GOLD

SILVER

URANIUM

PLATINUM

PALLADIUM

OIL & GAS

BASE METALSSeptember 2013

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INSIDE... Will Gold Follow Its Seasonal Pattern This Year?Frank Holmes, CEO and Chief Investment Officer of U.S. Global Investors, talks about how the gold trade is really two separate trades. There’s the Fear Trade that buys gold out of fear of war or poor government policies. And then there’s the Love Trade that gives gold as gifts for loved ones during important holidays and festivals. Historically, September has been gold’s best month of the year. Overwhelmingly, consumers in India and China believe the price of gold will increase over the long-term. The question is which trade will dominate the fall and winter seasons.

... Page 3

The True Price of Silver and GoldDavid Morgan, editor of The Morgan Report reviews and analyzes one of the primary reasons silver and gold prices can’t stay this low for a prolonged period of time – that those entities that mine these precious metals are either unprofitable or making next to no profit.

... Page 6

SolarCity: A Red-Hot U.S. Solar PlayIn a remarkably short period of time, China has gone from the back of the pack to being the dominant player in the production of renewable energies. While we expect China’s internal growth will continue at an outsized pace, Stephen Leeb doesn’t wouldn’t count the U.S. out. SolarCity (SCTY), a company that develops energy solutions for a large and diverse array of clients ranging from government agencies to Fortune 500 companies, has a clever and unique business plan and heavyweight backing that has resulted in a more than fourfold gain since its public debut in December 2012.

...Page 16

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Resource Investor’s Investment Newsletter DigestThe world’s most successful investment experts and analysts give their Top Stock Picks for Oil & Natural Gas stocks, Gold & Silver. Precious Metals Trends and Market Seasonalities. Read comments by James Dines, Alan Newman, Richard Moroney, Dr. Hans Black, Ian McAvity, David Morgan, Stephen Leeb, and other investment experts.

...Page 8

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By Frank HolmesCEO, Chief Investment OfficerU.S. Global Investors

I often talk about how the gold trade is really two separate trades. There’s the Fear Trade that buys gold out of fear of war or poor government policies. This crowd sees the precious metal as a safe haven during times of crisis, such as when gold rose over the fear of a war in Syria, but eased when a much more limited military action became likely.

However, there are other factors beyond Syria this week driving gold. That’s the Love Trade. This group gives gold as gifts for loved ones during important holidays and festivals.

This is the time of the year that we are in the midst of right now. Historically, September has been gold’s best month of the year. Looking at more than four decades of monthly returns, the precious metal has seen its biggest increase this month, averaging 2.3 percent.

Indians will be getting ready for their wedding season that begins in October followed by the five-day Hindu festival of lights, Diwali, which is India’s biggest and most important holiday of the year. In December, millions of people will be gathering with loved ones to exchange gifts as they observe Christmas. And finally, millions will celebrate Chinese New Year at the end of January 2014.

In India, there’s also the harvest season to consider, as its crop production relies on rainfall for water.

One positive driver for gold this year is the fact that the country has had a heavy monsoon. The rains that started in June covered most of India at the fastest pace in more than 50 years. About 70 percent of the annual rainfall in India happens from June to September, and a strong monsoon season usually means a bumper crop, which boosts farmers’ incomes.

That could increase gold buying

Will Gold Follow Its Seasonal Pattern This Year?

as well, negating the government’s efforts to quell India’s gold-buying habit. Historically, good monsoon seasons have been associated with strong gold demand. “In 2010, the

last year that rains were heavily above average, demand soared 37 percent in the fourth quarter after harvests,” says Reuters.

Continued on page 4

GoinG Back to 1969, SeptemBer haS Been BeSt month for Gold

Gold in rupee termS iS up 58% over paSt three YearS

majoritY of indian and chineSe conSumerS Believe Gold Will increaSe

4

Continued from page 3

In the rural areas of India, there is little access to banking networks, so gold is used as a store of wealth, says Reuters. And with half the population in India employed in agriculture, it’s no surprise that 60 percent of all the gold demand in the country comes from these rural areas.

India’s rural community has seen a “hefty rise” in income this year, reports Mineweb. But instead of buying gold, Mineweb says Indian farmers may purchase land due to gold in local currency reaching “dizzying heights.”

Particularly over the past few weeks, as the currency faced increasing weakness, gold in rupee spiked. Over the past three years, gold is now up 58 percent compared to gold in the U.S. dollar, which rose nearly 12 percent.

Despite this possible short-term threat to gold demand, keep in mind the East’s long-term sentiment toward the metal, as this area of the world has a different relationship related to both the Love Trade and the Fear Trade. And it’s not easily

Will Gold Follow Its Seasonal Pattern This Year?

broken.The people in China and In-

dia have a “particular positivity around longer-term expectations for the gold price,” according to the World Gold Council (WGC).

In May when the average price of gold was about $1,400, and July, when the average price of gold was $1,200 an ounce, the WGC asked

1,000 Indian and 1,000 Chinese consumers where they think the price of gold will be in five years.

Overwhelmingly, consumers in India and China believe the price of gold will increase over the long-term.

