/10 Anfield Nickel Corp. ANF TSX-V Apr/27/10 Corvus Gold Inc. KOR TSX Sep/09/10 Golden Minerals Company AUM TSX Apr/20/10 Anfield Nickel Corp. ANF TSX-V Mar/16/10 Creston Moly Corp. CMS TSX-V Nov/03/10 Golden Predator Corp. GPD TSX-V Sep/14/10 Anfield Nickel Corp. ANF TSX-V Dec/23/09 Creston Moly Corp. CMS TSX-V Oct/26/10 Golden Predator Corp. GPD TSX-V Sep/01/10 Antares Minerals Inc. ANM TSX-V Jul/28/10 Creston Moly Corp. CMS TSX-V Sep/14/10 Golden Predator Corp. GPD TSX-V Jun/09/10 Antares Minerals Inc. ANM TSX-V Feb/09/10 Creston Moly Corp. CMS TSX-V Mar/08/10 Golden Predator Corp. GPD TSX-V Nov/11/09 Apoquindo Minerals Inc. AQM TSX-V Feb/09/10 Deep Yellow Ltd. DYL ASX Aug/03/10 Great Western Minerals Group Ltd. GWG TSX-V Jun/30/10 Argentex Mining Corp. ATX TSX-V Sep/22/09 Deep Yellow Ltd. DYL ASX May/04/10 Guyana Goldfields Inc. GUY TSX Sep/02/09 ATAC Resources Ltd. ATC TSX-V Sep/09/10 Deep Yellow Ltd. DYL ASX Apr/27/10 Hana Mining Ltd. HMG TSX-V Oct/27/09 ATAC Resources Ltd. ATC TSX-V Aug/10/10 Deep Yellow Ltd. DYL ASX Jan/20/10 Hudson Resources Inc. HUD TSX-V Nov/10/10 ATAC Resources Ltd. ATC TSX-V Aug/18/09 Deep Yellow Ltd. DYL ASX Sep/09/09 Hudson Resources Inc. HUD TSX-V Jun/23/10 ATW Gold Corp. ATW TSX-V Aug/25/09 Dorato Resources Inc. DRI TSX-V Oct/26/10 Hudson Resources Inc. HUD TSX-V Feb/09/10 AuEx Ventures, Inc. XAU TSX Oct/20/09 Dorato Resources Inc. DRI TSX-V Oct/13/10 Hudson Resources Inc. HUD TSX-V Dec/23/09 Avalon Rare Metals Inc. AVL TSX Sep/09/10 Duluth Metals Ltd. DM TSX Nov/03/09 Imperial Metals Corp. III TSX Jan/27/10 Avalon Rare Metals Inc. AVL TSX Jun/30/10 East Asia Minerals Corp. EAS TSX-V Nov/03/10 Imperial Metals Corp. III TSX Oct/30/09 B2Gold Corp. BTO TSX Jun/30/10 East Asia Minerals Corp. EAS TSX-V Jun/30/10 Inter-Citic Minerals Inc. ICI TSX Jul/28/10 Bannerman Resources Ltd. BAN TSX Nov/03/10 East Asia Minerals Corp. EAS TSX-V Mar/08/10 Inter-Citic Minerals Inc. ICI TSX Jun/23/10 Bannerman Resources Ltd. BAN TSX Jul/28/10 East Asia Minerals Corp. EAS TSX-V Dec/08/09 Inter-Citic Minerals Inc. ICI TSX Apr/20/10 Bannerman Resources Ltd. BAN TSX Apr/06/10 East Asia Minerals Corp. EAS TSX-V Sep/15/09 Inter-Citic Minerals Inc. ICI TSX Dec/23/09 Bannerman Resources Ltd. BAN TSX Mar/08/10 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 Feb/23/10 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 Dec/16/09 East Asia Minerals Corp. EAS TSX-V Aug/04/09 Intl. Tower Hill Mines Ltd. ITH TSX-V Jun/01/10 Bannerman Resources Ltd. BAN TSX Oct/27/09 Endeavour Silver Corp. EDR TSX Sep/09/09 Intl. Tower Hill Mines Ltd. ITH TSX-V Sep/15/09 Banro Corporation BAA TSX Aug/03/10 Etruscan Resources Inc. EET TSX Sep/29/09 Intl. Tower Hill Mines Ltd. ITH TSX-V Aug/11/09 Banro Corporation BAA TSX Jun/23/10 Eurasian Minerals Inc. EMX TSX-V Dec/08/09 Intrepid Mines Ltd. IAU TSX Aug/18/10 Banro Corporation BAA TSX Feb/09/10 Evolving Gold Corp. EVG TSX-V Sep/29/09 Kaminak Gold Corp. KAM TSX-V Oct/19/10 Banro Corporation BAA TSX Dec/23/09 Excellon Resources Inc. EXN TSX Aug/11/09 Kaminak Gold Corp. KAM TSX-V Oct/13/10 Bayfield Ventures Corp. BYV TSX-V Sep/14/10 Exeter Resource Corp. XRC TSX-V Feb/23/10 Kaminak Gold Corp. KAM TSX-V Sep/01/10 Belvedere Resources Ltd. BEL TSX-V May/12/10 Exeter Resource Corp. XRC TSX-V Sep/29/09 Kaminak Gold Corp. KAM TSX-V Aug/10/10 Blackstone Ventures Inc. BLV TSX-V Apr/27/10 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 Jul/13/10 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 Jun/23/10 Extract Resources Ltd. EXT TSX Sep/14/10 Kaminak Gold Corp. KAM TSX-V Jun/01/10 Blue Sky Uranium Corp. BSK TSX-V May/27/10 Extract Resources Ltd. EXT TSX Jul/07/10 Kaminak Gold Corp. KAM TSX-V Dec/23/09 Blue Sky Uranium Corp. BSK TSX-V Mar/31/10 Extract Resources Ltd. EXT TSX Apr/13/10 Kaminak Gold Corp. KAM TSX-V Oct/14/09 Blue Sky Uranium Corp. BSK TSX-V Feb/23/10 Extract Resources Ltd. EXT TSX Feb/23/10 Keegan Resources Inc. KGN TSX Nov/03/10 Blue Sky Uranium Corp. BSK TSX-V Dec/23/09 Extract Resources Ltd. EXT TSX Jan/12/10 Kiska Metals Corp. KSK TSX-V Nov/10/10 Blue Sky Uranium Corp. BSK TSX-V Nov/17/09 Extract Resources Ltd. EXT TSX Dec/16/09 Kiska Metals Corp. KSK TSX-V Sep/09/10 Brett Resources Inc. BBR TSX-V Nov/17/09 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 Condor Resources Inc. CN TSX-V Jan/12/10 Geologix Explorations Inc. GIX TSX Nov/16/10 Lydian International Limited LYD TSX Jul/13/10

