Dundee Securities - Focus on the Juniors - PDAC2011

Mining

A Treasure Map: Dundee's MineralExploration Stock Watch List Annual

Investment Research

March 2, 2011

Paul Burchell

(416) 350-3499

[email protected]

Rodney Cooper, P.Eng., MBA

(416) 350-5045

[email protected]

Ron Stewart

(647) 428-8324

[email protected]

David A. Talbot

(416) 350-3082

[email protected]

Vishal Gupta

(416) 840-7916

[email protected]

Harish Srinivasa, M.Eng.

(416) 350-3345

[email protected]

Joseph Fazzini, CA

(647) 428-8248

[email protected]

Darcy Donelle

(416) 350-3414

[email protected]

Mansur Khan

(416) 350-3314

[email protected]

Refer to important disclosures on page 137

Dundee Securities Limited has not initiated formal continuing coverage of MineralExploration Watch List companies. The companies will have recommendations andrisk ratings as per our regular rating system, see Explanation of Recommendationsand Risk Ratings for details. Risk ratings will be either Speculative or Venture. Noprice targets will be set for Mineral Exploration Watch List companies as there arelimited financial metrics upon which to base a reasonable valuation. Dundee clientsshould consult their investment advisor as to the appropriateness of an investment inthe securities mentioned.

Focus on the Juniors - 2011

There is oftentimes more to a junior mining stock than what first meets the eye.

Source: Dundee Capital Markets

March 2, 2011 Dundee's 2011 Mineral Exploration Stock Watch List

Contents

INTRODUCTION .................................................................................................................................................................4

1) INVESTMENT DEMAND, INFLATIONARY PRESSURES, AND POLITICAL UNREST EXPECTED TO DRIVE GOLD AND SILVER HIGHER IN 2011..........................................................................................................8

2) BASE METAL MOMENTUM CONTINUES IN 2011......................................................................................................13

3) URANIUM PRICES ROSE 40% AND 5% IN THE SPOT AND TERM MARKETS IN 2010..........................................16

4) SHARE PRICES CONTINUE TO REFLECT COMMODITY PRICES, WITH THE EXPLORERS AND DEVELOPERS POSTING THE HIGHEST GAINS ...............................................................................................20

5) EXPLORATION EXPENDITURES REBOUNDED IN 2010 ..........................................................................................24

6) EQUITY FINANCINGS DECLINED IN 2010, BUT DEBT INCREASED .......................................................................25

7) LARGE COMPANIES MUST FOLLOW EXPLORERS FOR ACCESS TO NEW RESERVES .....................................26

8) THE DUNDEE WATCHLIST .........................................................................................................................................28

DUNDEE'S MINING RESEARCH TEAM...........................................................................................................................44

MINING COMPANIES COVERED BY DUNDEE SECURITIES CORP. ...........................................................................47

All stock pricing within this report is as of market close on February 23, 2011. All pricing in C$ unless otherwise specified.


INTRODUCTION

In the immortal words of Buzz Lightyear, "To infinity and beyond!"

The small cap mineral explorers and developers that we track in our weekly Watchlist followed up 2009's turnaround with another solid performance in 2010. Overall, the companies we included in last year's version of the "Focus on the Juniors" returned an average of 71% from February 2010 to February 2011, a little less than the previous year's return of 106%, but handily beating the S&P/TSX Capped Diversified Mining and Metal Index (up 51%) and Global Gold Index (higher by 21%). Similar themes seemed to be at work in 2010 as in 2009 - higher metal prices, promising exploration results, M&A activity, and increased risk capital that seemed to be including more and more generalist investors as most of the world emerged from the recession.

2010 turned out to be a great year for not only those who invest in exploration and development companies, but for those who work for the companies exploring, developing, and/or producing metals. Most of the major metals saw year-over-year gains, and several (including copper and gold) posted all-time highs (Figure 1). Add in a market that paid up for promising exploration results (to a point where some valuations at times seemed to get ahead of themselves - or maybe it's just that the grey-haired denizens of Dundee Capital Markets apply too much (!) geology and engineering to our evaluations) and you had the perfect recipe for higher share prices and increased exploration budgets.

The best market performers within the small cap exploration and development group - and those that Dundee seeks out for its Watch List - are usually companies that make new discoveries, have reasonably few shares outstanding, boast solid management, and have projects that offer advancement, reserve and/or resource expansion, and the prospect of future production (or a takeout by a larger, hungry producer). 2008 also taught us that a solid balance sheet that includes sufficient cash reserves to weather a prolonged downturn may also be key to long term success. Conversely, the poorer performers tend to be companies where exploration results failed to live up to expectations, experienced project delays or cost over-runs, ran into political issues, or had too many shares outstanding or weak management.

The past couple of years have reaffirmed our belief that high quality exploration and development companies will continue to capture the imagination of investors and outperform in the long run. The smaller companies not only offer news of their own, but are the source of new feed for the larger producers whose current assets are aging and, in some cases, are being depleted more quickly than they are being replaced. A truism in this business is that all assets are finite, and the ever-present need to replace reserves and see new production will likely continue to drive M&A activity.

Meanwhile, investors need to conduct their own due diligence. As noted above, we considered some of the valuations being awarded late last year to be ahead of developments, making the correction in certain names experienced in early 2011 to be almost inevitable. Add in increased political risk as explorers delve more deeply into newer and newer jurisdictions (where, arguably, the chances of finding the next "big one" may be higher) and the early stage nature of many of the small cap mineral companies and you have a market where volatility is more likely to increase than decrease.

The Dundee mining team introduced the "Dundee Mineral Watch List Weekly Monitor" in September 2007. The full report is compiled and issued on Sunday nights; however, we also publish separate comments on a more timely basis after companies release new results.


This year's "Focus on the Juniors" includes 44 companies that are exploring for, developing, and/or producing a wide variety of metals. We consider all of the included companies to have excellent prospects that deserve a closer look by investors. All of the companies on our Watch List are rated as a BUY with either a Speculative or Venture Risk rating. Speculative Risk rated companies include those that have published National Instrument 43-101 or JORC compliant resources or reliable historic resources, and/or economic evaluations (scoping, prefeasibility or feasibility studies) that could reasonably form the basis of a discounted cash flow analysis. Venture Risk rated companies are those that are generally at an earlier stage of exploration and/or development, and where no material resource estimate, compliant or historic, exists.

Many of this year's Watch List companies are participating in the 2011 Prospectors and Developers Convention. We hope the information contained in this annual report will aid in navigating both this year's convention (expected to be bigger and better than ever) and your future investment decisions in search of the next "ten bagger".


Figure 1: 10-year performance of various metals and the trade-weighted dollar

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R2 10 year= - 0.60R² 2 year= - 0.89

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Nickel Price



R2 10 year= - 0.67R² 2 year= - 0.74

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Source: Dundee Capital Markets, Bloomberg


Table 1: Performance of the Trade-Weighted Dollar & Various Commodities to January 31, 2011

15-year 10-year 5-year 2-year 1-year 6-monthsTW$ -13% -27% -14% -10% -2% -5%Gold 228% 401% 134% 23% 23% 13%Silver 402% 486% 185% 121% 73% 56%Platinum 327% 197% 66% 82% 19% 14%Palladium 537% -22% 177% 321% 95% 64%Uranium 449% 815% 76% 30% 53% 49%Copper 273% 443% 98% 213% 45% 34%Zinc 136% 132% 5% 124% 15% 21%Nickel 247% 289% 81% 145% 48% 30%Iron Ore - - 176% 133% 41% 40%

Source: Bloomberg, Dundee Capital Markets

Table 2: Correlation Coefficients Trade Weighted Dollar to Various Commodities to January 31, 2011 (Monthly Data)

15-year 10-year 5-year 2-year 1-year 6-monthsGold -81% -79% -58% -60% -58% -70%Silver -79% -80% -62% -62% -72% -69%Platinum -81% -88% -81% -67% -73% -69%Palladium 17% -1% -53% -63% -77% -68%Uranium -73% -70% -12% -37% -77% -68%Copper -84% -84% -58% -81% -80% -52%Zinc -63% -60% 24% -89% -84% -62%Nickel -70% -67% 0% -74% -63% -52%Iron Ore - - -85% -84% -76% -16%


Table 3: Dundee Capital Markets commodity price and currency assumptions

2010A 2011E 2012E 2013E 2014E Long-Term

Gold US$/oz 1,226 1,438 1,600 1,350 1,100 975Silver US$/oz 20.22 27.25 29.00 23.00 18.50 16.25Platinum US$/oz 1,608 1,813 2,000 1,700 1,600 1,500Paladium US$/oz 514 725 750 600 550 500Copper US$/lb 3.42 3.90 3.70 3.25 2.50 2.50Zinc US$/lb 0.98 1.00 0.92 0.90 0.85 0.85Lead US$/lb 0.97 0.95 0.90 0.85 0.80 0.80Nickel US$/lb 9.91 10.00 9.75 9.50 8.00 8.00Molybdenum US$/lb 16 15 14 14 15 15Cobalt US$/lb 21 18 17 16 15 15Iron Ore Fines US cents /dmtu 175 190 175 140 90 90Uranium Term US$/lb 60 65 70 75 67 65Uranium Spot US$/lb 46 65 70 75 67 65Canadian Dollar US$/C$ 0.97 0.98 1.00 0.96 0.93 0.90Australian Dollar US$/A$ 0.92 0.99 1.00 0.94 0.90 0.85Euro US$/€ 1.33 1.36 1.35 1.32 1.32 1.30

Source: Dundee Securities


1) INVESTMENT DEMAND, INFLATIONARY PRESSURES, AND POLITICAL UNREST EXPECTED TO DRIVE GOLD AND SILVER HIGHER IN 2011

Gold had another strong year in 2010 (we are starting to sound like a broken record here), rising by 29% and reaching an all time closing high of US$1,420/oz on December 7th. As good as gold was, silver was even better, gaining a quite remarkable 83% on the year and closing the year above US$30/oz for the first time since 1979 (when the Hunt brothers made their infamous attempt to corner the silver market and drove the price to almost US$50/oz in early 1980). Both metals saw a minor correction in the early part of 2011 with gold falling to around US$1,320/oz and silver declining to slightly below US$27/oz; however, both have since rebounded.

The gold price has been moving higher since 2001, but that performance has largely been coincident with a declining US dollar (Figure 2, Tables 1 and 2). The strong correlation seen over the past ten years has weakened considerably in the past couple as other investment drivers, such as safe haven buying, have emerged. We believe the falling US dollar from 2001 to 2008 was not the cause for gold's ascent to over $1,000/oz, but was instead largely a corollary to stronger emerging markets and economic growth leading to increased jewellery and investment demand. Although the aforementioned still impacts the price, we believe gold will be primarily driven higher by inflationary fears and investors searching for meaningful US$ returns without taking currency and credit risk associated with foreign debt. Thus, a falling dollar is not a requirement for stronger gold prices. In fact, the most profitable time to own Canadian gold equities has been when the US$ index is flat or rising which generally signals moderated input costs (such as oil and steel) and weaker local currencies (which lower labour costs) (Figure 3).

Figure 2: Comparing relative change in the S&P-TSX Gold Index with changes in the gold price and US$ Index since 1996

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Equities up 52%Gold up 19%

2.8X leverageUS$ down 2%

Equities up 69%Gold up 26%

2.7X leverageUS$ up 1%Equities up 72%

Gold up 55%1.3X leverage

US$ up 1%Equities up 26%

Gold up 15%1.7X leverage

US$ up 6%

Source: Dundee Capital Markets, Bloomberg


The gold:silver ratio has been particularly volatile over the past several years, ranging from a high of 84 in late 2008 to a low of 43 at the time of writing (Figure 3). While the ratio has shown a tendency to return to its historic trend of around 60:1 over the past several years, it doesn't hang around there for very long - in fact, the last time the gold:silver ratio spent any considerable time around its long time average was between 2004 and 2006. While one could argue that the silver price is demonstrating abnormal strength (overvalued?) with respect to its yellow metal counterpart at this time, we note that the ratio remained well below the eight-year average for almost two-and-a-half years from early 2006 until mid 2008. That said, the chart suggests to us that there is a strong likelihood that gold could outperform silver going forward.

Figure 3: Gold:Silver ratio suggests the yellow metal could outperform silver going forward

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Source: Thompson ONE, Dundee Capital Markets

Gold Demand

Gold demand is estimated to have remained strong in 2010, rising slightly over 2009 levels to 4,306 tonnes (Figure 4). Fabrication (mainly jewellery) is expected to have increased; however, it remains below levels seen earlier in the decade. As in 2009, consumer investment (including bar hoarding and net investment) took up much of the slack. Interestingly, central banks (the official sector) are expected to have purchased more gold than they sold in 2010.

Dundee remains bullish on the gold price (Table 3) with investment and concerns over inflation as key drivers in 2011 and beyond. The following comments are compiled from "Gold Monitor, Martin Murenbeeld, February 18, 2011, published by DundeeWealth".

For the first time in a long while, the spectre of inflation driving the price of gold higher has become a factor in the gold market, at least by headlines such as "Gold advances to four-week high on inflation concern" (Bloomberg, February 15, 2011), "Gold gains on UK inflation data" (Wall Street Journal, February 15, 2011), and "Inflation fears help lift gold, TSX" (Financial Post, February 16, 2011). Commodity and food prices are indeed rising, primarily due to strong growth and demand in emerging economies; however, core inflation rates remain low in OECD


economies where wage inflation is barely above zero. Commodity and food price rises might therefore be more properly characterized as relative price adjustments as markets make room for rising demand in the emerging economies. India and China do have an inflation problem - all prices are rising, including wages - and there is the argument that these countries should let their currencies rise in order to lessen the risks of creating domestic bubbles.

Figure 4: World Gold Demand from 2000 to 2010E

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Source: GFMS Gold Survey 2010 published April 2010, GFMS Gold Survey 2010 Update 2 published January 2011, Dundee Capital Markets

It follows that demand for gold is most virulent in those economies where growth and inflation rates are high. The latest data from the World Gold Council (in "Gold Demand Trends - Full Year 2010" - see www.gold.org) show that consumer gold demand in China and India (jewellery demand plus bar and coin investments) was extremely robust in 2010 (Figures 5 and 6). We believe that a mix of economic growth, rising incomes, and higher inflation in these countries should, all else being constant, result in continued increasing demand for the yellow metal. (End of sourcing of comments from Gold Monitor, Martin Murenbeeld.)

Gold Supply

World gold supply is estimated to have risen only slightly in 2010 over 2009 levels (Figure 7). Mine production, at 2,652 tonnes (2009 - 2,584 tonnes), continued its steady creep higher as miners enjoyed increased margins and opened new operations and raised throughputs. Gold scrap supply fell slightly from 2009, although it remains at relatively high levels (as anyone who has seen the abundant and, sometimes irritating, advertisements hawking the purchase of used jewellery would expect). As noted above, official sector sales disappeared in 2010 as central bankers became net buyers of bullion for the first time in over a decade.

http://www.gold.org/


Figure 5: Consumer Gold Demand (in billions of US$) from 1996 to 2010

Source: Gold Monitor, February 18, 2011, published by DundeeWealth Economics

Figure 6: Consumer Gold Demand (in grams per capita) from 1996 to 2010

Source: Gold Monitor, February 18, 2011, published by DundeeWealth Economics


Figure 7: World Gold Supply from 2000 to 2010E

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Source: GFMS Gold Survey 2010 published April 2010, GFMS Gold Survey 2010 Update 2 published January 2011, Dundee Capital Markets

We continue to believe the increase in production not to be an overly negative factor, but instead a signal that gold demand is strong and higher prices are needed to encourage new supply. Rising production in a falling gold market, as seen in the 1980 to 2000 period (Figure 8) was another dynamic altogether where technological advancement combined with major discoveries brought significant new production on-line. We continue to view that a handful of large new discoveries in recent years is a limiting factor to mine supply growth.

Similarly we see rising scrap supply, which increased 27% to 1,540 tonnes in 2009 from 2008 as an indication that demand is firm and higher prices are needed to encourage selling of old jewellery and other scrap gold.

Gold and Silver Price Outlook

Now that we are (likely) past the mid-winter blues that traditionally affects the precious metal market, we are bullish on gold and silver prices going forward (Table 3).

Gold's (and silver's) characteristic of being priced in US dollars may ultimately become one of their more desired attributes. A flight to safe assets, as seen in late 2008, has tended to distort treasury yields lower reducing the interest rate spread between precious metals and financial assets. We believe this has made the former more attractive. This idea was supported by GFMS data that showed the emergence of strong European and American retail investment demand in late 2008 and early 2009 following the Lehman Brothers bankruptcy.

Retail and institutional investors may not be the only ones to diversify their holdings towards gold. As we have previously discussed, central bankers became net purchasers of gold in 2010, a trend that we expect


to continue as more governments recognize that gold is not just someone else's liability.

Finally, inflationary concerns and political unrest (across North Africa and other Islamic states) seem to be emerging as drivers for gold in 2011. The year is looking to be a turbulent one, a recipe for higher gold and silver prices.

Figure 8: Global gold production and the inflation adjusted gold price in 2010 dollars (annual data as of December 31)

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Source: Dundee Securities, GFMS, Bloomberg, www.bls.gov

2) BASE METAL MOMENTUM CONTINUES IN 2011

Base Metal Price Forecasts

Copper prices increased 30% during 2010 (Table 4, Figure 9). Exchange inventories approached 52-week lows, at 1.5 weeks supply. Supply will be in deficit in 2011, but the range of forecasts for this deficit has widened from and is currently in the 150kt to 400 kt range, largely driven by different expectations for Chinese demand growth. Prices will be well supported in 2011.

A longer term theme has seen disappointment in the delivery of new supply into the marketplace. While high prices are allowing ever lower grades of ore to be mined, and new mega-projects are under development, it remains to be seen how and when this production reaches the market. As capital intensity and operating costs increase, the cost curve reaches new highs on the margin. Eventually, with moderating demand growth and increased supply, we see the price of copper at lower levels in the longer term. An unofficial Chinese inventory of 3-4 mt, representing over 15% of annual demand, overhangs the market and can act as a price moderator.

During the next four years, copper output could potentially grow by about 27%, with nearly 20 new projects forecasted to come on stream according to the Metals Economics Group. These projects would produce 3.4 million tonnes per year of additional copper at nameplate


capacity. Higher gold prices are supportive of new copper project development as it is a common by-product or co-product. Should all these projects remain economically viable, and secure financing, such an increase in supply would be a moderating influence on copper price increases going forward.

On the demand side, China remains the strong driver, but the Shanghai – LME arbitrage window is currently closed, and Chinese buyers are reluctant to pay the LME price. Physical ETP’s have added to the pressure as investors remain keen on base metals. Substitution effects (aluminum, fibre optics) are increasingly being seen with copper trading above US$4.00 per pound, with 2% or 400ktpa demand destruction evident. Copper scrap supply has increased in China of late, allowing smelters to charge higher treatment and refining charges. These have risen from ~$46/t/$0.046/lb to ~$70/t/$0.07/lb during Q1-2011. A shortage of copper concentrate in the second half of 2011 will likely see the TC/RC equation favour the miners rather than the smelters during that period.

Table 4: Copper Price Forecasts

2009 A 2010 A 2011 E 2012 E 2013 E Long Term ECopper Prices 2.35 3.42 3.90 3.70 3.25 2.50


With the quarterly benchmarking process firmly entrenched, spot iron ore prices increased by 30% in 2010 (Tables 5 and 6). Chinese demand growth remains robust, but is moderating. Imports into China in January approached 69 million tonnes, indicating restocking is still in progress. Port inventories are currently at record highs. Indian exports are currently restricted, but this is likely a very short term phenomena. The cape-size freight market from Brazil to China has seen rates cut in half during 2010, facilitating seaborne commodity movements.

All of the large seaborne iron ore participants, Vale, Rio Tinto, BHP Billiton, Anglo American and Fortesque have reported strong earnings and cash flow on the back of rising prices in 2010. As such, capacity expansions representing 25% of the world seaborne supply have been announced from all major iron ore producing regions of the world. By 2014 – 2015, the market for seaborne iron ore is anticipated to be in over supply, resulting in significantly lower prices. Inflationary pressures, combined with higher production costs, will tend to support prices and moderate this effect. Despite initiatives in China to reduce small scale, low grade mining due to energy-efficiency and environmental considerations, overall production in China is on the increase and grades are not dropping.

Table 5: Iron Ore Price Forecasts - Fines/Concentrates - FOB Basis (US cents per dry metric tonne unit)

2009 A 2010 A 2011 E 2012 E 2013 E Long Term EIron Ore (dmtu) 97 165 190 175 140 90


Table 6: Iron Ore Price Forecasts - Fines/Concentrates - FOB Basis (US$/tonne, 62% Fe dry basis)

2009 A 2010 A 2011 E 2012 E 2013 E Long Term EIron Ore - 62% Fe 61 102 120 110 88 57


Nickel prices increased over 30 percent in 2010. From a fundamental viewpoint, nickel prices are likely to remain very strong in 2011 and 2012, as demand growth remains strong, and new sources of supply from nickel laterite projects continue to disappoint (Table 7, Figure 9). Nickel pig iron from China is unlikely to adequately fill the supply gap.


Having said this however, Vale’s Canadian nickel production resumed in late 2010, and the new project pipeline will eventually provide significant additional supply. Exchange inventories currently represent about a 5-week supply, near the 52-week high, but this surplus could soon disappear if the new sources of supply from high-pressure acid leach projects fails to materialize on schedule.

With flooding in Queensland Australia disrupting metallurgical coal production, prices for coking coal have soared. Approximately 40% of the nickel pig iron production in China relies on blast furnace technology, and as such, over half of this nickel pig iron production is approaching the point of being un-economic. Nickel pig iron represents about 100kt per annum of contained nickel.

The Metals Economics Group indicates that new mine production could add over 400,000 tonnes annually from 2010-2013, representing over a 30% increase on a worldwide basis. Such additional capacity will be subject to market forces, and not all the projects will be technically and economically viable, but the forecast does give some indication of additional supply available should the markets be permissive.

Table 7: Nickel Price Forecasts

2009 A 2010 A 2011 E 2012 E 2013 E Long Term ENickel Prices 6.67 9.89 10.00 9.75 9.50 8.00


Zinc prices declined marginally in 2010 (Table 8, Figure 9) though prices surged over 50% in the second half of the year. The zinc market is currently in over-supply, with exchange inventories representing a 4.8 week supply, nearly a 52-week high. China could swing to a net exporter in 2011. While consumption growth is still robust, the rate is decreasing and we question whether this growth will be adequate to reduce the million tonne surplus significantly in 2011. Investment demand will continue to be strong in base metals, with interest rates at relatively low level. Zinc has relatively weak fundamentals in the near term compared to copper, nickel and iron ore. In the longer term, say 2015, new mine production sources are not clearly identified and supply restrictions could again be a factor in the market.

Table 8: Zinc Price Forecasts

2009 A 2010 A 2011 E 2012 E 2013 E Long Term EZinc Prices 0.75 0.98 1.00 0.95 0.90 0.85


Lead prices increased only moderately in 2010 (Table 9, Figure 9). Lead is typically mined as a by-product of zinc or silver, and recycled lead is a significant factor in the market. Chinese consumption was again the driver, with prices surging 65% in the second half of the year. With a recovery in demand from the automotive / battery sectors, we see the 2010 lead surplus moving towards a balances supply and demand situation in 2011. Increases in mine production will be dominated by the small-scale Chinese producers.

Table 9: Lead Price Forecasts

2009 A 2010 A 2011 E 2012 E 2013 E Long Term ELead Prices 0.78 0.97 0.95 0.90 0.85 0.80



Figure 9: One-year spot prices for copper, zinc, lead, and nickel

Source: Kitco.com

3) URANIUM PRICES ROSE 40% AND 5% IN THE SPOT AND TERM MARKETS IN 2010

Uranium prices have continued on their torrid pace and since the beginning of 2010 are currently up 57% and 18% respectively (Figure 10). Uranium prices continued their climb thus far in 2011 with a 16% jump in spot prices and 11% increase in term prices YTD to close at US$69.75/lb and US$73.00/lb, respectively. Since their rebound off the bottom, spot and term prices are now up 72% and 26%, respectively. Spot priced dipped to US$40.50 /lb in Q1/10 while term prices reached US$58/lb in Q2/10.

Competition for security of supply is getting tighter very quickly. The Chinese are buying aggressively from the producers, Russian's are attempting to take over various companies, Korean, Japanese and French nuclear concerns are becoming fully vertically integrated and are actively seeking fuel by any means (JV, off-take, exploration) for end users that buy their reactors. India has barely gotten started. And the United States who has almost one quarter of the world reactors, uses 50 million lbs of U3O8 annually, and is essentially nowhere to be seen during what we believe are the early days of this buying frenzy. While production should continue to rise, we believe that access to uranium may be harder to find, particularly after the 24 million pounds of U3O8 from the HEU agreement secondary supply goes off line. Recently announced supply disruptions are constricting an already tight supply-demand balance. Unlike previous price rallies that dissipated within weeks, this bull-run has now lasted for eight months. This consistent upward price trend is providing incentive for buyers to secure their supply now in fear of having to pay potentially higher prices later. But the


supply disruptions announced early this year had resulted in some sellers pulling their product off the market altogether which resulted in greater demand than supply in the uranium spot market.

Figure10: Uranium Prices in 2010

40

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1U

ran

ium

Pri

ce (

US

$/lb

U3O

8)

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Term Price

Source: Ux Consulting LLC

Timing is also important. We remind investors that it's not just the production supply -reactor requirement demand graph they should be considering. It takes some time to convert U3O8 to UF6, enrich the UF6, fabricate fuel pellets and manufacture zirconium alloy fuel bundles before shipping the fuel to nuclear reactors around the world. Purchases must be done well in advance of delivery of U3O8 which in turn must be well ahead of requirements.

Nuclear build remains on its torrid pace. There are now 443 reactors in operation - seven more than one year ago. Nuclear reactors under construction and planned have increased 17% and 10% respectively YOY (Figure 11), according to the World Nuclear Association (WNA). This prompted the WNA to improve its outlook for uranium demand. YOY requirements are anticipated to rise marginally to 179.3 million pounds of U3O8. If you take a look at the trend lines of the number of reactors that are in operation and that are being planned, built and proposed, this continued to rise month after month. If you look at China, India and Russia alone, these three countries account for about 50% of the reactor build (Figure 12). Russia's goal appears to be nuclear power domination, and the country is essentially signing high-level trade agreements with foreign governments. Russia also went after Uranium One (UUU-T). Also, countries like Japan and Korea are building out their nuclear power efforts. We believe this access to supply is going to become a real concern for many and that uranium prices are likely to continue to rise.


Figure 11: Nuclear Reactor Construction on the upswing

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eact

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443 reactors currently in operation

Source: World Nuclear Association

Figure 12: China, India and Russia account for majority of reactor growth

Top Ten Nuclear Reactor Growth Countries

68%52%NANA27%147%

32%

169%315%

1438%

0

20

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China India Russia USA Ukraine Japan UAE Vietnam SouthKorea

UnitedKingdom

Top Ten Growth Countries showing number of Operational Reactors

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Under Construction Planned Proposed

Over 50% of new builds from China, India, Russia

3x the uranium is needed for new builds

Source: WNA web site,- February 2011 with future reactors planned & proposed and expected by 2030, Dundee Capital Markets


Investors are coming to grips that China's reactor build is for real. China expects 70 GWe of nuclear power by 2020 and perhaps as high as 80 GWe. China signed long term contracts in 2010 with Cameco, AREVA, and Kazakhstan worth ~133 million lbs, and has an MOU with Paladin Energy. The China-Cameco kick started this uranium sector bull market and the China-AREVA deal accelerated investor interest as mainstream media outlets broadcast China’s apatite for the fuel. China currently has


13 reactors in operation, which is about 2% of their electrical production capacity and are added new reactors every few months. Figure 13 shows the reactor build program of just one of the three large Chinese nuclear utilities. China has 27 reactors that are under construction, 50 in the planning stages, and it has plans to grow that number to about 188 reactors by 2020, which would represent about 7% of its electrical production capacity. As China's annual requirements approach 40-50 MM lbs annually by 2020 - this amount of fuel might not last three years.

Figure13: Tracking reactor build by just one of the three Chinese nuclear utilities


We consider rumours over Chinese spot sales to be overblown. Ux Consulting suggested on 14-Feb-11 that China was planning to sell uranium in the spot market. Little other information was initially provided but this signal was enough to spook some investors and traders (including two traders in Japan). Although we believe this situation to be somewhat overblown, the uranium spot price started to retreat with possibility that uranium spot prices fall further in the short term until long term fundamentals again take hold. Time will tell. We have come to find that China appears to be moving material around - about 0.8 million lbs was suggested. Transportation of uranium across political borders is not easy. They might have had material at a western converter that they would prefer to have in China. This isn't expected to be a long term trend. We do not expect China to be exporters of uranium as this rumoured transaction appears to be little more than a location swap. We also believe that such a small trade would have negligible impact to spot market. We expect that the suggested sale of 0.8 million lbs of U3O8 is


somewhat of a non-issue in a spot market that trades roughly 54 million lbs of U3O8 annually. But these rumours have reportedly spooked a couple of Japanese traders and they have been taking profit. This shouldn't be too much of a surprise as the U3O8 price is up almost 80% since last June.

Investor demand and supply disruptions were the main drivers behind the spectacular spot price run of 2007. This time we expect uranium prices to behave a little more rational as financial institutions and hedge funds buy physical uranium. The spot market is larger now, both in terms of volume and market share. Last year 49.6 million lbs traded in the spot market versus just 20 million lbs in 2007. This accounted for 17% and 8% of total market share for 2010 and 2007, respectively. This broader and more liquid spot market should help ensure that uranium prices don’t get too volatile or that the price pendulum swings too far in one direction or another. Fundamentally uranium is being purchased because the uranium is required for nuclear power – not just because prices are rising.

4) SHARE PRICES CONTINUE TO REFLECT COMMODITY PRICES, WITH THE EXPLORERS AND DEVELOPERS POSTING THE HIGHEST GAINS

Last year marked the tenth consecutive year that gold exited the year at a higher price than it had entered (Table 9). The underlying equities have, more often than not, followed gold's lead, although the overall performance of gold companies over the ten year period has lagged bullion's gains.

Table 9: Examining the performance of TSX-listed gold stocks vs. the gold price over the calendar year. (Note that market capitalization classifications have been modified to reflect performance. Prior to 2006, Large Cap referred to market capitalizations exceeding US$3BB; Mid Cap referred to market capitalizations from US$1BB to US$3BB; Small Cap referred to market capitalizations from US$100MM to US$1BB; and Micro Cap referred to market capitalizations below US$100MM)

Gold Price TSX-S&P Large Cap Mid Cap Small Cap Micro Cap Small Cap Micro Cap

PerformanceGlobal Gold

Index> US$5B

US$1B to US$5B

US$200MM to US$1B

< US$200 MMC$200MM to

C$2B<C$200 MM

2011 YTD 0% -4% -4% -9% -5% -9% -4% 3%2010 29% 26% 20% 87% 48% 44% 142% 68%2009 27% 7% 4% 86% 126% 91% 133% 160%2008 3% 1% 3% 30% -44% -57% -40% -58%2007 51% -5% 14% -15% -18% -19% 12% 1%2006 24% 29% 55% 12% 65% 130% 334% -2%2005 17% 21% 48% 37% -2% -22% 61% -6%2004 6% -9% 0% -12% -16% -28% 13% -13%2003 19% 14% -4% 56% 89% 20% 168% 116%2002 25% 43% 90% 377% 109% 358% 332% 37%2001 2% 33% 35% 9% 47% 70% 140% 94%

Producing Gold StocksDevelopment and

Exploration Stocks


The index's underperformance can usually be attributed to some poor corporate performance amongst the heavily weighted large and mid cap producers; however, the index last year almost matched gold's gains thanks in large part to better performance from some intermediate producers, including at least one high profile take out.

Exploration and development stocks, on the other hand, have outperformed both bullion and the index in eight of the past ten years - the credit crisis of late 2007 and 2008 dried up liquidity and raised concerns over the ability of small companies to finance their projects - and overall gains have far exceeded their larger brethren over the longer term. We do not see the strong performance from the junior sector changing any time soon, particularly with our bullish stance on the price


of gold and the leverage to bullion provided by the small caps (although we do not rule out the likelihood that share prices could remain volatile). While the larger producers are often the first to react to quickly rising gold prices (as happened in late 2007 an early 2008), the euphoria (or when things get really heated, the irrational exuberance) eventually trickles down to the smaller caps, sometimes rapidly should the gold price rise in conjunction with a new discovery or the announcement of an acquisition.

The senior international base metal producers have seen their stock prices appreciate significantly in the last 12 months, with an average appreciation of 33%, compared to 135% in 2009. Once again Norilsk Nickel led the pack at 57%. The senior/ mid-tier Canadian base metal producers, similarly, demonstrated an average increase of 43%, led by Equinox at 86% (Table 10). During 2010, iron ore prices appreciated by 60%, nickel by 35%, and copper by 34%. Zinc prices declined marginally over the year (Figure 14).

Table 10: Senior Base Metal Producers 52-Week Performance

1 Year 52 Week 52 WeekCompany Ticker % Change High Low

International $US $USNorilsk NILSY-5 57% 26.56 13.93 Freeport FCX-US 44% 61.34 28.35 Xstrata XSRAF-5 41% 24.50 12.46 Anglo American AAUKY-5 39% 27.50 16.52 Rio Tinto RIO-US 39% 76.67 39.30 Alcoa AA-US 27% 17.68 9.81 BHP BHP-US 27% 96.23 58.38 Vale VALE-US 25% 37.25 23.58 ArcelorMittal MT-US 2% 47.25 26.28

Average 33%

Canadian $C $CEquinox EQN-T 86% 6.94 3.07 First Quantum FM-T 69% 138.25 48.20 Teck TCK'B-T 49% 64.62 30.25 Inmet IMN-T 29% 82.14 41.61 Hudbay HBM-T 28% 19.08 9.86 QuadraFNX QUX-T -6% 18.57 8.98

Average 43%


Comparing the HSBC Global Mining Base Metals Index to iron ore, copper, zinc and nickel performance over the same period, we see equities tracked copper and nickel appreciation very closely. Iron ore outperformed the Index, while zinc under-performed (Figure 14).


Figure 14: Base Metal Equity Performance Relative to Key Metals

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Copper Zinc Nickel Iron Ore HSBC Global Mining Index Base Metals


For a selected group of Canadian intermediate base metal companies, equity appreciation averaged 63%, while a selected group of junior base metal companies enjoyed a 77% appreciation over the period Q1 – 2010 to Q1 – 2011 (Table 11).

Copper Mountain stands out at 210% appreciation, which occurred during their construction phase. Coro Mining, a Dundee Watch List company, appreciated 217% with positive permitting news in early 2011.

Consolidated Thompson appreciated by 103% with a takeover bid by Cliffs Natural Resources. Baffinland Iron Mines, a Dundee Watch List company, appreciated 163% during a takeover battle between Nunavut Iron Ore and ArcelorMittal.

Sphere Minerals, a West African focused iron ore company, is in the process of being taken out by Xstrata, rewarding Sphere shareholders with a 135% return over the past 12 months (Table 12). As nearby African Minerals advances its flagship Tonkolili Iron Ore Project (Sierra Leone) to production in 2011, its shareholders have enjoyed a 53% return.


Table 11: Canadian Intermediate and Junior Base Metal Equities


Intermediate $C $CCopper Mountain Mining CUM-T 210% 7.48 2.02 Consolidated Thompson CLM-T 103% 17.95 6.76 Mercator Minerals ML-T 94% 4.90 1.27 Imperial Metals III-T 69% 27.09 13.29 Lundin Mining LUN-T 66% 8.22 2.91 Capstone Mining CS-T 64% 4.98 2.05 Breakwater Resources BWR-T 55% 7.01 2.09 Farallon Mining FAN-T 41% 0.80 0.32 Taseko Mines TKO-T 25% 7.27 3.27 Mirabela Nickel MNB-T 21% 2.78 1.54 Thompson Creek TCM-T 3% 15.43 8.48 Northgate Minerals NGX-T 2% 3.62 2.42

Average 63%

Junior $C $CCoro Mining COP-T 217% 1.62 0.27 Western Copper WRN-T 179% 4.40 0.81 Baffinland Iron Mines BIM-T 163% 1.58 0.35 Hana Mining HMG-V 162% 5.68 1.16 Alderon Resource ADV-V 127% 4.20 0.85 Quest Rare Minerals QRM-V 107% 6.65 1.74 Labrador Iron Mines LIM-T 105% 14.00 3.80 Canada Fluorspar CFI-V 100% 0.75 0.24 Augusta Resources AZC-T 74% 5.60 1.30 Creston Moly CMS-V 73% 0.53 0.16 Peregrine Diamonds PGD-T 52% 3.32 1.50 Far West Mining FWM-T 48% 7.08 3.87 Southern Hemisphere SH-V 38% 0.60 0.30 Geovic Mining GMC-T -18% 0.99 0.58 Rockcliff Resources RCR-V -24% 0.31 0.11 Magma Metals MMW-T -42% 0.75 0.36 Noront Resources NOT-V -46% 1.92 0.76 Peregrine Metals PGM-T N/A 1.16 0.47

Average 77%


Table 12: Select International Junior Base Metal Equities 52 Week Performance


Junior $A $ASphere Minerals SPH-AU 135% 3.23 1.075

Junior £ £African Minerals AMI-LN 53% 6.26 3.04


Uranium stocks started moving on 5-Jul-10 following a Cameco-Chinese contract announcement, spurred on further by the November AREVA-Chinese contract announcement (we have been pounding the table on the sector since 29-Jun-10 when China signed the first of its huge contracts). It was those contracts that made utilities, producers, traders and investors sit up and take notice. Now most uranium stocks are up over 100% from one year ago. Over the past two months we have seen plenty of new money flow into the sector. Many of these generalists started first with the producers and then moved downstream.


he

in Latin America, Canada,

Table 13: Distribution of Estimated Globuranium exploration are included in the 2total in each of those years)

5) EXPLORATION EXPENDITURES REBOUNDED IN 2010

Estimated global exploration spending rebounded in 2010 from tdreary levels seen in 2009 (Table 13, Figure 15). Better metal pricesand, perhaps more importantly, improved markets in the latter part of2009 that allowed juniors access to risk capital, led to a 46% increase in exploration expenditures to US$10.7 billion.

Expenditures were higher all jurisdictions, with Canada, SE Asia and the United States seeing the largest relative increases. In actual dollars spent, the largest increases were experiencedand the United States.

al Exploration spending since 2005 (note that expenditures for 008 and 2009 data only, and account for approximately 8% of the

2005 2006 2007 2008 2009 2010US$ MM % YOY % YOY % YOY % YOY % YOY % YOY

US$ MM World Change US$ MM World Change US$ MM World Change US$ MM World Change US$ MM World Change US$ MM World Change

United States 413 8% 36% 570 8% 38% 840 8% 47% 882 7% 5% 512 7% -42% 854 8% 67%

Pacific/SE Asia 219 4% 31% 285 4% 30% 420 4% 47% 630 5% 50% 439 6% -30% 748 7% 70%

Latin America 1,178 23% 42% 1,711 24% 45% 2,520 24% 47% 3,150 25% 25% 1,903 26% -40% 2,884 27% 52%

Canada 969 19% 30% 1,355 19% 40% 1,995 19% 47% 2,394 19% 20% 1,171 16% -51% 2,029 19% 73%

Australia 643 13% 15% 784 11% 22% 1,260 12% 61% 1,764 14% 40% 952 13% -46% 1,282 12% 35%

Africa 842 17% 44% 1,141 16% 36% 1,680 16% 47% 1,890 15% 13% 1,098 15% -42% 1,388 13% 26%

Rest of World 836 16% 400% 1,283 18% 53% 1,785 17% 39% 1,890 15% 6% 1,244 17% -34% 1,495 14% 20%Total 5,100 34% 7,130 40% 10,500 47% 12,600 20% 7,320 -42% 10,680 46%

Source: Metals Economic Group

As we wrote in last year's report," Improved metal prices and an easingof the credit crunch in 2009 allowed exploration companies to once again tap their traditional source of capital - the equity markets -

Figure 15: Total estimated exploration sp

suggesting more aggressive exploration budgets were likely proposed for (2010)". As it turns out, it seems that we were spot on. While equity financings were somewhat lower in 2010 than in 2009 (see discussion following on financing), we believe most junior companies have sufficient capital to continue aggressive exploration efforts and we look forward to robust exploration expenditures in 2011.

ending and world-wide distribution from 1997

-

500

1,000

1,500

2,000

2,500

3,000

3,500

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Ex

plo

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by

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gio

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(US

$ M

M)

-

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14,000

To

tal

Ex

plo

rati

on

(U

S$

MM

)

Latin America United States Africa Australia

Canada Rest of World Pacific/SE Asia Total World

Source: Metals Economic Group

Lower risk environments, such as Canada, Australia, and the UnitedStates, typically have had several episodes of exploration with theeasiest discoveries made long ago. New grassroots discoveries are few and far between, and most of the money is spent on high tech


ave had fewer modern exploration campaigns,

Global mining equity financings fell in 2010 while debt financing

e, to be a sign that banks may be once again willing to

exploration (such as deep penetrating geophysics) in established mining camps, or in the case of Canada, on more traditional green fields exploration in the far north. Importantly, the discoveries that have been made in areas of perceived low geopolitical risk tend to receive higher valuations in the market.

Regions of the world that are perceived as having a higher level of geopolitical risk can offer a greater chance of success. Certain areas of Latin America (although those opportunities are shrinking), China, and the former Soviet Union hand given some rather prospective geology, could be regarded as having a higher chance of delivering large new discoveries.

6) EQUITY FINANCINGS DECLINED IN 2010, BUT DEBT INCREASED

increased (Tables 14 and 15). While outwardly the drop in equity financings might seem negative, we view the increase in debt financings, albeit a small onstep up and offer risk capital to mining companies.

Table 14: Announced Global Mining Sector Financings from 2000

Billion US$ Equity Change Debt Change Total % Equity

14.2 67% 36.4 65% 50.6 28%2003 16.6 18% 43.4 19% 60.0 28%2004 20.3 22% 35.5 -18% 55.8 36%2005 24.1 19% 42.9 21% 67.0 36%2006 40.3 99% 64.6 82% 105.0 38%2007 89.5 271% 127.1 196% 216.6 41%2008 53.6 -40% 181.8 43% 235.4 23%2009 68.9 29% 74.8 -59% 143.7 48%2010 44.7 -35% 91.8 23% 136.6 33%Totals 391.1 761.0 1152.1 34%

2000 5.3 6% 24.0 45% 29.3 18%2001 8.5 61% 22.1 -8% 30.6 28%2002

Source: Gamah International Limited

The drop in equity financings comes as a bit of a surprise, as we wouldhave expected higher metal prices to encourage issuers to test the

wever, that many junior companies took y to re-capitalize that was presented in

Table 15: Distribution of Global Mining E

capital markets. We suspect, hofull advantage of the opportunit2009, and entered 2010 with relatively sound balance sheets. That said, cash on hand only lasts so long, and we would expect the equity markets to be buzzing with activity in 2011.

quity Issues from 2000 Million 2000 2001 2002 2003 2US$ Change 2000 to 2010Australia 319 1,886 1,990 1,563 2,553 2,061 4,735 9,906 3,973 9,920 2,205 -78% 591%

12,602 21,218 15,940 -25% 815%Rest of World 783 971 2,886 691 2,072 4,053 7,801 22,693 20,212 9,846 12,554 28% 1503%South Africa 257 600 1,810 862 1,301 433 150 1,744 132 7 528 7089% 105%United Kingdom 1,330 393 1,545 3,664 2,152 4,286 11,676 12,924 11,455 23,223 6,478 -72% 387%United States 31 779 2,221 2,250 2,041 1,787 945 4,274 1,882 4,589 1,391 -70% 4387%Unlisted 825 2,120 28 688 2,859 3,913 355 16,113 3,458 1,340 5,651 322% 585%Total 5,287 8,490 13,967 16,644 20,173 24,146 40,158 89,509 53,714 70,144 44,746 -36% 746%

004 2005 2006 2007 2008 2009 2010 YOY Change

Canada 1,742 1,741 3,487 6,926 7,195 7,613 14,496 21,855



igure 16: Distribution of Global Mining Equity Issues from 2000 F

-

5,000

10,000

15,000

20,000

25,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

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60,000

80,000

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(C

$ M

M)

United Kingdom United States South Africa Australia

Canada Rest of World Unlisted Total World


7) LARGE COMPANIES MUST FOLLOW EXPLORERS FOR ACCESS TO NEW RESERVES

M&A - Predators and Prey

A simple look at the number of mergers and acquisitions done over the past three years illustrates an increase of 35%, to 963 deals in 2010. The value of the transactions in 2010 totalled US$110.6 billion, up from US$53.1 billion the year before (Figure 17).

Figure 17: Annual Volume and Value of Global M&A Transactions (2006-2010)

680

863

712

864

963

$149.53

$139.10

$84.06

$110.61

$53.05

0

200

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1200

2006 2007 2008 2009 2010

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Global Transaction Volume Transaction Value (US$ Billions)



transactions recorded by Metals Economics Group during 2010. Unlike 2009, deals in copper and iron ore formed a significant proportion of the total.

Table 16: Selected Acquisitions announced/completed in 2010

Table 16, below lists the

Announced Value

Date Target Name Acquirer (US$ millions)Apr-10 Lihir Gold Ltd Newcrest Mining Ltd 8,963 Aug-10 Red Back Mining Inc Kinross Gold Corp 6,672 Jul-10 Southern Copper Corp Grupo Mexico SAB de CV 6,158 Dec-10 Riversdale Mining Ltd Rio Tinto Ltd 3,498 Sep-10 Andean Resources Ltd Goldcorp Inc 3,162 Aug-10 Cairn India Ltd Vedanta Resources PLC 2,927 Mar-10 FNX Mining Co Inc Quadra FNX Mining Ltd 1,167 Nov-10 Ventana Gold Corp EBX Group Co Ltd 1,062 Dec-10 Mantra Resources Ltd Rosatom Corp 965 Oct-10 Citadel Resource Group Ltd Equinox Minerals Ltd 934 Jun-10 Uranium One Inc Rosatom Corp 922 Sep-10 Avoca Resources Ltd Anatolia Minerals Development Ltd 877 Nov-10 Vale FertilizanDec-10 Giralia Resou

tes SA Vale SA 840 rces NL Atlas Iron Ltd 758

Aug-10 Skyland Mining LtdDec-10 Gold Wheaton Gold CorpJul-10 Terrane Metals Corp 654 Nov-10 Brockman Resources Ltd dings Ltd 628 Apr-10 Comaplex Minerals Corp 578 Nov-10 International Coal Holdings Lt

China Gold International Resources Corp Ltd 742 Franco-Nevada Corp 732 Thompson Creek Metals Co IncWah Nam International HolAgnico-Eagle Mines Ltd

d PTT PCL 542


Last year, we identified Andean Resources as being not long for this tly acquired by Goldcorp (G-T, ssed on our calls for takeouts

on Keegan Resources (KGN-T, C$7.59, BUY, C$12.00 target) and San Gold (SGR-T, C$2.97, RESTRICTED); however, we believe both may still come into play - the former due to the size potential of its Esaase asset and its cash in the bank, the latter once it gets production ramped up and quantifies the potential of its high grade exploration successes.

We expect the next wave of consolidation in the gold space may occur in West Africa, where the South African producers and a few notable North Americans have operations.

We remain sceptical that much will change with respect to M&A activity in socially or politically challenging jurisdictions. Most producers will accept technical challenges over sovereign risk as the latter are difficult to predict and often times impossible to manage. Mining has always been a frontier business and intrepid explorers will continue to break trail into new horizons. We don't expect this to change, but we also don't expect to see major North American based precious metal companies to rush in to acquire projects in unstable, unsafe or corrupt countries.

In iron ore space we have recently seen the takeover of Sphere Minerals (SPH-AU, not rated) by Xstrata (XSRAF, not rated), Consolidated Thompson by Cliffs Natural Resources (CLF-US, not rated) and Baffinland Iron Mines (BIM, not rated) by ArcelorMittal (MT-US, not rated). We see Alderon as a potential target in 2011, with resource definition and a preliminary economic assessment establishing value that could trigger a deal.

African Minerals (AMI-LN, BUY- High Risk, Target Price $14.40) has seen interest from Shandong Iron & Steel Group (not rated) for a 25% interest in their Tonkolilli Project in Sierra Leone. Due diligence is reported to be complete. The potential US$1.5 billion investment would establish a US$6 billion valuation for the company; double its current

world, and the company was subsequenC$45.64, BUY, C$57.00 target). We mi


t.

ore front, Consolidated Thompson (CLM-T, Tender, C$17.25) has a significant shareholder in Wuhan Steel (not rated). We note that Wuhan has elected to invest some of the proceeds from the Cliffs deal in another Canadian junior, Adriana Resources (ADI-V, not rated), signalling an ongoing interest in the Labrador Trough region.

In copper space we currently have a merger of equals between Inmet (IMN, restricted) and Lundin (LUN, not rated) to create a new Canadian base metal senior. First Quantum (FM, not rated) has taken out Antares, followed by the Hudbay (HBM, not rated) acquisition of Norsemont. Companies such as Western Copper (WRN, BUY, C$4.50), Candente Copper (DNT, BUY, C$3.50) and Peregrine Metals (PGM, BUY, C$2.20), who control very large resources and are comparatively undervalued in the marketplace, will be likely targets in 2011. Large, long life copper assets around the Pacific Rim will be of particular interest to Asian investors due to proximity to the seaborne market.

Political risk continues to be a factor in the marketplace, with mixed signals from the Democratic Republic of Congo. A re-negotiation of terms with Freeport McMoran Copper & Gold (FCX-US, not rated) with respect to Tenke preserved production continuity, but First Quantum (FM-T, not rated) saw the expropriation of its assets in the country. We anticipate that deals in copper will preferentially favour lower political risk jurisdictions.

8) THE DUNDEE WATCHLIST

r

aid but never the bride. Add geopolitical

ng a

market capitalization. A Sierra Leonean government official recently reported that ArcelorMittal (MT-US, not rated) is also negotiating a potential 25% interest in the projec

On the Canadian iron

We have observed that the best share price performance is likely to be awarded to mineral exploration and development companies boasting a credible management team with a track record of success, new large and potentially profitable discoveries, and/or exploration success.

Investing in junior mining companies is not for the risk adverse, nor is it easy. A small cap company that makes a new discovery, develops that discovery into a viable deposit, and ultimately is taken over by a largeproducer can yield spectacular returns for the investor. Unfortunately, most exploration programs fail to live up to the hype, few discoveries ever go to production, and many exploration companies toil in relative obscurity, always the bridesmuncertainty and NGO-related interference, and it is easy to see why these are some of the most volatile stocks on the markets.

Our mining team at Dundee Capital Markets believes that investment risk and volatility can be reduced by owning a portfolio (or breadbasket) of exploration stocks, while still offering the possibility of realizing spectacular returns. This eighth annual publication of the Focus on the Juniors annual report is designed to help investors sort through the myriad of exploration and development stories while providireasonable mix of commodity exposure (Figure 18).

None of the companies included in this year’s Watch List are under formal coverage at this time; however, we are watching, listening, and evaluating, with the expectation of eventually providing formal coverage for a select few. Three of the companies in last year’s Watch List are under coverage today (Table 18).

In 2004, the first year of publication, the Watch List contained just 29 companies. In 2005, the list grew to 41, and the following year, with the addition of two new analysts (specializing in base metals and uranium), to 57. By 2007, we were including 74 companies, a testament to the growth in the exploration sector, but also the limit of manageability.


Figure 18: Distribution of commodities with the Watch List Stocks in 2010 and 2011

2010 Watchlist 2011 Watchlist

Iron Ore, 2%

Diamonds, 2%

Uranium, 9%

Precious Metals, 62%

Base Metals, 24%

PreciousMetals, 67

Base Metals, 19%

Uranium, 9%

Iron Ore, 2%

Diamonds, 2%


%

The introduction of the Dundee Mineral Exploration Stock Watch List Weekly Monitor in September 2007 allowed us to meet the ever increasing need of our investment clients. The product is published on Sunday evenings and is designed to keep investors abreast of developments of the included companies in the “Rising and Falling Stars” and “Other Weekly News” sections. The weekly monitor also

performance, and maintains two provides comparative data, tracks internal cap-weighted indices based on the performance of the Watch List stocks. We made the product timelier in 2009 by publishing news on specific companies soon after it was released in addition to the weekly monitor.

Focus on the Juniors – 2011, Dundee’s Mineral Exploration Stock Watch List Annual includes 44 stocks. It is intended to offer information. The report is widely distributed and should not be considered investment advice, as nearly all of the stocks are not subject to analytical coverage by Dundee. Investment in exploration stocks is risky, and our list has seen a range of performance over the past several years (Table 17).

Table 17: Average performance of the Dundee Watch List and major mining indices (February to February)

Dundee Watch List

TSX/S&P Global Gold XAU HUI

TSX/S&P Div.Mining and

Metals2005 53% 26% 42% 49%2006 124% 18% 0% 6% 51%2007 -11% 9% 30% 34% 15%2008 -53% -3% -29% -27% -63%2009 106% -9% 19%

22% 258%2010 71% 19% 27% 28% 51%

Source: Dundee Capital Markets, Thomson ONE

While our Watch List may contain 44 names at this time, Dundee is constantly reviewing many more with an eye to make improvements. Meanwhile, Dundee’s Mining Research Group provides formal research coverage on 56 additional companies, many of which can be considered small cap and/or exploration/development stories (Table 22) and the coverage list at the end of the report).


profile sheet on all 44 Watch List companies in the second section of this report (also see summary Table 21). Nearly all of these companies are participating in the Investors Exchange at the Prospectors and Developers Convention

With these summaries in hand, along with a map of the convention centre showing where the companies’ booths and presentation can be found (Figures 23), we hope your trip to the PDAC this year will be as rewarding as in years past.