What’s interesting is when you compare the responses between May to July, there’s an “extremely resilient sentiment around the future trajectory of gold,” says the WGC. In May, 62 percent assumed gold would increase; in July, the number increased to 66 percent.

The survey also shows that there are not too many gold bears in the East. Only 11 percent of those who responded in July think the price will decrease.

Editor’s Note: Frank Holmes is CEO and Chief Investment Officer at U.S. Global Investors, 7900 Callaghan Rd., San Antonio, TX 78229, an investment advisor specializing in gold, natural resources, emerging markets and global infrastructure opportunities around the world. Their mutual funds provide investors with a diversified portfolio that is professionally and actively managed. To obtain a fund prospectus or for other information visit www.usfunds.com or call 1-800-US-FUNDS (1-800-873-8637).

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By David MorganThe Morgan Report

One of the primary reasons silver and gold prices can’t stay this low for a prolonged period of time is that those entities that mine these precious metals are either unprofitable or making next to no profit. We did a study that will be reviewed and analyzed in the following paragraphs, which showed this.

The average investor who invests in mining companies looks at “cash costs,” which is just a part of the cost incurred to bring the ore from underground to the final product, which most of our readers have seen. Cash costs account for the extraction, processing, and labor costs (some companies report this to include transportation costs as well).

The all in cash costs should account for this but also general and administrative expense, in-terest, royalties, and the income tax expense, which are all located on the income statement. Finally, sustaining capital or the capital

investment required to maintain a current mining operation should also be accounted for. Expansionary capital and new capital investment, which many include, shouldn’t be included as it doesn’t take future production growth into account. We also exclude all exploration ex-penses except for those focused on increasing the mine life of a current operation and not for expansionary reasons and those exploration costs spent on properties that have yet to reach production.

As one can see in the following charts, of the 13 silver companies analyzed, 7-8 companies are con-sidered to be in the lowest quartile of the industry cost curve. Some of those included are Silvercrest, Sil-vercorp, First Majestic, Endeavour Silver, Hecla, and Fortuna. Despite the inclusion of so many of the indus-try’s cost leaders, the average all in costs for this group came to $20.15.

Of course, all in cost calculations and forecasts are extremely difficult to make, for a number of reasons. For example, grade variability occurs in different parts of a mine, not only

precious metal grades but byproduct grades as well, both of which can impact costs to varying degrees. Many times royalties to either the government or a third party vary, depending on which part of the property certain material was mined from, and could be on a sliding scale. Different tax rates/tax loss carry forwards and deferrals also create great variability in all in costs.

In the chart below only 6 of the 13 companies are making more than $1/oz or more in cash margins, with 3 others making less than $20 Ag. Furthermore, of those companies mentioned above, Pan-American Silver is looking into the possibility of putting some of its mines on care and maintenance until the silver price reaches a point that makes those profitable. Alexco has already said it will put its Bellekeno Mine on care and maintenance for the winter and resume operations thereafter. While that doesn’t sound like a big deal, almost all the companies above have instituted cost- cutting measures in

Continued on next page

The True Price of Silver and Gold

7

Continued from previous page

exploration and capital investment. The reason more companies haven’t suspended some or all of their operations is because oftentimes it is costlier to do this than run them unprofitably for a few quarters. While commodities prices can remain below the average cost of production for much longer periods of time than one would think, the end result will be a shortage of that commodity at some point in the future, due to significant reductions in exploration (which is necessary, as any mine has a finite life) and companies scrapping new projects and/ or expansionary plans for current operations.

We also analyzed 12 of the premier gold producers, which, like our silver study, included six or seven low-cost producers. Due to the difficulty in ascertaining what portion of exploration expenses were spent on those properties with mines already in operations versus the exploration expenses meant for new discoveries, we excluded those altogether. Despite those two facts, the average all in costs were in

excess of $1,000/oz. As with silver, many companies are operating unprofitably and those who are making money aren’t making much. Another thing that needs to be taken into consideration is the sustaining capital investment, which is necessary to maintain producing assets. We did our best, but it was very difficult to find many of these numbers and those we did find only accounted for certain mines.

We did make some adjustments to the company’s in our study to garner a more accurate picture of the all in costs. For example we adjusted the effective tax rate and replaced it with statutory rates as the use of tax deferrals and such can distort this rather large line item. Although these numbers were primarily taken from Q1, we made some other adjustments both for companies bringing on a new mine (within 3 months) and those company’s which closed an acquisition in Q2 or the first month of Q3. Three silver companies worth mentioning are Alexco Resources, Aurcana Silver and Hecla Mining.

During Q1, Alexco Resources reported its highest basic cash costs figure since the beginning of production at Bellekeno. This was due to its mill operating at

True Price of Silver and Gold

below 75% capacity and the fact it mined a lower grade section of the mine. Q2 results have since been released and were much better than Q1, with cash costs likely to have declined somewhere between $2 +/- $1/oz. Furthermore, following putting the mine and mill on care and maintenance during the winter, operations will resume with 2 additional mines contributing to mill feed which will undoubtedly bring down both basic and all in costs per ounce. Aurcana will soon be processing mill feed from its flagship Shafter, which is a pure silver mine and will increase basic cash costs and bring down all other costs. Finally, Hecla recently acquired Aurizon Mines, which includes the currently producing gold mine Casa Berardi. We included this on a pro-forma basis which resulted in substantially higher basic cash costs due to the $812/oz. Au or approx. $14.50/oz AgEq.