Source: Canaccord Genuity

Junior Mining Weekly | 25 7 December 2010

Figure 29: 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 Magma Energy Corp. MXY TSX Aug/25/09 Rodinia Minerals Inc. RMX TSX-V Dec/23/09 Zinc In Situ Update Aug/10/10 Magma Energy Corp. MXY TSX Aug/04/09 Rubicon Minerals Corp. RMX TSX Sep/22/09 Zinc In Situ Update Feb/23/10 Magma Metals Ltd. MMB ASX May/18/10 Rubicon Minerals Corp. RMX TSX Aug/04/09 Zinc In Situ Update Nov/03/09 Magma Metals Ltd. MMB ASX Feb/23/10 Rockgate Capital Corp. RGT TSX Nov/24/10 Magma Metals Ltd. MMB ASX Sep/09/09 Salares Lithium Inc. LIT TSX-V Jul/20/10 Mantra Resources Limited MRU ASX Oct/26/10 Salazar Resources Limited SRL TSX-V Nov/30/10 Mantra Resources Limited MRU ASX May/12/10 Salazar Resources Limited SRL TSX-V Nov/16/10 Mantra Resources Limited MRU ASX May/04/10 Salazar Resources Limited SRL TSX-V Jul/20/10 Mantra Resources Limited MRU ASX Mar/08/10 Salazar Resources Limited SRL TSX-V Jun/16/10 Mantra Resources Limited MRU ASX Feb/02/10 Salazar Resources Limited SRL TSX-V Nov/25/09 Mantra Resources Limited MRU ASX Jan/27/10 Sandspring Resources Ltd. SSP TSX-V Sep/22/10 Mantra Resources Limited MRU ASX Nov/25/09 Sandspring Resources Ltd. SSP TSX-V Jul/13/10 Minera Andes Inc. MAI TSX Oct/14/09 Sandspring Resources Ltd. SSP TSX-V Apr/13/10 Molybdenum In Situ Update Apr/20/10 Sandstorm Resources Ltd. SSL TSX-V Jun/23/10 Nevada Copper Corp. NCU TSX Oct/08/09 Sandstorm Resources Ltd. SSL TSX-V Dec/23/09 Nickel In Situ Oct/26/10 Serengeti Resources Inc. SIR TSX-V Dec/16/09 Nickel In Situ Jun/16/10 Serengeti Resources Inc. SIR TSX-V Oct/20/09 Nickel In Situ Mar/16/10 Shore Gold Inc. SGF TSX Feb/16/10 Nickel In Situ Nov/11/09 Silver In Situ All editions North Country Gold Inc. NCG TSX-V Nov/03/10 Silver Quest Resources Ltd. SQI TSX-V Aug/10/10 North Country Gold Inc. NCG TSX-V Sep/14/10 Spanish Mountain Gold Ltd. SPA TSX-V Nov/30/10 North Country Gold Inc. NCG TSX-V Jul/28/10 Spanish Mountain Gold Ltd. SPA TSX-V Oct/05/10 Northern Gold Mining Inc. NGM TSX-V Mar/02/10 Sulliden Gold Corporation Ltd. SUE TSX Sep/22/10 Northern Tiger Resources Inc. NTR TSX-V Nov/10/10 Sulliden Gold Corporation Ltd. SUE TSX Sep/09/10 Northern Tiger Resources Inc. NTR TSX-V Oct/11/10 Sulliden Gold Corporation Ltd. SUE TSX Jul/20/10 Northern Tiger Resources Inc. NTR TSX-V Sep/28/10 Trelawney Mining and Exploration Inc. TRR