We provide a brief background and individual


Figure 19: Performance of our 2010 Waexclusive of additions and deletions over

tch List stocks from February 16, 2010 to February 14, 2011, the course of the year

-100% -50% 0% 50% 100% 150% 200% 250% 300% 350%

StrikePoint (Au)

Unigold (Au)

Magma (Pt-Pd-Ni-Cu)

Rockcliff (Cu-Pb-Zn)

Oro (Au)

Lincoln (Au)

Geovic (Co-Ni)

Victoria (Au)

Corex (Au)

CanAlaska (U)

Riverstone (Au)

Rubicon (Au)

Helio (Au)

Northern Freegold (AU)

S&P/TSX GLOBAL GOLD

Galway Resources (Au)

S&P/TSX COMPOSITE

GOLD

Comaplex (Au)

Pitchstone (U)

Virginia (Au-Cu)

Romarco (Au)

COPPER

Ventana (Au)

Far West (Fe-Cu)

Peregine (Diamonds)

S&P/TSX DIV METALS & MINING

Latin American (Au)

IRON ORE

NA Palladium (Pd-Pt)

Malbex (Au-Ag)

Creston (Mo)

WATCHLIST AVERAGE

URANIUM

Carpathian (Au)

Premier (Au)

Kivalliq (U)

SILVER

NGEx (Cu-Au)

DUNDEE URANIUM INDEX

Forum Uranium (U)

Fortune Minerals (Co-Bi-Au)

Magellan (Au)

Baffinland (Fe)

Hana (Cu)

US Gold (Au)

Rainy River (Au)

Volta (Au)

Fronteer Development (Au-U)

Great Panther (Ag-Au)

Coro (Cu-Au)

Millrock (Au)

Belo Sun (Au)



Figure 20: Performance of our 2010 Watch List gold stocks from February 16, 2010 to February 14, 2011, exclusive of additions and deletions over the course of the year

-100% -50% 0% 50% 100% 150% 200% 250% 300% 350%

StrikePoint (Au)

Unigold (Au)

Magma (Pt-Pd-Ni-Cu)

Oro (Au)

Lincoln (Au)

Victoria (Au)

Corex (Au)

Riverstone (Au)

Rubicon (Au)

Helio (Au)

Northern Freegold (AU)

S&P/TSX GLOBAL GOLD

Galw ay Resources (Au)

S&P/TSX COMPOSITE

GOLD

Comaplex (Au)

Virginia (Au-Cu)

Romarco (Au)

Ventana (Au)

Latin American (Au)

NA Palladium (Pd-Pt)

Malbex (Au-Ag)

GROUP AVERAGE

Carpathian (Au)

Premier (Au)

SILVER

Magellan (Au)

US Gold (Au)

Rainy River (Au)

Volta (Au)

Fronteer Development (Au-U)

Great Panther (Ag-Au)

Millrock (Au)

Belo Sun (Au)



year Figure 21: Performance of our 2010 Watch List uranium stocks from February 16, 2010 to February 14, 2011, exclusive of additions and deletions over the course of the

-20% 0% 20% 40% 60% 80% 100% 120%

CanAlaska (U)

S&P/TSX COMPOSITE

Pitchstone (U)

GROUP AVERAGE

URANIUM

Kivalliq (U)

DUNDEE URANIUM INDEX

Forum Uranium (U)


Figure 22: Performance of our 2009 Watch List base metals stocks from February 17, 2009 to February 23, 2010, exclusive of additions and deletions over the course of the year

-50% 0% 50% 100% 150% 200% 250%

Rockcliff (Cu-Pb-Zn)

Geovic (Co-Ni)

S&P/TSX COMPOSITE

COPPER

Far West (Fe-Cu)

S&P/TSX DIV METALS & MINING

IRON ORE

Creston (Mo)

GROUP AVERAGE

NGEx (Cu-Au)

Fortune Minerals (Co-Bi-Au)

Baffinland (Fe)

Hana (Cu)

Coro (Cu-Au)



ur Weekly Monitor over the course of the year.

Table 18: Summary of new additions and deletions to the Mineral Exploration Stock Watch List from 2010 to 2011. Many of the changes were made and discussed in issues of o

New Additions Brought Under Formal Coverage DeletionsAstur Gold Corp. Far West Mining Ltd. Baffinland Iron MinesAvala Resources Ltd. Great Panther Silver Ltd. Carpathian Gold Inc.Avnel Gold Mining Ltd. Hana Mining Ltd. Comaplex Minerals Corp.Bellhaven Copper & Gold Inc. Rubicon Minerals Corp. Corex Gold Corp.Candente Gold Corp. Creston Moly Corp. Fortune Minerals Ltd.Continental Gold Ltd. Fronteer Development Group Inc..Dalradian Resources Inc. Helio Resource Corp.Gold Canyon Resources Inc. Galway Resources Ltd.Kaminak Gold Corp. Latin American Minerals Inc.Premium Exploration Inc. Magellan Minerals Ltd.Renaissance Gold Inc. NGEx Resources Inc.Richfield Ventures Corp. Oro Gold Resources Ltd.Ryan Gold Corp. Rainy River Resources Ltd.Richmont Mines Inc. Romarco Minerals Inc.Excellon Resources Inc. StrikePoint Gold Inc.Golden Minerals Co. US Gold Corp.Lydian International Ltd. Ventana Gold Corp.African Aura Mining Inc. Victoria Gold Corp.Alderon Resource Corp. Volta Resources Inc.Aldridge Minerals Inc.

Southern Hemisphere Mining Ltd.St. Augustine Gold & Copper Ltd.

Gold Hawk Resources Inc.New Hana Copper Mining Ltd.Regulus Resources Inc.



Table 19: Performance of the 2010 Mineral Exploration Stock Watch List by stock Performance

52-week 52-week Close Close 23-Feb-10Com

Share Price (C$)

pany Ticker Listing High Low 23-Feb-10 23-Feb-11 to 23-Feb-11Baffinland Iron Mines BIM T 1.58 0.35 0.52 1.49 187%Belo Sun Mining Corp. BSX V 1.39 0.26 0.28 1.31 376%CanAlaska Uranium Ltd. CVV V 1.90 0.80 1.65 1.53 -7%Carpathian Gold Inc. CPN T 0.77 0.24 0.34 0.55 62%Comaplex Minerals Corp. CMF T N/A N/A 8.00 10.32 29% Acquired in July 2010 by Agnico Eagle

for sharesCorex Gold Corp. CGE V 0.94 0.41 0.70 0.67 -4%Coro Mining Corp. COP T 1.62 0.27 0.46 1.40 208%Creston Moly Corp. CMS V 0.53 0.16 0.25 0.43 72%Far West Mining Ltd. FWM T 7.08 3.87 4.56 6.80 49%Fortune Minerals Ltd. FT T 2.00 0.57 0.76 1.73 128%Forum Uranium Corp. FDC V 0.52 0.07 0.20 0.32 60%Fronteer Development Group Inc.. FRG T 14.45 4.54 4.52 14.32 217% Acquired in February 2011 by Newmont

Mining for cash and sharesGalway Resources Ltd. GWY V 1.37 0.63 0.93 1.23 32%Geovic Mining Corp. GMC T 0.99 0.58 0.75 0.64 -15%Great Panther Silver Ltd. GPR T 3.44 0.67 0.82 3.42 317%Hana Mining Ltd. HMG V 5.68 1.16 1.75 4.00 129%Helio Resource Corp. HRC V 0.75 0.30 0.42 0.49 17%Kivalliq Energy Corp. KIV V 0.92 0.25 0.37 0.78 111%Latin American Minerals Inc. LAT V 0.39 0.12 0.26 0.38 44%Lincoln Mining Corp. LMG V 0.31 0.14 0.29 0.25 -14%Magellan Minerals Ltd. MNM V 1.94 0.60 0.66 1.54 133%Magma Metals Ltd. MMW T 0.75 0.33 0.67 0.35 -49%Malbex Resources Inc. MBG V 0.98 0.28 0.56 0.90 61%Millrock Resources Inc. MRO V 1.05 0.25 0.28 0.81 189%NGEx Resources Inc. NGQ T 1.60 0.50 0.72 1.40 94%North American Palladium Ltd. PDL T 7.92 3.06 4.08 7.01 72%Northern Freegold Resources Ltd. NFR V 0.42 0.25 0.29 0.34 16%Oro Gold Resources Ltd. OGR V 0.78 0.29 0.42 0.29 -31%Peregrine Diamonds Ltd. PGD T 3.32 1.51 1.54 2.33 51%Pitchstone Exploration Ltd. PXP V 0.61 0.21 0.38 0.48 26%Premier Gold Mines Ltd. PG T 7.75 3.68 3.61 7.01 94%Rainy River Resources Ltd. RR V 13.50 4.70 4.93 12.84 160%Riverstone Resources Inc. RVS V 1.01 0.45 0.68 0.80 18%Rockcliff Resources Inc. RCR V 0.31 0.11 0.30 0.23 -23%Romarco Minerals Inc. R T 2.88 1.53 1.66 2.51 51%Rubicon Minerals Corp. RMX T 6.50 3.24 4.53 5.12 13%StrikePoint Gold Inc. SKP V 0.50 0.17 0.38 0.19 -51%Unigold Inc. UGD V 0.37 0.14 0.30 0.16 -48%US Gold Corp. UXG T 8.13 2.67 2.75 6.99 154%Ventana Gold Corp. VEN T 14.13 6.41 8.60 13.01 51% Acquired in February 2011 by AUX

Canada for cashT V 1.55 0.60 1.01 0.95 -6%

GQ T 8.92 5.62 5.60 7.51 34%Volta Resources Inc. VTR T 2.65 0.73 0.75 2.27 203%

Dundee's 2010 Watch List - Avera

Victoria Gold Corp. VIVirginia Mines Inc. V

ge Increase 73%

S&P-TSX Cap. Div. Metals & Mining 1599.85 772.22 1006.8 1411.18 40.2%S&P-TSX Capped Materials Index 456.37 312.22 321.3 435.98 35.7%

S&P-TSX Global Gold Index 443.52 305.57 311.7 403.91 29.6%XAU (Philadelphia Gold Index) 232.72 152.53 156.5 213.3 36.3%HUI (Amex Gold Bugs Index) 598.36 381.19 390.6 558.93 43.1%

S&P-TSX Composite Index 14160.7 11065.53 11526.7 13956.19 21.1%S&P-TSX Venture Composite Index 2437.69 1342.87 1520 2367.04 55.7%S&P 500 Index 1344.07 1010.91 1094.6 1307.4 19.4%Dow Jones Composite Index 4237.24 3300.92 3486.8 4106.64 17.8%

Source: Dundee Capital Markets, Thomson One


Table 20: The 2010 Mineral Exploration Stock Watch List comparison table

Source: Dundee Capital Markets, Company Reports, Bloomberg, Thomson One

2/2

3/1

1Y

OY

Bas

icF

loat

F.D

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ark

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as

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Deb

tE

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YE

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t. B

urn

Co

mp

any

Hig

hL

ow

(C$

)P

er f

(MM

)(M

M)

(MM

)C

ap

(C

$)

Cu

rr.

Re

po

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MM

)($

MM

)C

as

h (

$M

M)

Ra

te($

MM

)

Afr

ican

Au

ra M

inin

g In

c.A

UR

V4

.93

0.8

04

.00

254%

868

49

43

43U

SD

Se

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0.0

0.0

29.4

-13

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Ald

eron

Res

ourc

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orp.

AD

VV

4.2

00

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63

90

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CA

DS

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020

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7.5

Ald

ridg

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ine

rals

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AG

MV

2.25

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3734

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CA

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03

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Ast

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ST

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Ava

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180

177

276

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CA

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4.0

Avn

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old

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VK

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0.1

50

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N/A

166

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218

80U

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Sep

-10

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0.0

2.7

-2.1

Bel

lhav

en C

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r &

Gol

d In

c.B

HV

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150.

7628

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7610

762

CA

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Bel

o S

un M

inin

g C

orp.

BS

XV

1.3

90

.26

1.3

539

1%1

5013

719

120

2C

AD

Se

p-10

4.0

0.0

7.2

-8.2

Can

Ala

ska

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nium

Ltd

.C

VV

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900.

801.

55-6

%19

19

24

30C

AD

Oct

-10

5.7

0.0

8.7

-14.

0

Can

dent

e G

old

Cor

p.C

DG

T1

.09

0.4

60

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9%

515

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US

DD

ec-1

02.

60.

02.

6-5

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Con

tinen

tal G

old

Ltd

.C

NL

T10

.78

1.8

99

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282%

926

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487

1U

SD

Se

p-10

85.5

0.0

90.0

-50.

0

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o M

inin

g C

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60.

015

.0-3

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Dal

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an R

esou

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DN

AT

2.75

1.40

2.20

47%

6964

8815

2C

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Se

p-10

35.4

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MG

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Nov

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on

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Pu

tu I

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Dec

-10

20.1

2.20

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bec

Iron

Ore

Kam

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tuss

et (

"Ka

mi"

)

Feb

-11

12.4

1.5

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Jun-

105.

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Sp

ain

Au

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Jul-1

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Aug

-10

2.6

0.2

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ali

Au

Ka

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Oct

-10

6.7

0.8

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mb

ia &

P

ana

ma

Au

-Cu

La

Min

a (C

olu

mb

ia),

P

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za (

Pan

ama)

Dec

-10

5.5

0.75

Bra

zil

Au

Vol

ta G

rand

e

Jan

-11

3.5

1.6

0S

aska

tch

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3O

8C

ree

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st,

Wes

t M

cArt

hur,

Fo

nd

du

La

c

Dec

-09

9.0

0.40

Mex

ico

Au-

Ag

El O

ro

Sep

-10

68.4

5.7

0C

olo

mb

iaA

uB

urit

ica

, Be

rlin

Jun-

104.

50.

36A

rgen

tina,

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leC

u-A

u S

an

Jorg

e, C

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-10

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1.5

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nd

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one

(C

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ina

lt)

Jun

-09

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coA

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l A

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Jul-1

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hel

on

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am

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na,

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Oct

-10

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ario

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ole

Nov

-10

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Ariz

ona

Cu,

Au

, A

gO

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e R

idge

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per

Oct

-10

108

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Arg

en

tina

&

Me

xico

Au

-Ag-

Cu

-Zn

El Q

ueva

r (A

rgen

tina

),

Zac

ate

cas

(Me

xico

)

Feb

-11

10.0

3.2

7Y

uko

nA

uY

uko

n C

off

ee G

old

Dec

-10

5.0

0.70

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avut

U3O

8A

ngi

lak

Jun

-10

4.0

0.2

2N

eva

da,

Cal

iforn

ia,

Me

xico

Au

, Ag

Pin

e G

rove

, Oro

Cru

z, L

a B

ufa

Mai

n P

roje

ct

Las

t F

ina

nci

ng


Table 20: The 2010 Mineral Exploration Stock Watch List comparison table (continued)

Source: Dundee Capital Markets, Company Reports, Bloomberg, Thomson One

2/23

/11

YO

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2.4

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93

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109

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DS

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Ma

gma

Me

tals

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MW

T0.

750.

33

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61

84

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11 (see Figure 23) Table 21: Dundee's Mineral Exploration Stock Watch List: Where to Find Them at PDAC 20

Symbol Company Date & Time Location Event

AUR African Aura Mining Inc. Sunday-Wednesday Level 800 Booth 2924Level 800 Booth 2102

Tuesday, March 8: 2:20pm Room 801B Exchange ForumAGM Aldridge Minerals Inc. TBA TBA TBAAST Astur Gold Corp. Tuesday-Wednesday Level 800 Booth 2622AVZ Avala Resources Ltd. Sunday-Wednesday Level 800 Booth 3216AVK Avnel Gold Mining Ltd. TBA TBA TBABH

ADV Alderon Resource Corp. Sunday-Wednesday

V Bellhaven Copper & Gold Inc. TBA TBA TBABSX Belo Sun Mining Corp. Sunday-Wednesday Level 800 Booth 2441

Monday, March 7: 10:00am Room 801A Exchange ForumCVV CanAlaska Uranium Ltd. Sunday-Wednesday Level 800 Booth 2140CDG Candente Gold Corp. Sunday-Wednesday Level 800 Booth 3031CNL Continental Gold Ltd. Sunday-Wednesday Level 800 Booth 2105COP Coro Mining Corp. Sunday-Wednesday Level 800 Booth 2928DNA Dalradian Resources Inc. TBA TBA TBAEXN Excellon Resources Inc. Sunday-Wednesday Level 800 Booth 2107

Tuesday, March 8: 4:00pm Room 802AB Exchange ForumFDC Forum Uranium Corp. Sunday-Wednesday Level 800 Booth 2825GMC Geovic Mining Corp. Sunday-Wednesday Level 800 Booth 3037GCU Gold Canyon Resources Inc. Sunday-Wednesday Level 800 Booth 2831GHK Gold Hawk Resources Inc. TBA TBA TBAAUM Golden Minerals Co. TBA TBA TBAKAM Kaminak Gold Corp. Sunday, March 6: 10:00am-5:00pm Level 700 Core Shack: Session A

Monday, March 7: 9:00am-5:00pm Level 700 Core Shack: Session A

KIV Kivalliq Energy Corp. Sunday-Wednesday Level 800 Booth 2709LMG Lincoln Mining Corp. TBA TBA TBALYD Lydian International Ltd. Sunday-Wednesday Level 800 Booth 2328MMW Magma Metals Ltd. Sunday-Wednesday Level 800 Booth 3014

Wednesday, March 9: 11:20am Room 803AB Exchange ForumMBG Malbex Resources Inc. Sunday-Wednesday Level 800 Booth 3246MRO Millrock Resources Inc. TBA TBA TBAHML New Hana Copper Mining Ltd. TBA TBA TBAPDL North American Palladium Ltd. Sunday-Wednesday Level 800 Booth 2522

Wednesday, March 9: 11:00am Room 803AB Exchange ForumNFR Northern Freegold Resources Ltd. Sunday-Wednesday Level 800 Booth 2806PGD Peregrine Diamonds Ltd. Sunday-Wednesday Level 800 Booth 2304

Tuesday, March 8: 2:00pm Room 803AB Exchange ForumPXP Pitchstone Exploration Ltd. Sunday-Monday Level 800 Booth 2207PG Premier Gold Mines Ltd. Sunday, March 6: 10:00am-5:00pm Level 700 Core Shack: Session A


PEM Premium Exploration Inc. Tuesday, March 8: 9:00am-5:00pm Level 700 Core Shack: Session B

Wednesday, March 9: 9:00am-12:00pm Level 700 Core Shack: Session B

REG Regulus Resources Inc. Sunday-Wednesday Level 800 Booth 3103REN Renaissance Gold Inc. Tuesday-Wednesday Level 800 Booth 2612RVC Richfield Ventures Corp. TBA TBA TBARIC Richmont Mines Inc. Sunday-Wednesday Level 800 Booth 3345

Wednesday, March 9: 10:20am Room 801A Exchange ForumRVS Riverstone Resources Inc. TBA TBA TBARCR Rockcliff Resources Inc. TBA TBA TBARYG Ryan Gold Corp. TBA TBA TBASH Southern Hemisphere Mining Ltd. TBA TBA TBASAU St. Augustine Gold & Copper Ltd. TBA TBA TBAUGD Unigold Inc. Sunday-Wednesday Level 800 Booth 2352VGQ Virginia Mines Inc. Sunday-Wednesday Level 800 Booth 2640

Source: Prospectors and Developers Association of Canada


Table 22: Dundee's Mining Coverage List: Where to Find Them at PDAC 2011 (see Figure 23)


AMI-LSE African Minerals Ltd.

AEM Agnico-Eagle Mines Ltd. Sunday, March 6: 10:00am-5:00pm Level 700 Core Shack: Session A


AGI Alamos Gold Inc. Sunday-Wednesday Level 800 Booth 2722

Monday, March 7: 11:40am Room 801A Exchange Forum

ANV Allied Nevada Gold Corp. Sunday-Wednesday Level 800 Booth 3141

ORA Aura Minerals Inc. Sunday-Wednesday Level 800 Booth 2128

Monday, March 7: 11:00am Room 801A Exchange Forum

ARZ Aurizon Mines Ltd. Sunday-Wednesday Level 800 Booth 3137

Tuesday, March 8: 2:40pm Room 801A Exchange Forum

ABX Barrick Gold Corp. BKY-ASX Berkeley Resources Ltd.

CFI Canada Fluorspar Inc.

CRJ Claude Resources Inc. Sunday-Wednesday Level 800 Booth 3130


CSI Colossus Minerals Inc. Sunday-Wednesday Level 800 Booth 2850

Monday, March 7: 3:00pm Room 801A Exchange Forum

CLM Consolidated Thompson Iron Mines Ltd.

CMS Creston Moly Corp.

DPM Dundee Precious Metals Inc. Sunday-Wednesday Level 800 Booth 2649

Wednesday, March 9: 10:20am Room 801B Exchange Forum

ELD Eldorado Gold Corp. Sunday-Wednesday Level 800 Booth 2732

EFR Energy Fuels Inc. Sunday-Wednesday Level 800 Booth 3350

EGU European Goldfields Ltd.

FWM Far West Mining Ltd. Sunday-Wednesday Level 800 Booth 3107

Monday, March 7: 2:20pm Room 803AB Exchange Forum

FIS Fission Energy Corp. Sunday-Wednesday Level 800 Booth 2621

GAM Gammon Gold Inc. Monday, March 7: 4:40pm Room 801A Exchange Forum

G Goldcorp Inc. Sunday-Wednesday Level 800 Booth 2311

GPR Great Panther Silver Ltd.

HMG Hana Mining Ltd.

HAT Hathor Exploration Ltd. Sunday-Wednesday Level 800 Booth 3239

IMG IAMGOLD Corp. Sunday-Wednesday Level 800 Booth 2922

IMN Inmet Mining Corp.

IMZ International Minerals Corp. Sunday-Wednesday Level 800 Booth 3029

Tuesday, March 8: 2:20pm Room 802AB Exchange Forum

KGN Keegan Resources Inc. Tuesday, March 8: 9:00am-5:00pm Level 700 Core Shack: Session B

Wednesday, March 9: 9:00am-12:00pm Level 700 Core Shack: Session B

K Kinross Gold Corp. Sunday-Wednesday Level 800 Booth 2913

sday Level 800 Booth 2434


LAM Laramide Resources Ltd. Sunday-Wednesday Level 800 Booth 2150

MRL Mantra Resources limited

MNB Mirabela Nickel Ltd.

NOT Noront Resources Ltd. Sunday-Wednesday Level 800 Booth 2631

OSK Osisko Mining Corp. Sunday-Wednesday Level 800 Booth 3112

Tuesday, March 8: 10:40am Room 801A Exchange Forum


KGI Kirkland Lake Gold Inc. Sunday-Wedne


Figure 23) Table 22: Dundee's Mining Coverage List: Where to Find Them at PDAC 2011, continued (see


PDN Paladin Energy Ltd.

PGM

PRU

Peregrine Metals Ltd.

Perseus Mining Ltd.

PWE owertech Uranium Corp.

Inc.

:00pm

: 9:00am-12:00pm

uesday-Wednesday evel 800 ooth 2419

onday, March 7: 3:40pm oom 801A xchange Forum

:00pm

am-12:00pm

BB

uesday, March 8: 10:20am oom 803AB xchange Forum

unday-Wednesday evel 800 ooth 3042

: 10:40am rum

SC trateco Resources Inc.

Inc.


S

UU ranium One Inc.

Corp.

0pm rum


onday, March 7: 4:20pm oom 803AB xchange Forum

S : Pros rs Association of Canada

P

QMI Queenston Mining Sunday-Monday Level 800 Booth 2215

Tuesday, March 8: 11:40am Room 801A Exchange Forum

QRM Quest Rare Minerals Ltd. Sunday-Wednesday Level 800 Booth 3008

Tuesday, March 8: 9:00am-5 Level 700 Core Shack: Session B Core Shack:

Wednesday, March 9 Level 700 Session B

Tuesday, March 8: 10:00am Room 801B Exchange Forum

RN Rio Novo Gold Inc. T L B

M R E

RGT Rockgate Capital Corp.

RMX Rubicon Minerals Corp. Sunday-Wednesday Level 800 Booth 2908 Core Shack:

Tuesday, March 8: 9:00am-5 Level 700 Session B

Wednesday, March 9: 9:00

Sunday-Wednesday

Level 700 Core Shack: Session B

S Sabina Gold & Silver Corp.

Level 800 Booth 2750

T R E

SGR San Gold Corp. S L B

Wednesday, March 9 Room 801A Exchange Fo

R S Sunday-Wednesday Level 800 Booth 2539

TXG Torex Gold Resources

UEX UEX Corp.

URZ Uranerz Energy Corp. S L B

UEC-U Uranium Energy Corp.

U U

U Uranium Participation

URE Ur-Energy Inc. Sunday-Wednesday Level 800 Booth 3125

Monday, March 7: 4:4 Room 801B Exchange Fo

WRN Western Copper Corp. S L B

M R E

YRI Yamana Gold Inc. Sunday-Wednesday Level 800 Booth 2125

ource pectors and Develope


h Building Figure 23: Map to Dundee's Mineral Exploration Watch List and Coverage List - Exhibit Halls F & G, Sout

CSI

DPM

FIS

HAT

IMZ

NOT

QRM

SGR

URZ

AST

A

CDG

GMC

U

MMW

MBG

N

REN

VGQ

KGI

QMI

RN

VZ

BSX

FDC

GC

FRPXP

CSI

DPM

FIS

IMZ

NOT

QRM

SGR

URZ

AST

A

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GMC

U

MMW

MBG

N

REN

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HAT

KGI

QMI

RN

VZ

BSX

FDC

GC

FRPXP


continued) Figure 23: Map to Dundee's Mineral Exploration Watch List and Coverage List Exhibit Halls F & G, South Building (

AGI

ANV

ORA

ARZ

CRJ

ELD

EFR

FWM

G

IMG

K

LAM

OSK

RMX

SBB

RSC

URE

WRN

YRI AUR

ADV

CVV

CNL

COP

EXN

KIV

LYD

PDL

PGD

REG

RIC

UGD

AGI

ANV

ORA

ARZ

CRJ

ELD

EFR

FWM

G

IMG

K

LAM

OSK

RMX

SBB

RSC

URE

WRN

YRI AUR

ADV

CVV

CNL

COP

EXN

KIV

LYD

PDL

PGD

REG

RIC

UGD



Figure 23: Map to Dundee's Mineral Exploration Watch List and Coverage List - Exhibit Halls D & E, South Building



Paul Burchell Vice President, Senior Analyst, Mining Telephone: (416) 350-3499 Email: [email protected] Paul’s background includes over 20 years of domestic and international experience as an exploration geologist and regional exploration manager. He was employed for 15 years with Placer Dome where he was responsible for exploration activities and advanced-stage feasibility studies in both Canada and Chile. Paul entered the financial community with First Associates (FA) in 2000 as a Research Associate, followed by a year at Credit Suisse First Boston. He returned briefly to the mining industry as a consulting geologist in Romania before rejoining FA as a Mining Analyst in 2002. RBC Capital Markets came calling in 2003, and after a couple of years following the small cap precious metal sector for the bank, Paul joined Dundee Securities in January 2005 as Mining Analyst covering small-to mid-cap precious metal companies. He rejoined Dundee in mid-2008 following a one-year medical hiatus, and subsequently assumed coverage of the large cap gold producers.

Rod Cooper, P.Eng., MBA Vice President, Senior Analyst, Mining Telephone: (416) 350-5045 Email: [email protected] Rod Cooper is a professional mining engineer with nearly 30 years of varied international experience in corporate development, engineering and operations. Prior to joining Dundee Securities as Senior Analyst in the base metals and iron ore areas in November 2009, he was Chief Operating Officer for Baffinland Iron Mines, the owner of the Mary River project in Canada's arctic region. Prior to Baffinland, Rod was Vice President Technical Services for Kinross Gold Corporation. He has also worked for Homestake Canada, Echo Bay Mines, Inco Metals and the TD Bank. He graduated with a degree in Mining Engineering (Honours) from Queen's University in 1980, and with a Masters Degree in Business Administration from the University of Toronto in 1984.

Ron Stewart, P.Geo. Vice President, Senior Analyst, Mining Telephone: (416) 350-3231 Email: [email protected] Ron Stewart has approximately 25 years experience in the mining industry. He spent 17 years with Placer Dome working both in Canada and on international postings, including two years managing the company's investor relations department. From 2002 to 2007, Ron was the Senior Vice President of Exploration for Kinross Gold Corporation, managing the company's global exploration effort. In mid 2007, Ron left Kinross to assume the President & CEO position Verena Minerals Corp., a junior exploration company focused on exploration and development in Brazil. Ron joined Dundee as a Senior Gold Analyst in September 2008.

David A. Talbot Vice President, Senior Analyst, Mining Telephone: (416) 350-3082 Email: [email protected] Senior Mining Analyst David Talbot worked for nine years as a geologist in the gold exploration industry in Northern Ontario. His field experience included three years with Placer Dome and six years managing projects for Franco-Nevada Corp. and its successor, Newmont Capital. David joined Dundee's research department in May 2003 and in the summer of 2007, he took over the role of analyzing the fast-growing uranium sector. David is a member of the Prospectors and Developers Association of Canada, the Society of Economic Geologists and graduated with distinction from the University of Western Ontario, with an Honours B.Sc. degree in geology.

DUNDEE'S MINING RESEARCH TEAM


elephone: (416) 840-7916 Email: [email protected]

aster's degree in Geology from the University of Toronto. Prior to joining Dundee, Vishal worked onsulting Geologist with Noront Resources, Northern Gold Mining and

ntered the financial community with Desjardins Securities as a Mining Research e Finance at Cormark Securities. Vishal joined Dundee Securities in

ine planning & design, production optimization and feasibility studies. He holds a Master’s degree (Mineral Economics) in Mining Engineering from McGill University.

3414

Chartered Accountant with assurance experience in areas ranging from alternative or to joining Dundee Securities as Associate in base metals in

50-3314

July 2007 as a Research Associate in the Aerospace and Industrial ree companies as an analyst before switching into the mining group at

Vishal Gupta, M.Sc. Analyst, Mining T

Vishal holds a Min the resource exploration industry as a CNuinsco Resources. Vishal eAssociate, followed by a brief stay in CorporatJanuary 2011 as a Mining Analyst covering the Mineral Exploration Watch List companies.

Harish K. Srinivasa, M.Eng Analyst, Mining Telephone: (416) 350-3345 Email: [email protected] Harish, a Mining Engineer, joined Dundee Securities in March 2006 as a Research Associate for the gold & precious metals group. Prior to joining our team, he worked for an international consulting firm’s Sudbury branch. His previous experience includes working on m

Joseph Fazzini, CA Research Associate, MiningTelephone: (647) 428-8248 Email: [email protected] Joe is a Canadian Chartered Accountant with experience in the audit of small-to-mid cap gold and base metal mining companies. Prior to joining Dundee Securities in 2009, Joe articled at PricewaterhouseCoopers LLP in Toronto and obtained his CA designation in 2009. He holds a Bachelor of Commerce degree, majoring in economics and finance, from the University of Toronto.

Darcy Donelle, CA Research Associate, Mining Telephone: (416) 350-Email: [email protected] Donelle is a Canadian investments to owner managed businesses. PriFebruary 2010, he was a Senior Associate at PricewaterhouseCoopers Bermuda performing assurance engagements for a portfolio of clients including private equity funds, corporate pension plans, and funds of hedge funds. Darcy articled with Grant Thornton LLP in Moncton, New Brunswick. He holds a Bachelor of Arts degree, double major (economics/political science), from the University of New Brunswick in 2003.

Mansur Khan, MBA Research Associate, Mining Telephone: (416) 3Email: [email protected]

Securities inMansur Khan joined DundeeProducts sectors. He had also covered thDundee. Prior to Dundee, Mansur worked for a number of years at a private mid-sized design engineering and manufacturing company on various information systems/operations projects. Mansur holds an MBA from the Rotman School of Management, University of Toronto and a B.Comm. from Ryerson University (with a focus on information systems development).

EXPLORATION & MINING COMPANY PROFILES

African Aura Mining Inc. (AUR)................................................................................................ 48

Alderon Resource Corp. (ADV)................................................................................................ 50

Aldridge Minerals Inc. (AGM)...................................................................................................52

Astur Gold Corp. (AST)............................................................................................................ 54

Avala Resources Ltd. (AVZ) .................................................................................................... 56

Avnel Gold Mining Ltd. (AVK) .................................................................................................. 58

Bellhaven Copper & Gold Inc. (BHV)....................................................................................... 60

Belo Sun Mining Corp. (BSX) .................................................................................................. 62

CanAlaska Uranium Ltd. (CVV) ............................................................................................... 64

Candente Gold Corp. (CDG).................................................................................................... 66

Continental Gold Ltd. (CNL)..................................................................................................... 68

Coro Mining Corp. (COP)......................................................................................................... 70

Dalradian Resources Inc. (DNA).............................................................................................. 72

Excellon Resources Inc. (EXN)................................................................................................ 74

Forum Uranium Corp. (FDC) ................................................................................................... 76

Geovic Mining Corp. (GMC)..................................................................................................... 80

Gold Canyon Resources Inc. (GCU)........................................................................................ 82

Gold Hawk Resources Inc. (GHK) ........................................................................................... 84

Golden Minerals Company (AUM) ........................................................................................... 86

Kaminak Gold Corp. (KAM) ..................................................................................................... 88

Kivalliq Energy Corp. (KIV) ...................................................................................................... 90

Lincoln Mining Corp. (LMG) .....................................................................................................92

Lydian International Ltd. (LYD) ................................................................................................94

Magma Metals Ltd. (MMW)...................................................................................................... 96

Malbex Resources Inc. (MBG)................................................................................................. 98

Millrock Resources Inc. (MRO) .............................................................................................. 100

New Hana Copper Mining Ltd. (HML).................................................................................... 102

North American Palladium Ltd. (PDL).................................................................................... 104

Northern Freegold Resources Ltd. (NFR).............................................................................. 106

Peregrine Diamonds Ltd. (PGD) ............................................................................................ 108

Pitchstone Exploration Ltd. (PXP).......................................................................................... 110

Premier Gold Mines Ltd. (PG)................................................................................................ 112

Premium Exploration Inc. (PEM)............................................................................................ 114

Regulus Resources Inc. (REG).............................................................................................. 116

Renaissance Gold Inc. (REN)................................................................................................ 118

Richfield Ventures Corp. (RVC) ............................................................................................. 120

Richmont Mines Inc. (RIC)..................................................................................................... 122

Riverstone Resources Inc. (RVS) .......................................................................................... 124

Rockcliff Resources Inc. (RCR) ............................................................................................. 126

Ryan Gold Corp. (RYG) ......................................................................................................... 128

Southern Hemisphere Mining Ltd. (SH) ................................................................................. 130

St. Augustine Gold and Copper Ltd. (SAU) ........................................................................... 132

Unigold Inc. (UGD)................................................................................................................. 134

Virginia Mines Inc. (VGQ) ......................................................................................................136


African Aura Mining (AUR-TSXV) Rating

12-Month Target Price

BUY, Venture Risk

N/A

Background

• African Aura is an exploration and development company focused on iron ore and gold projects in West Africa. It is currently in the process of spinning out its gold assets and related liabilities into a new company to be called Aureus Mining.

• The company’s key iron ore asset is the 38.5% owned (61.5% owned by Severstal) Putu haematite/magnetite project in south-eastern Liberia. The project has an inferred resource of 2.4 billion tonnes Fe. The wholly-owned Nkout project in Cameroon is still early stage, but the company recently completed its maiden resource estimate of over 1 billion tonnes of iron ore with a target of 4 billion tonnes at Nkout and surrounding anomalies.

Management

• Luis da Silva, President & CEO – Mr. Silva is a mining engineer with extensive experience in an operational, technical and corporate capacity having previously worked with the multinationals Lafarge S.A. and Blue Circle Industries Plc as well as Stevin Rock, formerly of the Dragomar Group.

• David Netherway, Chairman – Mr. Netherway is a mining engineer with over 30 years of experience in the mining industry. He was until the recent takeover by Gryphon Mineral, the CEO of Shield Mining Limited, an Australian listed company exploring for gold and base metals in Mauritania. Prior to this, he served as the CEO of Afcan Mining Corporation, a China focussed gold mining company which was successfully taken over by Eldorado Gold. He is also a former director of Orezone Resources.

Financial

• As of September 30, 2010 African Aura reported cash and cash equivalents of US$10.0 million. The company, pursuant to the terms of its agreement with Severstal Resources, received US$4.2 million in October 2010. Subsequently, it also closed a US$32.0 million private placement in November 2010.

Operations / Exploration

• Putu iron ore project consists of two prominent ridges, namely Mt. Jideh and Mt. Ghi. Mt. Jideh is the priority target and has strike length of approximately 12-13km based on mapping, surface sampling and magnetic data. The company signed certain financing and development agreements with Severstal in December 2008 pursuant to which Severstal agreed to pay a total consideration of US$12.5 million. A pre-feasibility study was commenced in early 2010 and is scheduled to be completed in 2012.

• African Aura also owns a 100% interest in the Nkout iron ore project and surrounding targets which is subject to a resource expansion drilling programme. In April 2010, the company completed a 14,000 line km high resolution airborne geophysical survey which defined a major geophysical anomaly covering atleast 8 km of strike length over the Nkout project. In February 2011, the company announced its maiden inferred mineral resource estimate for Nkout of 1.04 billion tonnes at 34% Fe.

• Currently in the process of spinning out its gold assets into a new company to be called Aureus Mining. The key asset is the 100% owned New Liberty gold project situated 90km north-west of the city of Monrovia. The company recently published the PEA for New Liberty which highlighted potential for robust open pit gold mine with initial 8.5 years mine life. LOM annual average Au production of 93k oz and pre-tax NPV10% of US$234 MM. Definitive feasibility study is underway and on track for completion in Q4 2011. David Reading, former CEO of European Goldfields has been named the CEO of Aureus.

Company News

• In February 2011, the company announced an updated resource estimate for the Putu project that more than doubled the inferred resources to 2.4 billion tonnes at 34% Fe.

• In November 2010, the company announced that it is in the process of spinning out its gold assets into a new company to be called Aureus Mining.

Source: Thomson One


AFRICAN AURA MINING AUR-TSXV 4.00C$

Rating Buy Target N/A Shares O/S (MM) 85.9 Risk Venture Float (MM) 83.5

Fully Diluted Shares (MM) 93.9 12-Month Return N/A Close 4.00C$ Basic Mkt. Capitalization ($MM) 343.4C$

All figures in US$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSLuis da Silva President and CEO, DirectorDavid Netherway ChairmanBevan John Metcalf CFO

www.african-aura.com +44 (0) 20 7257 2930CAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money C$MMShares Outstanding 85.9Options 2011 $1.84 0.3 0.3 0.6

2012 $1.84 0.1 0.1 0.22013 $1.66 1.2 1.2 2.02014 $0.80 0.7 0.7 0.52015 $1.24 3.2 3.2 4.02016 $2.75 2.3 2.3 6.32017 $2.20 0.2 0.2 0.4

Warrants na na na na naFully Diluted Shares 93.9 8.0 14.1

OWNERSHIP (est.) Basic %* As reported by Thomson-ONEInsiders 2.4 3%JP Morgan 6.8 8%Banque Benedict Hentsch 1.5 2%

BALANCE SHEET Sep-10Year-end December (US$MM)Assets Cash and Equivalents $10.0 Other current assets 4.6 Current Assets 14.6 PP&E 1.4 Other Assets 49.2 Total Assets $65.3

Liabilities Current liabilities $5.7 Long-term debt - Other - Shareholders equity 59.6 Total Liabilities and Equity $65.3

PROJECTED BURN RATE (estimated) ($MM) Year-end 2010 cash balance $42.8 Exploration Expenditures (est.) (10.9) General and Admin Expense (est.) (2.4) Warrant exercise - Project Financing - Capital Expenditures - Year-end 2011 cash balance estimate $29.4

LAST FINANCING Date Nov-10 Type Private Placement

Shares MM 13.5 Price US$ 2.36 Gross Proceeds US$MM 31.9

Reserves & Resources Iront (MM) (%) t (MM)

Putu (38.5%) Inf. 2374.0 34.1 809.5Nkout (100%) Inf. 1039.1 34.2 355.4Total Inf. 3413.1 34.1 1164.9

38.5%Stage:

Deposit:

Geology:

Previous:

Current:

100.0%Stage:

Deposit:

Geology:

Previous:

Current:

To be spun off into Aureus miningStage:

Deposit:

Current:

In February 2011, the company announced maiden inferred resource estimate of 1.04 billion tonnes at 34% Fe. Estimate covers a 3km section of a 20km long magnetic anomaly. The Nkout Centre model is open at depth and the company estimates that there is potential to increase the mineral resource by targeting material that falls below the optimised pit shell but remains potentially economic.2011 drilling program is currently underway and expected to total 25,000m. Subsequently, the company has also undertaken metallurgical test work on a composite sample of saprolite ore from the Nkout Centre project. Initial results on the oxidized BIF have shown sinter fines potential.

Resource delineation

Haematite/Magnetite bearing banded iron formation

Archive airborne magnetic data indicates a 10km long, domain change dipole interpreted as an area of highly magnetic rocks likely to host banded iron formation (BIF) targets in an Archaean setting.Nkout Centre, being a 3.5km portion of a larger 20km strike length magnetic anomaly, forms an east-west trending magnetite banded iron formation with an oxidized cap of dominantly haematite mineralisation.

African Aura has three principal early stage iron ore projects in Cameroon, namely Nkout, the adjacent Ngoa and the more distant Akon Hills. The company completed a 14,000 line km high resolution airborne geophysical survey across these licences in April 2010. The results defined a major geophysical anomaly covering at least 8km of strike length over the Nkout project. The data suggests the presence of an east-west striking antiform with two limbs approximately 100m thick and magnetic susceptibilities of around 2.0, which is considered consistent for a prospective banded iron formation. A further 12km of targets were generated around Nkout which are considered to be moderately magnetic.Phase one of the drilling programme at Nkout for 10 holes and covering 4,200m started at the end of July and was designed to provide a maiden inferred resource covering the first 30% of the primary 8km long target.

New Liberty Gold Mine, LiberiaPreliminary economic assessment (PEA)

Greenstone-hosted lode gold mineralization

Currently in the process of being spun off into a new company to be called Aureus Mining. In February 2011, the company announced the PEA results for the New Liberty mine. The study highlights potential for robust open pit gold mine with strong economics. Estimated mine life is 8.5 years with annual average Au production of 93k oz at cash costs of US$484/oz. The project has a pre-tax NPV10% of US$234 MM and IRR of 73%.

MAIN PROPERTIESPutu Iron Ore Project, Liberia

In February 2011, the company announced an updated mineral resource estimate which more than doubled the iron ore resource to 2.4 billion tonnes.The pre-feasibility drilling is ahead of schedule with the remaining 40,000m of drilling, to be completed in 2011 with the objective of delivering an indicated resource estimate in the second half of 2011. The pre-feasibility study is scheduled for completion in 2012.

Nkout Iron Ore Project, Cameroon

Resource delineation

Haematite/Magnetite deposit with potential strike of 12km

The rocks of the Putu range are Precambrian in age. The main economic focus of the Putu range is an itabirite that runs along a central strip of Jideh Mountain. The itabirite is exposed as sporadic outcrops that exhibit steep to vertical dips with a general, but non-consistent north east strike. The itabirite can be traced along the majority of Jideh Mountain.Putu can be divided into two main areas, Montroh and Jideh. Both areas are comprised of magnetite Banded Iron Formation (BIF) with oxidized caps of dominantly haematite mineralization.

Putu is located in the centre of a 425 sq km exploration licence in Grand Gedeh County of eastern Liberia. The project consists of two prominent ridges, namely Mt. Jideh (with the Mt. Montroh extension) and Mt. Ghi. Mt Jideh is the priority target and has a strike length of approximately 12-13km based on mapping, surface sampling and airborne magnetic data.The company signed certain financing and development agreements with Severstal on May 22, 2008 and subsequently completed the transaction on December 10, 2008. On completion Severstal agreed to pay the Company a total consideration of $12.5 million for a 25% share in African Iron Ore Group (renamed Severstal Liberia Iron Ore Ltd. – “SLIO”) effectively valuing the project at $50 million. Severstal paid the Company $8.3 million in December 2008, with the balance of $4.2 million being deferred until December 2010.On August 3, 2009 the company announced an inferred mineral resource of 1.08 billion tonnes of iron ore mineralisation at a grade of 37.6% Fe. The resource estimate was prepared under the guidelines of NI 43-101 and covered less than one quarter of the 13 km strike of the Putu project. In 2010, African Aura and Severstal have continued their exploration and development activities on the Putu project. Up to the end of September 2010, 17,561m had been drilled at a cost of approximately US$24 million.

Source: Company Reports, Dundee Securities Corp, Thomson One, Bloomberg


Source: Thomson One

Alderon Resource Corp. (ADV-V) Rating


BUY, Venture Risk

N/A

Background

• Alderon Resource Corp. is an exploration and development company with the flagship Kamistiatusset (“Kami”) Project situated next to the mining towns of Wabush, Labrador City and Fermont in Western Labrador, Canada. The Company’s common shares trade on the TSX Venture Exchange. The Company recently acquired 100% ownership of the Kami project from Altius Resources in Q4 2010 in return for C$5 million in exploration expenditure on the deposit and 31.8 million company shares.

Management

• Mark Morabito – President and Chief Executive Officer – Mr. Morabito has over 15 years of experience in public markets in capital raising and corporate development activities with a focus on junior mining and small business venture capital.

• Stan Bharti – Executive Chaiman – Mr. Bharti has over 25 years of experience in business, management and financing. Mr. Bharti was recently involved in acquiring, restructuring and financing public companies. Over the last 5 years, Mr. Bharti has helped raised over $2 billion in public markets. He has held numerous positions (including CEO) with Consolidated Thompson Iron Mines Ltd from 2005 to 2009.

• Matt Simpson – Chief Operating Officer – Mr. Simpson more recently acted as Mine General Manager at the Carol Lake Iron Ore Deposit in Labrador. In the past 8 years, he has worked for the Iron Ore Company of Canada.

Financial

• We estimate the company closed out 2010 with approximately $24 million in cash reserves. Alderon’s latest financing was completed on December 16, 2010 whereby the Company raised $20.1 million through a bought deal private placement.


• Kami Iron Ore Project is the Company’s main project. It is situated next to the mining towns of Wabush, Labrador City and Fermont. The property consists of 191 claims in Labrador as well as 5 Quebec Mining Title totaling 4,775 hectares.

• In 2010, Alderon carried out a $7.5 million drill program designed to delineate 400-500 million tonnes grading between 28-34% Fe in the inferred and indicated categories. The program commenced on June 1, 2010 and consisted of 25,000 meters of drilling in 25 delineation holes and 20 exploration holes. The program also provided for metallurgical testing, ground geophysical surveys, a resource estimate, a scoping study, and limited local infrastructure.

Company News

• The Company is on-track to complete an initial resource estimate of 400-500 million tonnes for Kami at an average grade of 28%-32% Fe by the end of Q1 2011.

• Management plans to complete an updated resource estimate of 600-800 million tonnes for the project at a similar average grade by the end of Q2 2011.

• In February 2011, the Company released drill results with significant intersected mineralization. Highlight results include a 608m intersection grading 29% Fe.


ALDERON RESOURCE CORP. ADV - TSXV 3.63C$

Rating BUY Target N/A Shares O/S (MM) 73.2 Risk Venture Float (MM) 63.1


All figures in C$, unless stated otherwise MAIN PROPERTIESMANAGEMENT & COMPANY CONTACTSMark Morabito President & Chief Executive Officer Kamistiatusset (Kami) 100%Stan Bharti Executive ChairmanMatt Simpson Chief Operating Officer

Stage: Resource Delineationwww.alderonmining.com 604-681-8030CAPITAL STRUCTURE Strike Basic In-the- Proceeds Deposit: Lake Superior-type Banded Iron Formation

C$ (MM) Money $MMShares Outstanding 73.2 Geology: Kami is located in the highly metamorphosed and deformed Options 2013 $3.09 5.95 4.45 12.86 metasedimentary sequence Knob Lake Group of the Grenville Province,

2015 $1.49 2.0 1.7 2.6 Gagnon terrane of the Labrador Trough ("Trough"), next to and underlain by Archean basement gneiss (Grenville Front). The Trough extends for greater

Warrants 2012 $2.80 9.2 9.2 25.8 than 1,000 km along the eastern margin of the Superior Craton from UngavaBay to Lake Pletipi, Québec. The belt is approximately 100km wide in itscentral part and narrows substantially to the north and south. The Trough

Fully Diluted Shares 90.3 15.3 41.2 is comprised of a sequence of Proterozoic sedimentary rocks, includingiron formation, volcanic rocks and mafic intrusion. The high-grade

OWNERSHIP (est.) Basic % metamorphism of the Grenville Province is responsible for recrystallization* As reported by Bloomberg of both iron oxides and silica in primary iron formation, producing coarse-Insiders 10.1 14% grained sugary quartz, magnetite, and specular hematite schist or gneiss Altius Minerals Corp. 32.6 45% that are of improved quality for concentration and processing.

BALANCE SHEET Sep-10 Mineralization: Oxide Facies Iron Formation - oxide iron formation ("OIF") consistsYear-end December ($MM) mainly of semi-massive bands, or layers, and disseminations of magnetiteAssets and/or specular hematite in recrystallized chert and interlayered with bands Cash and Equivalents $9.8 of chert with minor carbonate and iron silicates. Typical of the Wabush Other current assets 1.0 area oxide formation, it is overlain, and underlain respectively by an Upper Current Assets 10.8 Iron Formation (UIF) sequence and a Lower Iron Formation (LIF) sequence. PP&E 16.3 Other Assets - Previous: The earliest geological record in the southern extension of the Labrador Total Assets $27.1 Trough within the Grenville Province was by prospectors who were

Liabilities searching for gold in 1914. The metamorphosed iron formation located near Current liabilities $1.1 Wabush Lake was initially recognized by Dr. J.E. Gill in 1933. Long-term debt - Other 3.0 In the 1970s, airborne surveys were carried out, and in 1978, LM&E carried Shareholders equity 23.0 out a lake bottom sediment geochemical program. The following year, a Total Liabilities and Equity $27.1 limited ground magnetic survey was carried out in the Mills Lake area as

well as the completion of one hole in the Elfie Lake area. In 1985, LM&E PROJECTED BURN RATE (estimated) ($MM) carried out limited field work in the north part of the Altius ground. Year-end 2010 cash balance $24.0 Exploration Expenditures (est.) (15.0) In 2001, IOCC carried out an airborne geophysical survey of the Altius General and Admin Expense (est.) (2.5) claim. Although SRK flagged this as a high priority area, no follow-up Warrant exercise - work is recorded. Project Financing 14.0 Capital Expenditures - Reconnaissance mapping was carried out by Altius in 2006 and 2007 as Year-end 2011 cash balance estimate $20.5 well as an airborne geophysical survey in 2007. In 2008, work entailed

involved the acquisition of satellite imagery, line cutting, 69.8 km of groundLAST FINANCING magnetic and gravity surveys, and 6,130 m of diamond drilling in 27 holes. Date Dec-10 Type Bought Deal Private Placement Current: The Company is on-track to complete an initial resource estimate at Kami by Shares MM 9.1 Q1-end. Management is targeting 400-500 million tonnes at 28%-32% Fe. Price C$ 2.20 The Company plans a further increase in resource to 600-800 million tonne Gross Proceeds C$MM 20.1 by Q2-end. Latest drill results include a 608m intercept grading 29% Fe. Warrants 9.1M @$2.80, 24 months

Future Plans Scoping study concepts: - Capital Expenditures: C$500-600Million- Operating Costs: C$30-34/tonne concentrate- Mass Recovery: approximately 40%- Production: 8 million tpa Fe concentrate @ >66% Fe (pellet feed)- Life of Mine: 21 years.

* Alderon acquired 100% of Kami from Altius Resources Inc. in Q4 2010 through expenditures of C$5 million on Kami and by issuing 31.8 million shares to Altius. Altius also retains a 3% grossproceeds royalty on the asset.

Source: Company Reports, Dundee Securities, Thomson One, Bloomberg


Aldridge Minerals Inc. (AGM-TSXV) Rating


BUY, Venture Risk

N/A

Background

• Aldridge is a Canadian based precious and base metals exploration company focused on its Yenipazar Au-Ag-Cu-Pb-Zn project in Turkey. The company has an option to earn 100% of the project from Anatolia Minerals.

Management

• Jacob Willoughby – President & Director – Mr. Willoughby is a geologist with an MBA from the University of Windsor. In addition to sitting on the board of Aldridge Minerals, he also sits on the board of Foxpoint Capital Corp, which is currently merging with a private Colombian gold company. Prior to joining Aldridge Minerals, he was a partner and mining analyst at Paradigm Capital in Toronto, an investment firm with a specialization in mining finance where he worked for five years until he decided to leave in March 2009.

• Dr. Martin Oczlon – CEO & Director – Dr. Oczlon spent seven years during the 1990’s with BHP as senior exploration geologist in SW Asia and SE Europe. He drilled the discovery holes for the Reqo Diq Cu-Au porphyries in Pakistan, now with 21 Mt Cu + 37 Moz Au. From 1999-2002, he developed a private exploration company with a large project in Romania and sold it at a 200% profit.

Financial

• Aldridge reported a cash balance of $1.0 million as at January 14, 2011 with an additional $0.8 million to be received in January. In February 2011, the company closed a $12.4 million bought deal financing.


• Aldridge’s flagship project is the Yenipazar project in Turkey. Turkey is known to be generally a mine friendly and politically stable jurisdiction. It also has good potential for large open pit deposits such as Eldorado’s Kisladag mine and Anatolia’s Copler mine.

• In December 2010, the company released the results of a preliminary scoping study. Highlights include: a pre-tax NPV7% of US$209 million and IRR of 23.2%. Development and sustaining capex is estimated to be US$198 million and US$45 million respectively. The company will average annual payable LOM production of 23,700 oz Au; 1.1 million oz Ag; 9.7 million lbs Cu; 36.8 million lbs Pb and 36.5 million lbs Zn over a 12 year mine life.

• The company also has a Cu-Au exploration project in Papau New Guinea. The project consists of a 450 sq km license where a very large Cu-Au porphyry and skarn system. Sampling results have been impressive and the company notes that it has already received three requests from majors to JV the project, even before any results were published

Company News

• After closing a $12.4 million financing in February 2011, Aldridge should have sufficient cash to complete the feasibility study and conduct significant exploration at Yenipazar.

• The company has initiated the process to graduate to a TSX listing.

Source: Thomson One


ALDRIDGE MINERALS INC. AGM-TSXV 1.39C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSJacob Willoughby President & DirectorMartin Oczlon CEO & DirectorJean-Pierre Colin Chairman

http://www.aldridge.com.tr 416-815-0700 ext 267CAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money $MMShares Outstanding 37.0Options 2011 $2.01 0.4 0.0 0.0

2012 $2.71 0.3 0.0 0.02013 $2.24 0.7 0.0 0.02014 $1.40 1.1 0.0 0.02015 $0.91 0.9 0.9 0.8

Warrants Oct-11 $1.50 0.8 0.0 0.0Jan-12 $1.50 5.1 0.0 0.0Feb-13 $1.50 4.7 0.0 0.0

Fully Diluted Shares 51.0 0.9 0.8OWNERSHIP (est.) Basic %* As reported by Thomson-ONEInsiders 2.8 8%U.S. Global Investors 1.3 4%

BALANCE SHEET Aug-10Year-end November ($MM)Assets Cash and Equivalents $2.6 Other current assets 0.2 Current Assets 2.9 PP&E 0.1 Other Assets 14.9 Total Assets $17.9Liabilities Current liabilities $0.4 Long-term debt - Other 1.1 Shareholders equity 16.4 Total Liabilities and Equity $17.9

PROJECTED BURN RATE (estimated) ($MM) December 2010 cash balance $1.8 Work Program (est.) (8.0) General and Admin Expense (est.) (2.6) Warrant exercise - Project Financing 12.4 Capital Expenditures - Year-end 2011 cash balance estimate $3.6

LAST FINANCING Date Feb-11 Type Bought Deal

Units MM 8.3 Price C$ 1.50 Gross Proceeds C$MM 12.4

Warrants 4.7 MM* @ $1.50 for 24 months* includes 0.6 MM broker warrants

Reserves & ResourcesAu Ag Cu Pb Zn

MM oz MM oz MM lb MM lb MM lbInd. 0.9 26.4 176.7 618.4 811.6Inf. 0.1 2.3 20.1 47.1 60.9Total 1.0 28.7 196.8 665.5 872.6

Option to Earn 100%Stage:

Deposit:

Geology:

Previous:

Current:

MAIN PROPERTIES

Yenipazar Au-Ag-Cu-Pb-Zn Project, Turkey

In early 2011, the company close a $12.4 million financing. The company should now be fully financed to bring Yenipazar to the feasibility stage.

The base case results of the PEA used only results of one locked cycle flotation test. The company also believes that with further diamond drilling, resources should increase. Management is focusing on these aspects of the PEA and believes that it can significantly improve the base case NPV of the project.

Pre feasibility

Volcanogenic massive sulphide (VMS)

The Yenipazar deposit has a poly-metallic resource and is located within the Pontide Copper Belt. The geological structure was created in a Late Cretaceous subduction of Thethys Ocean under the margins of the central Anatolian micro-continent.

In 2004, Aldridge signed an earn in agreement with Anatolia for its 100% owned Yenipazar property. The agreement, which was amended in 2006, stipulates that Aldridge can earn a 100% interset in the property by spending US$6 million on the project within 6 years and US$950,000 to Anatolia over a 6 year period. The terms also stipulate that Aldridge must pay 6% net proceeds interest (NPI; or revenue minus operational costs) until revenues of US$165 million are yielded. Thereafter, the NPI is increased to 10%.

In December 2010, the company released results of a preliminary economic assessment (PEA) on the Yenipazar Project. The resulting economics were deemed to be robust enough to advance the project to a feasibility stage. The project assumes an open-pit mine with a throughput of 5,700 tpd. Project payback is estimated to be 3.9 years and LOM NSR of US$57.27/t and a LOM average operating cost of US$29.65/t. Yenipazar ore has only trace amounts of arsenic (0.0025%) and cadmium (0.005%), in contrast to other VMS-deposits; this is a significant economic advantage. At current prices, management estimates the in-situ value of the metals of Yenipazar to beaprroximately US$4.4 billion.



Astur Gold Corp (AST-TSXV) Rating


BUY, Venture Risk

N/A

Background

• Astur Gold is engaged in the acquisition, exploration, development and operation of precious metal assets in Western Europe. Astur Gold's primary focus is the recently acquired advanced gold exploration project Salave located in the Province of Asturias, Spain with a current 43-101 compliant mineral resource estimate of approximately 2.0 million oz Au.

• The Salave deposit is situated at the bottom of an old Roman open pit, actively mined 2000 years ago. The amount of gold extracted by the Romans was estimated at 6.2 million oz through 2-3 centuries of operation.

Management

• Cary Pinkowski – CEO & Director - Mr. Pinkowski has over 20 years experience in mining, mining finance and natural resource industries. He has been successful working with legislative and administrative authorities in Europe and Asia. He founded Entrée Gold, and acquired the Lookout Hill property; one of the highest grade Au, Cu porphyries ever discovered. Mr. Pinkowski is also the Chairman of CP Capital Group.

• Emilio Hormaeche – President & Director – Mr. Hormaeche’s career includes direct experience with mining and ore dressing from property acquisition to full production and all the intermediate steps, for base metals to gold and industrial minerals. He was Project Manager for the entire Tasiast mining complex in Mauritania for Red Back Mining with an US$80 million budget. He was Project Manager for Aguablanca in Spain from permitting through production. Emilio was involved with almost every mine development project in Spain over the last 20 years. He maintains excellent relations with local mining and environmental authorities.

Financial

• Astur reported a cash position of approximately $3.1 million as of February 2, 2011.


• The Salave gold deposit, includes five Mineral Concessions covering a total area of 433 ha. Access to the Salave property is by paved roads from Oviedo, the Capital of Asturias, northwestern Spain. Logistical support, in terms of power and telephone lines, is available at Tapia, which is linked to the Asturias Power grid. Water is available from wells near the property and from the Porcia River east of the property. Infrastructure for mining equipment and personnel are available at Rio Narcea's El Valle gold mine, some 100 km east of Tapia. A high voltage power line and a rail line transect the property, and shipping facilities are available at the port of Ribadeo, some 10 km west of Tapia, within the Province of Galicia.

• The company released the results of a preliminary economic assessment on the Salave property in February 2011. The Study examines three different mining scenarios. An open-pit only scenario, an underground only scenario, and a combined open-pit and underground scenario. In addition, the Study combines the mining scenarios with two processing options: a Bio Oxidation scenario and a Pressure Oxidation scenario. Highlights include: a pre-tax NPV ranging from US$374MM to US$576MM using a base case gold price of US$1,100/oz and a 5% discount rate; an IRR of 34% to 54%; a payback period of 2.0 to 3.1 years; and annual production in the range of ~108k oz to ~133k oz at cash costs of US$419/oz to US$529/oz.

Company News

• Astur announced the results of a preliminary economic assessment on the Salave property in February 2011.

• Results published in early 2011 from an independent survey showed that 74.4% of the members of five communities near the Salave Gold Deposit are in favor of developing the project, believing that the new mine development will boost the region economically and generate direct and indirect stable employment.

Source: Thomson One


ASTUR GOLD CORP. AST-TSXV 1.88C$



All figures in C$, unless stated otherwise MAIN PROPERTIESMANAGEMENT & COMPANY CONTACTS Salave Gold Project, Asturias, Spain 100%Cary Pinkowski Director and CEO Stage: Emilio Hormaeche Director and PresidentNick DeMare CFO and Corporate Secretary Deposit:Brian McEwen Technical Director and QP

Geology:www.asturgold.com 1-604-694-1600CAPITAL STRUCTURE Strike Basic In-the- Proceeds

Expiry C$ (MM) Money C$MMShares Outstanding 33.9Options 2011 $1.00 0.1 0.1 0.1

2013 $0.92 2.2 2.2 2.12014 $1.60 0.1 0.1 0.1

Warrants 2011 $0.95 0.4 0.4 0.4 Previous: Fully Diluted Shares 36.7 2.7 2.6

OWNERSHIP (est.) Basic %* As reported by Thomson OneInsiders 6.9 20%Lundin Mining 4.0 12%

BALANCE SHEET Aug-10Year-end November (C$MM)Assets Cash and Equivalents 4.1 Other current assets 0.1 Current: Current Assets 4.2 PP&E 0.1 Other Assets 5.5Total Assets 9.8Liabilities Current liabilities 0.5 Long-term debt 0.0 Other 0.0 Shareholders equity 9.3Total Liabilities and Equity 9.8

PROJECTED BURN RATE (estimated) (C$MM) Fiscal year-end 2010 cash balance 3.8 Exploration Expenditures (est.) (3.0) General and Admin Expense (est.) (1.4) Capital Expenditures 0.0 Warrant exercise 0.4 Project Financing 5.0 Year-end 2011 cash balance estimate 4.9

LAST FINANCING Date Jun-10 Type Private Placement Shares MM 6.7 Price C$ 0.75 Gross Proceeds C$MM 5.0 Warrants 0.5M @C$0.95, 18 months

Reserves & Resources Goldt (MM) Au (g/t) MM oz

Measured & Indicated 17.9 2.9 1.7Inferred 3.8 2.8 0.3Total 21.7 2.9 2.0

The Salave area has been explored by some 235 diamond drill holes and 130 percussion drill holes, including the 2004/05 Rio Narcea drilling. Systematic testing of the gold zones was started by IMEBESA (a subsidiary of Northgate Exploration Limited) in 1970. Since then exploration has been conducted by various companies, including Cominco, IMEBESA, Rio Tinto, Consolidated Goldfields, Anglo American and Rio Narcea among others. The results of the recently completed preliminary economic assessment published in February 2011 outlined a pre-tax NPV ranging from US$374MM to US$576MM and IRR ranging from 34% to 54% depending on the mining scenario employed (open pit, underground or a combination open pit/underground). Annual production is estimated at 107 koz to 133 koz at cash costs ranging between US$419/oz and US$529/oz.

Astur is continuing to aggressively explore the Salave region while pursuing permitting of an open-pit operation. The company has budgeted $3 million to conduct further exploration work once necessary permits have been issued. The company's development plan for the Salave Gold Project includes 3000m of deep drilling to define the mineralized zones open at depth, continuation of metallurigcal work to confirm recoveries in excess of 90%, conducting an exploration drift project consisting of a 2.7km decline for exploration and extraction, and conducting a full feasibility study.

The Salave gold deposit is hosted mainly by the Salave granodiorite at its western boundary, close to the contact with the Los Cabos Formation. The deposit contains gold mineralization along numerous north to northwest trending and gently west dipping irregular lenses. In places they may be subhorizontal. In other places they are affected by a set of north trending structures and define a complex network, within a northeast trending shear zone (at least 350m wide). Gold mineralization is also present within the Los Cabos metasedimentary rocks.

Resource Delineation

Intrusion related, shear zone hosted gold deposit



Avala Resources Ltd. (AVZ-TSXV) Rating


BUY, Venture Risk

N/A

Background

• Avala Resources is a Canadian-based exploration company with gold and copper assets in Serbia. The company controls a large (815 km2) block of exploration licenses and one concession within and adjacent to the Timok Magmatic Complex.

• Historical production in the Timok region includes five million tonnes of copper and six million oz of gold, mostly from porphyry copper-gold deposits.

Management

• David Fennell – Executive Chairman - Mr. Fennell is a lawyer who has over 27 years experience in the resource industry, including positions of CEO and/or Chairman at Golden Star Resources, Cambiex Explorations, Hope Bay Gold, Ariane Gold, Maximus Ventures, and Bear Lake Gold. He has been involved with several mergers and acquisitions, including the takeover by Miramar Mining by Newmont Mining while he was Executive Vice Chairman of Miramar. Mr. Fennell remains a director and/or officer at a number of publically traded companies.

• James Crombie – Vice Chairman, President and Chief Executive Officer – Mr. Crombie is a mining engineer who has worked in the mining and financial industries for over 30 years. He held various positions between 1980 and 1986 with DeBeers and Anglo American in South Africa and Angola, and spent the next 13 years as a mining analyst and investment banker with a number of firms including Merrill Lynch and Yorkton Securities. Mr. Crombie has held the positions of Vice President, President and /or CEO of Hope Bay gold, Ariane gold, and Palmarejo Silver and Gold, the last until its merge with Coeur d’Alene Mines in 2007.

Financial

• Avala reported a cash position of approximately $31 million as of January 18, 2011.


• PJV Resources (which subsequently merged with Rodeo Capital Group to form Avala Resources Ltd.) acquired Dundee Precious Metals’ (DPM) Timok and Potoj Cuka copper and gold projects located in Serbia through the acquisition of DPM’s Serbian subsidiary in 2010. In exchange, DPM received 68.6 million units (one common share and one-half share purchase warrant) of PJV (subsequently exchanged for securities of Avala on a one-for-one basis), US$1.6 million in cash, and special rights to acquire up to an aggregate of 50 million additional PJV shares at no additional cost subject to certain development and production milestones.

• Recent drill programs on the company’s sediment-hosted gold project have returned numerous significant intersections including 4.3 g/t over 52m, 2.6 g/t over 20m, and 1.1 g/t over 38m from the Korkan area, and 1.3 g/t over 84m, 1.2 g/t over 49m, and 2.1 g/t over 35m from the Kraku Pestar area. At Korkan, gold mineralization appears to be stratabound within shallow dipping quartz pebble conglomerates and sandstones intercalated within limestone units. Kraku Pestar mineralization is also shallow dipping and largely stratabound, and hosted by volcaniclastics intercalated between limestones and a monzonite intrusive (which is also mineralized near the contact with the sediments).

• The Valja Strz porphyry gold-copper deposit is associated with a late horneblende-biotite intrusive unit, part of a cluster of intrusive units in the Timok concession area. According to Avala, Valja Strz has been estimated to host an indicated resource containing 11.0 million tonnes grading 0.23 g/t gold and 0.27% copper, with an additional inferred resource of 36.3 million tonnes grading 0.28 g/t gold and 0.33% copper. The deposit remains open in all directions.

Company News

• Avala has budgeted approximately C$3.0 million per quarter in 2011 to explore both its sediment hosted gold and porphyry gold-copper projects. The work program is expected to include surface trenching and diamond drilling. The company is targeting towards initiating prefeasibility studies on both projects by the end of 2012.

Source: Thomson One


AVALA RESOURCES LTD. AVZ-TSXV 1.20C$



All figures in C$, unless stated otherwise MAIN PROPERTIESMANAGEMENT & COMPANY CONTACTS Timok sediment-hosted gold (Kraku Pestar, Bigar, Korkan) 100%David Fennell Executive Chairman Stage: ExplorationJames Crombie Vice Chairman, President & CEOSean Hasson Executive VP Exploration Deposit: Sediment-hosted goldAlain Krushinsky Chief Financial OfficerJulian Barnes Director and Special Consultant Geology: The Cretaceous Timok Magmatic Complex in Serbia belongs to the Carpatho-Balkan www.avalaresources.com Magmatic Belt that is part of the Tethyan orogenic system. Sediment-hosted goldCAPITAL STRUCTURE Strike Basic In-the- Proceeds mineralization located along the western margin of the complex represents a

Expiry C$ (MM) Money C$MM previously unrecognized style of mineralization within the region. Shares Outstanding 180.2 180.2 Avala Resources recognizes the similarity of the sediment-hosted gold in the TimokWarrants 2013 $0.50 34.8 34.8 17.4 Complex to Carlin-type deposits on the basis of the character of the sedimentary Options 2013 $0.40 3.8 3.8 1.5 host, the metal association (Au, As, Hg, Tl, S and Sb > base metals), high Au:Ag

2015 $0.36 7.2 7.2 2.5 ratio, the fine grained nature of the gold mineralization, association with pyrite and a Vendor Rights 2045 50.0 50.0 0.0 number of alteration styles including jasperoid and decarbonation of calcareous Fully Diluted Shares 276.0 276.0 21.5 sedimentary rock adjacent to the gold mineralization.

Work to date suggests mineralization is largely stratabound within shallow OWNERSHIP (est.) Basic % dipping sedimentary rocks.* As reported by Bloomberg Previous: Soil geochemistry, trenching, and follow-up diamond drilling in 2009 and 2010. Insiders 3.1 2% Previous drill results include 1.3 g/t over 84m, 1.2 g/t over 49m, and 2.1 g/t over 35m Dundee Precious Metals 73.4 41% from the Kraku Pestar area, along with 4.3 g/t over 52m, 2.6 g/t over 20m, and Libra Advisors 16.5 9% 1.1 g/t over 38m from the Korkan area.Fidelity 6.8 4% Current: Avala is continuing to aggressively explore the Timok region with trenching and

diamond drilling programs in 2011 with the intention of entering into a prefeasibility study in 2012. The company's burn rate is approximately C$3.0 million per quarter.

BALANCE SHEET Sep-10Year-end December (C$MM) Timok Porphyry Au-Cu 100%Assets Stage: Exploration Cash and Equivalents 17.9 Other current assets 0.5 Deposit: Porphyry Au-Cu Current Assets 18.4 PP&E 5.6 Geology: The Timok Diorite Porphyry cluster is hosted within the andesitic volcanic and Other Assets 1.4 volcaniclastic rocks of the Timok Magmatic Complex, which have been intruded by Total Assets 25.3 multiple hornblende-biotite porphyries associated with Au-Cu mineralization.Liabilities Previous: Porphyry copper-gold mineralization is the better-known and most common deposit Current liabilities 0.8 style in the Timok region. Most known deposits have been exploited at some stage Long-term debt 0.0 during the previous century and one deposit remains in operation today. Other 0.0 Drilling by Avala to date has identified mineral resources on the Valja Strz project Shareholders equity 24.5 area and encouraging drill hole intersections have been received from both the Total Liabilities and Equity 25.3 Dumitru Potok and Coka Rakita prospect areas.

Current: Avala is also examining the Au-Cu potential of the Kraku Ridji prospect area that hadPROJECTED BURN RATE (estimated) (C$MM) not been previously drill tested, reviewing the Valja Strz project area outside of the Fiscal year-end 2010 cash balance 11.9 currently defined resource where additional potential remains, initiating preliminary Exploration Expenditures (est.) (20.0) metallurgical test work on the Coka Rakita Au-only porphyry prospect, and General and Admin Expense (est.) (4.0) conducting surface trenching on the Simeon prospect area. Capital Expenditures 0.0 Warrant exercise 16.3 Timok High-Sulpidation Epithermal (Kurunga, Savinac) 100% Project Financing 20.0 Stage: Exploration Year-end 2011 cash balance estimate 24.2

Deposit: High Sulphidation EpithermalLAST FINANCING Date 7/30/10 Geology: The Kuruga high sulfidation epithermal prospect covers an approximate area of 4 sq Type Business Combination km within the Coka Kuruga Concession for Exploration and Exploitation. Shares MM The prospect is underlain by silicified andesitic volcaniclastic rock with widespread Price C$ advanced argillic alteration and anomalous Au in soil and rock chip samples in the Gross Proceeds C$MM 19.6 northern part of the prospect. Warrants The Savinac high sulfidation epithermal prospect covers an approximate area of 5 sq

km within the Savinac Exploration License. The prospect is underlain by silicified Reserves & Resources Gold Eq andesitic volcaniclastic rock with widespread advanced argillic alteration.

t (MM) AuEq(g/t) MM oz Previous: Wide spaced drilling returned intersections including 2.4 g/t over 21m, 1.8 g/t overIndicated 11.0 0.3 0.1 65m, and 0.5 g/t over 149mInferred 36.3 0.4 0.4 Current: Avala is evaluating the potential of both prospects for further exploration.Total 47.3 0.3 0.5



Avnel Gold Mining Ltd. (AVK-TSX) Rating


Buy, Speculative Risk

N/A

Background

• Avnel is a junior gold producer that produces in the order of 20,000 oz of gold per year through its 80% interest flagship Kalana project in Mali.

Management

• Howard B. Miller, Chairman and CEO – Mr. Miller has been a director of Avnel since 2005. Previously, he was a founding director of Nelson Gold and was the CEO of Tahera Corporation.

• Roy Meade, Director of Mining – Mr. Meade served as the CEO of Avnel from 2005 to 2008. Previously, he was the CEO of Avnel Cayman from 2003 to 2005.

• Alan McFarlane, VP Finance – Mr. McFarlane has held the position of VP Finance since 2008. Previously, he was VP Finance at Avocet Mining.

• John Kearney, Lead Director – Mr. Kearney has been Chairman and President of Canadian Zinc Corporation since 2003, in addition to holding the positions of Chairman, CEO and director of Labrador Iron Mines since 2007. Additionally, he serves as a director on the board of numerous TSX and AIM listed companies.

Financial

• As of September 30, 2010, the company reported $3.1 million in cash and equivalents and no debt.


• The small-scale underground mining operation (room and pillar) at Kalana produces in the order of 20,000 oz of gold per year at a cash cost of $1,100/oz. Average grade is approximately 8 g/t gold with 85% recoveries.

• Kalana has a total resource of 1.1 million ounces at an average grade of 6.3 g/t gold. The majority of the total resource is in the Measured & Indicated category (890,000 ounces gold).

• An evaluation of the potential for bulk mining at Kalana is currently being conducted. Recent drill results have steadily supported the prospects of an open pit mine at Kalana. As a consequence, IAMGOLD has entered into a joint venture with Avnel, whereby IAMGOLD has the option to earn a 41% interest in the project.

• As per the joint venture agreement, IAMGOLD is funding and operating the current exploration program at Kalana. Management has earmarked 34,500m of drilling for 2011 to follow up on the 41,000m drilled in 2010.

Company News

• The northern part of the Kalana project has been identified for potential early access to bulk mineable ore. Two diamond drill holes drilled in this area during 2010 demonstrated continuity of high grade quartz veins into a zone that was previously considered barren.

• Initial drill results from Kalana II suggest the potential for a material increase in the existing mineral resource at the Kalana Mine. Highlight drill holes include a 16m intersection grading 9.9 g/t gold.

• Re-assaying of drill samples from the initial drill program at Kalana is on track for completion in Q1 2011. A significant number of mineralized intervals display higher grades than the original results.

• Initial interpretation of the 14,460m drill campaign in 2010 at the satellite zone Kalanako (3km northeast of Kalana) confirmed the presence of two gold bearing trends.

Source: Thomson One


AVNEL GOLD MINING LTD. AVK- TSXV 0.48C$

Rating BUY Target N/A Shares O/S (MM) 166 Risk Speculative Float (MM) 128

Fully Diluted Shares (MM) 218 12-Month Return N/A Close 0.48C$ Basic Mkt. Capitalization ($MM) 80C$

All figures in US$, unless stated otherwise MAIN PROPERTIESMANAGEMENT & COMPANY CONTACTSHoward B. Miller Chairman & CEO Kalana project, Mali 80% (Malian Government owns a 20% carried interest)Roy Meade Director of MiningAlan McFarlane VP Finance and Corporate SecretaryJohn Kearney Lead Director Stage: Productionwww.avnelgold.com 44 1481 700 300CAPITAL STRUCTURE Strike Basic In-the- Proceeds Deposit: Primary gold hosted by quartz veins, stockworks and silicified zones cutting

C$ (MM) Money $MM both the sedimentary rocks and granitoid stocksShares Outstanding 166.4Options $0.28-0.45 5.3 5.3 0.0 Geology: The Kalana exploitation permit is near the western edge of the Bougouni basin

and is underlain by sedimentary rocks of the Upper Birimian Group. These havebeen metamorphosed to greenschist facies and intruded by syntectonic

Warrants $0.45 2.0 2.0 0.9 granite and later dioritic dykes and stocks. The permit area lies on theAug-13 $0.35 44.7 44.7 15.6 western limb of a regional-scale syncline with steeply plunging parasitic

folds. The western third of the property is underlain by a large granitoid bodyFully Diluted Shares 218.4 52.0 16.5 of probable batholithic dimensions. The eastern two-thirds is underlain by a

sedimentary rock series represented by sandstones, siltstones and turbididicOWNERSHIP (est.) Basic % mudstones. NE and NNW trending doleritic dyke sets are within and proximal to* As reported by Bloomberg the exploration permit. Of greater interest is a NW-trending linear zone of Elliot International 72.6 44% relatively small dioritic intrusions which mark a zone of crystal weekness or Fern Trust (Insider) 38.5 23% faulting which has controlled their emplacementManchester Securities 26.2 16%

Magnetic and geochemistry work has helped better understand the geology.

BALANCE SHEET Sep-10 Mineralization: Mineralization is associated with late-orogenic mafic intrusion with quartz veins Year-end December ($MM) centred on a diorite intusive. Gold is also found in sulphides and stockwork.Assets Cash and Equivalents $3.1 Previous: SONAREM and SOGEMORK, two Malian National Companies assisted by the Other current assets 4.7 Soviet Union, drilled 90,000m from 1967 onward targeting free milling gold. Current Assets 7.7 This data was diigtized by Avnel and incorporated into the 2005 Resource. PP&E 17.6 IAMGOLD have started the re-interpretaion of data to help with geophysics and Other Assets - geochemistry.Total Assets $25.3

Liabilities An international privatization tender in April 2003 allowed Avnel the right to Current liabilities $4.8 explore and develop mines for a 30 year term at the Kalana Project. Long-term debt - Other 1.1 The small-scale underground Kalana Mine produced in excess of 100k oz Shareholders equity 19.4 since 2004 by selectively mining high-grade (>15 g/t gold) quartz veinsTotal Liabilities and Equity $25.3 Infrastructue includes 2 shafts and a 60,000 tonne per year gravity plant

PROJECTED BURN RATE (estimated) ($MM) Historic drilling was near-veritical and targeted flat dipping high-grade quartz Quarter-end December 31 cash balance $2.7 veins. Four of the veins were mined while other more vertical veins were Exploration Expenditures (est.) 0.0 ignored. Mining thus far has been within 200m from surface using two shafts. General and Admin Expense (est.) (2.1) Warrant exercise - Recent exploration work on the property included high resolution survey, Project Financing 10.0 magnetics, radiometrics, DTM, remote regolith and geologic/structural mapping Capital Expenditures - Year-end 2010 cash balance estimate $10.6 9,800 metres of diamond drilling was completed in H1 2010 targeting

extensions of known veins, between veins, and outside mineral resources.LAST FINANCING Date Aug-10 11,600m of RC drilling was completed at the Kalana Mine zone and Type Private Placement at regional prospects. Shares MM 13.0 Price C$ 0.20 Current The Kalana mine is currently producing at a rate of 11,000 oz at an average Gross Proceeds C$MM 2.6 cash cost of about $1,100/oz. Warrants 6.51M @$0.35, 36 months71.5 MM units, with same terms, issued to equitize debt Average gold grades are roughly 8 g/t with recovies close to 85%.Reserves & Resources Gold

t (MM) g/t MM oz An evaluation of the potential for bulk mining is being conducted at Kalana.Kalana 2P 0.42 14.3 0.19 Prospects for an open pit operation have been steadily supported by recent

M&I 3.3 8.2 0.89 drill resultsInf. 2.3 3.5 0.26Total Resource 5.6 6.3 1.1 40,847m were drilled in 2010. IAMGOLD plans to drill 34,500m in 2011.

Re-assays from the initial drill program are expected to be completed in Q1 2011.



Source: Thomson One

Bellhaven Copper & Gold Inc. (BHV-TSXV) Rating


BUY, Venture Risk

N/A

Background

• Bellhaven Copper & Gold is an exploration company operating in Panama and Colombia. The Company’s principal assets are the advanced-stage La Mina porphyry gold project in the world class Middle Cauca Porphyry Belt of Colombia. The company also owns an extensive concession package along a highly prospective 60km long trend of high-sulphidation epithermal gold prospects in the Azuero Peninsula, Panama including the advanced-stage Pitaloza projects.

Management

• Dr. Paul Zweng Interim CEO & Director – Dr. Zweng brings over 25 years of technical mining and financial experience. From 2003 until September 2008, he was the COO, then President/ CEO of QGX Ltd, a TSX-listed entity which was later acquired in 2008 for C$270 million. Dr. Zweng was also an indepenent director of Antares Minerals prior to it being acquired by First Quantum for $460 million.

• Julio Benedetti, President, Founder & Director - Mr. Benedetti is a key figure in Panama’s mining industry and currently serves as the President of the Panama Chamber of Mines. In the 1980's, Mr. Benedetti was involved in the discovery of 2 Panamanian gold deposits that were developed into working mines. He was also involved in the discovery of the Cerro Quema high sulphidation gold deposit.

Financial

• We estimate that at the end of December 2010, Bellhaven had $4.2 million of cash on hand and no debt.


• Bellhaven has an earn-in right up to 100% of the La Mina property by making scheduled payments totaling $6 million by 2016. Bellhaven can then subsequently increase its ownership to 100% by issuing a 43-101 resource estimate and then paying $20/oz for 20% of the total proven reserves as defined within the study.

• Currently, Bellhaven is exploring La Mina through the combination of drilling, electromagnetic sampling and geochemical sampling. Recent assay highlights are as follows: 94m @ 1.12 g/t Au and 0.31% Cu, 44m down-hole (May 2010), 90 m @ 1.28 g/t Au & 0.44% Cu, 26m down-hole (May 2010), 87.30 m @ 1.07 g/t Au and 0.30% Cu starting from 0.70 m (Sept 2010) and 126m @ 1.0 g/t and 0.36% Cu (Dec 2010). We view the La Mina deposit as an interesting prospect which demonstrates potential to be a large system.

• Bellhaven also owns the Pitaloza deposit in Panama which is considered to be a large, high sulphidation, epithermal vein system. While initial drilling results underway results have yet to be released. Initial trenching results at the Caracucho target have yielded 40m @ 2.2 g/t Au, 60m at 1.6 g/t Au and 40m @ 1.1 g/t Au. Initial trenching results at the Bejucosa include 52m @ 2.3 g/t, 12m @ 8.9 g/t and 18m @ 4.4 g/t.

• Additional prospective targets include Cerro Viejo, El Penon and Loma de Quito; all of which are located in Panama and represent large areas which have yet to be drilled.

Company News

• In February 2011, Bellhaven completed ground-based geophysical surveys at La Mina which identified three new exploration targets: El Cafetal, La Virgen, and Filo de Oro. These targets coincide with the previously known, but undrilled, El Limon prospect as well as the drilled mineralized intrusive centers at La Cantera and the Middle Zone. A total of six geophysical targets have been identified to date within the 1.5 km by 0.6 km corridor located on the eastern portion of the concession.

• In December 2010, Bellhaven announced the commencement of drilling at Bejucosa, one of three prospects at Bellhaven’s 100%-owned Pitaloza project, is now under way. Bellhaven indicated that it intended to complete 4,000m of drilling to test feeder zones and massive silica exposed in trenching and outcrops at both the Bejucosa and Caracucho prospects.


BELLHAVEN COPPER & GOLD INC. BHV-TSXV 0.76C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSDr. Paul Zweng Interim CEO & DirectorJulio Benedetti President, Founder & DirectorMaria Milagros Paredes Chief Financial Officer

www.bellhavencg.com 1-604-684-6264CAPITAL STRUCTURE Strike Basic In-the- Proceeds


2014 $0.15 1.2 1.2 0.22015 $0.30 1.6 1.6 0.5

Warrants 2011 $0.25 3.0 3.0 0.82012 $0.38 18.5 18.5 7.1

Fully Diluted Shares 106.5 24.4 8.5

OWNERSHIP (est.) Basic %* As reported by ThomsonInsiders 6.4 8%Pan American Capital Group 3.7 5%Bankinter Gestion De Activos, SGIIC, S.A. 1.5 2%Banif Gestions S.G.I.I.C 1.0 1%

BALANCE SHEET Oct-10Year-end April ($MM)Assets Cash and Equivalents $5.3 Other current assets 0.3 Current Assets 5.6 PP&E 3.2 Other Assets 2.2 Total Assets $11.0Liabilities Current liabilities $0.4 Long-term debt - Other 0.0 Shareholders equity 10.5 Total Liabilities and Equity $11.0

PROJECTED BURN RATE (estimated) ($MM)December 2010 cash balance (est.) $4.2 Exploration Expenditures (est.) (8.0) General and Admin Expense (est.) (1.8) Warrant exercise 7.8 Project Financing 5.0 Capital Expenditures - December 2011 cash balance estimate $7.2

LAST FINANCING Date Oct-10 Type Private Placement Shares MM 8.3 Price C$ 0.80 Gross Proceeds C$MM 6.7 Warrants 4.2MM* @ $0.80, 18 months

*incl. 375k broker warrants issued in conjunction with offeringReserves & Resources Gold

t (MM) (g/t Au) MM ozInf. n/a n/a n/aTotal n/a n/a n/a

Option to earn 100%Stage:

Deposit:

Geology:

Previous

Future Plans:

100%Stage: ExplorationGeology:

Geology:

Previous:

Future Plans: In April 2010, Bellhaven reinitated exploration activities at Pitaloza. In December 2010, the company commenced drilling and expects to drill 4,000m at the Bejucosa and Caracucho prospects. We anticipate assay results from drilling at Pitaloza to begin later in the first half of 2011.

High sulphdation epithermal gold

The advanced stage Pitaloza project hosts three highly prospective high-sulphidation epithermal gold-(copper) prospects: (a) Bejucosa (b) Cementerioand (c) Caracucho. The Pitaloza exploration concession is 3,299 hectares in size, 100% owned by Bellhaven Copper & Gold. Inc. It is located in the same belt of dacitic volcanic rocks as the nearby Cerro Quema gold deposit. High-sulphidation epithermal deposits such as Pitaloza and Cerro Quema are host to half of the known gold resources (80 Moz) within the Caribbean Basin. Access to Pitaloza from Panama City is by the paved Highway through the towns of Chitre, Macaracas, and La Mesa, and then via 10 km by unimproved dirt road. Adequate labour and water is available in the region to support the development of this property.

Pitaloza has been explored by geologic mapping, rock and soil sampling, trenching, limited diamond drilling (less than 50 meters deep), alteration studies and dipole-dipole IP/Resistivity geophysics. In 1993-1994, Cyprus Amax Gold Company explored the Caracucho and Cementerio prospects, and Bellhaven Copper & Gold discovered Bejucosa in 2006. The field program is presently active, focused on all three prospects at Pitaloza including Bejucosa, Caracucho, and Cementerio.

Gold at Pitaloza occurs with minor copper and is associated with silicification, advanced-argillic alteration, and pyrite (and/or limonite) within a sequence of dacite pyroclastics and flows. Mineralization is fissure/feeder sourced, disseminated and structure controlled. Areas of low resistivity and high IP chargeability are interpreted to represent possible feeder-zone guiding the deposition of gold at Pitaloza.

MAIN PROPERTIES

La Mina, Antioquia, Colombia

Bellhaven geologists are currently re-logging the diamond core to gain a better understanding of the various rock types and controls emplacing gold and copper at La Mina. In addition, geologists are evaluating several key magnetic anomalies that are known to coincide with elevated soil- and rock-chip geochemical anomalies. Recently conducted ground-based geophysical surveys at La Mina have identified three new exploration targets: El Cafetal, La Virgen, and Filo de Oro. This brings the number of geophysical targets identified to date on the region to 6 encompassing a regional area of 1.5 km by 0.6 km and is located on the eastern portion of the concession.

Pitaloza, Panama

Exploration

Gold-copper porphyry

La Mina (also known as Fredonia and Venecia) is an early-stage porphyry gold-copper project located in the Middle Cauca volcano-plutonic belt in the Department of Antioquia about 45 km southwest of Medellin. The Middle Cauca belt is known to host large porphyry gold deposits i.e. Sunward's Tibiribi/ Cerro Vetas - 3.7 million oz Au Porphyry as well as AngloGold-Ashanti's 12.3 million oz La Colosa. The property is accessible by paved and improved dirt roads. The currently known discoveries are located between 1,750- 1,850m with power, water, and labour is readily available.

The La Mina concession has been the subject of geologic mapping and rock, trench & stream-sediment sampling. A joint venture between AngloGold Ashanti and Bema Gold (later B2Gold) drilled 6 holes into the La Mina porphyry in 2006. Subsequent to drilling, additional work included a detailed regional airborne magnetic/radiometric survey followed by soil and rock geochemical sampling over identified airborne magnetic anomalies. Most gold and copper discovered thus is spatially associated with quartzmagnetite-chalcopyrite+/-bornite veinlets in potassic altered porphyry and breccias containing elevated quantities of hydrothermal magnetite. As a result, the gold-bearing rocks are highly magnetic.



Belo Sun Mining Corp. (BSX-TSXV) Rating



N/A

Background

• Belo Sun is a Canadian based mineral exploration company with a portfolio of properties focused primarily on gold mineralization.

• The company’s principal asset is its advanced development stage Volta Grande gold project in Para State.

Management

• Mark Eaton, President & CEO – Mr. Eaton is an investment professional with over 20 years of experience in equity capital markets specializing in the resource sector.

• Helio Diniz, VP Exploration – Mr. Diniz has over 25 years of experience in the mineral exploration and mining business. He was most recently Director of Exploration, Brazil for Xstrata, where he was a primary discoverer of the world class Araguaia Nickel Deposits.

• Stan Bharti, Chairman – Mr. Bharti is a mining engineer and entrepreneur who has directed several mineral exploration and mining companies. He has extensive experience in Brazil, having previously directed and sold Desert Sun Mining.

Financial

• As of January, 2011, Belo Sun had an estimated $7.2 million in cash and equivalents and no debt.


• Belo Sun’s flagship property is its 100%-owned Volta Grande gold project in Brazil. Drilling has delineated a sizeable resource containing about 1.06 million oz gold in Measured & Indicated categories and 2.02 million oz Inferred. The mineralization remains open for expansion to depth and along strike. The company has also identified other exploration targets on the property.

• The Volta Grande project contains two sizeable deposits: Ouro Verde and Grota Seca.

• A September 2009 Preliminary Economic Assessment examined a potential 20,000 tonne per day open pit mining operation at Volta Grande. The study estimates capital costs at US$295 million, including US$100 million for mining equipment and contingency. The mine would produce an average of 200,000 oz/year at a US$485/oz cash cost.

• The Patrocinio gold exploration property is located in the Tapajos region of Brazil. The area has extensive artisanal mining, and the company has identified a large soil anomaly and completed an IP geophysical survey and initial drilling on smaller anomalies.

Company News

• The company has completed 60 holes in the current drill program at Volta Grande, with the objective to expand the current total resource of 3.08 million oz gold at the project.

• Drill results released in February 2011 extended the previously known mineralization at the Ouro Verde deposit by an additional 100m along strike bringing the total strike length to 1.15km.

• In February 2010, Belo Sun announced major board and management changes and a $5 million private placement. Forbes & Manhattan, Inc., a private equity firm controlled by Stan Bharti, has agreed to subscribe for the majority of the private placement.

• Belo Sun also announced that it has several interested parties pertaining to its Volta Grande project, and the company has hired a financial advisor to assist in a strategic review.

Source: Thomson One


BELO SUN MINING CORP BSX-TSXV C$ 1.35

Rating Buy Target N/A Shares O/S (MM) 150Risk Speculative Float (MM) 137

Fully Diluted Shares (MM) 19112-Month Return N/A Close C$ 1.35 Basic Mkt. Capitalization ($MM) C$ 202

MAIN PROPERTIES

Volta Grande; Para State, Brazil 100%

Stage: Feasibility

Deposit: Shear zone-hosted gold

Geology: Located in the Carajas mineral province of northern Brazil, the project covers 48,531 hectares of the Tres Palmeiras greenstone belt.

Gold is found in multiple zones within the diorite intrusive host rock, with secondary gold in an extensive overlying saprolite zone. The intrusive has a large alteration envelope that has been traced for more than 3km along strike.

Previous: The area has had significant artisanal mining, with both open pit and underground operations.

TVX Gold (acquired by Kinross) and Battle Mountain Exploration conducted exploration in the 1990s. They conducted extensive soil and channel sampling and completed more than 27,000m of core, augur and RC drilling, identifying widespread gold.

Preliminary metallurgical work yielded high gold recoveries with conventional processing methods, including up to up to 95% recoveries in bottle roll tests.

In 2004, Belo Sun signed an agreement to acquire the property from a Brazilian industrial company.

The company discovered a new zone (Pequi) on the property in 2007. Soil sampling has identified three additional targets: Gameleira, GS3 and Itata East.

The company announced an initial resource estimate in 2005, subsequently updated in February 2009.

A September 2009 PEA examined the potential of a 20,000 tpd operation with a 3.2:1 LOM strip ratio, producing 200,000 oz/year at a US$485/oz cash cost. The capex was estimated at US$295 million. The study yielded a 22% IRR with a US$900/oz gold price.

Current: The resource is contained in eight areas, each of which has multiple narrow zones of high-grade gold mineralization.

For the current drilling program, the total number of drill rigs has recently been increased from four to six. The main objective of the program is to expand the existing 3.1 million ounce resource.

In February 2011, assay results from the ongoing drilling campaign for 15 drill holes extended the previously known mineralized zone at the Ouro Verde deposit within Volta Grande by an additional 100m along strike to a total strike length of 1.15km.

The company has completed metallurgical test work that achieved 92 - 95% recovery, with a 48% recovery from gravity alone.

Patrocinio; Para State, Brazil 100%

Stage: Exploration

Geology: The project covers 18,750 hectares in the prolific Tapajos gold province. The project has two styles of gold mineralization: high-grade quartz veins and hydrothermally-altered granites where gold is associated with sulphides.

Previous: The area has seen extensive garimpeiro activity. The company has identified at least 19 locations on the property where artisanal mining has occurred, and production from the Patrocinio property is estimated at a total of roughly 1 million oz gold.

The project is subject to a 1.5% NSR royalty and a sliding scale payment due in quarterly installments during the first two years of production, depending on the reserve size at the start of production.

Current: In September 2006, the project was optioned to Kinross, which could earn a 51% interest by spending US$3 million over three years, and an additional 14% interest by spending an additional US$5 million within the same period. This option has since lapsed.

Soil sampling has identified a 3.0 km by 1.5 km geochemical anomaly. Grab samples yielded up to 37 g/t in granite and up to 67 g/t in veins.

Kinross completed an IP geophysical survey and an initial 1,500m drill program. Further drilling is planned by Belo Sun.

All figures in C$, unless stated otherwise

MANAGEMENT & COMPANY CONTACTSMark Eaton President & CEOHelio Diniz VP ExplorationStan Bharti Chairman

http://www.belosun.com/ 416-309-2137CAPITAL STRUCTURE Strike Basic In-the- Proceeds

$ (MM) Money $MMShares Outstanding 149.6Options May-11 0.17 0.3 0.3 0.1

Dec-11 0.60 1.0 1.0 0.6Apr-12 0.60 1.8 1.8 1.1Oct-12 0.60 0.3 0.3 0.2Mar-13 0.40 0.6 0.6 0.2Mar-15 0.34 4.6 4.6 1.6Jul-15 0.36 2.0 2.0 0.7

Warrants May-11 0.30 6.4 6.4 1.9May-11 0.20 0.9 0.9 0.2Mar-12 0.50 24.0 24.0 12.0


OWNERSHIP (est.) Basic %* As reported by Thomson One, Company ReportsInsiders 12.4 8%Sprott Asset Management 9.5 6%AGF Management Ltd. 8.4 6%RBC Asset Management 4.0 3%

BALANCE SHEET Sep-10Year-end December ($MM)Assets Cash and Equivalents $4.0 Other current assets 0.1 Current Assets 4.1 PP&E 10.8 Other Assets 0.9 Total Assets $15.8Liabilities Current liabilities $1.3 Long-term debt - Other 0.0 Shareholders equity 14.4 Total Liabilities and Equity $15.8

PROJECTED BURN RATE (estimated) ($MM)Year End 2010 Cash Balance $7.2 Exploration Costs-Initial Estimate (7.5) Administrative Costs (0.7) Option and Warrant Exercise 2.7 Project Financing 5.0 Year-End 2011 Cash Balance Estimate $6.7

LAST FINANCING Date Dec-10 Type Private Placement Units Shares MM 7.3 Price $ 0.75 Gross Proceeds $MM 5.5 Warrants -

Reserves & Resources Goldt (MM) g/t MM oz

Volta Grande M&I 22.7 1.45 1.06Inf. 49.7 1.26 2.02Total 72.3 1.32 3.08



CanAlaska Uranium Limited (CVV-TSXV) Rating


Buy, Venture Risk

N/A

Background

• CanAlaska is an exploration and development company focused on the acquisition, exploration and development of uranium projects in North America.

Management

• Peter Dasler, President, CEO & Director - Mr. Dasler has 30 years of experience in exploration geology and mining, including 20 years consulting for various companies.

• Emil Fung, VP Corporate Development & Director - Mr. Fung joined CanAlaska in 2005 to advance its corporate development efforts. He has been instrumental in helping secure exploration commitments through partnerships.

• Dr. Karl Schimann, VP - Dr. Schimann's experience includes 20 years in exploration with Cogema/Areva, and specifically in the Athabasca Project Manager for the Cigar lake discovery team in the early 1980's, as well as Manager of the McClean Lake Mine Geology Department for Cogema/Areva.

Financial

• As at February 3, 2011, the company had cash of approximately $14.2MM.


• CanAlaska has a mandate to discover unconformity style uranium deposits in the Athabasca Basin. The company has spent over $75MM since 2004 advancing over 21 projects through the methodical delineation of priority targets. Many projects are now drill ready or have been optioned to interested parties with JV funding totaling $42MM on 5 out of 21 projects. CanAlaska continues to seek strategic partners for various properties.

• At West McArthur, MC Canada Resources Ltd., a subsidiary of Japan's largest conglomerate, Mitsubishi Corporation, earned in to a 50% interest following an investment of $11 million, and the project is now a 50-50 joint venture. The venture will continue exploration under a new $20 million 5-year plan.

• At the Cree East Project, a Korean consortium led by Hanwha Corp., and comprising of KEPCO, KORES and SK Energy, is similarly investing $19 million to earn a 50% ownership interest. Geophysical surveys and initial drilling were completed in 2008. Drilling encountered alteration, sulphides, and limited uranium mineralization. 16,324 metres of drilling was completed in 2010 and drilling continues in 2011.

• The Fond du Lac project targets unconformity style uranium mineralization along the northern rim of the Athabasca Basin. The property has a historical resource 200,000 t grading 0.25% for 1.1 million lbs of U3O8. The mineralization is shallow, and CanAlaska believes it to be open at depth in largely unexplored areas. In September 2008, CanAlaska reported highlights from Fond du Lac of 0.123% U3O8 over 26.8m and 0.77% over 25.21m at shallow depths. Drilling announced in September 2009 encountered 0.32% U3O8 over 40.4m.

• Kodiak Exploration has commenced drilling on the company’s McTavish project under a $4 million option to earn a 50% interest. 2010 exploration was focused on a strong airborne geophysical target approx 400m from where Kodiak had previously drilled anomalous uranium.

Company News

• CanAlaska has $10-15 million in exploration budgeted for 2011, of which approximately $8.5 million will be funded by its strategic partners. This includes drilling programs at West McArthur, Cree East, and Fond du Lac as well as the Collins Bay Extension property, optioned from Bayswater Uranium Corp. in mid-2009.

• Following ground geophysical surveys on its Cree East Project from Dec 2010 to Jan 2011, CanAlaska recently announced that winter drilling has commenced on the project as part of a planned $3.58MM, 7,650 metre, 18-hole drill program.

Source: Thomson One


CANALASKA URANIUM LTD. CVV-TSXV 1.55C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSPeter Dasler, M.Sc, P.Geo President & CEOEmil Fung, M.B.A. VP Corporate DevelopmentDr. Karl Schimann, PhD, P.Geo VP ExplorationRam Ramachandran, C.A. CFOhttp://www.canalaska.com (604) 688-3211CAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money $MMShares Outstanding 19.4Options FY2011 $0.10 0.0 0.0 0.0

FY2012 $0.10 0.3 0.3 0.0FY2013 $0.13 0.8 0.8 0.1FY2014 $0.10 0.6 0.6 0.1FY2015 $0.10 0.2 0.2 0.0

Warrants Apr-11 $0.28 0.1 0.1 0.0Apr-12 $0.27 2.2 2.2 0.6


OWNERSHIP (est.) Basic %* As reported by Thomson OneInsiders Total 0.6 3%Goodman & Co. Investment Council 0.7 3%BluMont Capital 0.1 1%Matrix Funds 0.1 1%

Oct-10BALANCE SHEET ($MM)Assets Cash and Equivalents $5.7 Other current assets 0.5 Current Assets 6.2 PP&E 0.7 Other Assets 50.7 Total Assets $57.5

Liabilities Current liabilities $0.4 Long-term debt - Other 17.6 Shareholders equity 39.6 Total Liabilities and Equity $57.5

PROJECTED BURN RATE (estimated) ($MM) Year-end FY2010 cash balance estimate $8.7 Exploration Expenditures (est.) (12.5) General and Admin Expense (est.) (1.5) Warrant exercise 0.0 Project/Equity Financing 11.0 Capital Expenditures (0.4) Year-end FY2011 cash balance estimate $5.3

LAST FINANCING Date Jan-11 Type Private Placement Shares MM 2.2 Price C$ 1.60 Gross Proceeds C$MM 3.5 Warrants 1.1M @$1.90, 24 months

Stage:Deposit:Geology:

Previous:

Current:

Budget


Previous:

Current:

Budget


Previous:

Current:

Budget

$5.5MM is budgeted for exploration in 2011



During 2010, Mitsubishi and CanAlaska completed a 6,071m drill campaign into alteration systems associated with targets at West McArthur.

ExplorationUnconformity related uraniumRegional geology comprises Archean granites and lower Proterozoic metamorphic rocks. The basement rocks are overlain by 600m to 850 m of flat lying Athabasca sandstones and conglomerates.

Previous exploration by Kerr Addison, Cogema, and Cameco included airborne and ground geophysics, lithogeochemical surveys and lake sediment surveys covering over half the property. Several EM conductors were identified, some of which have been drilled.

In February 2010, Mitsubishi completed its earn-in of a 50% interest in the property by spending $11 million on exploration, and the two companies formed a 50-50 joint venture, with CanAlaska as operator.The companies have outlined a five year, $20 million exploration program to test already identified targets and explore the remainder of the property.

MAIN PROPERTIES

Cree East Project, Athabasca Basin, Saskatchewan 50% (Korean Consortium has remaining 50%)

Exploration

Fond du Lac, Saskatchewan 50% vested interest with Native community

The 2010 uranium exploration program at Cree East is currently budgeted at $5.8M, testing 5 targets with approximately 32 drill holes over the winter and summer.

West McArthur, Athabasca Basin, Saskatchewan 50% (Mitsubishi has remaining 50%)

During 2010, CanAlaska and the Korean Consortium drilled 16,324 m at Cree Lake. Drilling continues in 2011 with 2 drills operating at Cree East this winter. Multiple targets proved positive first drill results along a 4km trend.

Unconformity related uraniumProterozoic-age Belt Group metamorphic rocks intruded by the Cretaceous age Idaho Batholith and a Tertiary-age rhyolite quartz-eye porphyry stock. The mineralization is associated with a major regional structure (Orogrande Shear Zone "OSZ"), and occurs within hydrothermally-altered zones within the sheared rocks.

The project area covers Athabasca group conglomerates and sandstones. Depth to the unconformity ranges from 200m - 400m in the southern portion. Structural breaks trend across the property and further drop the basement to estimated depths of 900m across the northern edge of the property.

In February 2011, CanAlaska began an RC drilling program at Fond du Lac. A further two programs of DD were planned to follow at Fond du Lac West and Fond du Lac Main.

Reserves DevelopmentUnconformity related uraniumThe project area straddles the boundary between the Athabasca Basin and the underlying basement. The Athabasca basin extends a depth of 0 – 400m in the project area. There is a major crustal break known as the Grease River Fault zone that has numerous splay faults. Numerous uranium-rich boulder trains scattered across the property.

The Fond Du Lac deposit was discovered in the 70s by Eldorado Nuclear. In 1982 a historic resource of 200,000 mt grading 0.25% U3O8 for 1.1 million contained pounds U3O8 was estimated. A higher-grade central core of mineralization (locally up to 5% U3O8) occurs in sandstones above the unconformity with a surrounding low-grade aureole.

In September 2008, CanAlaska Uranium received assay results for uranium-mineralized sections of three drill holes and cores from the Fond du Lac project, including hole FCL-003, returning 0.123% U3O8 over 26.8 m from 18.1 m depth. The company continued drilling in 2009, further delineating sandstone-hosted mineralization around the known deposit. In addition, two holes encountered basement-hosted mineralization to the north/northeast of the deposit, with a In March 2010, CanAlaska announced that drilling was under way at the Helmet project (just south of the Fond du Lac project) aimed at testing a group of strong targets along the Grease River fault that were modeled from airborne EM surveys. Subsequent to that, additional drilling was conducted at Fond du Lac.



Candente Gold Corp. (CDG-TSX) Rating


BUY, Venture Risk

N/A

Background

• Candente Gold is a Canadian-based exploration company focused on precious metal projects in Peru and Mexico. The company’s most advanced project is the El Oro Gold Project in Mexico.

Management

• Joanne Freeze – President, CEO & Director - Ms. Freeze is a co-founder and currently the CEO and a Director of Candente Copper (DNT–TSX). Since entering the mineral exploration business in 1979, Ms. Freeze has managed exploration programs and evaluated projects for both junior and major international mining companies such as Queenstake Resources Ltd., Arequipa Resources Ltd., Mountain Province Mining Inc., Placer Dome Inc., Dia Met Minerals Corp., Hughes/ Lang Group and Utah Mines Ltd. (BHP). She is also a Fellow Member of the Geological Association of Canada and is registered with the Association of Professional Engineers and Geoscientists of British Columbia, Canada.

• Sean Waller – VP Development – Mr. Waller is a registered Professional Engineer with more than 25 years of International experience in mining project management, evaluation, design and operation, with a specific focus on large scale copper projects and gold projects. He is currently the President and a director of Candente Copper. Prior to joining Candente he was with AMEC Americas Limited Mining Division ("AMEC") in Vancouver where he held the positions of Vice President of Global Business Development and Senior Project Manager. Prior to AMEC, Mr. Waller worked with SNC-Lavalin's Mining Division in management and senior technical roles. He also previously worked for Freeport-McMoran at its Grasberg copper operation in Indonesia.

Financial

• Candente Gold reported a cash position of approximately $4.4 million as of Feb 8, 2011.


• Candente Gold’s primary focus is on the El Oro Gold Project, a district scale project encompassing one of the largest and most prolific high grade gold dominant epithermal vein systems in Mexico. The El Oro district includes over 50 known veins, with historical production of approximately 6.4 million ounces of gold and 74 million ounces of silver from just two of these veins. In February 2010, the company began exploration activity at the El Oro site, and has recently discovered a new, bulk tonnage gold target. Drill results are encouraging, intersecting 0.96 g/t gold and 5.06 g/t silver over 74.9m.