TSX-V Mar/08/10 Northern Tiger Resources Inc. NTR TSX-V Apr/20/10 UEX Corp. UEX TSX Mar/23/10 Novus Gold Corp. NOV TSX-V Feb/16/10 UEX Corp. UEX TSX Feb/23/10 Orezone Gold Corp. ORE TSX Aug/03/10 UEX Corp. UEX TSX Feb/02/10 Orezone Gold Corp. ORE TSX Mar/30/10 UEX Corp. UEX TSX Jan/12/10 Orko Silver Corp. OK TSX-V May/04/10 UEX Corp. UEX TSX Nov/25/09 Orko Silver Corp. OK TSX-V Jan/20/10 Underworld Resources Inc. UW TSX-V Oct/30/09 Oro Gold Resources Ltd. OGR TSX-V Mar/08/10 Underworld Resources Inc. UW TSX-V Sep/15/09 Oromin Explorations Ltd. OLE TSX Sep/15/09 Underworld Resources Inc. UW TSX-V Aug/11/09 Pan American Lithium Corp. PL TSX-V May/12/10 Uracan Resources Ltd URC TSX-V Jun/23/10 PC Gold Inc. PKL TSX Oct/13/10 Uracan Resources Ltd URC TSX-V Jun/16/10 PC Gold Inc. PKL TSX Jul/28/10 Uracan Resources Ltd URC TSX-V May/12/10 PC Gold Inc. PKL TSX Jun/23/10 Uracan Resources Ltd URC TSX-V Apr/27/10 PC Gold Inc. PKL TSX Apr/06/10 Uracan Resources Ltd URC TSX-V Mar/30/10 PC Gold Inc. PKL TSX Mar/30/10 Uracan Resources Ltd URC TSX-V Mar/08/10 PC Gold Inc. PKL TSX Mar/16/10 Uracan Resources Ltd URC TSX-V Jan/20/10 PC Gold Inc. PKL TSX Mar/02/10 Uracan Resources Ltd URC TSX-V Dec/23/09 PC Gold Inc. PKL TSX Dec/23/09 Uracan Resources Ltd URC TSX-V Dec/16/09 PC Gold Inc. PKL TSX Oct/08/09 Uracan Resources Ltd URC TSX-V Oct/20/09 Peregrine Diamonds Ltd. PGD TSX Sep/22/10 Uracan Resources Ltd URC TSX-V Sep/02/09 Peregrine Diamonds Ltd. PGD TSX May/04/10 Uranium Energy Corp. UEC TSX Mar/23/10 Peregrine Diamonds Ltd. PGD TSX Feb/02/10 Uranium In Situ in all editions Peregrine Diamonds Ltd. PGD TSX Dec/08/09 US Gold Corporation UXG TSX Nov/24/10 Peregrine Diamonds Ltd. PGD TSX Sep/29/09 US Gold Corporation UXG TSX Nov/03/10 Peregrine Metals Ltd. GPD TSX-V Jun/09/10 US Gold Corporation UXG TSX Jul/13/10 Petaquilla Minerals Ltd. PTQ TSX Jan/20/10 US Gold Corporation UXG TSX Jun/23/10 PGM In Situ in all editions to Jul/13/10 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 Rodinia Minerals Inc. RMX TSX-V Mar/02/10 White Canyon Uranium Ltd. WCU ASX Aug/04/09 Rodinia Minerals Inc. RMX TSX-V Jan/20/10 Zazu Metals Corp. ZAZ TSX Feb/02/10

Source: Canaccord Genuity

Junior Mining Weekly | 26 7 December 2010

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Junior Mining Weekly | 27 7 December 2010

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