• The company also holds an extensive portfolio of 100% owned, early to mid-stage, high and low sulphidation epithermal gold projects in Peru. The company believes many of these projects have significant exploration potential and targets are ready to be drill tested.

Company News

• Candente Gold recently fulfilled the requirements to earn a 50% interest in the El Oro Gold Project from Luismin S.A. de C.V. (subsidiary of Goldcorp). The company has also announced that it has elected to earn an additional 20% interest in the El Oro project. To do so, Candente Gold must spend an additional US$5.0 million and issue an additional 1 million common shares by November 30, 2013

Source: Thomson One


CANDENTE GOLD CORP. CDG - TSX 0.82C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSJoanne Freeze President, CEO & DirectorSean Waller VP DevelopmentMark Pryor VP ExplorationJohn Foulkes VP Corporate Developmentwww.candentegold.com 604-689-1957CAPITAL STRUCTURE Strike Basic In-the- Proceeds


2014 $0.63 4.1 4.1 2.6

Warrants 2012 $0.60 12.8 13.3 8.0


OWNERSHIP (est.) Basic %* As reported by Thomson-ONEInsiders 1.0 2%U.S. Global Investors 5.5 11%Candente Copper 5.0 10%Canaco 3.0 6%

BALANCE SHEET Dec-10Year-end March (US$MM)Assets Cash and Equivalents $2.6 Other current assets 0.7 Current Assets 3.3 PP&E 0.1 Other Assets 7.7 Total Assets $11.1


PROJECTED BURN RATE (estimated) (US$MM) December 2010 cash balance $4.4 Exploration Expenditures (est.) (4.0) General and Admin Expense (est.) (1.5) Warrant exercise - Project Financing 5.0 Capital Expenditures - Year-end 2011 cash balance estimate $3.9

LAST FINANCING Date Dec-09 Type Private Placement

Units MM 22.6 Price C$ 0.40 Gross Proceeds C$MM 9.0

Warrants 12.0MM* @ $0.60, 24 months* Includes 0.7 MM broker warrants

50% with an option for additional 20%

Stage:

Deposit:

Geology:

Previous

Current:

MAIN PROPERTIESEl Oro Gold Project, Mexico

The company recently announced it had earned 50% interest in the project and has delivered notice to Goldcorp that it has elected to earn an additional 20% interest. Candente Gold can earn the additional interest by spending an additional US$5 million on the project and issuing an additional 1 million common shares by November 30, 2013. In the historic mining area, Goldcorp can opt to stay at 30% by participating in future expenditures, or dilute to a 6.5% net profits interest. For the exploration area (outside of the historic mining), Goldcorp can also earn-back to 70% by spending 2.5 times the amount the company spends. This back-in right only applies to the exploration area.

In April 2010, the company began exploration and underground work on the project. The 2010 work program has been budgeted to include approximately 9,000m of diamond drilling underground and 6,000m on surface, 500m of rehabilitation of old workings and 1,000m of new development. Recent drill results have been encouraging and the company has a strategic goal of delineating a 1 million+ oz Au Eq resource estimate in the near term.

Exploration

Low sulphidation epithermal gold-silver

Geology consists predominantly of Tertiary and Quarternary andesitic flows and tuffs underlain by Cretaceous and Jurassic meta-sediments and meta-andesite. The meta-sedimentary rocks host productive gold and silver-bearing quartz-carbonate veins.

The El Oro property consists of 24 claim blocks totaling 14,950 ha. It is 50% owned by Luismin S.A. de C.V. (subsidiary of Goldcorp). In 2006, Canaco Resources and Candente Resources (Predecessor to Candente Copper and Candente Gold) entered into an option agreement jointly (50/50) which gave the combined companies the right to earn 70% interest in the El Oro Project. In April 2009, both companies agreed to create Candente Gold by transferring their respective interest in the El Oro property.

District production is reported to be 6.4 million ounces of gold and 74 million ounces of silver from just 2 veins. The San Rafael vein alone is reported to have produced over 4 million ounces of gold and 44 million ounces of silver over an average of only 200m vertical and a 2.4 km strike length. Mine grades averaged 10-12 g/t gold and 120-160 g/t silver. The company believes the San Rafael vein system is analogous to other epithermal vein systems mined in Mexico such as the Fresnillo, Guanajuato, and Pinos Altos mines where gold and silver occurs over 600-1,200m vertically.

Goldcorp has estimated a historic (non 43-101 compliant) resource estimate of 763k ounces gold and 9.8 million ounces of silver.



Continental Gold Ltd. (CNL-TSX) Rating


Buy, Venture Risk

N/A

Background

• Headquartered in Toronto, Canada, Continental Gold (CNL) is an exploration company dedicated to value creation through exploring and developing precious metals deposits in Colombia. Currently, the company’s portfolio includes its flagship Buritica property as well as 6 other properties, 1 of which (Dojura) is under a joint venture with AngloGold Ashanti Limited.

Management

• Ari Sussman, President & CEO – Mr. Sussman has over 15 years in both the resources and investment sectors. He co-founded Colossus Minerals and also currently serves as CEO.

• Robert Allen, Chairman – Mr. Allen has 30 years of experience in Colombia identifying, financing and developing mineral properties including CNL’s portfolio. He is also the Chairman and Director of Grupo de Bullet, a private Colombian company with an extensive project portfolio.

• Vic Wall, Special Advisor – Dr. Wall has a wealth of experience assessing and acquiring energy and mineral projects. He is a geologist with 35 years of managerial and operational experience and has held senior positions in a number of multinationals. Mr. Wall is also Co-founder & VP, Exploration for Colossus Minerals.

• Gustavo Koch, Executive VP – Mr. Koch has been with Continental since September 2007. He previously worked for Grupo de Bullet as Manager, Colombian Division Officer and Operating Manager.

Financial

• We estimate Continental Gold ended 2010 with $90 million in cash and no debt.


• The Company has an extensive portfolio of gold projects in Colombia encompassing 166,207 hectares in highly prospective gold regions (additional 145,656 ha have applications pending). CNL’s flagship asset is the high-grade Buritica project which is a porphyry-related carbonate base metal gold vein/breccia system and is currently being drilled. As at Feb 2011, CNL has completed 47,000m of its 60,000m drill campaign. We anticipate the results of this drilling will continue to garner market attention in the near term as CNL continues to progress towards an initial NI 43-101 compliant resource estimate by the 1

st half of 2012. CNL has also

initiated metallurgical, geo-mechanical testing and an environmental baseline study in 2010. CNL currently operates a small-scale pilot plant on site for testing production from new exploration discoveries, pre-production and bulk sampling.

• Plans are already in place to begin drilling on the nearby Berlin project as well with 4,000m expected to be drilled in 2011. The 100% owned Berlin property comprises of a land package of 27,000m hectares and the mine operated between 1930 and 1946. During that time, Berlin produced 400,000 ounces gold from 20m thick lenses with an average grade of 16 g/t gold.

• CNL holds numerous other projects including Frontino, Santander, Dojura (a joint venture with Anglogold Ashanti) and Dominical which are all in Colombia. The Company has a right of first refusal until January 2013 to acquire all precious or base metal concessions held by Grupo de Bullet.

Company News

• To date, Veta Sur vein set has been tested to 400m along strike and 350m vertically while the Yaragua vein set has been traced 550 metres along strike and 600 metres vertically. Both target areas are open along strike and to depth. Using CNL’s drill results to date, we believe Buritica has demonstrated indications of both the size and continuity suggesting the potential for a multi-million ounce resource in time.

• In February 2011, CNL issued a press release which highlighted drill results from both the Veta Sur and Yaragua deposits at Buritica. Recent drilling highlights from Buritica in February 2011 include 10m at 28.26 g/t Au, 346.6 g/t Ag and 7.5m at 39.2 g/t Au, 44.8 g/t Ag at Veta Sur and at the Yaragua deposit, highlight assay results from Feb 2011 include 3.2m at 34.5 g/t Au and 21.4 g/t Ag.

Source: Thomson One


CONTINENTAL GOLD LTD. CNL-TSX 9.50C$

Rating BUY Target N/A Shares O/S (MM) 92Risk Venture Float (MM) 62

Fully Diluted Shares (MM) 12412-Month Return N/A Close 9.50C$ Basic Mkt. Capitalization ($MM) C$ 871

All figures in US$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSAri Sussman CEO, President and DirectorVic Wall Special AdvisorStuart Moller VP ExplorationMark Moseley-Williams Senior VP OperationsGustavo Koch Executive Vice PresidentKeith McKay CFO

www.continentalgold.com 416-643-7655CAPITAL STRUCTURE Strike Basic In-the- Proceeds


2012 $1.60 0.01 0.01 0.022013 $0.84 0.04 0.04 0.042014 $0.41 0.08 0.08 0.032015 $1.99 4.43 4.43 8.812019 $0.98 1.16 1.16 1.14

Warrants* 2011 $0.35 0.36 0.4 0.12011 $0.94 0.43 0.4 0.42011 $1.50 0.78 0.8 1.22011 $2.25 8.54 8.5 19.22012 $0.98 7.78 7.8 7.62012 $1.75 1.98 2.0 3.52012 $5.70 0.72 0.7 4.12012 $7.50 6.00 6.0 45.0

Fully Diluted Shares 124.0 32.3 91.2*warrants are subject to acceleration clauses based on the market price of the stock exceeding pre-defined thresholds.

OWNERSHIP (est.) Basic %* As reported by Thomson OneInsiders 29.4 32%Goodman & Co. Investment Counsel 7.3 8%Geologic Resource Partners LLC 3.1 3%RBC Asset Management 2.6 3%BALANCE SHEET Sep-10Year-end December ($MM)Assets Cash and Equivalents $85.5 Other current assets 1.6 Current Assets 87.1 PP&E 50.2 Other Assets 2.2 Total Assets $139.5


PROJECTED BURN RATE (estimated) ($MM) Year-end 2010 cash balance $90.0 Exploration Expenditures (est.) (20.0) General and Admin Expense (est.) (4.0) Warrant exercise 81.1 Project Financing - Capital Expenditures (26.0) Year-end 2011 cash balance estimate $121.1

LAST FINANCING Date Sep-10 Type Brokered Private Placement Shares (MM) 12.0 Price (C$) 5.70 Gross Proceeds (C$MM) 68.4 Warrants 6M @ C$9.75, two year

100%Stage:Deposit:

Geology:

Previous

Future Plans:

100%Stage:Deposit:Geology:Previous:

Future Plans:

100%Stage:Status:

ExplorationContinental has several other projects in Colombia that could positively impact the outlook of the Company. Frontino is located in the most prolific gold producing region in Colombian history. CNL’s land position surrounds a mine that produced 4.5 million ounces at grades exceeding 10 g/t gold. Santander is located near Ventana’s La Bodega property. A large area of porphyry–style alteration with significant alluvial production at Dojura. AngloGold can earn up to 75% interest by spending US$6.9 million over 3 years but the project has only recently recommenced due to security concerns. CNL discovered epithermal vein systems with strike extents of 400m-1500m at Dominincal.

The southern portion of the Main Berlin trend is being drilled with a 4,000m drill program earmarked for 2011 with initial results expected in June 2011. CNL also plans to continue detailed mapping and sampling program which has found gold along a +11km strike.

ExplorationMineralization is characterized by large scale quartz veins.Paleozioc graphite and sericite schists of the Cajamarca complex.Berlin is a 27,000 hectare project 90 km north of Medellin, the second largest city in Colombia. Berlin was a past operating mine from 1930 to 1946. It produced 400,000 gold ounces from a 20m thick quartz vein that had a grade of 16 g/t gold. The mine covered a strike length that was less than 10% of a 12km mineralized trend which Continental Gold has defined during 2008 and 2009. This work uncovered ore grade material over a vertical extentof 1,400m at the mountainous property. CNL has performed detailed geological mapping and taken at least 1,100 stream sediment, rock chip and channel samples. Mineralization is hosted in quartz veins and lodes from 0.5m to 25 meters thick. The property is accessible by a gravel road but much of the concession is only accessible by mule or foot.

Frontino, Santander, Dojura and Dominical

MAIN PROPERTIES

Buritica, Antioquia Department, Colombia

The plan for 2011 is to complete a 60,000m drill program (47,000m completed to date) with the aim of establishing an initial resource estimate in 1H 2012. Engineering, metallurgical testing and environmental base line studies have been initiated and will be incorporated to develop a conceptual mine plan. CNL sees the potential for further high-grade vein discoveries on other areas of the property as well. CNL currently has 8 drills on site at Buritica, 6 of which will focus on in-fill drilling at Yaragua and Veta Sur along with step out drilling in both zones. The remaining 2 rigs will focus on testing new targets defined by previous soil sampling. Underground development continues in order to facilitate access for deeper underground drilling in the back half of 2011.

Berlin, Antioquia Department, Colombia

Resource DelineationA porphyry-related carbonate base metal gold vein/breccia system.

The Buritica complex consists of a fine grained, dioritic intrusion which has outcrops over a 1.5km X 2.5km area.

Continental controls 18,000 hectares in Northwestern Colombia. The project is a two hour drive from Medellin and is accessible by paved road. It has excellent infrastructure with water and power readily available. The terrain is rugged with elevations on the property range from 500m to 2,000m. The Yaragua mine, at Buritica, has been producing gold continuously since 1992. CNL took over the mine in May 2007 and has been operating a pilot plant since November 2008.CNL undertook a soil geochemical program over a 1.5km x 2.5km area and collected 1,460 samples that were assayed for gold, silver, lead and zinc. Gold values ranged from 0.02 g/t to 9.73 g/t with 8% of samples returning grades in excess of 0.5 g/t gold. Gold correlates well with silver, lead and zinc at Buritica and indicates the potential for economic mineralization over a larger footprint. Five high-grade veins and a potentially economic portion of the diatreme breccia have been discovered. These include the San Antonio, B, Murcielagos, Sofia and Centena veins. Fifteen holes presented in the Buritica technical report averaged 45 g/t gold over 3.2m. Bonanza grades from the San Antonio vein include 88 g/t gold over 7.0m, 86 g/t gold over 18m, 139 g/t gold over 3.5m and 634 g/t gold over 0.6m. Economicgrade mineralization has been established to a depth of 450m and over a strike length of 500m. Early metallurgical test work has indicated gold recoveries of about 95%.



Coro Mining Corp. (COP-TSX) Rating



N/A

Background

• Coro is focused on becoming a mid-tier copper producer in Latin America. The company has the advanced-stage San Jorge copper-gold project in Argentina and other exploration properties in Chile.

Management

• Alan J. Stephens, President and CEO – Mr. Stephens has over 31 years of international mining experience, and he has lived and worked extensively in Latin America. Before co-founding Coro, he was VP of Exploration for First Quantum Minerals Ltd. and spent ten years with Cyprus Amax Minerals Company.

• Michael D. Philpot, Executive VP and Secretary – Mr. Philpot has over 28 years of experience in the mining industry, including four years in Chile. Before co-founding Coro, he held various executive positions with First Quantum Minerals.

Financial

• We estimate that the Company ended 2010 with cash reserves of approximately $7.5 million. The Company’s latest financing was a non-brokered private placement of $4.5 million in June 2010.


• The San Jorge porphyry copper-gold project located in the province of Mendoza Province, Argentina is the company’s most prominent and advanced project. A global resource estimate in January 2008 includes over 2.6 billion lbs of contained copper and about 1.6 million oz of gold.

• In June 2007, the Mendoza Provincial Legislature passed legislation prohibiting the use of toxic chemicals, including sulphuric acid, in any metalliferous mining activity in the province. The perception toward mining in Mendoza has since gradually improved, and San Jorge is located in Las Heras Department, which is a relatively pro-mining part of the province.

• The company released a technical report for a 25,000 tonne per annum copper leach-only case at San Jorge in April 2008. This study contemplates the processing of oxide and enriched material only, to produce cathode copper by heap leach SX-EW methods. A float-only preliminary economic assessment for San Jorge of 39,500 tonnes copper plus 39,000 ounces of gold, in concentrates for 16 years mine life was also announced in April 2008. The economics for both cases were robust, with the float-only project at $2.00 copper and $600 gold providing an IRR of 28.6% with net cash costs in years 1-5 of $0.69 per pound copper after gold credits.

• Other exploration properties include the Cerro Chacay porphyry copper project, located 50km southeast of Teck’s Relincho copper project, the Andrea copper-gold prospect in south-central Chile, and a number of other copper gold prospects also in south central Chile.

• In early 2008, Coro sold its Mexican subsidiary to Valley High Ventures Ltd., and Coro has a 20.6% equity interest in Valley High Ventures.

Company News

• On February 9, 2011, Coro received approval from the provincial government of Mendoza province for the Environmental Impact Study (EIS) at San Jorge.

• Coro continues to actively explore its other exploration properties, including Llancahue and Chacay. The Company completed a 2,400m RC drilling program at the Chacay project in February 2011. Highlight assays included a 170m intersection grading 0.63% copper. Management plans to follow this latest round of RC drilling with some diamond drilling in 2011.

Source: Thomson One


CORO MINING CORP. COP-TSX C$ 1.34


Fully Diluted Shares (MM) 14812-Month Return N/A Close C$ 1.34 Basic Mkt. Capitalization ($MM) 142C$

MAIN PROPERTIES

San Jorge, Mendoza Province, Argentina Acquiring 100%

Stage: Pre-feasibility

Deposit: Porphyry copper-gold

Geology: Permian age granodiorite porphyry stock with associated contact & hydrothermal breccias intruded into Paleozoic sandstones and shales. Strong silicification and quartz stockworking developed in sediments and porphyry.

Previous: Mineralization was first recognized on the property in the 1960s.

In May 2006, Global Copper agreed to option the project to Coro for $1 million cash and 1 million Coro shares over two years. Coro will make payments totaling $16 million

In response to election year environmental activism in an area of the province remote from San Jorge, on June 20, 2007, the Mendoza Provincial Legislature passed legislation prohibiting the use of toxic chemicals including sulphuric acid in any metalliferous mining activity in the province.

Current: An independent technical report for a 25,000 tonnes cathode per year oxide and enriched heap-leach only case was announced in April 2008. A preliminary assessment for a float-only case was also announced in April 2008. With copper price of $1.65/lb and gold price of $600/oz, the base case yields an after tax NPV (10% discount rate) of $82 million with an IRR of 17.7%. An upside case using $2.00/lb copper and $600/oz gold yields an NPV of $220 million with an IRR of 28.6%. At recent prices of $3/lb copper and $1,000/oz gold, the project has a 10% NPV of $677 million.

On February 9, 2011, Coro received approval from the provincial government of Mendoza province for the Environmental Impact Study (EIS) at San Jorge.

Llancahue, Chile 100%

Stage: Exploration

Deposit: Porphyry copper-molybdenum-silver

Current: The project was staked in 2008. Two short drill programs were conducted in 2009 with Hole LLA07encountering 1.38% copper, 0.015% molybdenum and 3.8 g/t silver over 100m and LR04 returning 2.43% copper, 0.10% molybdenum and 5.8 g/t silver over 36m.

Cerro Chacay, Chile 100%

Stage: Exploration

Deposit: Porphyry copper

Geology: A sulphide stockwork coincident with an intensely phyllic altered

quartz feldspar porphyry occurs over an area of 1,000m x 1,000m centred on Cerro Chacay.

Previous: The property is located 12 km south east of Teck Cominco’s Relincho copper project, and 50km east of the city of Vallenar in the III region of Chile. The project has previously seen drilling by Anglo American, BHP Billiton, Metallica, and First Quantum. Coro acquired MCAL and the Cerro Colorado-Chacay project in 2005.

Current: Coro re-assayed 77 of the mineralized samples from previous drilling for acid soluble (CuSol) and cyanide soluble (CuCN) copper. The results suggest the potential for heap-leachable copper mineralization.

In 2009 the company completed a 4 hole 1,024m reverse circulation drilling program. Coro plans to complete detailed structural and leached cap mapping and rock chip sampling over the core of the Chacay system, likely leading to another drill program.

The Company completed a 2,400m RC drilling program at the project in February 2011. Highlight assays included a 170m intersection grading 0.63% copper. Management plans to follow this latest round of drilling with some diamond drilling in 2011.

All figures in US$, unless stated otherwise

MANAGEMENT & COMPANY CONTACTSAlan Stephens President & CEOMichael Philpot EVP & SecretaryDamian Towns CFOAngelo Peri VP Exploration

www.coromining.com 604-682-5546CAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money C$MMShares Outstanding 106Options 2011 0.87 1.4 1.2 0.83

2012 1.50 0.2 - 0.002013 1.40 0.1 - 0.002014 0.16 4.1 4.1 0.642015 0.52 0.5 0.5 0.25

Warrants 2011 0.26 29.4 28.4 5.672012 0.50 6.25 6.25 3.12

Fully Diluted Shares 148 40.3 10.52

OWNERSHIP (est.) Basic %* As reported by Thomson-ONEInsiders 66.9 63%AGF Management Ltd. 1.0 1%

BALANCE SHEET Sep-10Financial Year End - December ($MM)Assets Cash and Equivalents $2.6 Other current assets 0.0 Current Assets 2.7 PP&E 22.8 Other Assets 1.7 Total Assets $27.1Liabilities Current liabilities $0.5 Long-term debt - Other 2.4 Shareholders equity 24.2 Total Liabilities and Equity $27.1

PROJECTED BURN RATE (estimated) ($MM)Year End 2010 Cash Balance 7.5$ Exploration & Development (estimate) (2.0) Administrative Costs (1.2) Warrant Exercise 5.7 Project Financing 5.0 Year-End 2011 Cash Balance Estimate 15.0

LAST FINANCING Date Jun-10 Type Private Placement Units MM 12.5 Price $ 0.36 Gross Proceeds $MM 4.5 Warrants 6.25MM @ $0.50, Jun 2011; $0.65, Jun 2012

Reserves & Resources Multiple Metalst (MM) % or g/t M lb/oz

San Jorge M&I Cu 194.4 0.48 2,051Au 194.4 0.21 1.3

Inf. Cu 73.0 0.37 592Au 73.0 0.14 0.3

Total Resources Cu 2,643Au 1.6



Source: Thomson One

Dalradian Resources Ltd. (DNA-TSX) Rating


BUY, Venture Risk

N/A

Background

• Dalradian Resources Inc. is a Canadian-based exploration company focused on expanding its gold resource at the ~84,000-hectare Tyrone Project in counties Tyrone and Londonderry in Northern Ireland. The project includes the flagship Curraghinalt mesothermal gold deposit, which currently hosts an NI 43-101 compliant total mineral resource of 1.56 million ounces.

Management

• Patrick F.N. Anderson, Chairman & CEO – Mr. Anderson is an exploration geologist and business executive with over 16 years of experience working in the resource sector. Mr. Anderson has been a consulting geologist on gold, base metals and diamond projects for junior explorers, major producers and mineral industry consulting firms around the globe. Mr. Anderson was a director, President, CEO and co-founder of Aurelian Resources Inc., which discovered a 13.7 million ounce gold deposit in 2006 and was acquired by Kinross Gold in 2008. Mr. Anderson sits on the boards of Colossus Minerals Inc., Malbex Resources Ltd. and Continental Gold Limited.

• F. Carson Noel, Executive Vice-President - Based in Belfast, Mr. Noel oversees all of the Company’s operations in Northern Ireland. His 15 years of experience managing foreign operations for Canadian companies culminated in his role as General Manager of Aurelian Ecuador S.A. from 2005 to 2009.Mr. Noel also provided consultation to the Canadian Commercial Corporation (Canada’s export contracting agency), and acted as the General Manager/President of a public Canadian exploration company. He is a past President/Founding Director of the Ecuadorian-Canadian Chamber of Commerce and a past director of the Ecuadorian Chamber of Mines.

• Keith D. McKay, CFO & Corporate Secretary - Mr. McKay also serves as the CFO of Continental Gold Limited and a director of Noront Resources Ltd. Mr. McKay’s previous roles included CFO of Andina Minerals Inc and VP and CFO of Aurelian Resources Inc. Mr. McKay is a licensed Chartered Accountant.

Financial

• We estimate that the company closed out 2010 with a cash balance of $34 million.


• The company’s flagship Tyrone Project is located in Londonderry, Northern Ireland. The property contains 8 prospecting licenses and the total project area encompasses over 84,000 hectares of prime geological terrain.

• The company’s main focus is the Curraghinalt mesothermal gold deposit, which lies within the Dalradian sequence in licence DG1. Curraghinalt has an NI 43-101 compliant indicated mineral resource of 400,000 ounces (0.95 million tonnes grading 13.24 g/t gold) and an inferred mineral resource of 1.16 million ounces of gold (2.46 million tonnes grading 14.64 g/t gold). The deposit remains open along strike and down dip.

• The company is currently developing the mineral resources at this deposit through additional drilling and intends to initiate engineering, metallurgical and environmental studies to facilitate the preparation of economic assessment work. The company is also targeting additional sites under its various licenses in order to identify new discoveries.

Company News

• In February 2011, Dalradian announced it had encountered 1.17metres of 44.47 g/t. This high grade gold mineralization was encountered at the Currighinalt deposit. Also, Dalradian announced it had selected SLR Consulting to undertake its environmental baseline studies which is expected to be completed by Q3 2012.

• In December 2010, Dalradian announced it had begun a 40,000m drill program at the company’s Tyrone Project in Northern Ireland. The addition of two diamond drill rigs brought the number of rigs on-site to 4.


DALRADIAN RESOURCES INC. DNA-TSX 2.20C$

Rating BUY Target N/A Shares O/S (MM) 69.1 Risk Venture Risk Float (MM) 63.6


All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSPatrick F.N. Anderson Chairman & CEOKeith D. McKay Director, CFO and SecretaryF. Carson Noel Executive Vice PresidentGarth Earls Managing Director

www.dalradian.com 1-416-572-2299CAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money $MMShares Outstanding 69.1

Options 2015 $0.79 2.2 2.0 1.4

Warrants Dec-11 $0.62 0.5 0.5 0.3Aug-11 $2.25 13.2 0.0 0.0Feb-12 $1.50 2.5 2.5 3.8


OWNERSHIP (est.) Basic %* As reported by ThomsonInsiders 5.5 8%Goodman & Co. Investment Counsel 9.7 14%Front Street Capital 7.1 10%RBC Asset Management 2.3 3%

BALANCE SHEET Sep-10Year-end December ($MM)Assets Cash and Equivalents $35.4 Other current assets 0.7 Current Assets 36.2 PP&E 0.1 Other Assets 8.2 Total Assets $44.5


PROJECTED BURN RATE (estimated) ($MM) Year-end 2010 cash balance $34.0 Exploration Expenditures (est.) (10.0) General and Admin Expense (est.) (2.4) Warrant exercise 4.1 Project Financing - Capital Expenditures - Year-end 2011 cash balance estimate $25.7

LAST FINANCING Date Aug-10 Type Initial Public Offering Shares MM 26.1 Price C$ 1.50 Gross Proceeds C$MM 39.2 Warrants 1.31M @$2.25, 12 months

Reserves & Resources Goldt (MM) (g/t Au) MM oz

Indicated 0.95 13.24 0.40Inferred 2.5 14.64 1.16Total 3.4 14.2 1.56

100%Stage:Deposit:Geology:

Previous

Future Plans:

MAIN PROPERTY

Tyrone Project, Londonderry, Northern Ireland

Dalradian's near term objectives for the property include (a) better defining and developing the current mineral resources identified to date (b) conduct further exploration to identify whether minerali resources extend beyond know mineralization and (c ) identify new orebodies on the DG2, DG3 and DG4 license areas. The company remains focused on drilling to determine the size of the mineral resource and plans to initiate engineering, metallurgical and environmental studies that would contribute to scoping and pre-feasability work.

Resource Delineationmesothermal gold mineralization The Tyrone property contains mesothermal gold mineralization, with gold disseminated in quartz-sulphide veins, at the Curraghinalt deposit. The general strike direction of the quartz sulphide veins is approximately west-northwest and the dip is approximately 60º to 70º to the north.

The Tyrone property is located in County Tyrone and County Londonderry, Northern Ireland. The Curraghinalt gold deposit is found on the property, approximately 75 km west of Belfast and 15 km northeast of the town of Omagh. The property is accessible by paved road, a distance of approximately 127 km from Belfast.The Curraghinalt Deposit is a high-grade mesothermal gold system located near the centre of Dalradian's property in Counties, Tyrone and Londonderry. The Curraghinalt Deposit hosts a NI 43-101 compliant (a) Indicated mineral resource of 0.95 MT grading 13.24 g/t gold for 0.40 million contained ounces and (b) Inferred mineral resource of 2.46 MT grading 14.64 g/t gold for 1.16 million contained ounces.

Curraghinalt consists of at least seven primary gold-bearing veins, ranging in width from 0.5 to 3.0 metres. It remains open along strike and down dip. Regional geochemical, mapping and sampling work suggests additional veins may exist peripheral to the resource and outside the main zone. To date, approximately 26,000 metres of drilling has been completed within more than 250 drill holes. A 412-metre adit, 225 metres of lateral drifts anda 60-metre ventilation raise were all constructed during an earlier underground development program.

Micon International Limited published its independent technical report, on May 10, 2010; this report updated a November 2007 report, which Micon also prepared and delivered to Tournigan, the previous operator of the Tyrone Project.

A 2% net smelter return royalty on the Curraghinalt Deposit is payable by DGL (Dalradian Gold Limited) to Minco Plc, or its nominee, and a 4% royalty will be payable to the Crown Estate Commissioners based on the selling price of any silver and gold produced at the Tyrone Project.



Excellon Resources Inc. (EXN-TSX) Rating



N/A

Background

• Excellon is a mining company focused on silver projects in Mexico. The company has the high-grade operating Platosa Mine in Durango State and the Miguel Auza project, including an operating mill, in Zacatecas State.

Management

• Peter Crossgrove, Chairman and CEO – Mr. Crossgrove was previously CEO and Vice Chairman of Placer Dome Inc., and he sits on various boards of directors, including Barrick Gold, Lakeshore Gold, Quadra Logic Technologies, Pelangio Mines and Dundee Realty Corporation.

• Robert Whittall, CFO – Mr. Whittall is a chartered accountant and professional engineer with over 25 years of experience in the minerals industry.

• Rob Moore, VP Operations – Mr. Moore has over 30 years of mining experience, and he has held senior positions with several mining companies. He joined Excellon in June 2009 with the Silver Eagle acquisition.

• John Sullivan, VP Exploration – Mr. Sullivan has over 35 years of experience in the mineral industry. He has held senior positions with Noranda Inc., Watts, Griffis and McOuat Limited and HudBay.

Financial

• The company reported $2.9 million in cash with no debt as of September 30, 2010.


• The operating Platosa Mine is a high-grade silver-lead-zinc ramp-accessed operation located north of the city of Torreon in the heart of the Mexican silver belt. Mineralization at Platosa consists of high-grade massive sulphide mantos, rich in silver, lead and zinc. Since March 2009, ore from Platosa has been trucked to the Miguel Auza mill, located about 220 km along a paved highway to the south.

• The company produces two concentrates; a silver-lead concentrate and a silver-zinc concentrate. La Platosa mine’s current budgeted throughput is 5,300 tonnes per month. Long-term mine planning to increase production rate is underway.

• Excellon acquired the Eskay Creek mill, and it was dismantled and shipped to the Platosa mine site. The mill is fully designed and permitted, including tailings, and the company has estimated that this would take about $6 million over 6-9 months to assemble and re-commission. This plan is currently on hold until additional capacity is needed.

• In 2009, the company also acquired 100% of surrounding Platosa exploration land from its JV partner for US$2 million. Excellon has now consolidated ownership of the property, subject to royalties on some portions.

Company News

• In the three months ending September 30, 2010, Platosa processed 12,390 tonnes of ore producing 288,321 oz of silver, 1.1 million lbs of lead and 1.5 million lbs of payable zinc. The company’s cash cost of silver net of by-product credits was US$7.79/oz.

• Early 2011 exploration will focus on the following three areas: 1) the corridor between the 6A/6B Manto and the Rincon del Caido area to find new massive sulphides leading northwest from 6A/6B. 2) the Pierna Manto area and 3) 3D IP anomalies outlined and drilled in late 2010 were explained by pyrite-rich hornfels.

Source: Thomson One


EXCELLON RESOURCES INC EXN-TSX C$ 0.97



MAIN PROPERTIES

Platosa Mine; Durango State, Mexico 100%

Stage: Operating

Deposit: Carbonate replacement type silver-lead-zinc

Geology: The deposit consists of high-grade massive and semi-massive silver-lead-zinc sulphide mantos typically following the bedding of a dolomite unit. The mantos have characteristics typical of the more distal areas of carbonate replacement deposits in the region.

Previous: It is speculated that the deposits were discovered by Spanish explorers in the 16th or 17th century. Small scale mining continued on the property intermittently until the 1970s.

Excellon acquired the Platosa Mine property and staked the surrounding Excelmex and Poeta claims in 1996. The company subsequently entered option and joint venture agreements on properties in the area, which have since been consolidated. In August 2004, Excellon commenced a small-scale test mining operation of the existing high-grade Indicated Mineral Resource. Excellon purchased Apex’s interest in the Platosa Property in late 2009 and since then the entire property has been 100% owned by Excellon, with parts of it subject to royalties.

Current: The company acquired the Eskay Creek mill, which has been shipped to site at Platosa. The construction and operation of the mill is fully permitted, but the plan to build a mill on site is currently on hold, and the company is processing ore at the Miguel Auza mill (see below). Excellon produces two concentrates from Platosa ore at the Miguel Auza mill: a zinc concentrate and a lead concentrate. The concentrates are sent to the port of Manzanillo, where they are sold to a metals trading company.

In the three months ending September 30, 2010, Platosa processed 12,390 tonnes of ore producing 288,321 oz of silver, 1.1 million lbs of lead and 1.5 million lbs of payable zinc.

The company continues to conduct drilling to discover and delineate additional mineralization. In July 2009, drilling from surface discovered the high-grade 623 Manto, which was subsequently shown to connect with the Guadalupe South Manto and extend further to the southeast.

Regional exploration continues in the Saltillera-la Zorra area. The company is searching for intrusion-related, large-tonnage proximal-style CRD sulphide mineralization, which comprises a significant portion of the tonnage in other large CRD systems in Mexico.

Miguel Auza Mine; Zacatecas State, Mexico 100%

Stage: Mill: operating, Mine: care and maintenance

Deposit: Epithermal silver-lead-zinc veins

Geology: The geology consists of predominantly Cretaceous sediments intruded by a monzonite porphyry, which is associated with mineralized veins. Silver-lead-zinc and higher-grade silver +/- gold veins occur in four systems: the Calvario system and the North, East and Mill zones.

Previous: The property was first explored by the Spanish in the 1500s. Several shafts were sunk in the area, with several vein systems exploited. AJ Resources Inc., a predecessor of Silver Eagle Mines Inc., acquired the property in December 2003. Silver Eagle constructed a modern mill and a ramp-accessed mining operation. The Calvario vein mining operation, accessed by the King Ramp, was placed on care and maintenance in December 2008.

Current: In March 2009, the company signed an agreement to send its ore for processing at the 400 tpd Miguel Auza flotation plant, then owned by Silver Eagle. Excellon acquired Silver Eagle in June 2009, thus acquiring the Miguel Auza mine and mill, which is located approximately 220 km south of Platosa. Miguel Auza is located on a major north-south highway mid-way between Torreón and Fresnillo, and the highway facilitates shipping of Platosa ore.

Exploration is ongoing at Miguel Auza. In March 2010, the company announced that it had identified a new prospective vein system on surface. The veins contain only traces of silver sulphides on surface, thus they did not draw significant attention in the past. However, Excellon geologists believe the veins have characteristics similar to the upper parts of veins at operating mines in the region. Drilling began in early April 2010, targeting these veins at depth.


MANAGEMENT & COMPANY CONTACTSPeter Crossgrove Chairman & CEORobert Whittall CFOJohn Sullivan VP ExplorationRob Moore VP Operations

www.excellonresources.com 416-364-1130CAPITAL STRUCTURE Strike Basic In-the- Proceeds

$ (MM) Money $MMShares Outstanding 243Options 0.71 11.2 7.9 7.9Warrants 0.00 0.0 0.0 0.0

Fully Diluted Shares 254 7.9 7.9

OWNERSHIP (est.) Basic %* As reported by BloombergInsiders 5.1 2%Sprott Asset Management 40.2 17%Crystal Fund Management 17.5 7%Dynamic Funds 12.0 5%

BALANCE SHEET Sep-10Year-end December ($MM)Assets Cash and Equivalents $2.9 Other current assets 6.0 Current Assets 8.8 PP&E 27.7 Other Assets - Total Assets $36.5


PROJECTED BURN RATE (estimated) ($MM)Year End 2010 Cash Balance $2.5 Operating Cash Flows $12.0 Exploration Costs-Initial Estimate (11.0) Administrative Costs (2.0) Option and Warrant Exercise 4.0 Project Financing 10.0 Year-End 2011 Cash Balance Estimate $15.5

LAST FINANCING Date Jun-09 Type Rights Offering Units Shares MM 24.8 Price $ 0.23 Gross Proceeds $MM 5.7 Warrants

Reserves & Resources Silver, Lead, Zinct (MM) g/t, % Moz/lb

Platosa M&I Ag 0.58 909 16.9Pb 9.1 116Zn 10.5 134

Inf. Ag 0.16 731 3.8Pb 7.4 26Zn 7.6 27

Miguel Auza M&I Ag 2.06 152 10.1Pb 2.3 104Zn 2.4 109

Inf. Ag 0.86 242 6.7Pb 1.6 29Zn 2.4 46



Forum Uranium Corporation (FDC-TSXV) Rating


Buy, Venture Risk

N/A

Background

• Forum Uranium Corp. is a Canadian-based energy company with a focus on the acquisition, exploration and development of Canadian uranium projects.

Management

• Mr. Richard Mazur, President, CEO & Director – Mr. Mazur is a geoscientist with over 35 years of international exploration and mining industry experience. Currently he is CEO of Alto Ventures and a Director of Impact Silver and Rox Gold Inc. He also spent over 10 years as a uranium exploration geologist with Pan Ocean Oil Ltd.

• Ken Wheatley, VP Exploration – Mr. Wheatley has 30 years of uranium exploration experience in Canada, most recently with AREVA Resources Canada Inc., where he managed the Kiggavik/Sissons project. He has discovered eight uranium projects, four of which have become operating uranium mines in the Athabasca Basin.

Financial

• As of November 2010, Forum had approximately $1.2MM in cash.


• Forum’s land package now covers over 325,000 ha of prospective uranium ground. Forum is the operator on all of its exploration projects. Its business model centers on finding good properties with great infrastructure, that are road accessible and nearby existing and future mill facilities. Their four main projects all have shallow open-pit deposit potential.

• The Henday project is located 10km NW of the AREVA McClean Lake Mill, on trend with the 50 million lb U3O8 AREVA/Denison Midwest Lake project and Hathor’s 28 million lb Roughrider discovery. In February 2009, Forum optioned Henday to Hathor, which can earn up to a 60% interest in stages by making a payment of 150,000 shares and spending $3.5 million in exploration over three years. Hathor can increase this to 70% by completing a feasibility study.

• The 100%-owned Key Lake Road project is located adjacent to Cameco’s Key Lake Mine/Mill Complex, the processing facility for the McArthur River uranium mine and site of the formerly productive Key Lake Deposit which produced 200 million pounds of uranium mined at an average grade of 2.45% U3O8.

• The North Thelon project covers over 164,000 ha adjacent to Areva’s Kiggavik deposit, (134 million pounds U3O8, ave. grade 0.27%), which is completing a feasibility study to produce 8MM lbs of uranium per year.

• The Maurice Point project is located immediately adjacent to Cameco’s Maurice Bay deposit on the NW margin of the Athabasca Basin. Forum has identified a major structure on trend with this deposit. Mega Uranium can earn a 55% interest in the project by spending $8 million over three years and issuing 100,000 shares to Forum.

Company News

• Forum and Hathor announced in January, 2011 that the diamond drilling program at Henday was underway. A total of 3,750 metres of drilling is planned to test the large area of prospective alteration discovered in 2010 at the Mallen Lake Zone. This project is only 10km away from Hathor’s 28MM lb Roughrider zone.

• Forum announced the appointment of John Stalker to its Board of Directors. Mr. Stalker has over 30 years of experience in mine development and operations in Europe, Africa, and Australia including holding the CEO title for uranium companies UraMin Inc. and Berkeley Resources Ltd.

Source: Thomson One


FORUM URANIUM CORP. FDC-TSXV 0.32C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSRichard Mazur, P.Geo President & CEOKen Wheatley, P.Geo VP ExplorationAnthony Balme Chairman & DirectorIan Stalker DirectorMichael Steeves, CFA Directorhttp://www.forumuranium.com (604) 630-1585CAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money $MMShares Outstanding 120.7Options Dec-10 $0.24 0.1 0.1 0.0

Jan-11 $0.15 0.4 0.4 0.1Apr-11 $0.08 0.6 0.6 0.1Jul-11 $0.15 0.6 0.6 0.1

Nov-11 $0.15 0.1 0.1 0.0Mar-12 $0.15 0.5 0.5 0.1Apr-12 $0.15 0.6 0.6 0.1Jul-12 $0.15 0.5 0.5 0.1

Aug-12 $0.15 0.5 0.5 0.1Various-2013 $0.15 0.7 0.7 0.1Various-2014 $0.15 0.88 0.9 0.1

Feb-15 $0.20 1.1 1.1 0.2Jun-15 $0.15 0.5 0.5 0.1

Warrants Dec-10 $0.20 0.2 0.2 0.0Jan-11 $0.10 2.0 2.0 0.2Apr-11 $0.20 5.9 5.9 1.2


OWNERSHIP (est.) Basic %* As shown in company presentation & Thomson OneInsiders Total 7.1 6%Quest Investment 30.9 26%Pinetree Capital 9.0 7%Other Institutional 9.7 8%Agnico-Eagle Mines 8.5 7%

Aug-10BALANCE SHEET ($MM)Assets Cash and Equivalents $1.6 Other current assets 0.3 Current Assets 2.0 PP&E 0.1 Other Assets 15.3 Total Assets $17.4Liabilities Current liabilities $0.4 Long-term debt - Other - Shareholders equity 17.0 Total Liabilities and Equity $17.4

PROJECTED BURN RATE (estimated) ($MM) Fiscal Year-end 2010 (Nov 30, 2010) cash balance $2.1 Exploration Expenditures (est.) (2.5) General and Admin Expense (est.) (0.6) Warrant exercise 1.2 Project Financing 3.0 Capital ExpendituresFiscal Year-end 2011 cash balance estimate $3.2

LAST FINANCING Date Jul-10 Type Private Placement - Flow-Through Shares Shares MM 5.6 Price C$ 0.09 Gross Proceeds C$MM 0.5

100%


Previous:

Current:


Previous:

Current:

100%Stage:

Deposit:Geology:

Previous:

Current: A summer program is planned for its rare-earth prospective zones. A $2.6MM budget for over 8,000 metres of RC drlling is planned for 2011 to test a number of drill-ready uranium and rare-earth targets.

North Thelon Project, Thelon Basin, NunavutExploration

Unconformity-related uranium and rare earth depositsThe deposits occur mainly as meta-arkoses and mafic volcanics along a 24 km section of a NE-SW trending structural zone. The property borders AREVA's Kiggavik-Sissons Project (historic resource estimate 134 million pounds U3O8, grading from 0.27%); feasibility study to be completed in 2011.

In the summer of 2008, 12 holes tested six different areas in a first pass drill campaign. Variable uranium enrichment (22ppm U over 79.5m from 45 to 124.5m) and numerous pathfinder elements (up to 120ppm Pb over 11.2m and 801ppm B over 12.7m) were intersected in DDH TZ-04 on the Tarzan property, on trend with the Kiggavik deposits. Two airborne RESOLVE electromagnetic/magnetic surveys were flown over an area covering most of the project.

In August 2010, Forum completed a mapping and sampling program followed by a gravity survey on uranium and rare earth targets at North Thelon. Samples were subsequently sent for analysis. In November, Forum confirmed rare earth potential on this project with two prospective zones found within large 8x10km intrusive complex and also confirmed plans for a summer 2011 drilling program that will also include detailed prospecting, ground gravity, and channel sampling.

In January 2011, Forum and Hathor announced that a 3,750m DD program was underway at Henday. The program will test the large area of prospective alteration (with up to 0.16% uranium) discovered in 2010 at the Mallen Lake Zone and other targets along the MidWest trend. According to Forum, the unconformity at the Mallen Lake zone is shallow at 110m and can easily be reached by open pit methods.

Henday Project, Athabasca Basin, SaskatchewanExplorationUnconformity-related uranium depositsThe Henday Project covers favorable basement rocks within the Mudjatik-Wollaston Tectonic Zone, a northeast trending structural zone on the eastern margin of the Basin along which the district's most productive uranium mines occur. Over 95% of known Canadian uranium deposits and all current uranium producing mines in Canada are located on this trend.

A $1.65 million exploration program began in February 2010. This includes an 18 hole drill program and a ground gravity and electromagnetic geophysical survey. In May, Forum announced that the winter drill program at Henday intersected a strong alteration halo in both the sandstone and into the basement with elevated geochemical indicators and weak uranium mineralization. In November, Forum announced that a geochemical survey completed in the summer identified new targets on Henday and a drill program was planned for the property in January.

Forum intends to drill Highrock in winter 2011. A $100K gravity survey is to be completed by March 2011.

ExplorationUnconformity-related uranium depositsForum's permits cover favourable basement rocks within the Mudjatik-Wollaston Tectonic Zone, a northeast trending structural zone on the eastern rim of the Basin along which the district's most productive uranium mines occur.

Past exploration included surface trenching and shallow drilling of outcropping uranium showings. Airborne EM surveys along with detailed mapping and trenching have identified over 200km of prospective uranium targets. Geophysical anomalies and identified EM conductors suggestive of graphitic zones in Wollaston basement rocks. Grab samples range in grade from 0.032% to 7.65% U308.

In February 2010, Forum began a 2,500m drill program at Key Lake Rd. In April 2010, results from its 10-hole 1,700m winter drill program showed assay results included 0.4m grading 0.016% U3O8 and 0.2m grading 0.065% U3O8.

Key Lake Road, Athabasca Basin, SaskatchewanMAIN PROPERTIES



Source: Thomson One

Geovic Mining Corporation (GMC-TSX), (GVC-US OTC) Rating



N/A

Background

• Geovic is a Denver-based, Toronto-listed junior mineral explorer focussed on the advanced Nkamouna / Mada cobalt project in Cameroon. This nickeliferous laterite deposit is the largest known primary cobalt deposit, with significant nickel and manganese credits. The company controls 60.5% of GeoCam, with the remaining 39.5% owned by the Cameroon Government and Cameroon investors. GeoCam owns 100% of the Nkamouna and Mada projects.

Management

• Michael Mason, Chief Executive Officer – Mr. Mason has vast experience with metals sales and purchases. For the past years, he has been leading the efforts to move forward negotiation of offtake agreements for GeoCam’s future metals production and to identify potential strategic partners.

• Barbara Filas, President – Ms. Filas is a mining engineer with more than 30 years of experience in operations, engineering and regulatory / environmental support.

• Timothy Arnold, Chief Operating Officer – Mr. Arnold has extensive experience in engineering and management of well known mining companies such as Coeur D’Alene Mines, Hecla Mining, and Barrick Gold. Recently, he managed the General Moly’s Mt. Hope and Liberty molybdenum projects.

• William Buckovic, Executive VP, Exploration – Mr. Buckovic is the Company founder. He is a geologist with 35 years experience in exploration and development, and is credited with the vision to view the deposit as a primary cobalt opportunity, rather than as a nickel deposit alone.

Financial

• As of September 30, 2010, Geovic reported US$35 million in cash and no debt.


• The Nkamouna deposit hosts NI 43-101 compliant Proven and Probable reserves of 54 million tonnes at 0.25% cobalt, 0.69% nickel and 1.33% manganese within a 13 km2 mineralized area. Resources are estimated to be 100 million tonnes at 0.22% cobalt, 0.67% nickel and 1.26% manganese. These reserves could support a 19 year mine life. The 2008-2009 drill program resulted in a 97% increase in Measured and Indicated resources at Nkamouna, thus we may expect a significant increase in reserves.

• The Mada deposit has an NI 43-101 Inferred resource of 222 million tonnes at 0.21% cobalt, 0.58% nickel and 1.25% manganese within a 60 km2 mineralized area. Total land controlled by Geovic is 264 km2, and significant exploration potential remains to be tested.

• Cobalt is a strategic commodity that has exhibited a +7.5% compounded annual growth rate in demand over the past 10 years. Batteries command 23% of cobalt consumed, while chemicals account for 24%, steel alloys 38% and magnets / catalysts 15%. Cobalt demand in battery usage is growing at a rate of 13% per annum.

• Other Company projects include the New Caledonia Heavy Mineral Sands. The prospecting license covers an area of 120 squared kilometers. A historic resource was developed by Geovic personnel. Preliminary metallurgical testing produced a high quality chromite product containing 54% Cr2O3. Secondly, the Arizona Gold Exploration project is currently in the initial phases of exploration, with a 9 mile long gold trend identified and 66.5 square mile land position secured. Widespread gold anomalies in soil and surface rock samples were observed. Finally, Geovic has long term fully-paid leases on 15 properties in the Denver/Cheyenne Basin area. An independent report is being prepared, calculating historic Uranium resources from 10,000+ drill holes.

Company News

• In April 2011, we anticipate a revised and optimized feasibility study, followed by the completion of permitting and financing for a capital project estimated at US$600-650 million This year promises to deliver significant milestones in the development of a potentially world-class mining operation.


GEOVIC MINING CORPORATION GMC-TSX 0.62C$

Rating Buy Target N/A Shares O/S (MM) 104 Risk Speculative Float (MM) 83


MAIN PROPERTIES

Nkamouna (39.5% Cameroon Government, Cameroon investors)

60.5%

Stage: Final Feasibility Study, Project Financing, Pre-construction

Deposit: Lateritic nickel, cobalt

Geology: The cobalt-nickel deposits are hosted in residual laterites which have formed by prolonged tropical weathering of serpentinites. Most of the economic mineralization in the deposit is in one interval containing about 1 meter of ferricrete breccia and 4 meters of ferralite. The deposit’s unusual concentration of the coarsely aggregated ore mineral asbolane is highly significant, as is the thick ferricrete breccia and abundant maghemite. Of great significance is the size of asbolane agglomerates and wad that host the cobalt and almost all of the manganese.

Previous: In 2003, the company was granted a mining license covering 1,250 km2. Under the terms of a 2007 GeoCam shareholder agreement, the company has a 60.5% interest.

The prefeasibility study and NI 43-101 technical report were completed in 2006. The company’s Environmental Impact Statement was approved in 2007.

In 2009, the company released an updated resource estimate, increasing the size of the Measured and Indicated resources by 97% and the Inferred resource by 25%.

An initial feasibility study was completed in 2007, with an optimization study in 2008. The optimization study examined a potential open pit mine with a 19 year life and 9,000 tpd production. The processing in the study consisted of physical upgrading and simple leaching. Capital costs were estimated at $379 million ($418m including working capital), and the study yielded an NPV 8% of $1 billion and an IRR of 42% after tax, using a cobalt price of $27 / lb. Metal production would average 4,400 tpy cobalt, 3,100 tpy nickel and 21,600 tpy manganese.

Current: The Company is evaluating numerous opportunities to improve

the economics of the Nkamouna Project. The Feasibility Study is anticipated to be completed by the end of April 2011.

Mada (39.5% Cameroon Government, Cameroon investors)

60.5%

Stage: Resource Delineation, Feasibility Study

Deposit: Lateritic nickel, cobalt – adjacent to Nkamouna

Geology: A continuation of the geology found at Nkamouna.

Previous: Exploration was conducted on the property from 1995 – 2003, consisting largely of pit excavations. Drilling was conducted from 2003 – 2009 delineating mineralization on the property and leading to the 2009 Inferred resource estimate.

Current: In 2011, the company plans reserves definition as part of the

feasibility study.

All figures in US$, unless stated otherwise

MANAGEMENT & COMPANY CONTACTSMichael Mason CEOBarbara Filas PresidentTimothy Arnold COOWilliam Buckovic EVP Exploration, FounderJack Sherborne President of New Ventures Divisionwww.geovic.net 888-350-4130CAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money $MMShares Outstanding 104.3Options 6.28 yrs. $0.80 15.7 0.0 0.0

Warrants $2.99 18.9 0.0 0.0


OWNERSHIP (est.) Basic %* As reported by BloombergInsiders 22 21%Nuveen Asset Management 3 3%


PROJECTED BURN RATE (estimated) ($MM) Year-end 2009 cash balance $49.2 Exploration Expenditures (est.) (9.0) General and Admin Expense (est.) (8.4) Warrant exercise - Project Financing - Capital Expenditures - Year-end 2010 cash balance estimate $31.8

LAST FINANCING Date Apr-07 Type Brokered - Private Placement Shares MM 9.6 Price C$ 4.00 Gross Proceeds C$MM 38.3 Warrants 4.8M @$5.00, 60 months

Reserves & Resources Cobaltt (MM) (%) MM lbs

Nkamouna 2P 54 0.25 299M&I 81 0.23 409Inf. 20 0.19 83

Mada M&I 40 0.23 202Inf. 183 0.20 805



Gold Canyon Resources Inc. (GCU-TSXV) Rating


BUY, Venture Risk

N/A

Background

• Gold Canyon is a Canadian-based company engaged in the acquisition, exploration and development of precious and rare metal properties. The company’s flagship Springpole property is an advanced-stage exploration gold project located in the prolific Red Lake mining district of Ontario.

Management

• Akiko Levinson – President & Director – Ms. Levinson has over 20 years of experience with mining finance and investment. Previously, she has held upper management positions and directorships at other publicly traded mining companies.

• Ron Schmitz – Chief Financial Officer & Director – Mr. Schmitz is Gold Canyon’s primary administrator with over 20 years of experience in financial management of resources companies. He is also the owner of ASI Accounting Services, which provides accounting and administrative services to public resource companies.

• Douglas Christopherson – Mining Engineer & Director – Mr. Christopherson has been actively involved with mineral exploration and development projects in the USA, Africa and Asia since 1970. He is a founding registered member of the Society for Mining, Metallurgy and Exploration Inc. (SME).

Financial

• We estimate Gold Canyon closed out 2010 with $6.5 million in cash reserves. The company’s last financing was a brokered private placement in October 2010 in order to raise $6 million.


• Gold Canyon’s 100% owned Springpole project is a metamorphically reworked alkalic gold deposit. Currently, the property has a NI 43-101 compliant total resource of approximately 240,000 oz gold (2006). Compilation of exploration data on the property from the last 25 years, along with a focused technical review in 2009 demonstrated the project’s strong potential for orders of magnitude increase in the current resource. Following 2009 review, a multi-phased exploration drill program was outlined for the property in January 2010.

• Highlight drill results from the 2010 program at Springpole included a 353m intersection grading 1.2 g/t gold and a higher grade intercept of 64m grading 3.3 g/t gold. In January 2011, management initiated an aggressive 10,000m drill program at the property for the current winter season, utilizing three diamond drill rigs.

• Other properties include 1) Horseshoe Island project (100% owned) – advanced–stage gold exploration property located adjacent to Springpole in northern Ontario. 2) Cordero Gallium project (100% owned) – located in northwestern Nevada is the largest known primary gallium resource in North America with 714,000 kg of gallium M&I and 335,000 kg gallium Inferred resource. 3) Favourable Lake project (40% owned; 60% owned by Shoreham Resources Ltd.) – early stage silver-gold-base metal property located 200km north of Red Lake.

Company News

• In February 2011, the company released results from its ongoing winter drill program at Springpole. Highlight results included a 3m intersection grading 54 g/t gold, within a larger intercept of 302m grading 1.4 g/t gold. These results led management to confidently conclude that gold mineralization is continuous for a distance of 1.35km from the Main Zone in the northwest to the present terminus of the Portage Zone in the southeast.

• According to management, the current 2011 winter drill program is planned to continue through April 2011, at which time work will begin on revising the resource estimate for the deposit. On a longer time-scale, management is planning to move the project towards pre-feasibility.

Source: Thomson One


GOLD CANYON REOURCES INC. GCU-TSXV 2.25C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSAkiko Levinson President & DirectorRon Schmitz CFO & DirectorDouglas Christopherson Mining Engineer & DirectorQuinton Hennigh Technical Advisor

www.goldcanyon.ca 604-682-3234

CAPITAL STRUCTURE Strike Basic In-the- ProceedsC$ (MM) Money $MM

Shares Outstanding 91.9Options 2011 0.16 3.30 3.30 0.52

2012 0.27 2.34 2.34 0.62Warrants 2011 0.40 1.00 1.00 0.40

2012 0.36 12.41 12.41 4.53Fully Diluted Shares 110.9 19.0 6.1

OWNERSHIP (est.) Basic %* As reported by Thomson-ONEInsiders 5.7 6%Pinetree Capital Ltd. 12.1 13%Sprott Asset Management 7.1 8%

BALANCE SHEET Aug-10Year-end November (US$MM)Assets Cash and Equivalents $1.4 Other current assets 0.5 Current Assets 1.9 PP&E 21.4 Other Assets 0.0 Total Assets $23.4


PROJECTED BURN RATE (estimated) (US$MM) December 2010 cash balance $6.5 Work Programs (est.) (8.0) General and Admin Expense (est.) (1.5) Warrant exercise 0.9 Project Financing 10.0 Capital Expenditures - Year-end 2011 cash balance estimate $7.9

LAST FINANCING Date Oct-10 Type Brokered Private Placement

Shares MM 6.0 Price C$ 1.00 Gross Proceeds C$MM 6.0

Warrants 6MM @ $1.25, 24 months

100%Stage:

Deposit:

Geology:

Previous:

Current:

MAIN PROPERTIES

Springpole project, Red Lake, Ontario

The winter 2011 diamond drill program is currently underway at Springpole. Three diamond drill rigs are operating on the property with 10,000m of drilling planned until early April. The main objectives of the drill program are: 1) Testing shallow portions of the Portage Zone that could not be tested during last year's drill program. A series of 150-250m holes will be drilled from the ice on 50m sections so that near surface mineralization can be included in future resource calculations. 2) Infilling the mid-section of the Portage Zone. By drilling larger diameter, HQ core, the company hopes to encounter better grades and continuity in this part of the zone which was drilled with smaller diameter, NQ core, approximately 20 years ago. 3) Testing for the strike continuation of the Portage Zone to the southeast where mineralization remains open. One drill rig will be dedicated to testing the continuation of the Portage Zone on 50m sections. 4) Testing a possible new zone of mineralization that lies southwest of the Portage Zone and appears to trend parallel to it. 5) Testing for continuation of the Portage Zone underneath the Main Zone.

Resource Delineation

Alkaline Intrusion-Hosted Gold System

Springpole is an alkaline intrusion hosting a gold system that represents a potentially new style of Canadian Archean Shield gold deposit. Springpole shares many similarities with deposits such as the Cripple Creek Gold deposit in Colorado. The Portage Zone is hosted by a trachytic porphyry intrusion displaying polyphase autolithic breccias that contain gold mineralization of remarkably uniform grade. Other zones, including East Extension, Camp and Main, consists of high grade veins and pods hosted in diatreme breccias composed of intrusive and country rocks. THe known mineralized zones underlie a total known area of about 4 square kilometres representing only about 15 percent of the greater alkaline intrusive complex which yet remains to be explored.

During the 2004-2005 winter season, the company completed an aggressive 30,000 foot core drilling campaign targeting high-grade mineralization, which confirmed the presence of a significant shoot of bonanza grade mineralization. During the 2005 summer field season, the company conducted geological mapping, channel sampling, outcrop stripping and geochemical sampling of previously unprospected areas within the boundaries of the company's extensive land holdings at Springpole. The Southwest Target Area (2.5km long) was then drilled during the 2006 winter program. 2006 saw the beginning of a formal modeling effort, undertaken by Reserva International of Reno Nevada. Subsequently, Gold Canyon contracted P&E Mining Consultants Inc. of Toronto to produce the 43-101 compliant gold resource estimate of 7,100 oz gold measured, 38,400 oz gold indicated and 197,100 oz gold inferred.



Gold Hawk Resources (GHK-TSXV) Rating


BUY, Venture Risk

N/A

Background

• Gold Hawk is engaged in the acquisition, exploration and development of mineral resource projects. In September 2010, the company acquired the Oracle Ridge copper project located in Arizona. Gold Hawk also owns a 640 hectare mining concession at the Barry-Souart property northeast of Val d’Or in Quebec.

Management

• Kevin Drover, Chairman & CEO – Mr. Drover has more than 35 years experience at senior management levels in both domestic and international mining operations in Canada, Russia, Peru, Nicaragua, Costa Rica and the U.S. He has worked for BP Canada Resources, Kinross Gold Corporation and Glencairn Gold Corporation.

• Victor Rozon, VP Operations – Mr. Rozon has more than 25 years experience in the mining industry and has held numerous senior management positions domestically and internationally. Mr. Rozon also has an extensive background in metallurgy, plant design, feasibility studies, construction and operations. He was part of a team that pioneered heap leaching in Canada's cold climate and built Canada's first CIP plant.

Financial

• As of November 3, 2010 Gold Hawk reported cash and investments of $17.0 million. In addition, the company closed a $7.5 million private placement on November 8, 2010.


• On September 28, 2010, Gold Hawk completed the acquisition of the Oracle Ridge copper property which is located in the Catalina Mountains to the north of Tucson, Arizona. The property is the site of the previously operated Oracle Ridge copper mine. The necessary mineral rights have been secured by way of lease and by the purchase of adjacent property.

• The company has begun work on a program designed to validate the existing technical database and produce a 43-101 compliant resource study as well as embark on a significant exploration and development program for the property. A significant portion of the property has not been drill tested. The proposed exploration program will include an underground core drilling program to locate additional potential areas of mineralization. Concurrently, the company will start collecting the data required to obtain the permits necessary to re-start mining operations and to complete a bankable feasibility study.

Company News

• On February 2, 2011 the company announced that it has entered into a letter of intent with Pala Investments Holdings Limited to carry out a non-brokered private placement offering of up to 12,500,000 common shares at a subscription price of $2.00 per share for aggregate gross proceeds of up to $25.0 million.

• On January 18, 2011 the company announced that it has contracted Lyntek Inc. to produce an engineering, design and capital cost study for a 2,000 tpd flotation plant and related processing facilities in order to facilitate the re-opening of the underground Oracle Ridge Copper Mine.

Source: Thomson One


GOLD HAWK RESOURCES GHK-TSXV 2.40C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSKevin Drover Chairman and CEOVictor Rozon VP OperationsCarlos Escribano VP Finance and CFO

www.goldhawkresources.com 604-689-9282CAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money C$MMShares Outstanding 31.3Options 2011 $10.22 0.1 0.0 0.0

2012 $16.15 0.1 0.0 0.02013 $3.30 0.1 0.1 0.22014 $2.50 0.2 0.0 0.02015 $1.31 1.6 1.6 2.0

Warrants 2011 $2.40 0.9 0.1 0.2


OWNERSHIP (est.) Basic %* As reported by Thomson-ONEInsiders 20.7 66%Coalcorp Mining 6.0 19%

BALANCE SHEET Sep-10Year-end December (C$MM)Assets Cash and Equivalents $18.5 Other current assets 0.2 Current Assets 18.7 PP&E 30.4 Other Assets - Total Assets $49.1

Liabilities Current liabilities $3.2 Long-term debt 3.1 Other 9.0 Shareholders equity 33.8 Total Liabilities and Equity $49.1

PROJECTED BURN RATE (estimated) ($MM) Year-end 2010 cash balance $24.5 Exploration Expenditures (est.) (5.0) General and Admin Expense (est.) (2.4) Warrant exercise 0.2 Project Financing 22.1 Capital Expenditures - Year-end 2011 cash balance estimate $39.5

LAST FINANCING Date Nov-10 Type Private Placement


100.0%Stage:

Deposit:

Geology:

Previous:

Current:

MAIN PROPERTIESOracle Ridge Copper Project, Arizona

In January 2011, Gold Hawk announced that it has given the contract for a surface diamond drill program at the Oracle Ridge Copper Mine. The phase one surface drill program is for an initial 15,000 feet designed to validate the existing drill hole data. Initial assay results are expected to be released in the first quarter. The phase one drill core assay results will be compared against and used to verify the historic data and to complete a new, NI 43-101 compliant technical report on reserves and resources. In addition, the company plans to mobilize an underground drilling program pending availability of appropriate drill rigs and mobilization at the site.

Subsequently, the company has also contracted Lyntek Inc. to produce an engineering, design and capital cost study for a 2,000 tpd flotation plant and related processing facilities in order to facilitate the re-opening of the underground Oracle Ridge Copper Mine.

Exploration

Primary copper skarn mineralization with gold and silver by-products

The Oracle Ridge project is located in the Santa Catalina-Rincon Mountains metamorphic core complex. This metamorphic complex is the eastern most in a belt of core complexes trending west northwest into California and southward into Mexico.

The area is structurally complex, containing formations ranging from Proterozoic to recent in age. It has been the site of massive intrusions and associated volcanism since the Laramide Orogeny. Rocks of sedimentary origin are up to 1.5 miles in combined thickness. Intrusive rocks have added 2.8 miles to the total stratigraphic section.

The Oracle Ridge Copper Mine, an underground operation from 1991 to 1996, operated at a rate of approximately 1,000 tpd. The mine closed in 1996 due to operating difficulties and low copper prices and there has been no mining or exploration activity on the property since 1996. Immediately prior to the mine closing, a feasibility study was completed to increase production to 2,000 tpd. The mine plan was based on 8.8 million tons grading 2.3% copper. The old production facility has been removed and there is currently no production facility on site.

Gold Hawk is in possession of the historic data base consisting of 534 drill holes totaling more than 163,000 feet of drilling. The available historic drill core samples are in good condition and stored on site and are in the process of being catalogued, logged and assayed as part of the study to bring the project to NI 43-101 standards. Copper grades in excess of 22% have been intersected in previous drilling.



Golden Minerals Company (AUM-TSX) Rating



N/A

Background

• Golden Minerals Company has a broad portfolio of mineral exploration projects in Latin America including its El Quevar project in Argentina. AUM is the succesor to Apex Silver.

Management

• Jeffrey G. Clevenger, Chairman, President & CEO – Mr. Clevenger has 35 years of mining experience. From 2004 to 2009, Mr. Clevenger was President And CEO of Apex Silver. Prior to that he had gained mine operating experience with Cyprus Amax and Phelps Dodge.

• Robert B. Blakestad, VP Exploration – Mr. Blakestad has 30 years experience in the mining industry. He was President and CEO of Taurus Resources and worked with Cyprus Amax and Homestake Mining.

• Jerry W. Danni, Executive Vice President – Mr. Danni has more than 30 years managerial and operations experience in the mining industry. He was Senior VP, Environmental, Health and Safety for Kinross Gold.

• Deborah J. Friedman, VP General Counsel and Corporate Secretary – Ms. Friedman has over 25 years experience in the mining industry. She has served in various positions in the law departments of Cyprus Climax and AMAX Gold.

Financial

• As of December 31, 2010 Golden Minerals reported US$122 million of cash and equivalents with no debt. The company raised US$108 million through an equity offering and concurrent private placement in October 2010.


• AUM has 100% ownership of El Quevar, a 66,000 hectares land position in Salta Province, Argentina. The province is strongly pro-mining with a skilled labour force. AUM has identified 13 targets on the property including the Yaxtche mineralized zone, which has a 2.4km strike length and is open in all directions. Yaxtche has a NI 43-101 total mineral inventory of 62 million ounces silver with a grade of just over 300 g/t silver (which incorporates mining dilution). The Company has commenced an initial Preliminary Economic Assessment for the project with an expected completion by mid-2011. Management continues its Feasibility Study work on the project.

• In addition, Golden Minerals plans to drill test several other projects: Zacatecas (Mexico), La Pinta (Mexico), Matehuapil (Mexico) and Palca in Peru. Of these projects, Zacatecas is the focus and is in a prime location of Mexico. Reconnaissance work, including surface sampling, identified five target areas. These areas underwent detailed sampling and trenching which have exposed 5km of exposed veins. Drill holes returned grades of 350 to 400 g/t silver over narrow widths of 1 to 2 metres.

Company News

• Golden Minerals has commenced additional drilling to further define the current resource at El Quevar and to properly size the proposed processing facility prior to completing an economic valuation of the project. The Company plans to complete the metallurgical study test work by Q2 2011, continue the advancement of the underground decline into the west Yaxtche deposit through 2011, release updated resource estimates in Q2 and Q4 2011 based on continued drilling, and complete an initial Preliminary Economic Assessment by mid-2011.

• There are currently 11 targets with surface expressions of at least 100 g/t silver identified in the EL Quevar project area. The Company began its expanded drill program during Q4 2010 and currently has four diamond drills operating at the project. A fifth drill is expected to be operational on-site shortly.

Source: Thomson One


GOLDEN MINERALS COMPANY AUM-TSX 20.16C$

Rating BUY Target N/A Shares O/S (MM) 15.1 Risk Speculative Float (MM) 8.0

Fully Diluted Shares (MM) 15.3 12-Month Return N/A Close 20.16C$ Basic Mkt. Capitalization ($MM) C$ 305

MAIN PROPERTIES

El Quevar, Province of Salta, Argentina 100%

Stage: Resource delineation and development

Deposit: Vein zones, breccias and mineralized faults

Geology: Silver veins and disseminations in tertiary volcanic rocks

Previous: El Quevar includes 14 exploitation concessions and 6 exploration concessions totaling 64,000 hectares. Mining activity in and around El Quevar dates back at least 80 years. Beginning in 2004, Golden Minerals and its predecessor (Apex Silver) undertook exploration at El Quevar. From 2004 to year-end 2009, 5,000 surface samples and 195 diamond drill holes totaling 38,500m were completed.

The drilling enabled Golden Minerals to release an updated resource on the Yaxtche zone in January 2010 and then in August. The latest NI 43-101 resource prepared by Micon included a total of 62.1 million oz silver at an average grade of just over 300 g/t silver (1.0 Mt @ 280 g/t silver indicated and 5.3 Mt @ 312 g/t silver inferred) based on 168 drill holes.

El Quevar is located approximately 300km by road to the northwest of the city of Salta, the capital of the province. A high tension power line is located 30km from the site and a gas line is 5km away. The Company has built a camp to accommodate 75 people about 10 km from the project in the high mountain desert.

Current: In addition to the current resource on the Yaxchte central zone (725m strike), drilling has confirmed the zone extends to the east of the central zone and the west of the zone for a total strike length of 2.4km. The extensions could potentially increase the resource significantly. Drilling is planned on the west side of post mineral cover that could double the 2.4 km length of the deposit.

The Company is steadily working towards an initial Preliminary Economic Assessment expected to be completed by mid-2011. Management is also continuing its Feasibility Study work on the project.

Recent metallurgical tests have obtained favourable recoveries of 95% silver and 91% copper using a single bulk flotation technique.

Zacatecas, Zacatecas State, Mexico 100%

Stage: Exploration

Deposit: Silver-copper-zinc-lead-gold potential

Geology: Mineralization is a typical silver-gold vein system

Previous: Golden Minerals controls about 187 concessions at Zacatecas totaling about 15,000 hectares. Reconnaissance work was undertaken, beginning in 1994, on all concessions which were controlled by Apex Silver at the time. Surface sampling over the period identified four target areas: El Cristo, Muleros, Panuco and San Manuel-San Gil. Surface sampling at Panuco returned 600 g/t silver and 2.5 g/t gold. After early stage exploration the Company completed 37 drill holes for a total of 6,800m. Drill results included 400 g/t silver over 1m and 350 g/t silver over 1 to 2m .The Zacatecas properties are only 10km from the city of Zacatecas and can be reached by paved and dirt roads.

Current: A 2,000m drill program is underway on the property to test over 5km of veins that are exposed at surface. The Company believes there is significant potential for a discovery of high-grade silver associated with base metals and gold.

All figures in US$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSJeffrey G. Clevenger Chairman, President & CEORobert B. Blakestad Senior VP ExplorationJerri W. Danni Executive VP Corporate AffairsDeborah J. Friedman VP General Counsel and Corp. Sec.

www.goldenminerals.com 888-696-2739CAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money C$MMShares Outstanding 15.1Options 2013 $8.01 0.13 0.1 1.1Warrants $0.00 0.00 0.0 0.0Fully Diluted Shares 15.3 0.1 1.1

OWNERSHIP (est.) Basic %* As reported by Thomson OneInsiders 7.1 47%Gilder Gagnon Howe & Co. 3.1 20%The Sentient Group 2.9 19%RBC Asset Management 0.9 6%Sprott Asset Management 0.9 6%BALANCE SHEET Dec-10Year-end December ($MM)Assets Cash and Equivalents $121.6 Other current assets 1.7 Current Assets 123.3 PP&E 10.1 Other Assets 2.2 Total Assets $135.6


PROJECTED BURN RATE (estimated) ($MM) Year-end 2010 cash balance $122 Exploration Expenditures (est.) (35) General and Admin Expense (est.) (10) Warrant exercise - Project Financing 20 Capital Expenditures - Year-end 2011 cash balance estimate $97

LAST FINANCING Date Oct-10 Type Public Equity Offering & Private Placement Shares MM 5.9 Price US$ 18.50 Gross Proceeds US$MM 108.3 Warrants

Reserves & Resources Silvert (MM) (g/t Ag) MM oz

El Quevar M&I Ag 1.0 280 9.3Inf Ag 5.3 312 52.8Total Ag 6.3 307 62.10



Kaminak Gold Corp (KAM-TSXV) Rating


BUY, Venture Risk

N/A

Background

• Canadian based mineral exploration company with 16 projects across Canada.

• In 2010, Kaminak completed the first ever drilling on the Coffee property in the White Gold District of the Yukon Territory and discovered 8 significant gold zones beginning at surface.

Management

• Robert L. Carpenter – President & CEO, Director - Dr. Robert L. Carpenter is the co-founder of Kaminak Gold. Prior to Kaminak, Rob spent three years with the Federal Department of Indian and Northern Affairs of Canada where he was responsible for evaluating technical reports submitted on mineral claims, prospecting permits and mining leases as required under the Canada Mining Regulations and recommending their approval/rejection based on compliance. He is a practicing professional geologist with over 20 years of precious and base metal exploration experience and certified by the Association of Professional Geoscientists of Ontario.

• John Robins – Chairman – Mr. Robins is a professional geologist based in Vancouver, BC, with over 25 years of experience as an independent exploration geologist and entrepreneur. Mr. Robins initially worked as a self employed prospector and geologist in BC and Northern Canada. In 1988, he founded Hunter Exploration Group. Mr. Robins has also been active in starting several successful public exploration and development companies culminating in 2005 with his co-founding of the Discovery Group of Companies. In addition to his role with the Discovery Group, Mr. Robins also sits on the Boards of several publicly traded exploration companies.

Financial

• Kaminak reported a cash position of approximately C$21.6 million as of January 2011.


• In 2010, Kaminak successfully executed the first drill program on the 150,000 acre Coffee property and drilled 8 separate and closely-spaced gold discoveries within a 10km strike length. Discovery holes include: Supremo Zone 15.5m @ 17.1 g/t Au, Latte Zone 83.93m @ 1.08 g/t Au, Double Double Zone 35m @ 6.3 g/t Au, Kona Zone 56.75m @ 2.21 g/t Au and 23m @ 1.92 g/t Au, Americano Zone 18m @ 2.36 g/t Au, and Connector Zone 11m @ 5.5 g/t Au.

• The Lack of glaciation over the Coffee property has allowed in-situ soil-sampling to be employed as a highly effective exploration tool. All of Kaminak’s gold discoveries to date have been found by drilling directly underneath gold-in-soil anomalies. The first phase of the 2011 program is budgeted at $15 million and the objective of the program is threefold: expand the 8 significant gold zones discovered in 2010, work towards compliant resources on priority zones, and make new additional gold discoveries across our vast property by drill testing high-quality soil anomalies.

• April 15, 2011 start date expected for a program of 40,000m – 45,000m of core and reverse circulation drilling from 4 drills. The key objective will be to establish a National Instrument 43-101 compliant resource on priority zones.

Company News

• Board approval has been granted for the 2011 exploration budget on the Coffee Gold Project. The first phase drill program is budgeted at $15 million and is expected to begin in early April.

Source: Thomson One


KAMINAK GOLD CORP. KAM-TSXV 3.61C$



All figures in C$, unless stated otherwise MAIN PROPERTIESMANAGEMENT & COMPANY CONTACTS Yukon Coffee Gold Project, Yukon, Canada 100%Robert Carpenter President and CEO, Director Stage: John Robins ChairmanChris Twells CFO Geology:Tony Reda VP Corporate DevelopmentTim Smith VP Exploration

www.kaminak.com 1-888-331-2269CAPITAL STRUCTURE Strike Basic In-the- Proceeds

Expiry C$ (MM) Money C$MMShares Outstanding 66.2Warrants 2012 $1.62 0.5 0.5 0.9

2012 $3.60 0.2 0.2 0.7Options na $2.13 4.5 4.5 9.5Fully Diluted Shares 71.4 5.2 11.1 Previous:

OWNERSHIP (est.) Basic %* As reported by ThomsonInsiders 2.0 3%RBC Asset Management 2.8 4%AGF Investments 0.6 1%Goodman & Co., Investment Counsel 0.5 1%

BALANCE SHEET Sep-10Year-end September (C$MM)Assets Cash and Equivalents 13.2 Current: Other current assets 0.8 Current Assets 14.0 PP&E 11.9 Other Assets 0.1Total Assets 26.1Liabilities Current liabilities 0.7 Long-term debt 0.0 Other 0.0 Shareholders equity 25.4Total Liabilities and Equity 26.1


LAST FINANCING Date 2/16/11 Type Private Placement Shares MM 3.1 Price C$ 3.27 Gross Proceeds C$MM 10.0 Warrants 0.2M @C$3.60, 24 months

At the Supremo Zone, gold is associated with linear structures characterized by extensive silicification, quartz veining and brecciation. Host augen gneiss has undergone As-Ag-Sb-Ba enrichment. The Latta Zone, 1 km south of the Supremo Zone, is associated with a regionally significant, east-west trending, steeply-dipping structural corridor co-incident with a 1 km long gold-in-soil anomaly (Gold-bearing rocks at Latte closely resemble rocks from the Supremo Zone, i.e. extensive silica-sericite-clay alteration and brecciation accompanied by As-Ag-Sb-Ba enrichment). Finally, the Double Double Zone is associated with the Latte shear zone and remains open along strike and at depth. Gold-bearing rocks at Double Double resemble rocks from the nearby Supremo and Latte Zones.

During the 2010 summer field season Kaminak collected almost 10,000 soil samples across the Coffee Property, including an extension of the existing grid pattern sampling. As well, in 2010 Kaminak executed the first ever drill program on the Coffee Gold Project and drilled 8 separate and closely-spaced gold discoveries within a 10km strike length. Nine of the ten holes drilled at Americano successfully intersected gold mineralization. Key intercepts include 2.36 g/t Au over 18m and 6.53 g/t Au over 3m. The discoveries at Americano and at the previously announced Kona Zone are both hosted in granites; the primary host rock in the western and southern portion of the Coffee property. In addition, at the Latte Extension drilling successfully intersected rocks correlated with the Latte shear zone and extends the Latte Zone 900m to the west.

Kaminak is continuing to aggressively explore the Coffee Gold Project region. April 15, 2011 is the expected start date for a 40,000m – 45,000m program of core and reverse circulation drilling from 4 drills. The key objective will be to establish a National Instrument 43-101 compliant resource on priority zones. Each of the 8 gold zones discovered by Kaminak in 2010 will receive follow-up drilling in 2011, and newly-defined, high-quality, gold-in-soil anomalies, such as Americano West, Macchiato, and the newly recognized Sugar, will also be drill tested. Initial emphasis will be on expanding the Latte – Double Double – Supremo gold trends. Each of these gold zones begin at surface and remain open in all directions. Moreover, only 10% of the property has seen systematic grid soil sampling. Up to 10,000 soil samples will be taken across the property including extensions to the existing high tenor anomalies at Coffee, systematic grid sampling over the newly defined Sugar trend gold-in-soil anomaly, and comprehensive first pass ridge and spur soil sampling across the remainder of the Coffee Property.

Exploration



Kivalliq Energy Corp. (KIV-TSXV) Rating



N/A

Background

• Kivalliq is a uranium exploration and development company that has a partnership with the Inuit of Nunavut to explore for uranium on Inuit Owned Lands in Nunavut. This includes the historic Lac Cinquante deposit.

Management

• James Paterson, CEO & Director – Mr. Paterson has over 13 years of corporate experience with several North American mineral and exploration companies. He had founded, and until Dec 2010, was President and CEO of Corsa Capital Ltd. that acquired and capitalized coal mining assets in the USA. Mr. Paterson is also a director of Kaminak Gold Corporation and Niblack Development Corporation.

• John Robins, Chairman – Mr. Robins has spent over 25 years as an exploration geologist and entrepreneur. He founded the Hunter Exploration Group in 1988 and co-founded the Discovery Group of Companies in 2005. Mr. Robins also sits on the Boards of a number of successful publicly traded exploration companies.

• Jeff Ward, President – Mr. Ward is a professional geologist with over 25 years of experience, including stints with Corona Corporation, Ashton Mining and Stornoway Diamond Corporation, where he worked on reconnaissance to advanced-stage projects throughout Canada’s north.

• Robert Carpenter, Director – Dr. Carpenter is a geologist with over 16 years of experience in mineral exploration. He spent 10 years with BHP-Billiton Ltd., Placer Dome Inc., and WMC Resources Ltd., focusing primarily on early stage exploration projects, followed by three years with the Federal Department of Indian and Northern Affairs of Canada. He is a founder of Kaminak Gold Corp, from which Kivalliq was spun out.

Financial

• As of February 2nd, 2011, the company had $8.5 million in working capital.

• Kivalliq completed a $5 MM private placement with Lumina Capital in December 2010 for 7.1MM shares at $0.70 per share.


• The 225,000 acre Angilak property is Kivalliq’s core asset. The property hosts the Lac Cinquante uranium deposit and over 150 other uranium occurrences. Lac Cinquante has amongst the highest grades reported outside the Athabasca Basin.

• In 2010, Kilvalliq drilled 16,600 m over 107 holes extending Lac Cinquante 100m east - open along strike and to depth. Similar uranium zones were also identified at 500m and 1.8km step-outs to the west.

• The company also has the Washburn uranium project and a 20% back-in on the Baker Lake project in Nunavut. The Baker Lake project covers over 190,000 hectares and is host to over 20 uranium prospects. The 200,000 acre Washburn property covers portions of the Elu Basin located on southeastern Victoria Island.

Company News

• Kivalliq announced its first 43-101 compliant resources of 14.15MM lbs U3O8 inferred for Lac Cinquante on Feb. 7th, 2011. This was comprised of 810,000 tonnes averaging 0.79% U3O8 at a 0.2% cut-off grade. The resource estimate was prepared by SIM Geological Inc.

• The proposed program for 2011 includes drilling the Lac Cinquante Main Zone along strike and to depth plus follow up on nine high priority targets. The company will also be testing targets on parallel conductors such as those identified by step-out drill holes.

Source: Thomson One


KIVALLIQ ENERGY CORP. KIV - TSXV 0.78C$

Rating BUY Target N/A Shares O/S (MM) 97.5 Risk Speculative Float (MM) 92.6


All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSJames Patterson, B.Comm. CEO, DirectorJeff Ward, BSc, P.Geo PresidentAndrew Berry VP OperationsJohn Robins, P.Geo ChairmanRob Carpenter, PhD, P.Geo Directorwww.kivalliqenergy.com 888-331-2269CAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money $MMShares Outstanding 97.5Options Various $0.26 5.7 5.7 1.5

Warrants Dec-11 $0.45 1.3 1.3 0.6Jan-12 $0.45 0.5 0.5 0.2Feb-12 $0.35 5.8 5.8 2.0

July - Sep 2012 $0.35 12.4 12.4 4.3Fully Diluted Shares 123.1 25.6 8.6

OWNERSHIP (est.) Basic %* As reported by Thomson One & co. presentationInsiders Total 4.9 5%Lumnia Capital 21.3 22%Ned Goodman IC 3.5 4%Dynamic Funds 3.0 3%

Year-End Sep-10BALANCE SHEET ($MM)Assets Cash and Equivalents $5.2 Other current assets 0.9 Current Assets 6.1 PP&E 0.1 Other Assets 11.6 Total Assets $17.7


PROJECTED BURN RATE (estimated) ($MM)Fiscal 2010 YE (Sept.30,2010) cash balance $5.2 Exploration Expenditures (est.) (6.0) General and Admin Expense (est.) (1.0) Warrant exercise 0.6 Project/Equity Financing 12.0 Capital Expenditures - Fiscal 2011 YE cash balance estimate $10.8

LAST FINANCING Date Dec-10 Type Private Placement Shares MM 7.1 Price C$ 0.70 Gross Proceeds C$MM 5.0

Reserves & Resources Uraniumt (MM) % U3O8 MMlbs U3O8

Resources 0.81 0.79% 14.15Total Inventory 0.81 0.79% 15.15

100%


Previous:

Current:


Current:

Kivalliq plans to drill 20,000 metres of NQ core and 15,000 metres of reverse circulation drilling on exploration targets. The company also plans to conduct extensive geophysical surveying programs and an aggressive prospecting campaign. The first phase of the $17MM two-phased exploration program for 2011 will begin in March followed by the start of the 2nd phase in July. The goal is to expand the Lac Cinquante mineral resource along strike and to depth, drill targets on parallel conductors, and demonstrate potential for multiple uranium deposits elsewhere on the property.

In 2010, Kilvalliq drilled 16,600 m over 107 holes extending Lac Cinquante 100m east - open along strike and to depth. Similar uranium zones were also identified at 500m and 1.8km step-outs to the west.

Based on the results of a ground geophysical survey, Kivalliq has traced the Lac Cinquante geophysical trend and parallel conductors over a 9km strike length.Kivalliq’s 2009 drill program encountered uranium mineralization over 1 km of strike length, to a depth of 240m. Highlights include 2.88% U3O8 over 2.06m, 1.87% U3O8 over 1.78m and 2.13% U3O8 over 1.47m.

ExplorationUnconformity-related uraniumThe 225,000 acre project is located 220 km southwest of Baker Lake and 350 km west of Rankin Inlet, on the edge of the Angikuni basin, which is analogous to the Athabasca basin of Saskatchewan. The historic Lac Cinquante deposit consists of basement-hosted mineralization hosted within a 1.6km-long conductor. The property also hosts over 150 other known uranium occurrences

In January 2008, Kaminak Gold Corp. and Nunavut Tunngavik Incorporated (NTI) signed a Memorandum of Understanding under which Kaminak received a 100% interest in Lac Cinquante property and became the first company to have a right to explore for uranium on privately-held Inuit Owned Land in Nunavut. In July 2008, Kivalliq was spun out from Kaminak. Under the terms of the agreement, Nunavut Tunngavik Incorporated 1. receives one million KIV shares over 36 months. 2. gets an interest in adjacent Angilak mineral permits, 3. receives annual advanced royalty payments of $50,000, 4. receives a $1 million payment, upon completion of a NI 43-101 compliant report and a measured resource of 12 Mlbs of uranium, and 5. can chose to participate with a 25% project interest or choose a 7.5% net profits royalty at feasibility.

In February 2011, Kivalliq announced 43-101 compliant inferred resources for Lac Cinquante of 14.15MM lbs of U3O8 grading 0.79% U3O8.

Angilak, NunavutMAIN PROPERTIES

Baker Lake, NunavutExplorationShear-hosted goldThe property covers over 190,000 hectares containing over 20 uranium prospects. The project is located within the Baker Lake basin, which is one of four Proterozoic age basins within the Canadian Shield that are host to uranium deposits (including the Athabasca, Thelon, and Hornby Bay basins).

Under the terms of a September 2008 agreement, Pacific Ridge Exploration Ltd. exercised its option to earn a 100% interest by issuing 2 million shares to Kivalliq. Aurora Energy (now Fronteer Development Group) can earn a 51% interest in the project by incurring staged exploration expenditures totalling $15 million over a 36 month period. Kivalliq retains a back-in right to acquire a 20% project interest upon the delivery of a pre-feasibility study by Aurora and Pacific Ridge.



Lincoln Mining Corp. (LMG-TSXV) Rating


BUY, Venture Risk

N/A

Background

• Lincoln Mining Corp. is a Canadian precious metals exploration and development company with several projects in various stages of exploration and development which include the Pine Grove gold property in Nevada, the Oro Cruz gold property in California and the La Bufa gold-silver property in Mexico.

Management

• Paul Saxton – President and CEO - Mr. Saxton has been active in the mining industry since 1969, holding various positions including mining engineer, mine superintendent, President and CEO of numerous Canadian mining companies. He also holds an MBA from the University of Western Ontario.

• Jeffrey Wilson – Executive Vice President – Mr. Wilson brings to Lincoln Mining 34 years of professional exploration experience in the United States, Mexico and Central America with emphasis on gold. He served as Director of Exploration for Echo Bay Exploration Inc. and Exploration Manager for Tenneco Minerals. Mr. Wilson earned his MSc. in Geology from the University of Southern California.

• Micheal Attaway – Chief Operating Officer & Vice President Operations – Mr. Attaway, a Mining Engineer, brings with him over 30 years industry experience and also holds an MBA. Mr. Attaway most recently served as project manager for Quadra Mining’s Sierra Gorda copper-molybdenum project in northern Chile. He was also Vice President, Operations for Viceory Resource Corp. and was responsible for the startup and operation of the Castle Mountian open pit gold mine.

• Emmet McGrath – Chief Financial Officer – Mr. McGrath, a Chartered Accountant, has over 30 years of experience in public accounting and private industry.

Financial

• Lincoln Mining had a cash position of approximately $2.0 million as of September 30, 2010.


• Lincoln is planning to put Pine Grove project in production. The Pine Grove project is estimated to contain an inferred gold resource of 6.06 million tons grading 1.65 g/t gold containing approximately 320,000 oz gold. The company has been considering an open-pit, heap leach type of operation producing up to 20,000 oz of gold per year with an initial estimated capital costs of US$20 million. Metallurgical test is underway, permitting and environmental studies will continue in 2011. In addition, geotechnical drilling is planned with more exploration drilling to better define the high grade zones of the project.

• At the Oro Cruz property in southern California, the company reported a National Instrument 43-101 compliant technical report in September 21, 2010. Oro Cruz is estimated to contain an inferred resource of 341,800 ounces grading 2.2 g/t using a cut-off of 0.6 g/t. This resource is being used as a base to potentially upgrade the resource and expand the deposit. The company identified five satellite gold zones and over 10 targets in the area have been defined for future exploration. This preliminary information suggests the area has substantial room to grow the resource.

Company News

• Lincoln Mining is focusing in advancing the Pine Grove to develop an updated resource calculation, while also conducting further exploration work at its Oro Cruz and La Bufa projects. The company expects to release a resource update for Pine Grove project in Q1/2011.

Source: Thomson One


LINCOLN MINING CORP LMG-TSXV 0.25C$



All figures in C$, unless stated otherwise MAIN PROPERTIESMANAGEMENT & COMPANY CONTACTSPaul Saxton President & CEOJeffrey Wilson Executive VP Micheal Attaway COO & VP OperationsEmmet McGrath Chief Financial OfficerSabrina Jones VP Corporate Affairs & Corporate Secretarywww.lincolnmining.comCAPITAL STRUCTURE Strike Basic In-the- Proceeds

Expiry C$ (MM) Money C$MMShares Outstanding 83.2 83.2Warrants 2011 $0.25 14.6 0.0 0.0

2012 $0.35 10.2 0.0 0.0

Options 3.76 yrs $0.22 6.7 6.7 1.5


OWNERSHIP (est.) Basic %* As reported by BloombergInsiders 4.8 6%Sprott Asset Management 8.8 11%Buckland Chan 8.5 10%Goodman & Company 5.6 7%

BALANCE SHEET Sep-10Year-end December (C$MM)Assets Cash and Equivalents 2.0 Other current assets 0.1 Current Assets 2.1 PP&E 2.6 Other Assets 0.0Total Assets 4.8Liabilities Current liabilities 0.3 Long-term debt 0.3 Other 0.0 Shareholders equity 4.2Total Liabilities and Equity 4.8


LAST FINANCING Date Jun-10 Type Private Placement Units MM 18.1 Price C$ 0.22 Gross Proceeds C$MM 3.98

Reserves & Resources Gold Eqt (MM) Au(g/t) MM oz

Pine Gove (Inferred) 6.1 1.65 0.32Oro Cruz (Inferred) 4.8 2.20 0.34Total 0.66

Pine Grove Gold Project 100%Stage: Exploration

Deposit: Shear Zone - hosted gold

Geology: The Pine Grove Project is situated in the Pine Grove Hills, a Basin and Range-style, north trending, extensional fault-block mountain range comprised of a core of Mesozoic volcanic, sedimentary, and intrusive rocksthat are in turn overlain by Tertiary sedimentary and volcanic rocks.

Previous: The Pine Grove project is estimated to contain an inferred gold resource of 6.06 million tons grading 1.65 g/t gold containing approximately 320,000 ozgold.

Current: Lincoln is planning to put Pine Grove project in production. The companyhas been considering an open-pit, heap leach type of operation for Pine Grove producing upto 20,000 oz of gold per year with an initial estimatedcapital costs of US$20 million. Metallurgical test is underway, permittingand environmental studies will continue in 2011. In addition, geotechnical drilling is planned with more exploration drilling to better define the high grade zones of the project.

Oro Cruz Gold Project 100%Stage: Exploration

Deposit: Detachment-fault-related gold deposit

Geology: The Oro Cruz Property is located in the Cargo Muchacho Mountains of southeastern California. The Oro Cruz gold deposit is believed to be a detachment-fault-related gold deposit consisting of replacementmineralization along a low-angle detachment (listric) fault related to anextensional fault system in the Cargo Muchacho Mountains. The main Oro Cruz mineralized zone has an elongate tabular shape that is generally concordant to foliation and dips approximately 25° to the southeast (120°).

Previous: The company reported a National Instrument 43-101 compliant technical report in September 21, 2010. Oro Cruz is estimated to contain an inferredresource of 341,800 ounces grading 2.2 g/t using a cut-off of 0.6 g/t. This resource is being used as a base to potentially upgrade the resource andexpand the deposit.

Current: An exploration program based on recommendations in the technical reportwill begin early-stage confirmation drilling, metallurgy, base-line studies and early-stage mine permitting in 2011.

La Bufa Project 100%Stage: Exploration

Deposit: Epithermal Gold-Silver

Geology: The ore deposit of La Bufa project are classified as a typical epithermalgold-silver, structurally hosted deposits and are similar to numerous otherdeposits in the Sierra Madre Occidental Province. Mineralization occurs within, and is controlled by fissurefilling veins, stockworks and locally breccia that show the typical epithermal features of open space filling andveins of banded quartz-chalcedony.

Previous: The La Bufa Property contains one known mineralized vein structure,named the Santo Niño Vein, that can be traced on the surface for about850 meters. As a result of the geophysical survey, trench sampling, andmapping carried out in 2010, the La Bufa project is becoming anincreasingly attractive exploration target.

Current: Three large target areas were identified by coincident geophysical andgeochemical anomalies and a drill program is being prepared to test thesenew targets.

Known gold mineralization at the Pine Grove Project is found at the Wheeler and the Wilson structural signatures due to differing locations within the Pine



Lydian International Ltd. (LYD-TSX) Rating



N/A

Background

• Lydian is an exploration company with projects in Eastern Europe, particularly the Balkans and Caucuses. The company’s two main projects are the Amulsar gold project in Armenia and the Drazhnje zinc-lead-gold-silver project in Kosovo.

Management

• Timothy Coughlin, PhD, President, CEO and Director – Dr. Coughlin has over 18 years of experience as an exploration and mining industry consultant and has held senior positions with major mining companies. He has worked around the world, specializing in frontier mineral exploration and mining investment in emerging and transitional environments.

• Roderick Corrie, CFO – Mr. Corrie is a strategic advisor with experience in a variety of industries. He is an Associate of the Chartered Institute of Bankers and a Member of the Securities Institute.

• Hayk Aloyan, PhD, Managing Director, Armenia – Dr. Aloyan has more than 12 years of experience in mineral exploration. He was previously Deputy Chief of the Geological Survey in the Armenian Mining and Metallurgical Institute.

Financial

• As of Sept 30, 2010, the company reported £5.5 million (C$8.9 million) in cash and had no debt.


• The Amulsar gold project in Armenia has emerged as a significant discovery, and it is Lydian’s flagship project. Amulsar consists of a sizeable high-sulphidation epithermal gold system. The project has excellent access to infrastructure, with a paved highway, two high-tension power lines, a natural gas pipeline, a water pipeline and fiber optic cable all crossing the property.

• The company’s 2010 drill program not only extended the known limits of the Tigranes-Artavasdes, Erato, Erato North and Arshak deposits, but resulted in the discovery of several high-grade feeder zones that should greatly increase the already strong potential of the deposit.

• In March 2010, Lydian announced an agreement to purchase Newmont’s portion of the Caucuses Joint Venture, including the Amulsar discovery. In exchange, Lydian issued 3 million shares and will make payments totaling US$15 million prior to production. Upon the start of commercial production, Lydian has a choice of 1) granting Newmont a 3% NSR, 2) making quarterly US$1 million payments over the first five years or 3) paying US$16 million to Newmont. Lydian made the initial cash and share payments in April 2010.

• Lydian also has the Drazhnje Project in Kosovo. The project covers part of a historic mining district with several zinc-lead-gold-silver deposits. In September 2009, the company reported an initial resource estimate for Drazhnje, with 3.2Mt grading 5.1% zinc and 2.5% lead.

Company News

• Lydian is expected to release an updated resource estimate on Amulsar in late February/early March 2011. The company’s stated goal when the 2010 drill program was initiated was to increase resources from 1.4 million oz to 2.0 million oz – given last year’s drill results, we expect the goal to be easily achieved.

• Additional infill and expansion drilling in 2011 leading to more advanced economic studies in late 2011 or early 2012.

Source: Thomson One


LYDIAN INTERNATIONAL LTD. LYD-TSX C$ 2.40

Rating Buy Target N/A Shares O/S (MM) 93.4 Risk Speculative Float (MM) 86.1

Fully Diluted Shares (MM) 108.7 12-Month Return N/A Close C$ 2.40 Basic Mkt. Capitalization ($MM) C$ 224

All figures in GBP (£), unless stated otherwise (£ : 1.62 C$) MAIN PROPERTIES

MANAGEMENT & COMPANY CONTACTS Amulsar Project, Armenia 95%Dr. Timothy Coughlin President & CEO Stage: ExplorationRoderick Corrie CFODr. Hayk Aloyan Managing Director, Armenia Deposit: High Sulphidation EpithermalSteve Smith Investor Relations Manager

Geology: The Amulsar project covers a region of high-sulphidation, epithermal-type gold www.lydianinternational.co.uk 416-504-8001 mineralization located in central Armenia and discovered by Lydian in 2006.CAPITAL STRUCTURE Strike Basic In-the- Proceeds At least four mineralized zones have been identified to date. The largest, known Converted from £ C$ (MM) Money C$MM as Tigranes-Artavasdes, covers an area of approximately one square kilometre. Shares Outstanding 93.4 Erato, Erato North, and Arshak are mineralized zones all located within one to two

kilometres of Tigranes-Artavasdes. An earlier estimate suggested the project Warrants 2013 0.57 12.1 12.1 6.92 hosted an inferred resource containing 1.4 million oz.Options 2013 0.93 3.3 3.3 3.04 The company identified several high-grade feeder zones during its 2010 drill campaign

that should greatly increase the already strong potential of the project.Fully Diluted Shares 108.7 15.3 9.97 Mineralization at Amulsar is from surface and entirely oxidised with metallurgical

tests indicating recoveries in excess of 90%. OWNERSHIP (est.) Basic %* As reported by Bloomberg Previous: In 2007 - Five scout diamond drill holes totalling ~600m were drilled representing Insiders 7.2 7.8% the very first subsurface test of the gold potential at Amulsar.IFC (World Bank) 13.1 14.0% In 2008 - A further 13,000m of combined diamond and reverse circulation drilling Newmont Mining Corp. 8.7 9.3% was completed at the project .European Bank for Reconstruction & Dev. 3.8 4.1% In 2009 - A further 13,500m of combined diamond and reverse circulation drilling

was completed at the project .BALANCE SHEET Converted from £ Sep-10 In 2010 - The drilling program was completed in early November with a total of Year-end December (C$MM) 25,000m of combined diamond and reverse circulation drilling .Assets Cash and Equivalents 9.0 Current: Lydian expects to complete an updated resource estimate an Amulsar towards the Other current assets 1.6 end of February or early March, 2011. The company's stated objective for the Current Assets 10.6 project when it began its drill programme in 2010 was to increased resources PP&E 29.3 to two million oz - we believe that should be easily achievable. Other Assets 0.0 Total Assets 40.0 Drazhnje Project, Kosovo 100%Liabilities Stage: Exploration Current liabilities 1.1 Long-term debt - Deposit: Massive sulphides associated with fault zones Other 9.5 Shareholders equity 29.4 Previous: Historic work consisted of 80 drill holes, collared both from surface and from two Total Liabilities and Equity 40.0 levels of exploratory drives. This led to a historic (non 43-101) Yugoslav resource

of 4.7Mt at 4.9%Zn, 2.4%Pb and 45ppm Ag in categories A + B + C1 and a further PROJECTED BURN RATE (estimated) (C$MM) 2Mt at 5.8%Zn, 3.2%Pb and 45ppm Ag in category C2. Estimated YE 2010 cash balance $4.1 Lydian has completed drilling and 116m of underground channel sampling. This was Exploration and property costs estimate 0.0 combined with historic data to complete an initial zinc-lead resource estimate, Administrative costs (6.6) announced in September 2009. The deposit also contains significant gold and silver Warrant exercise 6.9 (weighted average of 0.3 g/t gold and 16.8 g/t silver in Lydian drilling), but these were Capital expenditure (20.0) not included in the resource due to a lack of historic sampling. Equity offerings 25.0 Year-end 2011 cash balance estimate 9.4 Current: In July 2010, Lydian announced a heads of agreement with IMM Marketing Limited

for development of the project. IMM will fund the project through to a production LAST FINANCING decision, no later than December 31, 2011. At commercial production, Lydian can Date Oct-10 either jointly develop the project on a 50-50 basis with IMM, or be paid 50% of the Type Marketed Public Offering proceeds up to C$5 million. Lydian would also retain a 1.5% NSR. IMM is an affiliate Shares (MM) 9.3 of the Binani Group, which has operations in Macedonia. Price (C$) 2.13 Gross Proceeds (C$MM) 19.8 WarrantsReserves & Resources Gold

t (MM) g/t MM ozAmulsar Inf. 49.6 0.9 1.4

Reserves 0Resources 1.4Total Inventory 1.4



Source: Thomson One

Magma Metals Limited (MMW-TSX), (MMW-ASX) Rating



N/A

Background

• The company was incorporated in June 2005 with a vision to undertake exploration, discovery and development of precious and base metals minerals in Australia and Canada. Geologists, Dr. Keith Watkins and Ralph Porter, together with Metex Resources Limited (now Carbon Energy Limited), founded Magma Metals Limited.

• The company listed on the ASX on June 2nd, 2006 and on the TSX in November 2009.

Management

• Dr. Keith P. Watkins, Executive Chairman – Dr. Watkins has 30 years of geological research, exploration and business development experience in Australia and elsewhere. He is a Fellow of the Australian Institute of Geoscientists and past Chairman of the Exploration Council of the Western Australia Chamber of Minerals and Energy.

• Ralph R. G. Porter, Executive Director - Exploration Australia – Mr. Porter has 30 years of experience in exploration in Australia, New Zealand, Indonesia, North and South America and China for a wide range of commodities. He is credited with the discovery of the Pajingo gold deposit in Queensland.

• Max D. J. Cozijn, Executive Director - Corporate – Mr. Cozjin has over 30 years of experience in the administration of listed mining and industrial companies. He is Non-Executive Director of Carbon Energy Ltd, Chairman of Malagasy Minerals Ltd and Non-Executive Chairman of Oilex Ltd.

• Graeme Scott, CFO/Secretary – Mr. Scott has extensive accounting experience in the UK and Australia; former Group Accountant and Company Secretary with Carbon Energy.

Financial

• We estimate the company ended 2010 with a cash balance of AUD 9.3 million. The company’s last financing was in December 2009 when $13.2 million was raised through a combination of equity financing and private placement.


• Magma optioned the Thunder Bay North Project in 2005, and it has emerged as its principal project. The company discovered the East Shore boulders in 2006, and initial drilling in December 2006 encountered mineralized peridotite. Magma has since delineated a significant deposit, most of which is at open-pit depths. With a 1:1 Pt:Pd ratio, the mineralization is more platinum-rich than most similar projects in North America. The project has relatively good infrastructure and is within 50km of the city of Thunder Bay.

• Magma also has several precious and base metals exploration projects in the Yilgarn and East Kimberley regions of Western Australia. The company’s current focus of Australian exploration is the Griffins Find gold project.

Company News

• On February 7, 2011 the company released the results of the Scoping Study / PEA on the Thunder Bay North project conducted by AMEC Americas Ltd.

• In January 2011, the company completed drill-testing two recently discovered high-grade sulphide zones at Thunder Bay North. The focus of the ongoing 2011 drill program at the project is regional exploration outside the currently defined resource.

• The company continues its drilling campaign in Western Australia in order to test a previously reported large geochemical anomaly at its Griffins Find gold project (option to acquire 100%).


MAGMA METALS LTD MMW-TSX 0.34C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTS MAIN PROPERTYKeith Philip Watkins Executive Chairman Thunder Bay North, Canada 100%Ralph Robert Grey Porter Exec. Director - Exploration, AustraliaMax Dirk Jan Cozijn Executive Director - CorporateGraeme Scott CFO/Secretary Stage: Resource delineation and developmentWilliam Stone VP Exploration - Canadawww.magmametals.com.au + 61 (0)8 9324 1500 Primary Metals: Nickel-Copper-PGMCAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money $MM Geology: The project is located in the northern part of the 1.1 billion years oldShares Outstanding 196 Proterozoic Midcontinent Rift region, described as an importantOptions 2011 $0.22 5.0 5.0 1.1 emerging Ni-Cu-PGM province. The project is primarily underlain by

2012 $0.72 4.3 0.0 0.0 Archaean-age rocks of Quetico Subprovince within the Superior Province2013 $0.86 1.6 0.0 0.0 of the Canadian Precambrian Shield. The Subprovince is a 70 kilometers2014 $1.02 7.4 0.0 0.0 wide, linear strip of moderately metamorphosed and deformed clastic 2015 $0.95 0.1 0.0 0.0 metasedimentary rocks. The geology of this region is similar to that of the

Fully Diluted Shares 214 5.0 1.1 giant Norilsk - Talnakh Ni-Cu-PGM camp in Russia. Mineralization has been known in the Midcontinent Rift for many years; however, up until

OWNERSHIP (est.) Basic % recently it appeared to be mostly of relatively low grade. The Eagle and* As reported by Bloomberg the Tamarack discoveries in the USA, in addition to Magma's Thunder- Anglo Pacific Group 27 14% Bay North Project ("TBNP"), all made this decade, have demonstrated Anglo American 22 11% that higher grade mineralisation is present and underscores the province'sPanoramic Resources 18 9% emergence as a new Ni-Cu-PGM district.Geologic Resource 13 7%Insiders 12 6%

Previous: Prior to 1976, early exploration in the area focused on uranium, more BALANCE SHEET Sep-10 specifically the Christianson showing located approximately five kilometresYear-end June A$ ($MM) east of Current Lake, near the western shoreline of Greenwich Lake.Assets Cash and Equivalents $13.2 In January, of 1976, Rio Tinto optioned the Christianson showing from Other current assets 0.3 MW Resources Ltd and staked additional claims that extended west Current Assets 13.5 from Greenwich Lake to cover northern Current Lake and the Steepledge PP&E 0.5 and Ray Lakes areas. Rio Tinto completed a program of field mapping Other Assets 0.1 and diamond drilling.Total Assets $14.1Liabilities From 1993 to 1998, G. Harper, G. Wilson, and F. Manns began rock and Current liabilities $1.9 soil sampling in addition to petrographic and geochemical research within Long-term debt - the Onion Lake, Tartan Lake and Greenwich Lake areas. During the Other - following two years, G. Harper and G. Wilson completed prospecting, Shareholders equity 12.2 lithogeochemistry, soil sampling, and ground magnetic surveys in the Total Liabilities and Equity $14.1 vicinity of Current Lake.

PROJECTED BURN RATE (estimated) A$ ($MM) Early in 2001, G. Wilson and G. Harper staked the original core of Year-end 2010 cash balance $9.3 of the TBNP after discovering mineralized ultramafic (peridotite) boulders Exploration Expenditures (est.) (16.0) along the western shoreline of Current Lake that contained very good General and Admin Expense (est.) (2.4) Pt-Pd-Cu-Ni grades. Pacific North West Capital Corporation ("PFN") Warrant exercise 1.1 optioned the property in 2001 and completed ground-magnetic Project Financing 15.0 A six hole diamond drill program totalling 813.5 metres was completed Year-end 2011 cash balance estimate $7.0 in 2002 but did not intersect any mineralized ultramafic rocks. PFN

relinquished the option later that same year. LAST FINANCING Date Dec-09 Type Equity Financing & Private Placement Current: The company completed drill-testing two recently discovered high-grade Shares MM 21.0 sulphide zones at TBNP. Price C$ 0.63 Gross Proceeds C$MM 13.2 The focus of the ongoing 2011 drill program at TBNP is regional

exploration outside the currently defined resource.Reserves & Resources

t (MM) % or g/t MM lb/k oz An independent Scoping Study / Preliminary Economic Assessment on theThunder Bay Ind. Pt 9.1 1.1 320.5 Thunder Bay North project was completed by AMEC Americas in February

Pd 1.1 320.5 this year.Ni 0.2 39.9Cu 0.4 79.9 The company continues its drilling campaign in Western Australia in

Inf. Pt 0.3 1.3 11.3 order to test a previously reported large geochemical anomaly at itsPd 1.2 10.4 Griffins Find gold project (option to acquire 100%).Ni 0.2 1.2Cu 0.3 1.8



Source: Thomson One

Malbex Resources Inc. (MBG-TSXV) Rating


Buy, Venture Risk

N/A

Background

• Malbex is focused on exploring for gold in the prolific El Indio belt of Argentina, which hosts over 40 million ounces of gold in past production and current reserves.

• The company’s projects are located in San Juan province, which is a relatively mining friendly jurisdiction.

Management

• Tim Warman, President and CEO – Mr. Warman is a geologist with over 20 years of experience in mineral exploration and development. He was most recently the VP Corporate Development of Aurelian Resources Inc.

• Derrick Weyrauch, Chief Financial Officer – Mr. Weyrauch is a Chartered Accountant with over 19 years of financial experience, most recently as Director of Finance for Gabriel Resources Ltd.

• Peter Stewart, VP Exploration – Mr. Stewart is an economic geologist with over 25 years of experience in mineral exploration and development, government geological surveys, and academia. He recently provided consulting services to Aurelian and Kinross at Fruta del Norte.

Financial

• We estimate Malbex closed out 2010 with a cash balance of $11.6 million.


• Malbex has three properties, covering 22,000 hectares, in the El Indio belt. The projects have relatively good access, with road accessibility and a 3-4 hour drive from the city of San Juan. Two of the projects are within sight of the large Pascua-Lama and Veladero projects, which host over 30M oz gold.

• The company’s flagship project is Del Carmen, which covers a large (9km2) high sulphidation epithermal gold-silver system located at the southern end of the El Indio belt. The system contains widespread gold with several target areas, including the 1.4km long Cresta de Gallo area, where Malbex trenching encountered 2.33 g/t gold over 46m, the Brecha Límite target, where surface sampling and mapping have outlined high-grade gold-silver-copper mineralization, and the current focus of exploration, the Rojo Grande deposit, which has returned drill assays with wide intersections containing decent gold and silver mineralization.

• The Despoblados project is located 9km south of Veladero. The project has a geologic setting similar to Fruta del Norte, with buried epithermal gold targets in two untested pull-apart basins along a major regional structure. The property has thick, widespread sinter deposits. Previous drilling by Barrick encountered gold, but it only tested small vein systems at surface, and Malbex is searching for a larger system at depth.

• Los Amarillos property is located immediately north of Barrick’s Pascua-Lama and Veladero projects. The property hosts several untested alteration zones, and less than 10% has been mapped or explored.

Company News

• Malbex initiated drilling at Del Carmen in October 2010 and initial assay results were reported in January 2011. Highlight results included a 73m intersection grading 0.74 g/t gold and 17.4 g/t silver.

• Management has budgeted for a 10,000m drill program at Del Carmen Norte in 2011. The focus of the program is to extend the known limits of mineralization at the Rojo Grande deposit with sufficient density to complete an initial resource estimate later in the year as well as a large alteration zone known as Cerro Amarillo located to the south.


MALBEX RESOURCES INC. MBG-TSXV 0.85C$



All figures in C$, unless stated otherwise MAIN PROPERTIESMANAGEMENT & COMPANY CONTACTS Del Carmen, San Juan Province, Argentina 100%Tim Warman President & CEO Stage: ExplorationPeter Stewart VP ExplorationIgnacio Celorrio President of Malbex San Juan S.A. Deposit: High-sulphidation epithermal gold-silverMarla Gale VP Investor Relations

Geology: The property hosts Del Carmen Norte, a 9km2 epithermal system, and Delwww.malbex.ca 416-628-0215 Carmen Sur, a similar but less well exposed system.CAPITAL STRUCTURE Strike Basic In-the- Proceeds Del Carmen Norte has widespread trace to high grade gold mineralization on

C$ (MM) Money $MM surface, principally in siliceous black-matrix, hydrothermal breccias that are Shares Outstanding 98.6 commonly controlled within north-east striking structures.Options $0.78 5.2 0.0 0.0 The property contains numerous targets, including: Cresta del Gallo, Breche

$0.32 0.6 0.6 0.2 Limite, Quebrada Pedegrosa, Brecha Oportuna, Rojo Grande, and Ladera Sur Warrants Apr-11 $0.75 7.9 0.0 0.0 de los Tortolas.

Jun-12 $0.40 23.6 23.6 9.4Fully Diluted Shares 135.9 24.2 9.6 Previous: Previous work from 1995-1998 by Barrick included mapping and rock/soil

gechemical surveys, (samples up to 37 g/t gold and 107 g/t silver), OWNERSHIP (est.) Basic % IP/resistivity surveying, and limited drilling (up to 1.06 g/t over 36m).* As reported by Bloomberg Malbex completed 4,700m on Del Carmen Norte in the 2009/2010 field season,Insiders 11.2 11% as well as extensive CSAMT and magnetometer surveys. Drill results includedRBC Asset Mgmt 10.5 11% .088 g/t gold and 13.7 g/t silver over 142.15m (ended in mineralization), 1.18 g/t Sun Valley Gold LLC 10.0 10% gold and 31.2 g/t silver over 41.0mGoodman & Co Investments 9.3 9%Northfield Capital Corp. 0.9 1% Curent: Malbex is currently drilling 10,000m at Del Carmen, focussed on following up the

mineralization discovered in 2009/2010 as well testing newly-discovered geophysicalBALANCE SHEET Sep-10 targets.Year-end September ($MM)Assets Despoblados, San Juan Province, Argentina 100% Cash and Equivalents 11.6 Stage: Exploration Other current assets 0.2 Current Assets 11.8 Deposit: Low to medium sulphidation epithermal gold-silver PP&E 8.9 Other Assets 3.1 Geology: Buried epithermal targets in two untested pull-apart basins along a major regionalTotal Assets 23.8 structure. The project has widespread thick sinter deposits on surface.Liabilities Despoblados is located less than 10km from Barrick's Veladero Mine. Current liabilities 0.5 Long-term debt 0.0 Previous: Explored by Penoles (1995-1997) and by Barrick (2000-2001). Other 0.0 The property has seen only limited drilling Shareholders equity 23.3 Malbex completed mapping and geochemical sampling in 2009/2010Total Liabilities and Equity 23.8

Current: Malbex has budgetted for a 1,500m drill program at Despoblados for 2010/2011PROJECTED BURN RATE (estimated) ($MM) Fiscal year-end 2010 cash balance $11.6 Los Amarillos, San Juan Province, Argentina 100% Exploration Expenditures (est.) 0.0 Stage: Exploration General and Admin Expense (est.) (2.0) Capital Expenditures (10.0) Deposit: High sulphidation epithermal gold-silver Warrant exercise - Project Financing 15.0 Geology: The property is located immediately north of Barrick's Pascua-Lama project and Year-end 2010 cash balance estimate $14.6 Veladero Mine, and is known to host several alteration zones commonly

associated with precious metal mineralization.LAST FINANCING Date Jun-10 Previous: Penoles conducted between 1995-1999, followed by Argentina Gold between Type Public Offering 2000-2001. Both companies focused on an area of alteration in the southwest Shares MM 42.2 corner of the property. Price C$ 0.30 Malbex completed surfoace work in 2009/2010. Gross Proceeds C$MM 12.6 Warrants 21.1M @$0.40, June 2012 Current: Los Amarillos is a low priority target for Malbex and may see some limited work

in 2010/2011.



Millrock Resources Inc. (MRO-TSXV) Rating


Buy, Venture Risk

N/A

Background

• Millrock is an exploration company with gold projects in Alaska and copper-gold projects in Arizona. The company is a project generator that operates through joint venture agreements.

Management

• Gregory Beischer, President & CEO – Mr. Beischer is a geologist and mining engineer technologist who previously spent 20 years with Inco and seven years with Bristol Bay Native Corporation. He has spent over 15 years advancing mineral exploration projects in Alaska.

• Philip St. George, VP Exploration – Mr. St. George is an exploration geologist who has been involved in the discovery of several major deposits. He led the Cominco team that discovered and delineated the initial deposit at Pebble, and he also was involved with the advancement of Donlin Creek and Rock Creek as VP Exploration for Novagold in its early years.

Financial

• As of February 10, 2011, Millrock had cash reserves of $4 million and no debt.


• Millrock has eight exploration projects in Alaska and three in Arizona. The company has entered into exploration agreements with Kinross, Vale, Altius, Inmet and Valdez Gold.

• The company has a 100% interest in the Estelle Claims, located northwest of Anchorage in southern Alaska. The property has numerous high-grade gold occurrences along a 30km strike length and two very large anomalous gold zones have been identified through talus fines and chip sampling.

• The Bluff Project, located in western Alaska, hosts known gold deposits with a historic (non-NI 43-101 compliant) resource of over 500,000 oz gold. Millrock completed drilling on the project in 2008 that confirmed the presence of gold, but further drilling is required to upgrade the historic resource to NI 43-101 compliance. The project is now under option to Valdez Gold Inc.

• The Council Project is located near Bluff, and it has been optioned to Kinross Gold. The property has historical placer production of about 300,000 oz gold, and the Council property covers the uplands from which the placer streams drain. The district-scale property has large soil anomalies that have not previously been tested by drilling.

• The company’s three projects in Arizona are located in the heart of the porphyry copper mining region in the southeastern part of the state. The Galiuro property is located 80km south of the Resolution deposit and is under option to Vale Exploration Canada. Widespread alteration and mineralization with characteristic geophysical signatures suggest the presence of a porphyry under post-mineralization volcanic rocks.

• The San Jose and Dry Mountain properties are located along the Safford – Morenci porphyry trends and are under option to Inmet Mining Corp. The properties contain strong multi-element geochemical anomalies near a previously discovered porphyry cell.

Company News

• In February 2011, Millrock announced that its strategic partner Teck Resources has approved a budget of $3.4 million for exploration at the Estelle project in the Kahiltna Terrane of southern Alaska. Teck has the option to earn up to 65% in the project.

• In February 2011, Millrock announced that on the back of funding provided by strategic partner Inmet Mining, a 4,000m drill program has commenced at the San Jose and Dry Mountain properties in Arizona. Inmet has the option to earn up to 70% interest in both projects.

Source: Thomson One


MILLROCK RESOURCES INC MRO-TSXV C$ 0.84

Rating Buy Target N/A Shares O/S (MM) 67 Risk Venture Float (MM) 56

Fully Diluted Shares (MM) 84 12-Month Return N/A Close C$ 0.84 Basic Mkt. Capitalization ($MM) C$ 56

MAIN PROPERTIES

Estelle, 160km northwest of Anchorage, southern Alaska 100%

Stage: Exploration

Deposit: Intrusive-related gold in veins and stockwork

Geology: Gold mineralization in the Rainy Pass district is associated with the Cretaceous-age Mount Estelle composite intrusive complex. The property has high-grade north-south trending veins, but it also has more widespread stockwork and breccia zones. The setting is very similar to that of the Donlin Creek deposit.

Estelle is located immediately west of the Whistler project, held by Kiska Metals and Kennecott (Rio Tinto). The project is located in rough mountain terrain, but road, port and power are less than 100 km away.

Previous: Millrock acquired the property from International Tower Hill Mines.

Future production is subject to a 2.5% royalty.

Current: The company has conducted rock sampling, with numerous high-grade gold-bearing rocks on surface along the length of the property. Based on rock and soil sampling, the company has identified two main target areas: Oxide Ridge and Shoeshine.

The Oxide Ridge area has a 300m by 200m soil anomaly with >750 ppb gold, and 24 talus samples averaged 2.32 g/t gold. The Shoeshine area has a 900m by 300m soil anomaly averaging 585 ppb gold. Numerous rock samples with porphyry-style mineralization returned assays of 1-5 g/t gold.

A $3.4 million drill program has been budgeted for 2011.

Bluff, western Alaska 100%

Stage: Exploration

Deposit: Gold associated with veins and low-angle faults

Previous: Alaska’s richest placer deposit is downstream. BHP-Utah Minerals reported a 500,000 oz gold non-NI 43-101 compliant resource in 1991. Millrock conducted an initial drill program in 2008, which confirmed the presence of gold mineralization found in historic drilling. Further work is needed to bring the historic deposit to NI 43-101 compliance.

Current: The project has been optioned to Valdez Gold, which has an option to earn a 75% interest in the project.

The two partners intersected a 32m intersection grading 3.8 g/t in October 2010 at Bluff.

Galiuro, southern Arizona 100%

Stage: Exploration

Deposit: Porphyry copper-gold

Geology: The project is at the intersection of the San Manuel and Superior Trends, about 80km south of the Resolution deposit.

Widespread alteration and mineralization suggest the presence of a porphyry beneath later volcanic rocks.

Current: Vale Canada has the option to earn a 70% interest in the project.

The companies have completed a ZTEM geophysical survey that suggests a potential porphyry target lies at shallow depths.

A 4,000m drill program at Galiuro project commenced in December 2010 – estimated completion by May 2011.

Other Projects

San Jose and Dry Mountain, southern Arizona

The properties are prospective for porphyry copper, and they lie within sight of

the Safford Deposits. The area is under shallow cover, with several geochemical anomalies. The projects are under option to Inmet Mining Corp.

Council Project, western Alaska

Located in the same region as the Bluff project, Council has seen about 300,000 oz gold in historic placer mining. The district-scale land package covers the uplands from which the placer streams drain. At least 1,500m of drilling is planned for summer, 2010.


MANAGEMENT & COMPANY CONTACTSGregory Beischer President & CEOPhilip St. George VP ExplorationSarah Whicker VP Sustainable DevelopmentKulwant Sandher CFO

www.millrockresources.com 604-638-3164CAPITAL STRUCTURE Strike Basic In-the- Proceeds

$ (MM) Money $MMShares Outstanding 66.5Options 2012 0.45 1.2 1.2 0.56

2013 0.26 0.7 0.7 0.192014 0.22 1.7 1.7 0.382015 0.38 0.7 0.7 0.25

Warrants 2011 0.53 1.4 1.4 0.722012 0.51 7.6 7.6 3.912015 0.45 3.8 3.8 1.74


OWNERSHIP (est.) Basic %* As reported by StockwatchInsiders 10.3 15%Altius Minerals Corp. 7.9 12%Orrell Capital Management 0.8 1%

BALANCE SHEET Sep-10Year-end December ($MM)Assets Cash and Equivalents $2.7 Other current assets 2.4 Current Assets 5.2 PP&E 5.5 Other Assets 0.1 Total Assets $10.7Liabilities Current liabilities $0.7 Long-term debt - Other - Shareholders equity 10.1 Total Liabilities and Equity $10.7


LAST FINANCING Date Aug-10 Type Private Placement Units Shares MM 2.5 Price $ 0.40 Gross Proceeds $MM 1.0 Warrants 2.5M @ $0.55, August 2012



Source: Thomson One

New Hana Copper Mining Ltd. (HML-TSXV) Rating


BUY, Venture Risk

N/A

Background

• New Hana Copper Mining Ltd. was recently incorporated and organized by way of an Arrangement with Hana Mining Ltd. The Company’s primary exploration is the Kuke Property located in Botswana. The Property consists of 11 license blocks covering approximately 10,654 square kilometres and is adjacent to Hana Mining’s land position.

Management and Board of Directors

• Marek Kreczmer - Director, President and CEO: Mr. Kreczmer is a geologist and mining executive with greater than 30 years experience. He has spent time with major and emerging mining companies focused on base and precious metals. Further, he has accumulated extensive experience in corporate governance and administrat ion from his role as director and officer of several publicly listed companies. Marek Krecmer is currently Chief Executive Off icer, Chairman and Director of Hana Mining Ltd.

• Joseph Arengi – Director: Mr. Arengi is a professional geologist with over 30 years of exploration and operational experience in North America and South America. Joseph Arengi currently serves as Vice President of Exploration at Hana Mining Ltd.

• Matthew Kavanagh – Chief Financial Officer: Mr. Kavanagh is an experienced CFO, having served for numerous resource companies, most notably as the former CFO for Minco Mining Group. He has over seventeen years experience serving as the Senior Financial Officer with public companies reporting in both Canada and the United States. Mr. Kavanagh currently serves as CFO of Hana Mining Ltd.

• Julie D. May – Director: Ms. May currently serves as corporate administrator for New Hana Copper Mining Ltd.

Financial

• As of October 31, 2011 (unaudited), New Hana Copper Mining Ltd. reported no cash and an equity deficit f inanced through non-interest bearing and unsecured short term liabilities as well as a non-interest bearing and unsecured related party loan (owed to the Company’s sole shareholder at the time, Hana Mining Ltd.).

• The Company completed a brokered and non-brokered private placement on December 10, 2010 of 20 million units at an offering price of $0.25, injecting $5 million in the Company.

• On December 14, 2010, the Company was listed for trading on the TSX Venture Exchange under the symbol “HML”.

Projects

• The Kuke Property consists of eleven license blocks covering approximately 10,653.90 square kilometres in Botswana. The majority of the Property is situated northeast of the town of Maun and is adjacent to Hana Mining’s Ghanzi Property. Access to the Kuke Property is via the paved Trans Kalahari Highway. The project lies at an altitude of approximately 1000 meters in the Kalahari sandveld, a gente sand-covered plain. The Property is located within the Ghanzi-Chobe Belt, a 140 km wide zone of deformed metavolcanics and metasediments. In early 2010, a high resolution aeromagnetic survey shows that copper-silver mineralization at Hana Mining’s Ghanzi project may extend well into the Kuke Property, pointing to its signif icant exploration potential.

Company News

• The Company is undertaking preliminary exploration work on the Kuke Property. Phase 1 will consist of high resolution aeromagnetic and soil geochemical surveys with a budget of $1.2 million. Completion of Phase 1 is expected before the end of July 2011. If results from Phase 1 warrant further exploration work, the Company plans to undertake Phase 2, which consists of a 30,000 meter drill program with a budget of $3.5 million. Phase 2 is projected to be completed by the end of 2011. News flow from results of Phase 1 and, if warranted, Phase 2 is expected throughout the year.


NEW HANA COPPER MINING Ltd. HML-TSXV 0.80C$



All figures in C$, unless stated otherwise MAIN PROPERTIESMANAGEMENT & COMPANY CONTACTS

Marek Kreczmer Director, President & CEO Kuke Property 100% 11 License Blocks covering 10,654 square kilometersMatthew Kavanagh Chief Financial Officer (Botswana , Africa)Joseph Arengi DirectorJulie D. May Director Stage: Initial-Stage Exploration

CAPITAL STRUCTURE Strike Basic In-the- Proceeds Deposit: Reduced facies sediment-hosted copper-silver mineralization akin to theC$ (MM) Money $MM Central African Copper Belt of Zambia and DRC. However, it is most

Shares Outstanding 41.0 analogous to the Kupferschiefer, in Poland and Germany as well as theSpar Lake deposit in the United States.

Options 2012 0.94 0.17 0.00 0.002013 1.12 0.02 0.00 0.002014 0.30 0.44 0.44 0.132015 1.58 0.89 0.00 0.00 Geology: The Kuke property is situated within the Ghanzi-Chobe Belt, a 140km

wide zone of deformed metavolcanics and metasediments. The belt isWarrants 2011 $0.49 11.7 11.7 5.8 also known as the Kalahari Copper Belt and forms part of the late

Proterozoic, Pan African Mobile Belt that contains the well knownFully Diluted Shares 54.2 12.2 5.9 Central African Copper Belt to the north and extending into Namibia in the

southwest. OWNERSHIP (est.) Basic %* As reported by SEDI Top 5: 6%

Mineralization Mineralization in the region occurs over a width ranging up to 30 metersMarek Kreczmer (Insider) 2.0 4.85% above the contact between finely laminated and chemically reducedMatthew Kavanagh (Insider) 0.2 0.49% mudstones and siltstones of the D'Kar Formation and oxidized arkosesJoseph Arengi (Insider) 0.1 0.36% and sandstones of the Ngwako Pan Formation. Julie Deanna May (Insider) 0.1 0.15%

The contact between the oxidized footwall sandstone and the reduced BALANCE SHEET Oct-10 hanging wall siltstone is distinctive and mineralized to a certainYear-end December (C$) extent. Present are the dominant copper sulphides such as bornite, Assets chalcopyrite, and chalcocite with pyrite located above the copper sulphides Cash and Equivalents $1 in the hanging wall. Molybdenum and rhenium are locally important Other current assets - constituents and occur with calcite and quartz-calcite veins in hydrothermal Current Assets $1 altered areas. Silver is a significant minor constituent and ranges from 5 to PP&E - 50+ g/t. Other Assets - Total Assets $1 Current Phase 1: The Company plans to conduct high resolution aeromagnetic

Liabilities and soil geochemical surveys with a budget of $1.2 million. Completion Current liabilities $9,865 of the initial phase of exploration is expected by the end of July 2011. Long-term debt - Other $5,907 Phase 2: If results of Phase 1 warrant further exploration work, the Shareholders equity -$15,771 Company will move on to Phase 2 of exploration. The second phase Total Liabilities and Equity $1 willl consist of a 30,000 meter drill program with a budget of $3.5 million.

PROJECTED BURN RATE (estimated) ($MM) Year-end 2010 cash balance $5.0 Exploration Expenditures (est.) (5.0) General and Admin Expense (est.) (1.5) Warrant exercise 5.8 Project Financing 5.0 Capital Expenditures - Year-end 2011 cash balance estimate $9.3

LAST FINANCING Date Dec-10 Type Brokered and Non-Brokered Private Placement Shares MM 20.0 Price C$ 0.25 Gross Proceeds C$MM 5.0 Warrants 10M Full Warrants Exercisable at $0.50 per share



Source: Thomson One

North American Palladium Ltd. (PDL-TSX) Rating



N/A

Background

• North American Palladium is a precious metals producer and developer with projects in Canada. The company’s principal assets are the Lac des Iles palladium mine and the Sleeping Giant gold mine.

Management

• Bill Biggar, President & CEO – Mr. Biggar is an accomplished businessman with experience in mining and other industries. He has held senior positions with Barrick Gold Corporation, Horsham Corporation and Magna International.

• Greg Struble, VP & COO – Mr. Struble is a mine engineer with over 30 years of experience in underground mining. Most recently, he served as EVP and COO of Stillwater Mining Corporation.

• Jeff Swinoga, VP Finance and CFO – Mr. Swinoga has over 18 years of experience in the resource, mining and finance industries. He previously held senior positions with HudBay, Barrick and MagIndustries.

• Michel Bouchard, VP Exploration & Development – Mr. Bouchard has over 25 years of experience in mineral exploration, development, and operations. He was formerly President and CEO of Cadiscor Resources Inc.

• Trent Mell, VP Corp. Dev., Gen. Counsel & Corp. Secretary – Mr. Mell is a lawyer who worked for Stikeman Elliott LLP and at the corporate head offices of Barrick Gold Corporation and Sherritt International.

Financial

• North American Palladium had $ 114 million in cash and equivalents as of September 30, 2010.


• The Lac des Iles mine is located northwest of Thunder Bay, in northwestern Ontario. The mine consists of both open pit and underground operations, with a 15,000 tonne per day processing plant. The main deposits on the property are the Roby Zone and the Offset Zone.

• The company discovered a new underground zone, the Cowboy Zone, in June 2009. Cowboy is located 30-50m from the Offset Zone, and it measures at least 250m along strike and 350m down dip.

• The company has a goal to build its gold division to production of 250,000 oz/year. North American Palladium acquired Cadiscor Resources in May 2009, and this brought the Sleeping Giant gold mine and 900 tonne/day mill, located in the Abitibi region of western Quebec. The mine hosts a modest 70,000 oz gold reserve, but multiple zones within the mine remain open for expansion at depth.

• The company has additional exploration projects in the regions of the two mines. NAP has a 50% interest in the Shebandowan nickel-copper-PGM project, located 100km southwest of Lac des Iles, and a 100% interest in the Discovery gold exploration project, located east of Sleeping Giant.

Company News

• For 2011, the company plans to produce between 165,000 oz and 175,000 oz of palladium at a cash costs of US$340/oz – US$370/oz. At the Sleeping Giant mine the company expects to produce between 30,000 oz and 35,000 oz of gold at a cash costs of US$1,200/oz-US$1,300/oz.

• The company expects to spend $147 million in capital expenditures at the Lac des Iles mine during 2011. At Sleeping Giant, the company plans for spend a total of $18 million in shaft sinking and mill expansion. The company budgets $18 million in total exploration expenditure for 2011.

• In July 2010, North American Palladium acquired the Vezza gold property from Agnico-Eagle for $3.5 million cash and $6.5 million in shares. If developed, management believes that Vezza has the potential to produce 40,000 to 50,000 oz gold per year over a 7-9 year mine life. The company plans $26 million in exploration and development expenditure in 2011.


NORTH AMERICAN PALLADIUM LTD. PDL-TSX 6.53C$



MAIN PROPERTIES

Lac des Iles, northwestern Ontario 100%

Stage: Production

Deposit: Magmatic nickel-copper-PGM

Geology: The resources are largely contained in the Roby and Offset zones. Mineralization is largely found in sulfide zones within a gabbroic unit. The palladium/platinum ratio is approximately 9:1.

The company also discovered the Cowboy Zone, located 30-50m from the Offset Zone, in 2009.

Previous: An open pit mine at Lac des Iles began production in 1993. Underground operations began in 2004 to access higher-grade portions of the Roby Zone. Commercial production from underground was achieved in April 2006.

Current: The open pit reserves will not return to operation. NAP expects to produce from the Roby Zone in Q2 2010 while developing the Offset Zone. A May 2008 scoping study suggests that the Offset Zone can yield 6,000 tonnes/day, for 250,000 oz palladium per year, from 2012 to 2018.

Exploration continues on the project, with a $7 million program including drilling of known deep zones as well as new target areas. In June 2009, while conducting infill drilling of the Offset Zone, the company discovered a new zone. The Cowboy Zone is located 30-50m from the Offset Zone and measures 250m along strike and 350m down dip. A few holes have also encountered an area called the Outlaw Zone.

The mine was placed on care and maintenance in late 2008. At the time of shutdown, the annualized production rate was 270,000 oz palladium, 20,000 oz platinum, 20,000 oz gold, 3 million lbs nickel and 5.6 million lbs copper. The company announced a plan to re-start operations in December 2009.

Mine expansion is underway with production from the Offset Zone (via shaft) targeted for Q4/2012.

Budget: $147 million in capital expenditures in 2011.

Sleeping Giant, 80km north of Amos, northwestern Quebec 100%

Stage: Production

Deposit: Vein-hosted gold

Geology: The deposit is located in the Abitibi greenstone belt, within a layer of

metavolcanics. Gold occurs in quartz-sulfide fracture-fill veins.

Previous: Production began at Sleeping Giant in 1988. The mine produced approximately 1 million oz gold at an average grade of 11.4 g/t over 20 years, including an average of 58,000 oz/year during the last five years of operation under Cambior and IAMGOLD.

Current: On October 7, 2009, NAP announced the first gold pour at Sleeping Giant. The mine was restarted on schedule and within the company’s $7.5 million budget. The company also announced that it had repurchased IAMGOLD’s 1% NSR on the property for $1 million.

The Sleeping Giant Mill has a rated capacity of 900 tonnes per day. The company stated that this can be expanded readily.

The company is conducting exploration in the Sleeping Giant region. Drilling has encountered extensions of mineralized zones at depth below the current mine workings, and there are other exploration targets in the area.

NAP began deepening the mine shaft in early 2010 to access extensions of mineralized zones identified through drilling. The company plans to complete 53,000m of drilling in 2010.

Budget: $26.0 million on exploration in 2011, $7 million for mill expansion

Discovery, Dormex, Laflamme

Current: North American Palladium also has other exploration properties in the Abitibi region of Quebec.

The Discovery Project is located approximately 70km to the east of Sleeping Giant. An August 2008 preliminary assessment that examined production of 44,000 oz/year over a four year mine life. The ore from Discovery would be trucked via logging roads to the Sleeping Giant mill.

The company also has the Dormex Property and a joint venture with Midland Exploration over the Laflamme Project.

All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSBill Biggar President & CEOGreg Struble VP & COOJeff Swinoga VP Finance & CFOMichel Bouchard VP Exploration & DevelopmentTrent Mell VP Corp. Dev., Gen. Counsel & Corp. Sec.www.napalladium.com 416-360-7590CAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money $MMShares Outstanding 148.8Options $3.50 3.0 3.0 10.7

Warrants Dec-10 $2.12 0.3 0.3 0.7Sep-11 $4.25 9.2 9.2 39.1Oct-11 $6.50 10.0 10.0 65.0


OWNERSHIP (est.) Basic %* As reported by BloombergInsiders 0.4 0%Kaiser Francis Oil Company 23.6 16%RBC Asset Management Inc. 14.6 10%T Rowe Price Associates 4.6 3%Goodman & Co Investment 3.6 2%


PROJECTED BURN RATE (estimated) ($MM) Year-end 2010 cash balance $100.0 Operating Cash Flows $128.0 Exploration Expenditures (est.) (18.0) General and Admin Expense (est.) (4.0) Warrant exercise 115.5 Project Financing - Capital Expenditures (180.0) Year-end 2011 cash balance estimate $141.5

LAST FINANCING Date Jan-10 Type Flow-Through Shares Shares (MM) 2.7 Price ($) 8.25 Gross Proceeds ($MM) 22.0

Reserves & Resources Palladium, Platinum, Goldt (MM) % or g/t M lbs/oz

LDI M&I Pd 36.0 3.2 3.68Pt 0.3 0.30

Inf. Pd 4.6 4.9 0.73Pt 0.4 0.06

Shebandowan M&I Pd 1.3 1.1 0.05Inf. Pd 0.17 1.0 0.01

Sleeping Giant (gold) 2P 0.2 9.4 0.06M&I 0.2 8.3 0.06Inf. 0.2 12.9 0.10

Discovery (gold) M&I 1.3 5.7 0.24Inf. 1.5 5.9 0.29

Flordin (gold) M&I 0.7 4.3 0.09Inf. 1.5 3.6 0.17



Source: Thomson One

Northern Freegold Resources Ltd. (NFR-TSXV)

Rating



N/A

Background

• Northern Freegold is an exploration company focused on the large Freegold Mountain project in the Yukon.

Management

• Bill Harris, Chairman and COO – Mr. Harris is a founder of the company and has worked in the prospecting and exploration business in the Yukon since a young age.

• Susan Craig, President and CEO – Ms. Craig has extensive experience with mining projects from exploration to production to mine closure. She was part of the team which explored, permitted and developed the Brewery Creek heap leach gold mine in the Yukon, and she previously oversaw the permitting of Novagold’s Galore Creek project.

Financial

• We estimate that Northern Freegold ended 2010 with a cash balance of $3.5 million.


• Northern Freegold’s flagship property is the 198 km2 Freegold Mountain project in the Yukon. Freegold Mountain is road accessible, about 30km from the operating Minto copper-gold mine and 20km from the Carmacks Copper development project. Freegold Mountain encompasses several targets that have seen exploration, the most prominent of which are the Nucleus, Revenue, Ridge, Stoddart and Tinta Hill zones.

• Northern Freegold released resource estimates for the Nucleus and Tinta zones in July 2009. The Nucleus Zone contains over 1 million oz gold at an average grade of 0.9 g/t.

• Nucleus is a complex gold deposit that contains low-grade disseminated gold as well as higher-grade sulphide material. In 2008 and early 2009, Northern Freegold reported high-grade drill intercepts within the Nucleus Zone. Highlights include 70.2 g/t gold over 9.4m (including 410 g/t gold over 1.27m) and 14.5 g/t gold over 47m (including 206.5 g/t gold over 1.24m). The Revenue target is located east of Nucleus and appears to contain high-grade veins associated with a breccia pipe.

• Tinta is a polymetallic (gold-silver-lead-zinc-copper) vein deposit that has seen drilling since 1960. Two adits have also been driven into the Tinta vein, and preliminary metallurgical tests performed in the 1970s yielded positive results. The vein has been tracked for over 1,000m within a mineralized shear zone that stretches over 3,500m. The vein remains open to the zone is open to depth.

• Trenching and drilling at the adjacent Ridge and Stoddart areas have identified a sizeable near-surface porphyry copper-gold target.

• Northern Freegold also has the Burro Creek gold and silver property in Arizona and other exploration properties in the Yukon. Burro Creek hosts an epithermal gold-silver deposit with a historical resource.

Company News

• In November 2010, the company announced initial results from a 60 line km Titan-24 deep earth imaging IP survey over the Nucleus deposit and Revenue Zone in Yukon. The survey identified 6 independent zones of interest, 3 of which have never been drill-tested and 2 of which have minimal historic drilling on them.

• In late 2010, management released the results of 37 RC holes and 5 deep diamond drill holes drilled at the Revenue Zone during 2010. Highlight intercepts included 20m grading 0.76 g/t gold, 4.45 g/t silver and 0.22% copper.


NORTHERN FREEGOLD RESOURCES LTD. NFR - TSXV 0.33C$



MAIN PROPERTIES

Freegold Mountain, Yukon Territory 100%

Stage: Resource expansion

Deposit: The property hosts several different types of gold and polymetallic

deposits.

Geology: The 198 km2 project is located within the Dawson Range portion of the Tintina Gold Belt, characterized by plutonic rocks of the ~100 million year old Cretaceous Dawson Range Batholith and Early Jurassic metaplutonic rocks, intruding metavolcanic and metasedimentary rocks of the Yukon-Tanana terrane.

The Freegold Mountain Project covers a 35 km long section of a well-mineralized belt within the Dawson Range. This area is transected by the Big Creek fault, which is associated with numerous mineralized occurrences.

Previous: Placer gold was discovered in Seymour Creek in 1898. Fritz Gruder discovered the first hard rock gold and copper deposits in the 1930s and 1940s. From the 1960s to 2005, Glen and Bill Harris conducted prospecting on the property, working with several exploration companies in the area. The property saw 990m of underground drifting and 23,000m of drilling. Northern Freegold was founded to conduct exploration on the consolidated land package in 2006.

Several mineral deposits have been discovered on the property over time. The Nucleus Zone is seen as a lower-grade bulk-tonnage gold target with some higher-grade sulphide-rich material. The Revenue Zone, located to the east of Nucleus, displays different mineralization styles around a gold-bearing breccia zone. The Ridge Zone and Stoddart zones, discovered by NFR in 2008 and 2007, respectively, are located further to the east, and comprise a potential porphyry copper-gold target with additional gold-silver-copper mineralization. The Tinta Zone, located in the eastern part of the property, is a 1,600m-long polymetallic vein system within a 3,500m long geophysical anomaly.

Current: The company continues to consolidate its land package. In May 2009 the company exercised its option to acquire a 100%-interest in the Golden Revenue, Sey & Nitro groups of mineral claims. These claim groups are subject to an underlying 1% NSR to ATAC, and there is also an underlying 2% NSR which applies only to the Revenue Zone, of which 1.5% can be purchased for $600,000.

The company reported an initial NI 43-101 compliant resource estimate for the Nucleus Zone in July 2009. The zone contained an Inferred resource of 1.08 million contained ounces of gold within 67.57 million tonnes @ 0.50 g/t gold (0.30 g/t cut-off).

Preliminary metallurgical results for the Nucleus deposit were announced in February 2010. Cyanidation yielded 98% gold recovery from oxidized and non-oxidized material and 86% recovery from higher-grade sulphide-rich material.

An updated NI 43-101 resource estimate for the Nucleus Zone was filed in April 2010. The resource contained 35.8 million tonnes @ 0.87 g/t gold (0.4 g/t cut-off), resulting in 1.04 million ounces of contained gold.

All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSBill Harris Chairman and COOSusan Craig President & CEO

www.northernfreegold.com 604-893-8757CAPITAL STRUCTURE Strike Basic In-the- Proceeds


2012 $0.34 0.6 0.0 0.02013 $0.32 0.2 0.2 0.02014 $0.35 1.3 0.0 0.0

Warrants Jun-11 $0.75 8.9 0.0 0.0Fully Diluted Shares 95.3 0.2 0.0

OWNERSHIP (est.) Basic %* As reported by BloombergInsiders 7.2 9%Sprott Asset Management 6.6 8%Northern Precious Metals Funds Inc. 0.9 1%RFINANZ Rindlisbacher & Partner AG 0.5 1%


PROJECTED BURN RATE (estimated) ($MM) Year-end 2010 cash balance $3.5 Exploration Expenditures (est.) (4.0) General and Admin Expense (est.) (1.0) Warrant exercise - Project Financing 5.0 Capital Expenditures - Year-end 2010 cash balance estimate $3.5

LAST FINANCING Date Oct-10 Type Private Placement Shares MM 10.8 Price C$ 0.32 Gross Proceeds C$MM 3.5 Warrants 3.2MM @$0.45, 12 months


Nucleus Inf. 35.8 0.9 1.0Tinta Inf. Au 1.2 1.9 0.1

Ag 49.3 1.8Cu 0.3 7.4Pb 0.9 22.8Zn 1.5 38.3



Peregrine Diamonds Ltd. (PGD-TSX) Rating


Buy, Venture Risk

N/A

Background

• Peregrine Diamonds Ltd. is an exploration and development company focused on diamond projects in the Canadian arctic.

Management

• Eric Friedland, CEO & Chairman – Mr. Friedland has over 20 years of exploration and development experience as well as mining finance and was the founder of Peregrine. Mr. Friedland was the President and Director of Fairbanks Gold Ltd., formerly CEO and Director of Carson Gold Corp., and was also a Director of Ivanhoe Mines Ltd.

• Brooke Clements, President – Mr. Clements has over 25 years of experience in diamond exploration and evaluation. Mr. Clements was previously Vice President of Exploration for Ashton Mining of Canada Inc., where he led the exploration team that discovered the diamond-bearing Renard kimberlite cluster in Quebec.

• Rod Davey, COO – From 1996 to 1999, Mr. Davey was President of Diavik Diamond Mines Inc. where he was responsible for overseeing the construction of Canada’s second diamond mine. Mr. Davey began his career with Kennecott Corp. in 1964 and has held many senior positions with that company.

Financial

• Peregrine had cash and equivalents of $14.5 million as of December 31, 2010.


• During 2008, Peregrine’s 100%-owned Chidliak diamond property on Baffin Island emerged to become the top newsmaker for the company. Peregrine discovered the first kimberlite (CH-1) on the property in July 2008. During the summer 2008 field season, Peregrine collected a 2.28 tonne sample from the CH-1 kimberlite. Overall, the sample yielded 1.56 carats per tonne of diamonds larger than a 0.85mm sieve including a 2.01 carat, gem quality stone. BHP Billiton is funding exploration at Chidliak as part of an earn-in agreement.

• To date, 50 kimberlites were discovered at Chidliak, and 7 of 27 reported to date demonstrate economic potential. Additional diamond results are pending. A $15.3 million exploration program is planned for 2011.

• Peregrine announced first drilling results from its 100%-owned Nanuq property in the Eastern Arctic Region of Nunavut in November 2007. Three magnetic anomalies were tested, and all three were found to be diamondiferous kimberlites. In 2008, drilling also discovered a diamondiferous kimberlite on the adjacent Nanuq North property, 40%-owned by Peregrine. The Company is awaiting kimberlite indicator mineral results from 96 till samples, collected at Nanuq North before preparing a 2011 exploration programme.

• Peregrine also has the WO Property, located approximately 30km southeast of the Diavik Diamond. It hosts a number of diamondiferous kimberlites, including the nine hectare DO-27 pipe, which has an indicated resource containing 18.2 million carats of diamonds. Peregrine holds 97.92% of the diamond marketing rights from any WO diamond production.

Company News

• In late 2010, the Company announced that BHP Billiton has elected to maintain its participating interest in the Chidliak joint venture at 51 percent. As a result, Peregrine will retain 49% of the marketing rights, which is important strategically as these rights can be used to develop a vertically integrated company. Additionally, Peregrine was nominated as operator for 2011 in a show of confidence for Peregrine’s successful exploration track record.

• A $15.3 million 2011 exploration program is planned at Chidliak. Drilling and sampling will be performed on kimberlites that demonstrate economic potential to assist in evaluating Chidliak’s ability to host a diamond mine. Further, the Company will test several prospective targets in hopes of uncovering new diamondiferous pipes.

Source: Thomson One


PEREGRINE DIAMONDS LTD. PGD-TSX C$ $2.31

Rating Buy Target N/A Shares O/S (MM) 93Risk Venture Float (MM) 79

Fully Diluted Shares (MM) 11212-Month Return N/A Close 2.31C$ Basic Mkt. Capitalization ($MM) $214

MAIN PROPERTIES

Chidliak and other projects, Baffin Island, Nunavut 100%

Stage: Exploration

Deposit: Diamond, uranium, and metals targets

Previous: Peregrine has acquired Prospecting Permits totaling over 3.5 M

hectares in four properties on Baffin Island: Chidliak, Kimmirut, Qilaq and Cumberland.

Current: In July 2008, Peregrine discovered its first kimberlite, CH-1, on the Chidliak property. The company discovered two more (CH-2, CH-3) in August and September. A 2.28 tonne sample yielded 1.56 carats per tonne of diamonds larger than a 0.85mm sieve.

In February 2009 Peregrine announced the acquisition of the Qilaq property which surrounds Chidliak, and in February 2010, the company acquired the Cumberland project, located 200km to the north of Chidliak.

In late 2009, the company reported strong diamond results from several other kimberlites at Chidliak, with particularly high diamond contents in drill holes at the CH-6 kimberlite. To date, the project hosts 50 kimberlites – 25 of the 27 reported to date are diamondiferous. Further, 7 pipes have demonstrated economic potential in Arctic settings.

BHP Billiton has decided to exercise its earn-in rights on the Chidliak property. The agreement calls for BHP to incur a total of $22.3 million in exploration over five years on the property in order to earn a 51% interest, with a minimum commitment of $8.9 million.

The 2011 program will include advanced work on kimberlites of potentially economic significance and additional exploration to discover new diamondiferous kimberlites.

Budget: $15.3 million exploration program for Chidliak, between

$500,000 - $1 million for Qilaq, and $300,000 at Cumberland, in 2011. Peregrine is operator.

Nanuq and Nanuq North Projects, Nunavut 40%-100% Stage: Exploration Deposit: Diamond Prospect

Previous: Initial drilling results at Peregrine’s 100%-owned Nanuq project were reported in November 2007. Three kimberlites were discovered. The three kimberlites have been named Naturalik, Kayuu, and Tudlik. Naturalik (7 hectares) and Kayuu (5 hectares) are two of the largest diamondiferous kimberlites yet found in the eastern Arctic of Canada.

A total of 1,632 kilograms of kimberlite were sent for microdiamond analysis via caustic fusion. A total of 44 diamonds were larger than a 0.425 square mesh screen, with the largest stone remaining on a 1.18mm screen.

Current: In September 2008, Peregrine announced the discovery of the NQN-001 kimberlite on the Nanuq North property, in February 2009 diamond encouraging caustic fusion diamond results were released by the company. The claim hosting the NQN-001 kimberlite is 40%-owned by each of Peregrine and Indicator Minerals Inc., with a 20% interest carried to completion of a scoping study held by Hunter Exploration Inc.

The company plans to evaluate the most prospective targets at Nanuq by core drilling.


MANAGEMENT & COMPANY CONTACTSEric Friedland CEO & ChairmanBrooke Clements PresidentRod Davey COOGreg Shenton CFOPeter Holmes VP ExplorationMike Westerlund VP Investor Relationswww.pdiam.com 604-408-8880CAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money C$MMShares Outstanding 92.58

Options 2011 2.08 0.04 0.01 0.022016 0.65 5.62 5.62 3.672017 0.88 0.38 0.38 0.342018 0.24 2.30 2.30 0.542019 0.96 7.05 7.05 6.742020 2.46 0.51 0.06 0.14

Warrants Feb-11 1.50 1.07 1.07 1.60Nov-11 3.00 2.40 0.00 0.00


OWNERSHIP (est.) Basic %* As reported by Thomson ONE, TargetedInsiders 14.0 15%Goodman & Company, Investment Counsel 18.6 20%Ned Goodman Investment Counsel, Ltd. 14.4 16%

BALANCE SHEET Dec-10Year-end September (US$MM)Assets Cash and Equivalents $14.5 Other current assets 2.4 Current Assets 16.9 PP&E 0.1 Other Assets 2.7 Total Assets $19.7Liabilities Current liabilities $3.5 Long-term debt - Other - Shareholders equity 16.2 Total Liabilities and Equity $19.7

PROJECTED BURN RATE (estimated) ($MM)Year-end 2010 cash balance $14.5

Exploration costs (16.6) Administrative costs (1.5) Warrant exercise 2.0 Project Financing 10.0 Year-end 2011 cash balance estimate $8.4

LAST FINANCING Date Nov-10 Type Private Placement Shares MM 4.80 Price $ 2.50 Gross Proceeds $MM 12.0 Warrants N/A

Reserves & Resources DiamondsMt carats/t M carats

DO-27 M&I 19.5 0.93 18.2Total Resource 19.5 0.93 18.2



Pitchstone Exploration Ltd. (PXP-TSXV) Rating


Buy, Venture Risk

N/A

Background

• Pitchstone Exploration Ltd. is a uranium exploration company focused on Saskatchewan, Nunavut and Namibia. The company acquired its Athabasca Basin properties in early 2003, prior to the staking rush in 2004-2005.

Management

• E.A.G. (Ted) Trueman, Executive Chairman – Mr. Trueman has extensive international experience in uranium exploration, development, and production. He founded Pitchstone in 2003.

• Steve Blower, President & CEO – Mr. Blower has been with the company for 4 years, and most recently worked with AMEC as a Principal Geologist and QP for mineral resource estimates and geologic studies on advanced properties and mine operations.

• Mark Brown, CFO – Mr. Brown is a Chartered Accountant with a great deal of experience in the mining sector, including raising equity and debt capital, participating in mergers and acquisitions, operating junior companies and providing accounting and regulatory services.

Financial

• Pitchstone had $3.6MM in cash as of December 31, 2010.


• Pitchstone has twelve uranium projects in Saskatchewan’s Athabasca Basin - four are 100%-owned (including the Gumboot project) and eight are joint ventured with JOGMEC, JCU, Denison or Uranium One.

• Gumboot, located 20km northwest of the Cigar Lake mine, emerged as a significant project in 2008, with hole GB-04 encountering a 40m zone of alteration and fracturing with intervals of strong radioactivity. The property has a 5km-long graphitic horizon that largely remains untested. Johnston Lake was optioned in early 2009 from Denison Mines Corp. and is contiguous with the Gumboot property.

• Darby-Candle claims adjoin the Cigar Lake property to the west and are 20km NE of McArthur River, the two highest grade large deposits in the world. A total of 55km of conductive zones have been outlined, and drilling in early 2008 encountered 1.91% U3O8 over 0.5m in the 97G zone at Candle. At Waterfound, anomalous radioactivity at the unconformity has been encountered over a strike length of 1,600m.

• Pitchstone also has four properties in the Hornby Bay Basin in the Northwest Territories/Nunavut in JV with Canterra Minerals (formerly Triex Minerals). This includes the Mountain Lake deposit and its inferred resource of 1.6 Mt grading 0.23% for 8.2MM lb U308 (100% basis).

• Pitchstone has a 63% interest in two Namibian projects, Dome and Kaoko, in a joint venture with Manica Minerals. The Dome property, which hosts a buried geophysical feature analogous to the nearby Rössing deposit, has emerged as the most promising initial target. Other targets appear similar to Langer Heinrich’s calcrete style of uranium mineralization.

Company News

• Drilling and ground geophysical surveying have begun on its Athabasca properties. A total of 4,400m of core drilling is planned at Gumboot and Johnston Lake during the January-March 2011 winter drilling season. A total of 3 drill holes will be completed at Gumboot along the 5km long EM conductor. Three holes are planned for the Johnston Lake property to test for extensions of previously intersected mineralization along the conductive graphitic unit. Geophysical surveying is underway on the Darby and Candle properties.

• Recently Pitchstone announced that a program of reverse circulation drilling has begun on a zone of calcrete-hosted uranium mineralization on the Dome property in Namibia. A total of 700 metres of drilling is planned over 28 drill holes.

Source: Thomson One


PITCHSTONE EXPLORATION LTD. PXP-TSXV 0.48C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSE.A.G. Trueman, M.Sc, P.Geo, P.Eng Exec ChairmanSteve Blower, M.Sc, P.Geo President, CEO, & DirectorMark Brown, B.Comm, CA CFO & SecretaryDr. Robert Armstrong, B.A.Sc Directorwww.pitchstone.net (604) 630-5563CAPITAL STRUCTURE Strike Basic In-the- Proceeds


Warrants Jul-11 $0.80 1.5 0.0 0.0Fully Diluted Shares 44.8 3.4 1.3

OWNERSHIP (est.) Basic %* As reported by Thomson One & Co. presentationInsiders Total 8.0 20%Goodman & Co. Investment Council 2.0 5%

Sep-10BALANCE SHEET ($MM)Assets Cash and Equivalents $2.6 Other current assets 0.1 Current Assets 2.7 PP&E 0.0 Other Assets 20.1 Total Assets $22.8Liabilities Current liabilities $0.3 Long-term debt - Other 3.8 Shareholders equity 18.8 Total Liabilities and Equity $22.8

PROJECTED BURN RATE (estimated) ($MM) Year-end 2010 cash balance $3.6 Exploration Expenditures (est.) (2.0) General and Admin Expense (est.) (0.5) Warrant exercise - Project/Equity Financing Capital Expenditures Year-end 2011 cash balance estimate $1.1

LAST FINANCING Date Nov-10 Type Private Placement - Flow-through shares Shares MM 3.3 Price C$ 0.50 Gross Proceeds C$MM 1.6

Reserves & Resources Uraniumt (MM) % U3O8 MM lbs

Mountain Lake Inf. 1.6 0.23 8.113Total 1.6 0.23 8.113

50-


Previous:

Current:

60%Stage:Deposit:

Geology:

Previous:

Current:

50%Stage:Deposit:

Geology:

Previous:

Current: Drilling and ground resistivity surveys were completed at Mountain Lake and Dismal Lake during 2008, but the projects have not since been an area of focus for Pitchstone.

Hornby Bay Basin, Northwest Territory/NunavutExploration & DevelopmentUnconformity-related uranium deposit exploration. Mountain Lake contains a stratabound uranium deposit with an Inferred Resource of 8.2MM lb U308 (1.6MM tonnes @ 0.23% U308).Analogous to the Proterozoic Athabasca Basin. Mountain Lake uranium mineralization is defined by pitchblende, coffinite and uranium oxides, and is hosted in a sandstone-conglomerate unit.Previous work included 22,000m of drill holes.Drilling programs totaling 9,091m were completed during 2006 – 2008. Results from other targets in the area were less fruitful than at Mountain Lake.

In Dec 2010, Pitchstone announced that it would begin a 28-hole RC drill program at Dome in the March 2011 quarter.

Dome and Kaoko, NamibiaExplorationGranite hosted (Rossing) and calcrete styles of mineralization at Dome; carbonaceous channel fill mineralization at Kaoko

Proterozoic-age Belt Group metamorphic rocks intruded by the Cretaceous age Idaho Batholith and a Tertiary-age rhyolite quartz-eye porphyry stock. The mineralization is associated with a major regional structure (Orogrande Shear Zone "OSZ"), and occurs within hydrothermally-altered zones within the sheared rocks.

Pitchstone has an option with Manica Minerals Ltd., through its wholly-owned subsidiary Cheetah Minerals Exploration Ltd., on two large uranium exploration properties.The company conducted drilling at Dome to follow up on geophysics. Widely spaced drill holes encountered calcrete-style mineralization and uranium-bearing paleochannels. Pitchstone continues electromagnetic surveying and radiometric prospecting in an attempt to identify and delineate paleochannels.

In 2010, highlights from its RC drill program included 1m grading 0.0325% U3O8 and 0.0118% V2O5 in hole DN09-23 and 1 m grading 0.0365% U3O8 and 0.0205% V2O5 in hole DN10-56.

A 4,500m drill program at Gumboot and Johnston Lake is expected to be completed in March 2011.

ExplorationUnconformity related uranium deposit explorationAnalogous to the major Athabasca deposits: metamorphosed basement with graphitic units unconformably overlain by sandstones, with hydrothermal alteration related to faults.

These properties were acquired by staking in 2003, prior to the subsequent staking rush. Darby-Candle is in proximity to the two of the largest and highest grade uranium deposits in the world - Cigar Lake and McArthur River. There are over 55km of largely unexplored electromagnetic conductors in eight zones on the 23km long property.Waterfound hosts a 6km long electromagnetic conductor. Anomalous radioactivity at Athabasca Group unconformity over a strike length of 1,600 m Up to 0.18% U3O8 over 0.2m has been drilled. The Gumboot property hosts an electromagnetic conductor at least 3.6km long. In 2008-2009, Gumboot emerged as Pitchstone’s top target in the Athabasca. Hole GB-04 encountered a 40m zone of alteration and fracturing with intervals of strong radioactivity. Drilling in 2009 encountered uranium, cobalt and nickel near the unconformity, with a highlight of 0.66% U3O8 and 11% nickel over 0.3m.

Pitchstone began a 14 hole, 7,000m winter drill program in January 2010. This includes 7 holes at Gumboot, one at Johnston Lake, and the remainder at Marten (under option to JOGMEC). Results announced in May indicate better results from Gumboot including 0.5m grading 0.07% U3O8 and 0.11% while the drillhole at Johnston Lake intercepted no significant radioactivity. A summer drill program of 3,700m was completed in September.

Eastern Athabasca Basin, Saskatchewan

MAIN PROPERTIES



Premier Gold Mines Ltd. (PG-TSX) Rating



N/A

Background

• Premier is a gold exploration and development company with projects in Canada, Mexico and the United States. The company is primarily focused on projects in established gold mining areas of northwestern Ontario.

Management

• Ewan Downie, President & CEO – Formerly President and CEO of Wolfden Resources, which was acquired in 2007 by Zinifex Ltd. for $361 million. He was part of the exploration team for Wolfden that received the PDAC 2003 Bill Dennis Prospector of the Year Award. He is also Chairman of Mega Precious Metals and Director of Marksmen Capital.

• Stephen McGibbon, Executive VP & COO – Mr. McGibbon is a geologist with over 23 years of exploration, mine production and management experience. Mr. McGibbon spent much of his career with Goldcorp and predecessor companies in the Red Lake area. While at Goldcorp, he was a senior member of the team that discovered the Red Lake High Grade Zone.

• John Seaman, CFO – Mr. Seaman was previously CFO of Wolfden, until it was acquired in 2007.

Financial

• As of September 30, 2010 Premier Gold had a cash balance of $54.6 million. We estimate that Premier closed out 2010 with cash reserves of $51 million, following the $5 million private placement financing completed in December 2010.


• Premier has interest in four projects in the Red Lake camp of northwestern Ontario. The flagship is the Rahill-Bonanza property, where Red Lake Gold Mines Limited, an affiliate of Goldcorp Inc., has a 51% interest and is project operator. The property is well-located along an underexplored part of the Mine Trend and along the proposed tram route from the Red Lake Mine complex to the Cochenour (Bruce Channel) Mine complex.

• Premier’s other Red Lake area projects include: 1) its 100%-optioned Lennie property, located 3km northeast of the Red Lake Mine, 2) the East Bay Project, a 35% Premier and 65% Goldcorp joint venture located northeast of Rubicon's recently discovered "F2 Zone" at East Bay, 3) Newman-Madsen, a 50% Premier and 50% Sabina Silver joint venture located southwest of the Red Lake Gold Mines.

• Premier’s 70%-owned Hardrock Project is located in the Geraldton-Beardmore area of northwestern Ontario. Historic mining on the property produced over 3 million oz gold. Premier’s drilling programs have been successful in delineating an initial 1.1 million oz total gold resource (open-pit) at the property.

• The PQ North project is located proximal to Goldcorp’s Musselwhite mine. PQ North is located on strike and potentially down-plunge from Musselwhite. Drilling in 2009 led to the discovery of two gold zones, PQL and Upper IF, with highlights of 10.5g/t over 3.7m at PQL and 10.3 g/t gold over 5.1m at Upper IF.

Company News

• In February 2011, the Company announced completion of a 114,611m drill program at the 70% owned Hardrock conducted during 2010. The main objectives of the program were to expand the initial open-pit resource of 1.1 million ounces released in March 2010 and to delineate an underground resource at the property. Highlight drill results from the 2010 campaign included a 114.5m intersection grading 7.92 g/t gold.

• In January 2011, Premier announced commencement of drilling at its recently acquired 100% owned Saddle Gold project in Nevada. The Company recently completed a ground geophysical survey which suggests possible on-strike extension of mineralization at the property. Currently, two RC drills rigs and one diamond drill rig are testing this hypothesis, along with drill-testing other targets identified by the geophysical survey.

Source: Thomson One


PREMIER GOLD MINES LTD PG-TSX C$ 7.09


Fully Diluted Shares (MM) 111 12-Month Return N/A Close C$ 7.09 Basic Mkt. Capitalization ($MM) C$ 739

MAIN PROPERTIES

Red Lake area projects, northwestern Ontario 35% - 100%

Stage: Exploration

Deposit: Lode gold

Geology: The main Rahill-Bonanza Project lies along a relatively underexplored section of the prolific Mine Trend, about 4km north of the village of Red Lake. Gold is found in strongly to intensely silicified sediments. The property hosts the recently discovered Bonanza Deposit and two historic gold deposits, Wilmar and West Granodiorite.

The East Bay property is located located on the East Bay ultramafic trend northeast of Rubicon’s F2 discovery.

Current: Goldcorp has a 51% interest in Rahill-Bonanza and is project operator. Recent developments at the property include commencement of the development of the Cochenour/Bruce Channel mine, discovery of the PG70 zone (highlight: 124 g/t gold over 1.5m), expansion of the Wilmar Mine Horizon (highlight: 69 g/t gold over 3.5m) and a new discovery at the East Bay zone (highlight: 298 g/t gold over 1.0m).

Hardrock, Geraldton-Beardmore area, northwestern Ontario 70%

Stage: Exploration

Deposit: Lode gold

Geology: The project stretches along 15km of the Beardmore-Geraldton greenstone belt.

Previous: The project has hosted over 3 million oz of historic gold production

from 1938-1968. It also has historic (non-NI43-101 compliant) resources containing nearly 1 million oz gold.

Current: The project is only a few kilometers south of the town of Geraldton, and it is serviced by the Trans-Canada Highway, Trans-Canada Pipeline, and power lines.

Several gold zones have been identified on the property, including both open pit and underground targets. The camp has been mined to a depth of about 2,000 ft, and the company has had drilling success testing the depth extension of historic mining. In early 2010, the company reported strong results from deep drilling at the North Zone, including 5.37 g/t gold over 57.1m.

An open pit resource estimate was announced in March 2010. Premier is conducting an aggressive drill program with the goal of producing an underground resource in early 2011.

The current drill program at Hardrock is focusing on expansion of the initial open pit 1.1 million oz gold resource, as well as defining an additional underground resource at the property.

PQ North, Musselwhite District, northwestern Ontario 100%

Stage: Exploration

Deposit: Iron formation hosted gold

Geology: The property is located within 6km of Goldcorp's Musselwhite Mine.

Gold is found within an iron formation at Musselwhite, and Premier’s property hosts the same iron formation.

Previous: Historic drilling includes 23.42 g/t gold over 5.3m within a Musselwhite-style host rock.

Current: Drilling in 2009 encountered two gold zones, PQL and Upper IF, with grades and widths comparable to those at Musselwhite.

The Company plans on drill testing primary target structures during this winter’s drilling season. Management has planned for the drilling to continue at this property through 2011.


MANAGEMENT & COMPANY CONTACTSEwan Downie President & CEOStephen McGibbon Executive VP and COOJohn Seaman CFORichard Hall Chairman

www.premiergoldmines.com 807-346-1390CAPITAL STRUCTURE Strike Basic In-the- Proceeds

$ (MM) Money $MMShares Outstanding 104.2Options Sep-11 1.00 0.4 0.4 0.4

Aug-12 1.95 0.6 0.6 1.2Mar-13 4.00 0.1 0.1 0.4Apr-13 2.00 0.5 0.5 1.0Jul-13 2.59 0.0 0.0 0.1Oct-13 2.00 0.0 0.0 0.0Dec-13 1.50 0.2 0.2 0.2May-14 2.50 0.1 0.1 0.2Jun-14 2.66 2.0 2.0 5.4Apr-15 4.20 3.0 3.0 12.5

Warrants 0.00 0.0 0.0 0.0Fully Diluted Shares 111.1 6.9 21.4

OWNERSHIP (est.) Basic %* As reported by Thomson OneInsiders 13.0 13%Inmet Mining 9.5 9%Oppenheimer 8.1 8%Goodman & Company 4.9 5%

BALANCE SHEET Sep-10Year-end December ($MM)Assets Cash and Equivalents $54.6 Other current assets 0.7 Current Assets 55.2 PP&E 120.5 Other Assets 0.1 Total Assets $176Liabilities Current liabilities $3.5 Long-term debt 10.8 Other 17.2 Shareholders equity 144.3 Total Liabilities and Equity $176


LAST FINANCING Date Dec-10 Type Non-brokered Private Placement Units Shares MM 0.7 Price $ 7.50 Gross Proceeds $MM 5.0 Warrants

Reserves & Resources Goldt (MM) g/t MM oz

Hardrock M&I 11.6 1.82 0.7Inf 7.3 1.81 0.4

Resources 1.1Total Inventory 1.1



Source: Thomson One

Premium Exploration Inc. (PEM-TSXV) Rating


BUY, Venture Risk

N/A

Background

• Premium Exploration Inc. (PEM) is an exploration and development company focused on the Orogrande Shear Zone “OSZ” with intentions of developing the region (located in Idaho, USA) into a new mining district in North America. Within the OSZ, development is ongoing at the bulk-tonnage Friday-Petsite Project, the most advanced of several known mineralized zones located along the OSZ and represents 4% of the OSZ under PEM’s control.

Management • Mr. Del Steiner, B.Sc., JD, President and CEO: Mr. Steiner

brings 20 years of experience as both a consultant and attorney specializing in environmental and mining law. He was instrumental in helping Bema Gold obtain production permitting for the Buffalo Gulch project in 1992. Prior to taking PEM public in 2006, his previous roles include CEO and Director of Idaho Consolidated Minerals Corp.

• Mr. Michael Ostenson, P.Geo, VP Exploration: Mr. Ostenson brings 14 years of experience as an underground and exploration geologist with experience drilling the OGZ since 2004 for both previous operators and PEM. Mr. Ostenson brings a track record of successful exploration and underground development on the Carlin Trend (Nevada) and the Stillwater Complex (Montana).

• Ms. Yenlai Chee, M.Sc. Geo, Project Geologist: Ms. Chee brings 6 years of experience as a professional geologist including 3 years of managing PEM’s field crew and drilling activities. Ms. Chee has published research on remote sensing analysis of cratered surfaces and brings experience in environmental drilling from her previous experience as a project engineer.

Financial

• Recent financial activity included a $10 million equity issuance closed in July 2010. As at September 30, 2010, PEM reported C$7.3million of cash on hand. The company had 114 million common shares outstanding as of December 2010 in addition to 37 million (in-the-money) warrants and 8.2 million options outstanding. The company intends to utilize cash on hand to fund continued exploration at depth and along strike on the Friday-Petsite deposit with a revised resource estimate expected during Q1/2011.


• During the period of 2007-2010, PEM has assembled a 97.7km2 land package through either staking or acquisition in the OSZ in Idaho, USA. PEM’s 100%-owned projects in the OSZ include Deadwood, Friday-Petsite and Buffalo-Gulch; PEM also owns the Chrome Mountain project located in south-central Montana.

• The Friday-Petsite property is located in the vicinity of Elk City, Idaho, USA and consists of 2,857 hectares (28.6km2) of land. This site was home to 2 past producing mines, locally known as Orogrande and the Frisco Pit. The Friday-Petsite deposit hosts a 532,000 gold oz inferred resource (NI 43.101 compliant) of 15.1 million tonnes averaging 1.1 g/t. Given the historical drill results to date, we believe this resource could rise to between 1.0 and 1.5 million ounces in the coming year.

Company News

• December 20, 2010: PEM reported results from 1 hole on the Friday-Petsite project in Idaho, USA. Highlights included 1.4 g/ton over 38.4m (including 9.4 g/ton over 4.6m (405m below surface).

• January 19, 2011: PEM reported results from 2 holes on the Friday-Petsite project. The 1st hole (PFR2010_21) was very encouraging returning 1.5 g/t over 330.4m (starting at 29.9 m from surface) including 7.0 g/t over 34.4m. The 2nd hole (PFR2010_18) was also attractive exhibiting 0.6 g/t over 345.7m (starting at 14.9 m). Both holes extended mineralization to over 350 meters of vertical depth.

• January 31, 2011: PEM reported results from 2 holes on the Friday-Petsite project. The 1st hole intersected 0.8 g/t over 370.9m (including 1.5 g/t over 134.3m at a depth of 216m) while the 2nd hole registered 1.0 g/t over 36.5m. These results potentially add ounces to the company’s inferred resource base.


PREMIUM EXPLORATION INC. PEM-TSXV 0.49C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSDel Steiner, B.Sc., J.D. President & CEOMichael Ostenson, P.Geo. VP ExplorationYenlai Chee, M.Sc, Geo. Project GeologistColin Jones, B.Sc., AIMM Non-Executive Directorwww.premiumexploration.com (604) 682-0243CAPITAL STRUCTURE Strike Basic In-the- Proceeds


Warrants May-11 $0.50 0.2 0.0 0.0Apr-May 2011 $0.30 13.4 13.4 4.0

Dec-11 $0.35 21.4 21.4 7.5Dec-11 $0.25 2.8 2.8 0.7


OWNERSHIP (est.) Basic %* As reported by BloombergInsiders Total 10.3 9%Ned Goodman Investment Council 8.0 7%Goodman & Co. Investment Council 4.4 4%BHR Fund Advisors 0.8 1%

Sep-10BALANCE SHEET ($MM)Assets Cash and Equivalents $7.3 Other current assets 0.4 Current Assets 7.6 PP&E 0.1 Other Assets 3.2 Total Assets $10.9


PROJECTED BURN RATE (estimated) ($MM) Year-end 2010 (December 31,2010) cash balance $5.0 Exploration Expenditures (est.) (7.0) General and Admin Expense (est.) (1.7) Warrant exercise 12.2 Project Financing - Capital Expenditures (0.4) Year-end 2011 cash balance estimate $8.1

LAST FINANCING Date Jul-10 Type Private Placement Shares MM 40.0 Price C$ 0.25 Gross Proceeds C$MM 10.0 Warrants 20M @$0.35, 18 months


Inf. 15.1 1.13 0.549Total 15.1 1.13 0.549


Previous:

Current:


Previous:

Current:

100%Stage:Deposit:Geology:Previous:

Current: The property has drill indicated platinum and palladium mineralization with historic results under review. The past results will be used to guide future exploration.

Chrome Mountain, Montana, USAExplorationPlatinum, palladium, rhodium and gold hostedPlatreef style mineralizationExploration between 2006-2008 included the drilling of 19 holes and over 2km of soil geochemistry that identified an extensive zone of platinum, palladium and rhodium mineralization. It was concluded that the PGM soil anomalies were formed by the similar processes to that formed the giant Platreef disseminated PGM-Cu-Ni deposits in South Africa. An exploration program is currently being designed to follow up on the discovery of the new Platreef exploration model.

PEM will conduct additional drilling on the Buffalo Gulch historic resource during the 2011 exploration season and will use the newly generated data in conjunction with the historic drill data to prepare a NI43-101 compliant resource estimate. A “preliminary assessment” will also be initiated, subsequent to the resource estimate, to develop an economic analysis of the potential viability of defined mineral resources. For Deadwood, Premium has recently acquired a historic geophysical IP survey that is currently undergoing interpretation. Follow-up inspection on previously identified geophysical targets. Soil Sampling and dipole-dipole geophysics to refine drill targets for Phase-4 drilling program in 2011.

Buffalo-Gulch & Deadwood, Idaho, USAExplorationShear-hosted goldProterozoic-age Belt Group metamorphic rocks intruded by the Cretaceous age Idaho Batholith and a Tertiary-age rhyolite quartz-eye porphyry stock. The mineralization is associated with a major regional structure (Orogrande Shear Zone "OSZ"), and occurs within hydrothermally-altered zones within the sheared rocks.

The northern portion of the soil anomaly has undergone extensive RC drilling by a previous operator totaling 150 drill holes on lines spaced 30 meters apart (100 feet) and holes located 30 to 60 meters (100 to 200 feet) apart. The drilling defined a zone of mineralization hosted in intensely weathered and oxidized schists, gneisses and pegmatite’s down to a depth of ~90 meters (300 feet). The historic resources as calculated by the Bema Gold subsidiary “Idaho Gold Corporation” are historic in nature (pre-NI 43-101), but estimated “proven and probable geologic reserves” of oxide material to a depth of 220 feet as 4.839 million tons at a grade of 0.023 ounce/ton containing 110,759 troy ounces of gold. The Deadwood project is also located in the OSZ and links the Buffalo Gulch Project to the north with the Aurum and Friday-Petsite Project to the south. Several historic mines/prospects are present on the property and the project is bounded by historically worked placer deposits. There is a 5,000m geochemical soil anomaly along strike and many shallow RC drill-holes that have been drilled by previous operators.

With potential to expand mineralization to the north, south, west and at depth, drilling is taking place as part of a 10,000m (25 holes) drill program to be completed in Q1/11. The company aims to connect the north and main zones for resource expansion and is planning to release a revised resource estimate by the end of Q1/11. The company has also initiated scoping and metallurgical test work.

Advanced ExplorationShear-hosted goldProterozoic-age Belt Group metamorphic rocks intruded by the Cretaceous age Idaho Batholith and a Tertiary-age rhyolite quartz-eye porphyry stock. The mineralization is associated with a major regional structure (Orogrande Shear Zone "OSZ"), and occurs within hydrothermally-altered zones within the sheared rocks.

Extensive exploration was conducted between mid-1980's-1998, including reverse circulation and core drilling (at least 180 holes). Historic exploration drilling conducted by previous operators has identified a discrete high grade gold zone that appears to run alongside or as part of the OSZ though exploration work to date has not established the extent of the high grade zone. In 2004, Micon International stated that with a gold price of over $400/oz the Friday / Petsite property is deserving of additional exploration programs to determine if the 539,000 oz (15.2 million tonnes at 1.1 g/t) Inferred Resource estimate can be upgraded to that of mineral reserves.

Friday-Petsite, Idaho, USAMAIN PROPERTIES



Regulus Resources Inc. (REG-TSXV) Rating


BUY, Venture Risk

N/A

Background

• Regulus Resources is a Canadian Based exploration company formed through the spin-out of the Rio Grande Cu-Au-Ag project as part of the acquisition of Antares Minerals by First Quantum Minerals.

Management

• Wayne Hewgill – President, CEO & Director - Mr. Hewgill is a Professional Geoscientist with over 25 years experience as an exploration geologist in Canada, Australia, New Zealand, Zimbabwe and South Africa. He was previously Vice-President Corporate Development with Antares Minerals, spent 5 years as a mining analyst for two Canadian financial institutions focusing on early and advanced stage exploration companies and has a 16 year tenure with BHP.

• Mark Wayne – CFO & Director – Mr. Wayne was the Founder of Antares, and formerly held the positions of Director and CFO there. He has a law degree and CFA designation. He previously practiced law, specializing in the fields of corporate and securities law. In 1987 he founded and became President of AltaFund Investment Corp., a public investment company that raised $110 million. Mr. Wayne has raised money for, and served as a director or officer of, a number of public and private companies over the years in the mining, oil and gas and technology sectors. Mr. Wayne is also a Vice President of MGI Securities Inc., a full service investment dealer.

Financial

• Regulus reported a cash position of approximately $5 million as of December 17, 2010.


• Regulus’ primary focus is on the Rio Grande Cu-Au-Ag project in Argentina. The Rio Grande project is a 50/50 joint-venture with Pachamama Resources (TSX-V: PMA), with Regulus as the operator. The project along with $5 million was spun out into Regulus as part of the sale of Antares Minerals to First Quantum Minerals in 2010. Rio Grande was put on hold during the economic slowdown in 2009 while Antares Minerals focused its efforts on accelerating the more advanced Haquira project in Peru.

• The Rio Grande project consists of nine titles covering an area of approximately 18,000 ha. The concessions form one contiguous block that covers all exploration targets that have been identified to date. To date, 78 drill holes (33,015m) have been completed. Grades of copper, gold and silver have been encountered over significant widths with drill results including: 128m with 0.47% Cu, 0.71% g/t Au and 4.5 g/t Ag; 189m with 0.70% Cu, 0.67 g/t Au and 4.2 g/t Ag. There is potential to define a large porphyry Cu-Au system similar to other important deposits situated in Argentina.

Company News

• Regulus has budgeted approximately $0.5 million in 2011 to complete a work program which is expected to include metallurgical testing, geochemical sampling and mapping over the untested NE target, and completion of a deep-imaging Titan IP/Resistivity survey to acquire a better understanding of the known mineralization to depth.

• The company believes they have sufficient drill data to allow for an initial resource estimate but would like to complete the metallurgical test work first in order to better define what economic factors are appropriate for the system.

Source: Thomson One


REGULUS RESOURCES INC. REG-TSXV 1.38C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSWayne Hewgill President, CEO & DirectorMark Wayne CFO & DirectorJavier Robeto VP Exploration

www.regulusresources.com/ 905-667-5075CAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money $MMShares Outstanding 36.2Options Feb-16 $1.07 2.6 1.9 2.0


OWNERSHIP (est.) Basic %* As reported by Thomson-ONEInsiders 2.7 7%Farallon Capital Management 9.1 25%International Finance Corporation 4.8 13%First Quantum Minerals 3.6 10%

BALANCE SHEET EstYear-end January ($MM)Assets Cash and Equivalents $5.0 Other current assets 0.1 Current Assets 5.1 PP&E 0.0 Other Assets 10.3 Total Assets $15.4Liabilities Current liabilities $0.3 Long-term debt - Other - Shareholders equity 15.1 Total Liabilities and Equity $15.4

PROJECTED BURN RATE (estimated) ($MM) December 2010 cash balance $5.0 Work Program (est.) (0.5) General and Admin Expense (est.) (1.3) Warrant exercise - Project Financing - Capital Expenditures - Year-end 2011 cash balance estimate $3.2

LAST FINANCING Date Dec-10 Type Business Combination Shares MM Price C$ Gross Proceeds C$MM 5.0

50% (50% Pachamama Resources)Stage:Deposit:

Geology:

Previous:

Current:

MAIN PROPERTIES

Rio Grande Cu-Au-Ag Project, Argentina

Regulus has outlined its 2011 work program for the Rio Grande project which includes the following (1) perform test work to characterize the metallurgy over a range of mineralization styles with varying degrees of oxidation, (2) geochemical sampling and geological mapping at the NE target - an area with similar attributes to the nearby Lindero Au deposit of Mansfield Minerals, and (3) completion of a deep-imaging Titan IP/Resistivity survey to acquire a better understanding of the known mineralization to depth.

The company believes it has sufficient drill data to calculate an initial resource. An estimate is expected shortly after the completion of the metallurgical tests.

ExplorationThe deposit hosts two types of mineralization: iron-ore copper-gold type deposits and porphyry copper-gold deposits.

Mineralization identified to date occurs in a steeply inward dipping conical ring zone and consists of a chalcopyrite-magnetite assemblage that has been partially to completely oxidized to depths of approximately 300-400m.

The project was originally prospected by Mansfield in 1999 who performed limited drilling and geological mapping. In 2004, Mansfield entered and into a joint venture agreement with Planet Ventures (predecessor of Antares Minerals) in which Antares became the operator for the property. The project was put on hold during the economic downturn in 2009 so that management could focus on the more advanced Haquira project. In August 2010, Antares Minerals reinitiated work on the project. To date, 78 drill holes (33,015 m) have been completed at the deposit and encouraging grades of copper and gold have been encountered over significant widths.



Renaissance Gold Inc. (REN-TSXV) Rating


BUY, Venture Risk

N/A

Background

• Renaissance Gold (RenGold) is a Nevada based gold/silver exploration company. The company emerged as a “spin-out” from the acquisition of AuEx Ventures by Fronteer Gold. RenGold has a large portfolio of exploration stage projects in Nevada, Utah, Spain and Argentina.

Management

• Ronald Parratt – President, CEO & Director – Mr. Parratt was a co-founder and the President and CEO of AuEx Ventures until it was acquired by Fronteer Gold. He has over 35 years of experience including service with Santa Fe Pacific Gold and Homestake Mining. He was directly involved in the discovery and development of the Rabbit Creek, Lone Tree, Trenton Canyon and Long Canyon gold deposits in Nevada totaling over 15 million ounces of gold. Mr. Parratt is also a professional geologist and currently sits on the Board of Directors of Fronteer Gold, a gold company which Newmont is in the process of acquiring.

• Richard Bedell – Executive Vice President & Director – Mr. Bedell was a co-founder and Executive Vice President and Director for AuEx Ventures. He has over 30 years of exploration experience including an adjunct faculty position in Exploration Geophysics at the Mackay School of Earth Sciences & Engineering. Previous work experience includes Homestake Mining Company as part of the Global Target Selection Team and managing the Technical Group for exploration and as an exploration geologist with BP Minerals and Rio Tinto. Mr. Bedell is also a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists.

Financial

• RenGold reported a working capital balance of US$4.3 million as of January 21, 2011.


• RenGold utilizes a Prospect Generator/Joint Venture business model whereby the company seeks out exploration properties and makes them available for joint ventures. In doing so, not only does the company benefit from its partners’ strengths and knowledge base, but it is also able to leverage out exploration risk and minimize share dilution.

• The company’s material property is the 100% Spruce Mountain project located 289km west of Salt Lake City Utah. The project hosts multiple Carlin-type gold targets which the company believes are similar to Alligator Ridge and Long Canyon. RenGold is currently seeking a partner for this project.

• Other properties include 1)The Baza Project in Spain, which hosts gold mineralization in an historical iron mining district subject to a 70% earn in agreement with Western Uranium. Early samples have yielded some encouraging results and the project boasts excellent infrastructure as it has a rail line at the base of the property. 2)The Trinity Silver Project in Nevada, which previously was an oxide heap leach silver producer. The project is subject to a 70% earn in agreement with Liberty Silver Corporation.

Company News

• The company has budged exploration expenditures of approximately US$2 million on its Nevada/Utah properties and US$1 million on its Baza Project in Spain.

• In February 2011, the company announced plans for a non-brokered private placement to raise up to US$7.7 million. The company will be well funded for its exploration activities following the completion of this private placement.

Source: Thomson One


RENAISSANCE GOLD INC. REN - TSXV 1.71C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSRonald Parrat President, CEO & DirectorRichard Bedell Executive VP & DirectorTimothy Janke VP & COODoris Meyer CFO & Corporate Secretary

www.rengold.com 775-337-1545

CAPITAL STRUCTURE Strike Basic In-the- ProceedsC$ (MM) Money $MM

Shares Outstanding 25.6

Fully Diluted Shares 25.6 0.0 0.0OWNERSHIP (est.) Basic %* As reported by Thomson-ONEInsiders 5.3 21%

BALANCE SHEET EstYear-end June (US$MM)Assets Cash and Equivalents $4.8 Other current assets 0.5 Current Assets 5.3 PP&E 0.1 Other Assets 0.8 Total Assets $6.1Liabilities Current liabilities $0.3 Long-term debt - Other 0.2 Shareholders equity 5.6 Total Liabilities and Equity $6.1

PROJECTED BURN RATE (estimated) (US$MM) December 2010 cash balance $4.3 Work Programs (est.) (3.6) General and Admin Expense (est.) (1.2) Warrant exercise - Project Financing 7.7 Capital Expenditures - Year-end 2011 cash balance estimate $7.2

LAST FINANCING Date Feb-11 Type Private Placement


Warrants 2.6MM @ $2.00, 12 months

100%Stage:

Deposit:

Geology:

Previous:

Current:

100% (Subject to 70% earn in by Liberty Silver)

Stage:

Metals:

Previous:

Current:

100% (Subject to 70% earn in by Western Uranium)

Stage:

Deposit:

Previous:

Current:

MAIN PROPERTIES

Spruce Mountain Gold Project, Utah

A 2-phased exploration program was recommended in the September 2010 NI 43-101 Technical report. The first phase would consist of 6 holes and total 6,000 ft costing approximately US$440,000. Contingent on the findings of the first phase, the second phase would include 10 drill holes and total 10,000 ft costing an estimated US$625,000.

Trinity Silver Project, Nevada

Exploration

Carlin-Style Gold Deposits

The Spruce Mountain Project lies in the eastern section of the Great Basin section of the Basin and Range Physiographic Province. The Great Basin is characterized by north to northeast trending ranges separated by wide flat valleys, internal drainage, high heat flow and a sustained period of episodic magmatism.

From 1869 to the 1930's, the property hosted several underground mines which produced lead-silver-copper and zinc. Several other historical underground workings are located to the east of the property.

Between 1958 and 1982, several major companies including Newmont, Freeport and AMAX conducted exploration for porphyry molybdenum deposits throughout the district. In 1984 and 1985 Santa Fe Mining Inc. remapped the western portion of the district, took rock and soil samples, conducted a VLF survey and drilled 33 RC holes, 30 of these on the Spruce Mountain property. Several of these holes intersected significant gold mineralization in the northern part of the Spruce Mountain property (the North Target) leading to recent interest in the district for gold potential.

The company envisions that US$1 million will be spent on the project in 2011. A property wide aero-mag survey has been completed and drilling is currently underway.

Exploration

Silver, Lead and Zinc.

Past oxide heap leach silver producer with a larger sulfide desposit left unmined. The Trinity silver mine was operated by U.S. Borax from 1987 to 1989 and produced approximately five million ounces of silver from approximately 1.1 million tons of oxidized ore grading six ounces silver per ton. Silver was recovered by heap leaching. According to a study completed by U.S. Borax , there are 10 million tons of sulfide ore identified with a grade of 3 ounces per ton silver. This is a historical estimate and not 43-101 compliant.

Drilling is currently planned for early 2011 with a resource report expected later in the year. The project has a US$750,000 work obligation in 2011.

Baza Cu-Au Project, Spain

Exploration

Iron Oxide Copper Gold (IOCG)

The project is in a region that was historically mined for iron. The last iron mine closed in 1992 but there are no records of copper and gold being exploited. Significant quantities of gold and copper are found in many samples taken from various small mine workings and dumps scattered over the entire 25 kilometer length of the project area, suggesting that both commodities were not recovered during any of the historic periods of small scale mining activity.

Specific areas have a significant Cu-Au tenor and samples up to 20 g/t Au and 10% Cu have been found. Areas with multi-kilometre strike length have consistently greater than 0.3% Cu and multi-gram Au.



Source: Thomson One

Richfield Ventures Corp. (RVC-TSXV) Rating


BUY, Venture Risk

N/A

Background

• Richfield Ventures Corp. (RVC) is a public mineral exploration company trading on the TSX Venture Exchange under the symbol RVC. Richfield has been actively acquiring and exploring mineral tenures in the Quesnel Trough region of British Columbia and holds a 100% interest in mineral tenures in the Quesnel Trough covering approximately 157,000 acres.

Management • Mr. Peter Bernier, President, CEO, Chairman: Mr Bernier has

over 30 years' experience in mining exploration and project management. He is currently president of Sabrex Contracting Ltd, a contract mineral exploration service company. Mr. Bernier has led the selection & acquisition of RVC's mineral properties.

• Dr. Dirk Tempelman-Kluit, Ph.D, FGAC, Director & VP Exploration: Dr. Tempelman-Kluit is a highly respected research geologist who, before joining Richfield in 2004, was Director of the Cordilleran Division of the Geological Survey of Canada. In his career, he has worked extensively in the Yukon and British Columbia for more than 40 years and mapped the geology of much of the southern Yukon. He was Director of Geoscience for Native & Northern Affairs Canada in Whitehorse

• Mr. Robert Pease, B.Sc., P.Geo, Director & VP Strategic Planning: Mr. Pease has over 30 years of experience in mineral exploration and mine development. While at Placer Dome, Mr. Pease oversaw the geological aspects of advanced stage, major exploration and development projects world-wide. Recently, Mr. Pease was President & CEO of Terrane Minerals prior its acquisition by Thompson Creek Metals in 2010. Mr. Pease holds a Professional Geologist certification and is a Fellow of the Geologic Association of Canada.

Financial

• As of November 18, 2010, RVC had 38.6 million shares outstanding (52.7 million on a fully-diluted basis) as well as $15 million of cash and $35 million of in-the-money warrants. The company’s most recent financing was completed in September 2010 with gross proceeds of $14.6 million. These funds were generated though the issuance of 7.5 million common shares at $1.95 (including 1/2 warrant per share issued, $2.50 strike).


• The company's flagship property, Blackwater, is ideally situated in central British Columbia with road and nearby power access. The company is planning to release the results of its initial resource estimate in Q1 2011. We anticipate the upcoming resource estimate to range from 75 to 125Mt at ~1 g/t which we believe is promising for a bulk tonnage, open pit deposit. The company's other exploration properties (also in British Columbia) include Mouse Mountain, Ram, Chubby Bear, G-South and Ahbau Creek.

Company News

• Highlight holes from the January 25th drill results include BW106 which returned 2.04 g/t Au and 11.4 g/t Ag over 205m (including a high grade zone of 4.33 g/t Au and 21.4 g/t Ag over 81m). Based on mineralization encountered in previous drilling, these new results suggest that mineralization extends to the south by 100m.

• Highlight holes from the January 12th, 2011 drill results include BW103 which returned 1.23 g/t Au and 5.5 g/t Ag over 222m. This intercept was encountered a mere 40m below surface though an additional intercept of 2.52 g/t Au and 12.3 g/t Ag over 30m began 332 metres below surface. These results confirmed continuity of existing mineralization as this hole was 73 m southwest of BW 68 (1.51 g/t Au over 227m released on July 26, 2010) and 157 m southeast of drill hole BW 71 (1.41 g/t Au over 282m released on Sept 2, 2010).

• Other historical highlights included BW91 which returned 3.15 g/t Au and 10.8 g/t Ag over 171m (starting a mere 8m below surface) and (BW90) 1.77 g/t Au and 8.5 g/t Ag over 148m which were both noted in RVC's November 23rd, 2010 news release. Richfield's most notable hole (BW59) demonstrated 1.03 g/t Au and 4.3 g/t Au over 455m (May 2010).


RICHFIELD VENTURES CORP. RVC-TSXV 5.40C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSPeter Bernier President, CEO and ChairmanDr. Dirk Tempelman-Kluit Director & VP ExplorationRobert Pease Director & VP of Strategic Planning

www.richfieldventures.ca 1-877-992-6644CAPITAL STRUCTURE Strike Basic In-the- Proceeds


2014 $0.17 0.75 0.8 0.12014 $1.25 2.30 2.3 2.92015 $2.70 0.55 0.6 1.52015 $3.00 0.25 0.3 0.8

Warrants Dec-11 $1.50 5.85 5.9 8.8Mar-12 $2.00 0.45 0.5 0.9Mar-12 $2.50 3.90 3.9 9.8


OWNERSHIP (est.) Basic %* As reported by BloombergInsiders 4.0 10%Tocqueville Asset Management 4.2 11%RBC Asset Management 1.6 4%Goodman & Co. Investment Management 1.5 4%

BALANCE SHEET Oct 31 2010Year-end December ($MM)Assets Cash and Equivalents $15.0 Other current assets 0.5 Current Assets 15.5 PP&E 1.1 Other Assets 10.9 Total Assets $27.6


PROJECTED BURN RATE (estimated) ($MM) Year-end 2010 (July 31, 2010) cash balance $3.7 Exploration Expenditures (est.) (15.0) General and Admin Expense (est.) (2.3) Warrant exercise 19.4 Project Financing - Capital Expenditures (2.7) Year-end 2011 cash balance estimate $3.2

LAST FINANCING Date Sep-10 Type Private Placement Shares MM 7.5 Price C$ 1.95 Gross Proceeds C$MM 14.6 Warrants 3.75M @$2.50, 17 months*

*subject to an acceleration clause if share price >$2.75Reserves & Resources Gold

t (MM) (g/t Au) MM ozInf. n/a n/a n/aTotal n/a n/a n/a

100% South/ 75% NorthStage:Deposit:Geology:

Previous

Future Plans:


Previous:

Future Plans:

Management intends to follow-up on geochemical results in the future.

Resource DelineationAlkalic porphyry copper-goldMineralization at Mouse Mountain lies immediately next to, or above, small, high level, subvolcanic, magnetic, alkalic, quartz-poor, intrusive bodies that invade Nicola volcanic rocks. This setting closely resembles that of alkalic porphyry copper-gold-PGE deposits found in the Quesnel Trough throughout much of BC. The deposits consist of stockworks, veinlets and disseminations of pyrite, chalcopyrite, bornite and magnetite occur in large zones of economically bulkmineable mineralization in or adjoining porphyritic intrusions of diorite to syenite composition. The mineralization is spatially, temporally and genetically associated with hydrothermal alteration of the intrusive bodies and host rocks. Mouse Mountain consists of 4 historic showings of copper-gold mineralization that span a distance of over a 1500 m. All consist of fine grained syenite and monzonite which intrudes Nicola Group volcaniclastic rocks. The showings are known as the Valentine, Rainbow, “High Grade” and Dupont zones. They have been investigated at various times over the past several decades, with the most intensive work between 1970 and 1992. Percussion and diamond drill holes, on the order of 100 m deep, were drilled by Bethlehem Copper (14 percussion holes), Dupont (5 percussion holes) and Teck (16 diamond drill holes) during this period. Bethlehem’s best result was a 180 foot intersection of 0.145% Cu at the Valentine zone, in a hole that bottomed in 0.33% Cu. Dupont’s best result was a 170 foot intersection of 0.102% Cu northwest of the Rainbow zone. As with Bethlehem, Teck’s best results were at the Valentine, with intersections of 44.5m of 2045 ppm Cu and 24.3 m of 3331ppm Cu.

MAIN PROPERTIES

Blackwater (Davidson), British Columbia

Drilling continues in 2011 with the company expected to complete the final 30,000m of its 40,000m drill campaign at Blackwater. From our discussions with management, we understand that management expects to publish an initial resource estimate in Q1 2011. Our preliminary estimates suggest the size of the resource could very well be between 75 to 125 Mt at around ~1.0 g/t which we think its quite promising for a potential bulk-tonnage, open pit deposit.

Mouse Mountain, British Columbia

Resource DelineationGold and silver The prospect was discovered in 1973 through a stream sediment geochemical survey. Follow-up geophysical and geochemical surveys led to drilling and between 1985 and in 1992, 36 diamond and 34 reverse circulation holes were drilled on the property. This drilling discovered the Gold and Silver zones two areas with anomalous gold and silver. Since 1992, a further 10 holes were drilled, and geochemical and geophysical surveys conducted.

Richfield compiled the drill data on the property by various operators from previous work. These data are largely in the public domain and assays are available for most of the existing diamond drill holes; no data were discovered for the RC holes. Based on this compilation Richfield determined to drill the combined properties and prepared a detailed plan for this work with a team of experts in early June 2009 Richfield (NR June 2, 2009). Richfield's drill plan aimed to test known mineralization to depth, to test continuity of mineralization between the Gold, New and Silver Zones and to test the large induced potential chargeability and resistivity highs over the property. To date, recent drilling results have provided impressive grades over significant intercepts.



Richmont Mines Inc. (RIC-TSX) Rating



N/A

Background

• Richmont is a gold production and exploration company with operations in Quebec and Ontario. The company has production at the Island Gold Mine and the Beaufor Mine, and it is currently conducting development work at the Francoeur property. Richmont has also had recent exploration success at its Cripple Creek property, located in the west Timmins area.

Management

• Martin Rivard, President, CEO and Director – Mr. Rivard joined Richmont Mines in 1996, and he has held various positions of increasing responsibility. He was Executive VP from 2000-2005, when he was appointed President & CEO.

• Christian Pichette, VP Operations – Mr. Pichette is a mining engineer with over 30 years of experience in the mining business. He previously held managerial positions at Placer Dome, TVX Gold, Barrick and Cambior.

• Nicole Veilleux, Financial Director – Ms. Veilleux is a chartered accountant with over 20 years of experience, working for both corporations and a major accounting firm. She joined Richmont in 1998.

Financial

• As of January 2011 the company had an estimated $43.5 million in cash and equivalents. The company completed a $16.5 million public offering in June 2010.


• Richmont’s 100%-owned Island Gold Mine is located about 85km northeast of Wawa, northern Ontario. The mine was brought into commercial production in October 2007, with 38,879 oz sold from the mine in 2009.

• The Beaufor Mine is located 25km northeast of Val d’Or, Quebec. Ore from Beaufor is processed at the company’s 1,200 tpd Camflo Mill, located about 49km from the mine site. In 2009, Beaufor produced 19,227 oz gold at cash costs of $740/oz. In July 2010, the company acquired the 30% of Louvem Mines it did not already own in an all-stock transaction, thus consolidating 100% ownership of the Beaufor Mine.

• The Francoeur property is located 25 km west of Rouyn-Noranda, Quebec. The property has a past-producing mine, which the company is looking to bring back into production.

• The Cripple Creek property, located in the west Timmins area, has emerged as a promising exploration project. Drilling has encountered up to 73.54 g/t gold over 7.0m (5m true width). The property is located near Lake Shore’s Timmins West Deposit and the Rusk Gold Zone, and the same structure that hosts those deposits runs through Cripple Creek.

Company News

• In February 2011, Richmont released assay results from its 2010 drilling campaign at the Wasamac project in Quebec. Management expects these results to be incorporated into the upcoming resource upgrade on the project, which currently holds an inferred resource of 285,000 oz gold with an average grade of 6.92 g/t.

• At Cripple Creek, the company completed 7,500m of drilling in 2010. The program targeted lateral and depth extensions of known mineralized zones and tested new exploration areas. The company plans to drill another 3,500m at the property in early 2011.

• In July 2010, Richmont announced that it had completed dewatering at Francoeur, and development work is underway. The company plans to develop the West Zone, producing 35,000 oz of gold per year.

Source: Thomson One


RICHMONT MINES INC RIC-TSX C$ 5.23

Rating Buy Target N/A Shares O/S (MM) 31.2 Risk Speculative Float (MM) 28


MAIN PROPERTIES

Island Mine, 85km NE of Wawa, northern Ontario 100%

Stage: Production

Deposit: Lode gold

Previous: Gold was initially discovered in the area in the 1920s, and on the property in the 1980s. Underground infrastructure was build in 1989 and 1990, leading to a bulk sample. Further exploration was conducted in the late 1990s and early 2000s, and Richmont became operator in 2005. Commercial production began in October 2007. Richmont acquired Patricia Mining in December 2008, thus consolidating a 100% ownership of the project.

Current: The company sold 38,037 oz of gold from the mine in 2008 and 38,879 oz in 2009. Ore is processed in a 650 tpd CIP mill on site.

The company has a goal of 45,000 - 50,000 oz of gold sales in 2010. The company sold 11,006 oz in Q2/2010.

Beaufor Mine, 25km northeast of Val d’Or, Quebec 100%

Stage: Production

Deposit: Lode gold

Previous: The project has seen exploration, development and mining since the 1930s. Louvem and Aurizon conducted modern development work in the late 1980s and 1990s, leading to commercial production in 1996. In 2001, Richmont Mines bought Aurizon’s 50% of the mining rights for Beaufor and adjacent properties for $1.8 million. Richmont brought the mine back into production in 2002. Ore from Beaufor is trucked 49km to the company’s Camflo Mill, where recoveries have historically averaged about 98.5%.

Current: In 2009, Beaufor produced 19,227 oz gold at cash costs of $740/oz. The grades in the room and pillar stopes were lower than expected, resulting in lower production and higher cash costs than in 2008.

In the March 2010 quarter, production was 4,601 oz gold at cash costs of US$1,047/oz. The company has a goal of 20,000 oz in gold sales for 2010. The company is also conducting 25,000-30,000m of drilling.

In June 2010, Richmont acquired the remaining 30% of Louvem Mines it did not already own, thus consolidating 100% ownership of the Beaufor Mine.

Francoeur, 25km SW of Rouyn-Noranda, Quebec 100%

Stage: Pre-production

Previous: From 1991 to 2001, Richmont produced more than 345,000 oz gold from the No. 3 Deposit. The mine closed in 2003, due to sustained low gold prices, but the company is now conducting development work with the goal of bringing the mine back to production.

Current: The project has a gold reserve of 136,749 oz with 57,000 oz of additional resources. The company expects to produce approximately 35,000 oz of gold per year over an initial 4 year mine life, and exploration will target additional resources.

Cripple Creek, west of Timmins, Ontario 100%

Stage: Exploration

Geology: The property is located near Lake Shore Gold’s Timmins West Deposit and adjacent to the Rusk Gold Zone, the 144 Syenite Discovery Zone and the Golden River Trend. Geology largely consists of mafic and ultramafic volcanics with sediments to the south. It is bordered by the Destor-Porcupine and Bristol faults, and the same northeast-southwest structure that encompasses the Timmins West Deposit runs through the middle of the property.

Current: Drilling in early 2010 identified two east-west trending, sub-vertical mineralized areas in Zone 16 (the 16 North and 16 South zones). Several holes have encountered high-grade gold in Zone 16, with a highlight of 73.5 g/t gold over a 5m true width.

The company began a six hole, 3,500m drill program in June 2010. The program will focus on testing lateral and depth extensions of Zone 16.


MANAGEMENT & COMPANY CONTACTSMartin Rivard President & CEOChristian Pichette VP OperationsNicole Veilleux Financial DirectorSandra Cauchon Corporate Counsel

www.richmont-mines.com 819-797-2465CAPITAL STRUCTURE Strike Basic In-the- Proceeds

$ (MM) Money $MMShares Outstanding 31.2Options 3.2 yrs 1.91 0.4 0.4 0.80

2.2 yrs 3.24 1.2 1.2 3.732.9 yrs 4.26 0.8 0.8 3.47

Warrants 0.0 0.0 0.00


OWNERSHIP (est.) Basic %* As reported by Thomson OneInsiders 3.5 11%Oxbridge Bank & Trust 4.1 13%Renaissance Technologies 1.3 4%Martin W. Mitchell 1.0 3%


PROJECTED BURN RATE (estimated) ($MM) Estimated YE 2010 cash balance $43.5 Exploration costs estimate (12.0) Administrative costs (1.5) Cash from operations 22.5 Warrant exercise 0.0 Capital Expenditure (10.0) Equity Offering 15.0 Year-end 2010 cash balance estimate $57.5

LAST FINANCING Date Jun-10 Type Public offering Shares (MM) 3.3 Price ($) 5.00 Gross Proceeds ($MM) 16.5 Warrants - Reserves & Resources Gold

t (MM) g/t MM ozIsland Gold Mine 2P 0.93 8.9 0.26

M&I 0.46 10.6 0.15Inf. 0.64 9.7 0.20

Beaufor Mine 2P 0.17 8.4 0.04M&I 0.82 6.5 0.17Inf. 0.92 6.7 0.20

Francoeur 2P 0.62 6.9 0.14M&I 0.08 7.5 0.02Inf. 0.20 6.0 0.04

Wasamac Inf. 1.28 6.9 0.29Reserves 0.45Resources 1.07Total Inventory 1.51



Riverstone Resources Inc. (RVS-TSXV) Rating



N/A

Background

• Riverstone Resources is a Canadian-based exploration company with a focus on gold projects in Burkina Faso, West Africa.

Management

• Michael McInnis, P.Eng, President, CEO & Director – Mr. McInnis has over 30 years exploration experience and 20 years experience managing public resource companies.

• Paul G. Anderson, M.Sc., P.Geo., VP Exploration – Mr. Anderson has over 20 years exploration experience, including 12 years as a consultant for senior and junior companies, and three years in a senior role with Channel Resources in Burkina Faso.

• Board members include James Robertson, Alvin Jackson, Gregory Isenor, Rick Bailes and Robert Martinez.

Financial

• Riverstone had $8.7 million in cash and equivalents as of April 30, 2010. The company raised $9.65 million in a March 2010 bought deal financing.


• The adjacent Rambo, Kao, Goulagou and Rounga properties have been combined to form the Karma project, which has become the centrepiece of Riverstone’s projects in Burkina Faso. The project contains over 1.1 million oz gold in resources.

• Drilling by Riverstone at Rambo has defined a 350 m long high grade gold zone open in all directions, with two new zones recently discovered along strike. Drilling has delineated a sizeable, low-grade deposit at Kao, with a new zone recently discovered adjacent. Goulagou contains two gold zones (GG1 and GG2) with resources, with recent drilling defining a new 700 m long zone adjacent to GG1.

• At Riverstone’s Ligidi property in south central Burkina Faso, a major gold zone has been identified from a grid-based surface rock sampling program. The main zone is approximately 1 kilometre long by 300m wide with gold values averaging 2.33 g/t within a 1 g/t contour. Other zones have also been identified within the sampled area, which lies within a 13km long by 3 km wide gold-in-soil anomaly. On April 29, 2008 Teck Cominco agreed to subscribe to a $2.1 million private placement in RVS and to earn in to Riverstone’s Ligidi project. Teck completed the first half of the private placement in 2008, but elected in December 2008 not to proceed with the agreement due to a legal dispute with the minority partner on the project.

• The Yaramoko permit adjoins Semafo’s producing Mana gold mine. Previous drilling by Riverstone intersected gold grades over a strike length of 800 m.

• Riverstone has several permits in the Bissa area. The most advanced to date is the Tangapella permit that lies within 6km and on strike of High River Gold’s 1.3 million oz Bissa gold deposits. Soil geochemical surveys and initial shallow drilling along the Sabcé shear zone outlined 13 gold-in-soil anomalies that measure up to 5km long and 600m wide.

Company News

• In February 2011, Riverstone reported high grade drill results at the Kao deposit within the Karma project area, including a 38m intercept grading 3.3 g/t gold. As a consequence, further exploration potential has been identified below the previously known mineralization at the deposit.

• In January 2011, management announced significant results from drilling at the Nami artisanal gold prospect within the Karma project area. Highlight assays included a 20m intercept grading 3.27 g/t gold.

Source: Thomson One


RIVERSTONE RESOURCES INC. RVS-TSXV $0.80


Fully Diluted Shares (MM) 12412-Month Return N/A Close C$ 0.80 Basic Mkt. Capitalization ($MM) $76

MAIN PROPERTIES

Karma Project, North-Central Burkina Faso 100%

Stage: Advanced Exploration / Delineation Drilling / Pre-feasibility

Deposit: Lode gold, intrusive hosted gold

Geology: Gold-bearing sulphide rich zones that appear to be tracing EM geophysical conductor.

Includes the contiguous Rambo, Kao, Goulagou, and Rounga permits.

Previous: Rambo has been traced for 350m along strike and 170m down dip and remains open. It is relatively small in size, but high grade.

At Kao, Riverstone carried out a multi-phase RC drill program in 2007 to 2009. Results from shallow drilling on the Main Zone identified a gold zone measuring more than 800m long by 400m wide, open for expansion in all directions.

During 2007 Riverstone acquired an option to purchase 100% interest in the Goulagou permit from Golden Star. Previous drilling has established a near surface resource of 550,000 ounces of gold. Riverstone has conducted additional drilling to confirm and expand on the resource.

Current: Riverstone has identified further exploration potential below the previously known mineralization at the Kao deposit through its latest drilling program. Highlight results included a 38m intercept grading 3.3 g/t gold.

Drilling at the Nami artisanal gold prospect within the Karma project area yielded significant high grade intervals, including a 20m intercept grading 3.27 g/t gold.

Ligidi, Burkina Faso 100%

Stage: Grassroots Exploration

Deposit: Shear-hosted gold

Geology: Three Hills and Dassoui zones are schist with disseminated

sulphides and quartz veins. Wayalgiun is underlain by Tarkwaian metasediments.

Previous: Riverstone completed detailed soil geochemistry that outlined a 13km long, 3km wide anomaly open to the southwest, part of which is overlain by four high grade gold zones identified by sampling surface boulders. One zone of 1 km by 300m grades an average of 2.33 g/t gold.

Current: In April 2008, Riverstone entered an agreement allowing Teck Cominco to earn up to 51% of the project. As of early 2009, Riverstone is in a legal dispute with a minority joint venture participant, and this has delayed receipt of the permit for the property. The company is in talks with Teck Cominco concerning its involvement following the dispute.

Bissa Area, Central Burkina Faso 80%

Stage: Grassroots Exploration

Deposit: Shear-hosted gold

Geology: NE trending Sabcé shear zone and two parallel shear zones.

Sabcé is host to High River Gold's 1.3MM oz Bissa project.

Previous: Tangapella permit covers ~20km of the Sabcé shear zone, starting about 6km east of High River's Bissa Hill deposit. Regional and detailed soil geochemistry, mapping and sampling was completed on the Tangapella, Sébila and Bissiga permits. Thirteen gold-in-soil anomalies were outlined, ranging from 1 to 5km long and up to 600m wide.

Current: The shallow RAB program defined two E-W to E-NE-trending zones adjacent to the Sabcé shear zone. Best gold assays included 3.27 g/t over 9m, 1.59 g/t over 3m and 1.01 g/t over 12m.


MANAGEMENT & COMPANY CONTACTSMichael McInnis President & CEOMichael DuMoulin, LLB SecretaryPaul G. Anderson VP Exploration

www.riverstoneresources.com 604-801-5020CAPITAL STRUCTURE Strike Basic In-the- Proceeds


2012 0.30 1.5 1.5 0.452013 0.21 1.0 1.0 0.202014 0.21 3.3 3.3 0.69

Warrants Jun-11 0.20 4.1 4.1 0.83Sep-11 0.85 9.0 0.0 0.00Jan-12 0.40 2.0 2.0 0.80Feb-12 0.40 6.8 6.8 2.72


OWNERSHIP (est.) Basic %* As reported by Thomson ONEInsiders 4.4 4.6%Goodman & Co. Investment Counsel 9.0 9.5%NexGen Financial Ltd. 0.3 0.3%

BALANCE SHEET Jul-10Year-end October ($MM)Assets Cash and Equivalents $8.7 Other current assets 0.2 Current Assets 8.9 PP&E 14.3 Other Assets - Total Assets $23.2Liabilities Current liabilities $0.4 Long-term debt - Other 0.3 Shareholders equity 22.5 Total Liabilities and Equity $23.2

PROJECTED BURN RATE (estimated) ($MM) Cash balance at YE 2010 $5.7 Exploration costs (est.) (4.0) Administrative costs (est.) (1.5) Warrant exercise 0.2 Project Financing 10.0 Capital Expenditures - Year-end 2011 cash balance estimate $10.4

LAST FINANCING Date Mar-11 Type Bought Deal Private Placement Units MM 16.1 Price $ 0.60 Gross Proceeds $MM 9.65 Warrants 8M @ $0.85 until Sept 2011


Karma M&I 21.4 1.20 0.82Inf. 12.2 0.82 0.32Total 1.14



Rockcliff Resources Inc. (RCR-TSXV) Rating


Buy, Venture Risk

N/A

Background

• Rockcliff is an exploration company focused on VMS and gold projects in Manitoba.

Management

• Ken Lapierre, P. Geo., President, CEO and Director – Mr. Lapierre is a geologist with over 30 years of experience in the mining industry. He has an excellent track record in the junior mining business and has co-founded and managed several junior mining companies listed on the Toronto Stock Exchange.

• Mark Smethurst, M.Sc, P.Geo., VP Exploration – Mr. Smethurst possesses 15 years experience from grass roots exploration to feasibility stage development. He has specialized in numerous commodities such as base and precious metals, uranium, and rare earth metals.

• William R. Johnstone, LL.B, Corporate Secretary and Director – Mr. Johnstone has been a partner at Gardiner Roberts LLP since February of 2005 practicing in the areas of corporate and securities law.

Financial

• As of November 30, 2010, Rockcliff reported $0.8 million in cash and equivalents and had no debt. The Company announced a non-brokered unit private placement to raise proceeds of up to $4 million


• The Snow Lake Project includes option agreements with HudBay and additional staked properties located in the Flin-Flon greenstone belt in northern Manitoba. The joint venture properties contain five VMS deposits containing historical resources based on drilling from past decades. Rockcliff has conducted a number of geophysical surveys over its Snow Lake project, including versatile time-domain electromagnetic (VTEM) and high sensitivity, cesium vapour magnetometer systems in 2008 and a ZTEM survey in 2009. Rockcliff has used the results to identify numerous drill targets with characteristics of potential VMS deposits.

• The most advanced of the targets is the Rail property. Initial drill results from the Rail property were announced in late 2007 and early 2008. The holes encountered significant copper-zinc-gold mineralization over widths averaging 4-6m. Depths varied widely from 10 to 183m. Mineralization remains open along strike and at depth. In November 2010, the Company announced a NI 43-101 compliant resource estimate on the Property (822,000 tonnes grading 3.04% Cu, 0.90% Zn, 9.25 g/t Ag, 0.66 g/t Au).

• Rockcliff also holds an option to earn up to a 70% interest in the Tower VMS Property from Pure Nickel Inc. The property is located within the southern extension of the Thompson Nickel Belt, about 45km from the company’s Snow Lake project. Drilling performed on the Tower Property continues to intersect high grade copper-gold mineralization. The Property remains open in all directions.

Company News

• The Company announced its 2011 drill program with a budget of $2.0-$2.5 million. Rockcliff expects to drill +15,000 meters (72 holes), targeting its copper-gold (Tower, Lon, Rail) and gold properties (Black Gold).

• Rockcliff has agreed to purchase a 100% interest in the former producing Spruce Point VMS (copper-zinc) Mine. HudBay Minerals has reserved a "back-in" right to earn up to 65% interest in the project. Rockcliff is adding the asset to its basket of properties situated in the region.

Source: Thomson One


ROCKCLIFF RESOURCES INC. RCR-TSXV C$ 0.23

Rating Buy Target N/A Shares O/S (MM) 70 Risk Venture Float (MM) 67

Fully Diluted Shares (MM) 91 12-Month Return N/A Close C$ 0.23 Basic Mkt. Capitalization ($MM) C$ 16.2

MAIN PROPERTIES

Snow Lake Project, Manitoba 100%

Stage: Exploration

Deposit: VMS

Geology: The properties cover over 600 km2 and are located in the Flin Flon

greenstone belt, one of the most prolific and the largest Paleoproterozoic VMS district in the world.

Previous: Rockcliff has completed property deals with HudBay Minerals and prospecting syndicates and staked Crown Land. Approximately 440 km2 of the Snow Lake Project is 100%-owned by Rockcliff.

The properties include the Rail, Reed, Kof, Sylvia and Lon polymetallic deposits, each of which contain historical resource estimates. A NI 43-101 resource estimate was announced for the Rail Property in November 2010.

To earn a 100% working interest in the HudBay properties, Rockcliff must pay HudBay an aggregate of $2.06 Million in escalating, incremental payments over a four year period. In addition, Rockcliff will be required to incur aggregate, escalating exploration expenditures totaling $9.8 MM over a four year period on the seven property packages. If Rockcliff earns its interest in any of the properties, HudBay will retain a 2% NSR royalty. In the first year of the option, Rockcliff must pay $70,000 in cash option payments and expend $1,000,000 on exploration on the properties to maintain its interest.

In August, 2007 the company signed an option agreement to acquire a 100% interest in the Jackfish Nickel Property. The property is located within the Snow Lake District in Manitoba and covers prospective near surface nickel-bearing zones within the Jackfish Lake Gabbro. Additional areas on the property host near surface VMS zones containing copper and zinc mineralization. The property saw limited drilling in the 1950s.

In February 2008, Rockcliff acquired a further 401km2 of favorable VMS ground by applying for Mineral Exploration Licenses (MEL) from The Province of Manitoba. The company subsequently reduced this by staking 2,988 hectares covering the most promising targets.

Current: In November 2009, Rockcliff announced that it had signed option agreements to acquire a 100% interest in the Gold Dust property in the Snow Lake area, which includes the past-producing Century Gold Mine.

Drilling at Tower Property continued to hit high grade copper-gold mineralization. The Property remains open in all directions.

In November 2010, the Company announced a NI 43-101 compliant resource estimate for the Rail deposit.

Budget The Company announced a $2.0 - $2.5 million exploration

program (+15,000 meters in 72 holes) on its Copper-Gold Properties (Tower, Lon, Rail) and Black Gold.

Shihan, East-central Ontario 100%

Stage: Exploration

Deposit: VMS

Geology: The Shihan VMS Property is located within the eastern arm of the

Michipicoten greenstone belt. The Zinc Zone was interpreted to be an Archean-aged, VMS Zn-Cu deposit.

Previous: Discovered in 1939, the immediate core area hosting the Zinc Zone was the subject of sporadic exploration, including surface drilling.

Within the property boundaries, the Zinc Zone presently hosts a historical resource of 67,132 tonnes at 12% zinc and 280 g/t silver within a mineralized envelope of 312,072 tonnes at 3% zinc and 124 g/t silver (formerly known as the Zinc Zone, Rennie Silver or Conboy Zn-Ag Deposit). Both resources were completed by Westfield Minerals in 1980, and pre-date NI 43-101.

Current: The property is subject to a 2% NSR. Half of the NSR can be

purchased at any time by Rockcliff for $1,000,000. Rockcliff retains the right of first refusal on the remaining NSR amount.


MANAGEMENT & COMPANY CONTACTSKen Lapierre President & CEOWilliam R. Johnstone Corporate SecretaryMark Smethurst VP Exploration

www.rockcliffresources.com 416-863-9800CAPITAL STRUCTURE Strike Basic In-the- Proceeds


2012 0.47 0.8 0.0 0.002014 0.16 1.4 1.4 0.232015 0.21 1.7 1.5 0.31

Warrants 2011 0.31 14.5 5.5 1.712012 1.50 1.3 0.0 0.00


OWNERSHIP (est.) Basic %* As reported by Thomson-ONEInsiders 3.4 5%Joe Dwek Management Consultants 8.0 11%Lowe, Robin 3.9 6%Goodman & Co. Investment Counsel 3.3 5%BALANCE SHEET Nov-10Year-end August ($MM)Assets Cash and Equivalents $0.8 Other current assets 0.1 Current Assets 0.9 PP&E 0.1 Other Assets 9.1 Total Assets $10.0Liabilities Current liabilities $0.3 Long-term debt - Other 1.7 Shareholders equity 8.1 Total Liabilities and Equity $10.0

PROJECTED BURN RATE (estimated) ($MM) Estimated YE 2010 cash balance $4.8 Exploration costs estimate (2.5) Edministrative costs (0.2) Warrant exercise 1.7 Capital Expenditure 0.0 Equity Offering 5.0 Year-end 2011 cash balance estimate $8.8

LAST FINANCING Date Dec-10 Type Non-Brokered Private Placement

Flow-through Units Shares 15.0 MM 6.7 Price 0.20 C$ 0.15 Gross Proceeds 3.0 $MM 1.0 Warrants 14.2MM @ $0.30, June 2012Reserves & Resources Copper

t (MM) % MM lbRail Property M&I 0.822 3.04% 55.09

Total 0.822 3.04% 55.09



Source: Thomson One

Ryan Gold Resources Ltd. (RYG-TSXV) Rating


BUY, Venture Risk

N/A

Background

• Ryan Gold Corp. is a gold exploration company formed through the merger of Valdez Gold Inc. (TSXV) and Ryan Gold Inc. (a private co.) in December 2010. The company is focused on gold exploration in the Yukon Territory, Canada and Alaska, USA. In the Yukon, Ryan Gold is exploring the Ida Oro Property located 60 km east of Dawson City and 25 km east of the Brewery Creek Mine. To the west of Dawson the company is earning in on a joint venture with Valley High Ventures on the Flume Property, located at the head of Ten Mile Creek, where active placer mining is taking place. The company is also exploring its 50-Mile project located 60 km south-west of Dawson City.

Management

• Murray John, Chairman – Mr. John is President and CEO of Dundee Resources Limited. Mr. John has 10 years of mining engineering experience in engineering technical services, operations and project evaluation on base metals and gold projects and 15 years of resource-focused financial services experience including: research analysis for buy and sell side institutions; corporate finance; mergers and acquisitions advisory and transaction analysis; private equity finance; and fund management.

• Michael Skead, CEO - Mr. Skead was previously the President and CEO of Valdez Gold and brings extensive experience in mineral exploration. Previously, Mr. Skead was the exploration manager for SAMAX and with his team, was instrumental in the discovery of the Kukuluma and Matandani gold deposits in the Geita district, Tanzania, prior to being acquired by Ashanti Goldfields. Mr. Skead was also the exploration manager and later VP Exploration for Banro Corporation based in Bukavu in the DRC. He was responsible for reinitiating and fast tracking the Banro exploration programme that has resulted in the current development of the Twangiza mine and pre-feasibility study at the Namoya project.

• David Schmidt, President - Mr. Schmidt completed his bachelor of applied science (mining) at the University of British Columbia in May, 2000, and subsequently worked as a self-employed consultant to mineral exploration companies. His experience includes assisting companies with financings, corporate and financial disclosure and corporate development. Mr. Schmidt is also director and president of Newmac Resources Inc., a director and CEO of GFE Capital Corp., Oceanside Capital Corp., and a director of Waymar Resources Ltd.

Financial

• We estimate Ryan Gold (post-merger) closed out 2010 with an estimated cash balance of $17 million.


• Ryan Gold is focused on exploration in the Yukon in Canada and Alaska, USA. The company’s primary exploration activities are taking place on the Ida Oro property in the Yukon. Exploration of this property remains early stage though management has indicated it believes that this can transform into bulk tonnage, low grade deposit similar to others in the same belt that stretches 2000km along the Yukon and Alaska.

Company News

• In January 2011, Ryan Gold announced its initial exploration program confirmed a strong central gold-in-soil anomaly (>150 ppb Au) extending for 4 km in a north-south direction and approximately 1 km in an east-west orientation. The soil sampling also shows well defined coincident arsenic, antimony, mercury and copper anomalies. This gold-insoil anomaly is co-incident with a magnetic low (magnetic signal) within the main magnetic body, as defined by the helicopter borne geophysics.

• On December 15, 2010, Valdez Gold shareholders approved the name change to Ryan Gold and a 3.5 to 1 share consolidation of its common shares in conjunction with the merger of Valdez Gold and Ryan Gold.

• In November 2010, Ryan Gold and Valdez signed a definitive merger agreement. In conjunction with this merger agreement, Osisko Mining Corp. participated in a private placement financing for 8,000,000 units consisting of 1 Ryan Gold share and ½ purchase warrant at $0.0875 per share of $7.0 million. Corona Gold also engaged in a private placement acquiring 1,600,000 units for $0.0875 per share or $1.4 million.


RYAN GOLD CORP. RYG-TSXV 2.04C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSMurray John ChairmanMichael B. Skead CEODavid Schmidt PresidentOrest Zajcew CFOwww.ryangold.com 416-482-9038CAPITAL STRUCTURE Strike Basic In-the- Proceeds


Warrants 2012 $0.20 0.5 0.5 0.12013 $1.15 6.2 6.2 7.12013 $0.88 0.5 0.5 0.52013 $0.20 2.1 2.1 0.42015 $0.20 3.0 3.0 0.6


OWNERSHIP (est.) Basic %* As reported by ThomsonInsiders 26.6 32%Dundee Corp 9.6 12%Osisko Mining Corp 8.0 10%Ned Goodman 2.7 3%

BALANCE SHEET Sep-10Year-end December ($MM)Assets Cash and Equivalents $3.9 Other current assets 0.1 Current Assets 3.9 PP&E 0.1 Other Assets 0.2 Total Assets $4.2

Liabilities Current liabilities $0.7 Long-term debt 0.0 Other - Shareholders equity 3.4 Total Liabilities and Equity $4.2

PROJECTED BURN RATE (estimated) ($MM) Year-end 2010 cash balance (estimated) $17.0 Exploration Expenditures (est.) (15.0) General and Admin Expense (est.) (0.9) Warrant exercise 0.6 Project Financing 5.0 Capital Expenditures - Year-end 2011 cash balance estimate $6.7

LAST FINANCING Date Dec-10 Type Private Placement Shares MM 1.60 Price C$ 0.88 Gross Proceeds C$MM 1.4 Warrants 0.8MM @$1.16, 36 months


Inf. n/a n/a n/aTotal n/a n/a n/a


Previous

Future Plans:

Option to earn 100%Stage:Primary Metal:Geology:

Previous:

Future Plans:

MAIN PROPERTIES

Ida Oro Gold Project, Yukon, Canada

Ryan Gold has outlined its 2011 exploration programme for Ida Oro which includes the following (1) a trenching programme over the main coincident soil geochemical and geophysical anomaly (2) detailed mapping of the geology, alteration and mineralization within the coincident geochemical and geophysical anomaly (3) drilling of the anomaly (4) ridge and spur sampling of the area outside the current grid and (5) regional mapping of the property.

Fifty Mile Project, Yukon, Canada

ExplorationTombstone suite intrusive hosted goldThe main exploration target associated with Tombstone Suite intrusions is bulk tonnage low grade deposits. Management believes this is similar to the Fort Knox deposit near Fairbanks, Alaska and Dublin Gulch north of Mayo, Yukon, as well as other well known similar deposits or occurrences in a belt that extends for over 2000 km across Yukon and Alaska.

In August 2010 Ryan Gold undertook an exploration programme on its Ida Oro project that included a helicopter-borne magnetic and radiometric survey and a soil geochemical sampling programme. The survey identified three intrusive bodies, 1 large and 2 smaller bodies located NW of the large intrusion.A total of 5,490 grid Auger soil samples were collected and this program confirmed a strong central gold-in-soil anomaly (>250 ppb Au) extending for 4 km in a north south direction and approximately 1 km in an east-west orientation. The results of the geochemical survey also identified well-defined arsenic, antimony, mercury, copper anomalies. The soil anomalies are co-incident with a magnetic low (magnetic signal) within the main magnetic body as defined by the helicopter-borne geophysics.

Ryan Gold as option to earn in 100% on the property through a series of stage payments, issuance of shares and completion of qualified exploration expenditures over a four year period totalling (1) $650,000 cash (2) issuance of 2.3 million common shares to Shawn Ryan and (c) $2.4 million in qualified exploration expenditures. In the event Ryan Gold incurs (a) $7.5 million and subsequently, (b) $15 million in expenditures, 500,000 common shares will be issued to Shawn Ryan at each of the 2 expenditure milestones. Ryan Gold is planning to conduct an exploration programme over the 50 Mile Project which is expected to include: (1) an airborne magnetic and radiometric survey flown at 100 m line spacing (2) soil geochemical grid survey and trenching over the Chant Saddle zone (3) ridge and spur soil traverses across the entire property and (4) property scale mapping, with concurrent prospecting and rock geochemical sampling.

ExplorationGoldIn the Chant Saddle zone significant mineralization and alteration were found consisting of quartz-sericite altered granite with quartz stringers, and cubic pyrite and limonite boxwork (after pyrite) hosted by granite and quartz vein float. On the central Echo claims locally silicified and brecciated granitic dykes, similar to those in the Chant Saddle zone, were encountered.

Exploration by the company on the 50 Mile Project since 2010 consisted of three ridge and spur soil geochemical surveys totalling 725 samples to explore the drainage basins of previously identified stream sediment anomalies. The three surveys include a 240, 318, 167 sample surveys on Mount Hart (on the Chant and western Ent claims, a 318 sample survey on the central Echo claims, and a 167 sample survey on the Gecko claims. The surveys delineated gold in soil geochemical anomalies on the Chant claims surrounding the eastern and southern sides of Mount Hart with a maximum value of 155.9 ppb Au (Saddle zone). Variable anomalous arsenic, lead, copper, antimony, and silver are associated with the anomalous gold values.

Management believes the 50 Mile Project has potential to host mineralization similar to that at the White Gold deposit of Kinross based on similarities in geological setting and geology (including Devonian-Mississippian orthogneiss, and ultramafic rocks), favourable airborne magnetic geophysical signature, gold in soil anomalies with significant alteration and mineralization, and presence of placer creeks.



Source: Thomson One

Southern Hemisphere Mining Limited (SH-TSXV)

Rating


BUY, Speculative Risk

N/A

Background

• Southern Hemisphere is a Perth Australia based, dual-listed (TSX, ASX) junior mineral explorer with a 100% interest in the Los Pumas manganese project in northern Chile, through its wholly-owned Chilean subsidiary Minera Hemisferio Sur SCM ("MHS").

Management and Board of Directors

• Trevor Tennant, Chairman and Managing Director, is a mining engineer with over 37 years of experience.

• James Pearson, Executive Vice President, Director, is a mining engineer with nearly 30 years of experience.

• Richard Billingsley, Non-executive Director, is a Canadian-based company director and mineral explorationist.

• Eduardo Valenzuela, Non-executive Director, has over 25 years experience in mine operations, technical services and project financing.

• David Craig, Non-executive Director, has a background in business and law.

Financial

• As of September, 2010 (unaudited), Southern Hemisphere reported A$3.35 million in cash and no debt.

• Successfully completed a A$20 million capital raise which underpins the Feasibility study for Los Pumas and ongoing exploration drilling in Chile.

Projects

• The Los Pumas project hosts a JORC-compliant high grade (+4% Mn) measured and indicated resource of 18.33 million tonnes at 7.58% manganese and a high grade inferred resource of 5.39 million tonnes at 8.59% manganese. The total high grade mineral inventory (indicated and inferred resources) contains ~4 billion pounds of manganese. The resource is tabular and within 30 meters of the surface. An open pit mine would have a low strip ratio. Past artisanal mining activity is evident.

• In addition, the deposit hosts a low grade (+2%-4% Mn) measured and indicated resource of 30.3 million tonnes at 2.8% manganese and a low grade inferred resource of 234.3 million tonnes at 2.3% manganese. The total low grade mineral inventory contains ~ 13.7 billion pounds of manganese.

• The project is located in the largely underdeveloped region bordering Peru and Bolivia. The Company is targeting annual production of 400kt of manganese concentrate (38% Mn) per annum in the 10mm - 0.5mm size range, with low deleterious elements. Recent discussions with alloy producers indicate a market for the minus 0.5mm product could add a further 20% to the saleable manganese units produced at the project. Conventional crushing combined with dense media separation would yield a low-cost process. Road transportation is available to Arica Port, 170 kilometers away, where Handimax-size ships can be loaded. Undercover stockpile and ship loading facilities are available.

• Southern Hemisphere has a memorandum of understanding with a Chinese shareholder to sell 150kt per annum of its future production into China.

• The Company controls a large portfolio of copper / gold exploration projects throughout Chile. These are held in four clusters – Calama, Salamanca, Southern and Central, which encompass over 800 km2. Also, the Company has acquired 25 concessions covering prospective iron sand deposits. The concessions cover an area of 71 square kilometers of coastal and near coastal dunes in Chile.

Company News

• We anticipate a project feasibility study by the end of Q1-2011, followed by financing for the development of the project.

• The Company announced its environmental approval would be delayed –a draft EIS is expected in March 2011.


SOUTHERN HEMISPHERE MINING LIMITED SH-V 0.57C$



All figures in C$, unless stated otherwise MAIN PROPERTIESMANAGEMENT & COMPANY CONTACTSTrevor Tennant Chairman, Managing Director Los Pumas 100%James Pearson Executive Vice President, DirectorRichard Billingsley Non-Executive DirectorEduardo Valenzuela Non-Executive Director Stage: Final Feasibility, Financing, Pre-constructionwww.shmining.com.au +61 8 9481 2122CAPITAL STRUCTURE Strike Basic In-the- Proceeds Deposit: Mantle style of crytomelane

C$ (MM) Money $MMShares Outstanding 136.9 Geology: Mineralization is tabular and flat, to a maximum depth of 30 meters.Options Nov-11 $0.20 0.1 0.0 0.0 Manganese is hosted in three mantle zones (upper, middle, lower)

Jan-13 $0.40 3.4 3.4 1.3 contained within the Ignimbrita Lauca formation (2.4-2.9 my). This Dec-12 $0.30 5.2 5.2 1.6 formation overlays the Formacion Hyaylas (7-11 my).Dec-12 $0.25 1.0 1.0 0.3

Warrants Dec-10 $0.20 0.6 0.6 0.1 Previous: Mineralizaton was known since World War II but the potential wasAug-11 $0.40 7.5 7.5 3.0 never assessed using modern exploration tools. Evidence of artisinal

Fully Diluted Shares 154.7 17.6 6.3 mining is present on the property. Other regional manganese targetshave been identified, including La Pascuala, Colpita, Abundancia and

OWNERSHIP (est.) Basic % and Train Deposits. The Los Pumas deposit was first explored by * As reported by Bloomberg Top 5: 33% Southern Hemisphere in 2008. To date, 482 RC holes (14,177m)

and 32 diamond drill holes (650 m) have been completed. A JORC-Trevor Tennant (Insider) 15.6 11% compliant resource was estimated. A hydrology report, crushability tests,James Pearson (Insider) 9.0 7% specific gravity tests were completed.Xifu Jang 8.3 6% A surface easement agreement with a land owning group was completedKwok Weng Seetoh 6.2 5% and an environmental declaration filed.Featly Pty Ltd. 5.7 4% Since completion of the resource estimate, another 88 holes were drilled.BALANCE SHEET Sep-10Year-end December ($MM) Current: Results from processing a bulk sample are being received.Assets Project feasibility study in anticipated in Q3 - 2010 followed by project Cash and Equivalents $3.3 financing. Development of the project will start in early 2011, and first Other current assets 0.1 production is planned for late 2011. Current Assets 3.4 Contracts discussions are currently underway with the port for PP&E 0.1 shipping and stockpiling, and with the transportation contractors. Other Assets 15.0 Total Assets $18.5

Liabilities Copper Gold 100% Current liabilities $1.3 Exploration Stage Long-term debt - Other - Calama Cluster (north) Shareholders equity 17.2 Chitigua Project - copper porphryTotal Liabilities and Equity $18.5 Other projects in area: Meteoritca, Carbon

PROJECTED BURN RATE (estimated) ($MM) Salamanca Cluster (central) Year-end 2009 cash balance $8.9 Las Santas Project - copper porphry, drill ready Exploration Expenditures (est.) (10.7) Cunlagua Project - copper porphry, historic workings to 100m General and Admin Expense (est.) (4.3) Mantos Grandes - historic small scale mining, basic infrastructure Warrant exercise 0.1 Project Financing 20.0 Southern Cluster Capital Expenditures - San Jose Project - copper / molybdenum porphry, 4 holes, low grade Cu Year-end 2010 cash balance estimate $14.0

Central ClusterLAST FINANCING Romerral Project - iron oxide copper gold belt Date Oct-10 El Arrayan Project - copper gold porphry near Andacollo (Teck) Type Private Placement Tres Cruces Project - copper, silver, barite, manganese Shares MM 47.6 Santa Gracia - copper gold porphry Price A$ 0.42 Angel Project - copper gold porphry. Historic small scale mining Gross Proceeds A$MM 20.0 Warrants n.a.

Iron Sands 100%Resources - Los Pumas Project (JORC) Manganese Exploration Stage

t (MM) (% Mn) MM lbsHigh Grade M&I 18 7.6% 3,063 On November 11, 2010, the Company announced it had taken controlHigh Grade Inferred 5 8.6% 1,021 of 25 concessions covering prospective iron sand deposits. The

concessions cover an area of 71 square kilometers of coastal and nearLow Grade M&I 30 2.8% 1,852 coastal dunes in close proximity to Constitution, Chile. Low Grade Inferred 234 2.3% 11,865



St. Augustine Gold & Copper (SAU-TSX) Rating


BUY, Venture Risk

N/A

Background

• St. Augustine (formerly Ratel Gold) is primarily focused on developing the King-king copper-gold project in the Philippines. The deposit is a gold rich, copper-gold porphyry located 92kms north-west of Davao city and 13kms from the coast. In October 2010, the company entered into a strategic alliance with CGA and an earn-in agreement with Russell Mining & Minerals to acquire 60% of King-king.

Management

• Andrew J. Russell, President & CEO – Mr. Russell was VP, Development for General Moly and has also served as a business leader for Honeywell International managing a large gas turbine engine product line. Prior to joining Honeywell he also worked as a maintenance manager and mechanical engineer for Kennecott Utah Copper.

• Robert L. Russell, Chairman - Mr. Russell has extensive experience in senior roles in major mining companies. He was general manager for operations at Nchanga with Zambia Consolidated Copper Mines. He was also responsible for the major expansions of the Freeport Indonesia Operations as executive VP of PT Freeport Indonesia.

• Tom C. Henderson, COO - Mr. Henderson specializes in domestic and international project construction and mine operations. His focus is on organizational development, engineering, operations, maintenance, and business development for both underground and surface mining operations. He previously was the VP and general manager for Coeur Alaska. Prior to that, he held the positions of director of operations and mine manager with Coeur’s Kensington Mine.

• Jim Moore, VP Technical - Mr. Moore has more than 32 years of experience in mining, metallurgical design, engineering and operations, leaching, SX-EW, concentrating, smelting and refining. He has visited and benchmarked nine Chilean SX-EW operations.

Financial

• As of December 31, 2010 the company had cash balance of US$7.9 million. In January 2011, the company announced C$25.0 million proceeds from non-brokered placement of subscription receipts and release from escrow of C$40.0 million brokered offering of subscription receipts.


• The King-king project is one of the largest undeveloped copper-gold deposits in the world and is located in the south east of the Philippine island of Mindanao. 90,000m of core drilling has been completed and the company is currently actively working on completion of a preliminary economic assessment scheduled for publication in Q4 2011. The definitive feasibility study is expected to be complete in the first quarter of 2012, which will complete the requirements of the earn-in and give the company 60% ownership of the King-king Project.

Company News

• On January 27, 2011 the company announced the start of a 12,000m drilling program to provide additional support data for its planned definitive feasibility study for the King-king gold and copper project.

• On January 18, 2011 the company announced the release from escrow of C$40.0 million brokered offering of subscription receipts.

Source: Thomson One


ST. AUGUSTINE GOLD & COPPER SAU-TSX 1.19C$



All figures in C$, unless stated otherwiseMANAGEMENT & COMPANY CONTACTSRobert L. Russel Chairman & DirectorAndrew J. Russell President, CEO & DirectorTom C. Henderson COODonald B. Mills CFOJim Moore VP Technicalhttp://sagcmining.com/index.htm 509-343-3193CAPITAL STRUCTURE Strike Basic In-the- Proceeds

$ (MM) Money $MMShares Outstanding 293.8Options 2012 $0.25 8.5 8.5 2.1

2016 $1.54 11.2 0.0 0.0


OWNERSHIP (est.) Basic %* As reported by Thomson-ONEInsiders 11.3 4%RMMI 80.0 27%CGA Mining 67.5 23%

BALANCE SHEET Dec-10Year-end June (US$MM)Assets Cash and Equivalents $7.9 Other current assets 0.3 Current Assets 8.1 PP&E 0.2 Other Assets 0.6 Total Assets $8.9


PROJECTED BURN RATE (estimated) (US$MM) Year-end 2010 cash balance $7.9 Exploration Expenditures (est.) (5.0) General and Admin Expense (est.) (2.4) Warrant exercise - Project Financing 46.8 Capital Expenditures - Year-end 2011 cash balance estimate $47.3

LAST FINANCING Date Dec-10 Type Brokered Private Placement


Reserves & Resources (100% basis) Copper Goldt (MM) (% Cu) (g/t Au) Bn lbs MM oz

M&I 791.5 0.28% 0.4 4.9 9.4Inf. 125.5 0.24% 0.3 0.7 1.2Total 917.0 0.27% 0.4 5.5 10.7

60% earn-in optionStage:

Deposit:

Geology:

Previous:

Current:

MAIN PROPERTIESKing-king Project, Phillipines

In January 2011 the company announced the start of a 12,000m drilling program to provide additional support data for its planned definitive feasibility study for King-king gold and copper project.

Purposes of the drilling work in the open pit area are for slope stability studies, augment resource estimate confidence and additional tonnes of resource, environmental studies, and pit perimeter monitoring wells. An estimated 24 DDH holes and 7 RC holes is expected to be drilled during a 4 month campaign. Approximately 10,000m of core will be produced along with 2,000m of drill chips from the RC program. This program augments the already extensive database completed by previous exploration.

Resource expansion

Copper-gold porphyry

The King-king deposit is a porphyry copper-gold deposit hosted by hornblende biotite diorite porphyritic rocks that intrude interbedded sediments, submarine volcanic rocks, and volcanoclastic sediments. The intrusive rocks are believed to be Miocene in age, while the the wall rocks are Cretaceous to early Tertiary. Copper and gold mineralization occurs at or near the apex of the composite diorite intrusive complex within the intrusive rocks and extending well into the surrounding wall rocks.

The majority of the sulfide copper mineralization in the King-king deposit consists of chalcopyrite and bornite, with lesser amounts of chalcocite, digenite, and covellite.

All of the exploration data collection, including the drilling data, is historic data compiled by previous property owners. St. Augustine and its contractors were not involved in the compilation of this data. The only work conducted by St. Augustine is the interpretation of the mapping and drilling data to develop the current mineral resource.



Unigold Inc. (UGD-TSXV) Rating


Buy, Venture Risk

N/A

Background

• Unigold is focused on exploration in the Dominican Republic, where the company is targeting bulk tonnage, open pittable, oxide gold deposits.

Management

• Joseph Hamilton, Executive Chairman of the Board of Directors – Mr. Hamilton is a professional geologist with 25 years of experience in mineral resource exploration, mine development and mining equity analysis.

• Daniel Danis, President, Chief Executive Officer & Director – Mr. Danis is a geologist with more than 20 years of exploration experience. He was previously VP Exploration Minorca Resources and Vogue Resources.

• John Green, Chief Financial Officer – Mr. Green has 30 years of experience with exploration, development and production stage companies in the mining sector.

Financial

• We estimate that Unigold closed out 2010 with $3.0 million in cash reserves. The company’s last financing was in December 2009, when it raised $10.7 million through private placements.


• The company’s package of properties in the Dominican Republic feature almost 1,000 km2 of prospective gold exploration ground in the same volcanic belt and with similar geology to the world-class Pueblo Viejo deposit. The land package includes the contiguous Neita, Los Guandules and Sabaneta properties.

• Most of the company’s focus has been on the Neita property. Neita contains several targets, including the Los Candelones Deposit and newly discovered extensions, Noisy, and the recently discovered Lomita Piña and Jimenez-Pozo Negro targets. The property also hosts the Guano-Montaso-Naranjo area, a 16km2 epithermal anomaly located northeast of Los Candelones.

• Los Guandules and Sabaneta host earlier-stage target areas. The company has found gold mineralization in artisanal placer workings at Sabaneta and in stream sampling on Los Guandules.

• The Dominican Republic government is encouraging development of projects near the border with Haiti, and Unigold benefits from an 18-year holiday on all corporate taxes, sales taxes and import duties on its properties.

Company News

• In November 2010, Unigold announced results from drilling at the Neita property. The 2010 drilling campaign was successful in extending the mineralization along trend for a further 185m to a total of 550m. Highlight results included a 34m intersection grading 2.0 g/t gold. Unigold has also been successful in defining a gold mineralized area of 400m by 400m to a depth of 200m at the Candelones deposit

• Previous drilling at Neita returned significant mineralization grading 2.3 g/t gold over a 27m wide intersection. The host for the mineralization was identified as a massive barite unit and hydrothermal breccias. The mineralization at Neita remains open both at depth and along strike.

Source: Thomson One


UNIGOLD INC UGD-TSXV C$ 0.16


Fully Diluted Shares (MM) 193.7 12-Month Return N/A Close C$ 0.16 Basic Mkt. Capitalization ($MM) C$ 23.0

MAIN PROPERTIES

Neita, Sabaneta, Los Guandules; Dominican Republic 100%

Stage: Exploration

Deposit: High sulphidation epithermal gold, with some copper-gold porphyry targets

Geology: The area is underlain by Upper Cretaceous-age granitic intrusive and volcanic rocks similar to the Pueblo Viejo deposit, located to the southeast. The property hosts epithermal gold and porphyry copper-gold targets.

Previous: In the 1960s, Mitsubishi Mining drilled 27 holes in the Neita area, testing for copper mineralization. The French government (BRGM) conducted drilling in the late 1990s in the Los Candelones West area, as part of an aid package from the European Union. BRGM produced a historic (not NI43-101 compliant) resource of 5 million tonnes grading 1.1 g/t gold for 177,000 oz.

Current: The main focus is on the 226 km2 Neita property, which contains several prospective target areas.

The Los Candelones deposit is the most advanced of the targets, with over 20,000m of drilling. Unigold plans to conduct further drilling to outline higher-grade zones, delineate the oxide gold mineralization (within 15-30m of surface) and confirm the continuity of sulphide zones.

The Noisy epithermal target is located 6km to the north of the Los Candelones deposit, and it consists of a 1,600m X 300m gold in soil anomaly. Unigold has completed over 5,000m of trenching and several drill holes that have begun to demonstrate the existence of a gold deposit at Noisy.

Other recent discoveries of interest on the Neita property include the Lomita Piña target, which also yielded gold in trenches, and the Jimenez-Pozo Negro target, a copper-gold porphyry with high-grade grab samples.

Unigold’s property also covers the large Guano-Montaso-Naranjo target, a large area of argillic alteration with magnetic and IP anomalies that appears to represent a high sulphidation gold field.

The Sabaneta and Los Guandules concessions are earlier-stage. Unigold has conducted sampling of artisanal placer workings on the Sabaneta property. Soil and stream sampling at Los Guandules has identified several gold and copper-gold anomalies, and float samples and trenches have yielded significant gold, copper and silver values.

Budget: $7 million in 2010; estimated $7 million in 2011.


MANAGEMENT & COMPANY CONTACTSJoseph Hamilton Executive ChairmanDaniel Danis President & CEOJohn Green CFODr. Talal Ali Al Shair DirectorJoseph Del Campo Director

www.unigoldinc.com 416-866-8157CAPITAL STRUCTURE Strike Basic In-the- Proceeds

C$ (MM) Money $MMShares Outstanding 148.6Options Oct-11 0.80 1.6 0.0 0.0

Sep-13 0.25 3.1 0.0 0.0Jan-15 0.26 4.7 0.0 0.0

Warrants Dec-11 0.30 35.6 0.0 0.0Fully Diluted Shares 193.7 0.0 0.0

OWNERSHIP (est.) Basic %* As reported by Thomson OneInsiders 1.4 1%Shairco 26.9 18%Ned Goodman Investment Counsel 17.7 12%RBC Asset Management 17.6 12%Goodman & Co. Investment Counsel 16.9 11%Sprott Asset Management 12.0 8%


PROJECTED BURN RATE (estimated) ($MM) Estimated Year-End 2010 Cash balance $3.0 Exploration costs (7.0) Administrative costs (1.5) Warrant exercise - Project Financing 10.0 Capital Expenditures - Year-end 2010 cash balance estimate $4.5

LAST FINANCING Date Dec-09 Type Short Form Prospectus Offering Units MM 62.8 Price C$ 0.17 Gross Proceeds C$MM 10.7 Warrants 31.4M @ $0.30, Dec. 2011



Virginia Mines Inc. (VGQ-TSX) Rating


Buy, Venture Risk

N/A

Background

• Virginia is a Canadian-listed explorer with a Quebec focus. The company holds several exploration properties and a royalty on Goldcorp’s Éléonore gold project.

Management

• André Gaumond, President, CEO – Mr. Gaumond, a consultant and mining analyst prior to joining Virginia, is a director for the PDAC, Quebec Chapter of the Canadian Institute of Mining, and other companies.

• Paul Archer, VP Exploration and Acquisitions – Mr. Archer has over 25 years experience in mining exploration, in particular gold and base metals in Archean terrain. He joined Virginia in 1996.

• Amélie Laliberté, Investor Relations – Ms. Laliberté holds a communications degree and joined VGQ in 2002.

• Robin Villeneuve, CFO – Mr. Villeneuve is a Chartered Accountant who previously spent 13 years with AbitibiBowater in various levels of responsibility.

Financial

• As of November 30, 2010, Virginia had $45.0 million in working capital and no debt. The company raised $2.50 million in a flow-through private placement during February 2011.

• Virginia retains a sliding scale NSR royalty on the first 3.0 million oz of gold production from Éléonore, to a maximum of 3.5%. The price of gold may adjust the royalty by +/- 10%, and also increases with increased total gold produced from the property. The royalty increases by 0.25% for every million oz of gold production greater than 3.0 million for a maximum of 3.5%. VGQ has also received cash flow of US$100,000 per month starting April 1, 2009 through advanced royalty payments. In February 2011, Goldcorp announced an initial reserve estimate for Éléonore of 3.03 million oz gold at a grade of 7.56 g/t. Goldcorp expects to report a pre-feasibility study for Eleonore in Q1/2011.


• Virginia has a 100% interest in the Coulon VMS property in the James Bay area of Quebec. A total of seven polymetallic, massive sulphide lenses have been discovered on the property. Five of the seven zones remain open at depth. The company announced a resource estimate for Coulon in April 2009. The project contains 3.7 million tonnes Indicated and 10.1 million tonnes Inferred. Several other targets on the property remain untested, with showings and alteration along a 20km trend.

• Virginia was designed to make deals, as highlighted by the sale of Éléonore to Goldcorp. The company has acquired and sold several other projects, and it currently has several projects where exploration is funded by option or JV partners. The company also has an agreement with SOQUEM Inc. to explore for mineral deposits in the Grenville geological province and an agreement with the Nunavik Mineral Exploration Fund to explore two volcanic belts in the Quebec Great North.

Company News

• For 2011 exploration, Virginia Mines plans more than 18,000m of drilling on its Coulon base metal project (Cu-Zn-Ag) and many other gold project including Poste Lemoyne Extension, Lac Pau and Anatacau-Wabamisk. The company will also conduct geophysical surverys on the Ashuanipi, Lac Pau, Nichicun, Trieste and Escale projects.

Source: Thomson One


VIRGINIA MINES INC. VGQ-TSX $7.40


Fully Diluted Shares (MM) 32.3 12-Month Return N/A Close $7.40 Basic Mkt. Capitalization ($MM) $226

MAIN PROPERTIES

James Bay region gold exploration

Poste Lemoyne

Virginia owns 100% of Poste Lemoyne, located within the La Grande volcanic belt. It hosts the Orfée zone with a measured and inferred resource totalling 94,854 oz of gold grading 14.5 g/t. Best intersections include 34.8 g/t gold over 9m and 43.09 g/t over 11.6m. Virginia has 37km of prospective ground along this trend.

La Grande Sud

Located in the La Grande volcanic belt near James Bay, this project has a non-NI 43-101 resource of 350,000 oz of gold in Zones 32 and 103, and remains open at depth. Over 1,000 other showings were discovered.

Anatacau-Wabamisk

Virginia has 100% of Wabamisk and has the option to acquire 100% of the adjacent Anatacau property. Prospecting, mechanical stripping and geological mapping were carried out in the summer of 2009. The Isabelle showing contains high-grade gold in a zone of pervasive silicification and quartz veining. Channel samples yielded 22.97 g/t Au over 2m and 17.86 g/t Au over 3m.

Lac Pau Surface work carried out up to now outlines an important auriferous mineralized system that includes the Hope, Tricorne and Beausac-2 showings. Drilling in 2010 at Tricorne included 3.43 g/t gold over 6m and 1.15 g/t gold over 10.95m.

FCI & Auclair Odyssey also has an option to earn 50% of each of FCI and Auclair. At FCI, past work has encountered several gold showings across the entire length of the property, largely associated with a major contact between volcanic rocks and sediments, as well as two polymetallic showings. Auclair has several gold showings associated with an iron formation spread along 15km on the property.

Corvet Est Goldcorp has earned a 50% interest in the property with VGQ as operator, exploring two gold-bearing corridors. Highlights include 5.12 g/t Au over 13 m (incl. 7.04 g/t Au over 8m) and 10.1 g/t Au over 5.2m, from the Marco Zone, and up to 10.29 g/t Au (cut) over 4.75m from the Contact Zone.

Lac Gayot Located in the Caniapiscau reservoir area. Highlights include 9.03%

Ni, 0.6% Cu and 9 g/t, Pd-Pt over 2.55m, 0.1% Ni; 1.32 g/t Pd-Pt over 19.9 m, 2.2% Ni, 1.4% Cu, 2.3 g/t Pd-Pt over 11.4m.

Coulon VMS, James Bay Region 100%

The project is located 15 km north of Fontanges Airport in the Middle North of Quebec, near a hydro dam and the Trans Taiga road.

The company has identified seven high-grade VMS lenses, with additional showings and alteration along a 20km trend. The project saw extensive drilling in 2008, which continued to expand lenses at depth and led to an initial resource estimate in April 2009. The project was previously a joint venture, but Virginia consolidated ownership in December 2008, and the company’s focus has shifted to gold projects.

Éléonore, Quebec Sliding scale 2% royalty, advanced royalty

Stage: Resource delineation and extension drilling

Deposit: Archean lode gold, hosted within sheared Archean Metasediments

Royalty: Percentage Price of gold

- 10% Less than or equal to US$350/oz - 5% Between US$350-$400/oz

- Between US$400-$450/oz + 5% Between US$450-$500/oz

+ 10% Greater than US$500/oz

Percentage Ounces Produced From Property 2.00% On the first 3 million oz

+0.25% For every additional 1 million oz

Royalty Maximum = 3.5%

Advanced Royalty of US$100,000 per month, beginning April 1, 2009


MANAGEMENT & COMPANY CONTACTSAndré Gaumond President, CEOPaul Archer VP Exploration and AcquisitionsAmélie Laliberté Investor RelationsMathieu Savard Project GeologistRobin Villeneuve CFOwww.virginia.qc.ca 1-800-476-1853CAPITAL STRUCTURE Strike Basic In-the- Proceeds

$ (MM) Money $MMShares Outstanding 30.5Options 6.04 yrs 4.04 0.9 0.9 3.77

7.94 yrs 6.28 0.8 0.8 4.95

Warrants Nov-11 6.58 0.03 0.0 0.18


OWNERSHIP (est.) Basic %* As reported by Thomson-ONEInsiders 0.9 3%Global Strategic Management 1.4 5%Fidelity Management 0.7 2%US Global Investors 0.7 2%

BALANCE SHEET Nov-10Year-end February ($MM)Assets Cash and Equivalents $41.2 Other current assets 4.5 Current Assets 45.7 PP&E 35.2 Other Assets 1.4 Total Assets $82.2Liabilities Current liabilities $0.7 Long-term debt - Other 2.1 Shareholders equity 79.4 Total Liabilities and Equity $82.2

PROJECTED BURN RATE (estimated) ($MM) YE 2010 Cash balance $43.0 Exploration costs (VGQ share) (5.0) Administrative costs (2.0) Government reimbursement 6.5 Eleonore royalty 1.2 Warrant exercise 0.2 Project Financing - Year-end 2011 cash balance estimate $43.9

LAST FINANCING Date Feb-11 Type Shares MM 0.20 Price $ 12.50 Gross Proceeds $MM 2.50 Shares from Warrants

Reserves & Resources Polymetallict (MM) g/t or % M oz/lb

Coulon M&I Copper 3.7 1.27 103Zinc 3.61 292Gold 0.25 0.03Silver 37.2 4.4

Inf. Copper 10.1 1.33 295Zinc 3.92 869Gold 0.18 0.06Silver 34.5 11.2

t (MM) (g/t Au) MM ozPoste Lemoyne Gold 0.20 14.5 0.095

Flow-through Private Placements

Source: Company Reports, Dundee Securities Corp, Thomson One, Bloomberg


MINING COMPANIES COVERED BY DUNDEE SECURITIES CORP.

12-MonthTicker Company Name Rating Target Price Risk* AnalystAMI AFRICAN MINERALS LTD Buy $14.40 High R CooperAEM AGNICO-EAGLE MINES LTD Neutral $85.00 High P BurchellAGI ALAMOS GOLD INC Buy $22.00 High P BurchellANV ALLIED NEVADA GOLD CORP Buy $36.00 High R StewartORA AURA MINERALS INC Buy $6.00 High R StewartARZ AURIZON MINES LTD Buy $8.80 High H SrinivasaABX BARRICK GOLD CORP Buy $64.00 Medium P BurchellBKY BERKELEY FPO Restricted D TalbotCFI CANADA FLUORSPAR INC Buy $0.90 Speculative R CooperCRJ CLAUDE RESOURCES INC Buy $3.00 High H SrinivasaCSI COLOSSUS MINERALS INC Buy $12.50 Speculative R StewartCLM CONSOLIDATED THOMPSON IRON M Tender $17.25 High R CooperCMS CRESTON MOLY CORP Buy $1.00 Speculative R CooperDPM DUNDEE PRECIOUS METALS INC N/A N/A N/A P BurchellELD ELDORADO GOLD CORP Neutral $18.50 High P BurchellEFR ENERGY FUELS INC. Restricted D. TalbotEGU EUROPEAN GOLDFIELDS LTD BUY $16.00 High P BurchellFWM FAR WEST MINING LTD Buy $7.80 High R CooperFIS FISSION ENERGY CORPORATION Buy N/A Venture D TalbotGAM GAMMON GOLD INC Restricted R StewartG GOLDCORP INC Buy $57.00 Medium P BurchellGPR GREAT PANTHER SILVER LTD Buy $2.80 High P BurchellHMG HANA MINING LTD Buy $5.60 Speculative R CooperHAT HATHOR EXPLORATION LTD Buy $4.75 High D TalbotIMG IAMGOLD CORP Buy $22.00 High P BurchellIMN INMET MINING CORPORATION Restricted R CooperIMZ INTERNATIONAL MINERALS CORP BUY $9.00 High H SrinivasaKGN KEEGAN RESOURCES INC BUY $12.00 Speculative R StewartK KINROSS GOLD CORP BUY $18.50 Medium P BurchellKGI KIRKLAND LAKE GOLD INC BUY $20.00 High R StewartLAM LARAMIDE RESOURCES LTD Buy $3.20 High D TalbotMRU MANTRA RESOURCES LTD Buy $8.00 High D TalbotMNB MIRABELA NICKEL LTD Buy $3.00 High R CooperNOT NORONT RESOURCES LTD Buy $1.40 Speculative R CooperOSK OSISKO MINING CORP BUY $20.00 High R StewartPDN PALADIN ENERGY LTD Buy $5.65 High D TalbotPGM PEREGRINE METALS LTD Buy $2.20 Speculative R CooperPRU PERSEUS MINING LTD BUY $5.00 High R StewartPWE POWERTECH URANIUM CORP Restricted D TalbotQMI QUEENSTON MINING INC BUY $7.50 Speculative R StewartQRM QUEST RARE MINERALS LTD Buy $8.88 Speculative R CooperRN RIO NOVO GOLD INC BUY $3.00 Speculative R StewartRGT ROCKGATE CAPITAL CORP Buy $4.00 Speculative D TalbotRMX RUBICON MINERALS CORP BUY $6.40 Speculative P BurchellSBB SABINA GOLD & SILVER CORP Buy $8.00 Speculative P BurchellSGR SAN GOLD CORP Restricted P BurchellRSC STRATECO RESOURCES INC Buy $1.90 High D TalbotTXG TOREX GOLD RESOURCES INC BUY $2.00 Speculative R StewartUEX UEX CORP Buy $3.00 High D TalbotURZ URANERZ ENERGY CORP Buy $5.60 High D TalbotUEC URANIUM ENERGY CORP Buy $6.00 High D TalbotUUU URANIUM ONE INC Buy $6.50 High D TalbotU URANIUM PARTICIPATION CORP Buy $9.40 High D TalbotURE UR-ENERGY CORP Buy $3.25 High D TalbotWRN WESTERN COPPER CORP Buy $4.50 Speculative R CooperYRI YAMANA GOLD INC Buy $15.50 High R Stewart

Target prices are in C$ unless otherwise indicated.

Please note: Valuation methodologies used in determining the target prices for companies under coverage are contained in prior research. Please refer to the latest research reports published by Dundee Securities Ltd. for specific disclosures on companies under coverage.

Source: Dundee Securities


Disclosures & Disclaimers Dundee Securities Limited is an affiliate of Dundee Corporation. Research Analyst Certification: Each Research Analyst involved in the preparation of this Research Report hereby certifies that: (1) the views and recommendations expressed herein accurately reflect his/her personal views about any and all of the securities or issuers that are the subject matter of this Research Report; and (2) his/her compensation is not and will not be directly or indirectly related to the specific recommendations or views expressed by the Research Analyst in this Research Report. U.S. Residents: Dundee Securities Inc. is a U.S. registered broker-dealer and an affiliate of Dundee Securities Limited. Dundee Securities Inc. accepts responsibility for the contents of this Research Report, subject to the terms and limitations as set out above. U.S. residents seeking to effect a transaction in any security discussed herein should contact Dundee Securities Inc. directly. This Research Report is not an offer to sell or the solicitation of an offer to buy any of the securities discussed herein. The information contained in this Research Report is prepared from sources believed to be reliable but Dundee Securities Limited makes no representations or warranties with respect to the accuracy, correctness or completeness of such information. Dundee Securities Limited accepts no liability whatsoever for any loss arising from any use or reliance on this Research Report or the information contained herein. Any reproduction in whole or in part of this Research Report without permission is prohibited. Dundee Securities Research is distributed by email, website or hard copy. Dissemination of initial reports and any subsequent reports is made simultaneously to a pre-determined list of Dundee Securities' Institutional Sales and Trading representative clients and Retail Private Client offices. The policy of Dundee Securities with respect to Research reports is available on the Internet at www.dundeewealth.com. The compensation of each Research Analyst/Associate involved in the preparation of this Research Report is based upon, among other things, the overall profitability of Dundee Securities Limited, which includes the overall profitability of the Investment Banking Department. © Dundee Securities Limited Note 1: All historical data including financial and operating data on the issuer(s) mentioned in this report come from publicly available documents including statutory filings of these issuer(s). Data may also be sourced from Bloomberg, Baseline, Thomson ONE. Informal Comments are analysts’ informal comments that are posted on the Dundee website. They generally pertain to newsflow and do not contain any change in analysts' opinion, estimates, rating or target price. Please refer to formal published research reports for valuation methodologies used in determining target prices for companies under coverage. Please refer to formal published research reports for company specific disclosures and analyst specific disclosures for companies under coverage. Mineral Exploration Watchlist: Dundee Securities Limited has not initiated formal continuing coverage of Mineral Exploration Watchlist companies. The companies will have recommendations and risk ratings as per our regular rating system, see Explanation of Recommendations and Risk Ratings for details. Risk ratings will be either Speculative or Venture. Speculative Risk rated companies are those companies that have published National Instrument 43-101 or JORC compliant resources or reliable historic resources and/or economic evaluations (scoping, pre-feasibility or feasibility studies) that could reasonably form the basis of a discounted cash flow analysis. Venture Risk rated companies are those companies that are generally at an earlier stage of exploration and/or development, where no material resource estimate, historic or compliant, exists. No price targets will be set for Mineral Exploration Watchlist companies as there are limited financial metrics upon which to base a reasonable valuation. Valuation methodologies and models will not be provided for Mineral Exploration Watchlist companies. Dundee clients should consult their investment advisor as to the appropriateness of an investment in the securities mentioned. Base Metals & Iron Ore Weekly Dashboard is a compilation of market statistics and media reports that is posted on the Dundee website. The Dashboard does not contain any change in the analyst’s opinion, estimates, ratings or target prices. Please refer to formal published research reports for valuation methodologies used in determining target prices for companies under coverage. Please refer to formal published research reports for company specific disclosures and analyst specific disclosures for companies under coverage. Presentations do not include disclosures that are specific to analysts and specific to companies under coverage. Please refer to formal published research reports for company specific disclosures and analyst specific disclosures for companies under coverage. Please refer to formal published research reports for valuation methodologies used in determining target prices for companies under coverage. Disclosures required under Rule 3400 for sector research reports covering six or more issuers can be found on the DundeeWealth website in Capital Markets, Investments, Dundee Securities Research, see ‘Research Disclosures’ section. Explanation of Recommendations and Risk Ratings Valuation methodologies used in determining the 12-month target price(s) for the issuer(s) mentioned in this report are contained in current and/or prior research. Target Price N/A: a target price is not available if the analyst deems there are limited financial metrics upon which to base a reasonable valuation.

BUY: total returns expected to be materially better than the overall market with higher return expectations needed for more risky securities. NEUTRAL: total returns expected to be in line with the overall market. SELL: total returns expected to be materially lower than the overall market. TENDER: the analyst recommends tendering shares to a formal tender offer.


http://www.dundeewealth.com/

*Risk Ratings: risk assessment is defined as Medium, High, Speculative or Venture. Medium: securities with reasonable liquidity and volatility similar to the market. High: securities with poor liquidity or high volatility. Speculative: where the company's business and/or financial risk is high and is difficult to value. Venture: an early stage company where the business or financial risk is high, and there are limited financial metrics upon which to base a reasonable valuation.

SECURITY ABBREVIATIONS: NVS (non-voting shares); RVS (restricted voting shares); RS (restricted shares); SVS (subordinate voting shares). Ideas of Interest Dundee Securities Limited from time to time publishes reports on securities for which it does not and may not choose to provide continuous research coverage. Such reports are published as Ideas of Interest. Dundee Securities Equity Research Ratings

37%

0%

82%

2%

16%

41%

0%

11%

22%

33%

44%

55%

66%

77%

88%

Buy Neutral Sell

% of companies covered by Dundee SecuritiesLimited in each rating category

% of companies within each rating category forwhich Dundee Securities Limited or its affiliateshave provided investment banking services fora fee in the past 12 months.

December 31, 2010

Source: Dundee Securities Ltd.


Dundee Securities - Focus on the Juniors - PDAC2011

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