Editor’s Note: David Morgan is editor of The Morgan Report, 21307 Buckeye Lake Ln., Colbert, WA 99005. Basic Membership: 1 year, 12 issues, $129.99. Basic Plus: $269.99. Includes Market Timing Updates, Alerts. www.silver-investor.com.

Mr. Morgan suggests, more than ever, it is important to accumulate physical silver and he recommends the unique Silver & Gold Saver program which helps you easily accumulate silver and gold. For more information visit www.Silver123.net

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ResouRce stocks: Gold, silveR & oil & Gas shaRes

DELIBERATIONS on World Markets, P.O. Box 182, Adelaide St. Station, Toronto, ON M5C 2J1. 1 year, 18 issues, $225. Introductory Trial, 4 issues, $49.

The most important chart in the gold market

Ian McAvity: “With $7+ trillion in official Forex reserves owned by emerging, non-members of the G-7 Old Boys Club of global banking elites largely denominated in US$ and Euro, this chart tracks the longer term trend of the 5 major currencies as reflected by the historic denominator of money…gold.

This chart of inverted prices reflect the real meaning of “the price of gold”… it’s a reflection on the value of the paper on offer to acquire gold… The fiat currency major trend decline dates from 1999, and really accelerated in late 2005, making an important low in mid 2011.

Gold bears are vocal about the mega trend of paper vs. gold reversing off the 2011 extreme and resolving it in 2013. The latest patterns above did spark an impressive paper rebound but gold ‘lows’ in April and June may have topped off the rally in fiats. I still view the past 2 years as a contra trend corrections that may have rolled over in recent days. But that case needs confirmation of a further decline (above) to take out those bases on US$ and Sterling on the chart above.

All the talk of FED ‘tapering’ off their $85 bil/mo bond buying may quickly go away on an oil price spike

if action in/against Syria spikes oil up and boosts gas prices at the pump to further pressure consumers who are still in debt reduction mode and hoping for a few extra hours in their part-time jobs.

The FED focus on ‘job creation’ and happy economic recovery talk was not really felt on Main Street. It may face a real test as evidence of renewed slowing materializes. John Williams of shadowstats.com makes a case the recession really didn’t end, but for data tweaking. I still prefer a real ounce of gold over paper that’s created out of thin air at a rate of $85 bil/mo.

The World of GoldGold has already rebounded 20% from its June 28

low so the talking heads now profess it’s officially a bull market. In 2 months it’s retraced 33% of the 21 month decline from $1900.

It’s encouraging to see highs and lows and that its above it’s 50 day MA, but there’s still some work to do to graduate from bottoming to a confirmed reversal.

The April crash came on breaking 1540. A 50% recovery of the decline from $1900 would be $1542, and the 200 Day MA is $1510 and still declining. The 1500/1550 range is capped with implied resistance from several attempts to hold above the 1550/1600 range. Get through the 1550 area and pull the 50 Day MA back above the 200 Day and then I would say “Katie Bar the Door” we’re going to dramatic new highs. It’s not a question of “if” it’s a question of “when”…

There’s lots of evidence the June bottom was important with decade lows in sentiment and the lowest level of Net Commercial shorts since 2001… massive short covering all the way down.

Then reports that Paulson, Soros and other leading traders were reported to have bailed out in the quarter ending June 30th in classic capitulation. But Paulson only sold half his GLD and few noticed later in the news repots that he replaced most of it with OTC swaps that may tie up less cash, reduce his carry cost from a 40 bps rate in GLD and also lower his profile in gold.

In 6 ½ mos to July 9, GLD had 414 tonnes redeemed out and on the subsequent $200+ rebound, only 48 tonnes came back so far. When GLD can redeem out 300 tonnes in less than 90 days, it’s surprising there isn’t more fuss from Germany when the NY Fed says it will take 7 years to deliver their 300 tonnes. As the GATA conspiracy crowd had documented in many ways it’s clear the NY Fed has many undisclosed commitments on the gold they hold. If I had gold on deposit in a bank that told me 7 years to deliver it to me, they’d have to peel me off the ceiling.”

— Online —The Bull & Bear Financial Report

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ResouRce stocks: Gold, silveR & oil & Gas shaRes

CROSSCURRENTS3280 Sunrise Highway #125, Wantagh, NY 117931 year, 14 issues, $189. www.cross-currents.net.

Positive signs for goldAlan Newman: “By the end of June, at the most

wrenching moment of bullion’s huge correction, the Dow/ Gold ratio traded as high as 12.51. The ratio was the highest since September 2008, when stocks were al- ready in free fall, affecting all other asset groups as well. As stocks continued to decline, gold prices stabilized or even rose and we suspect the same stabilization process is occurring now. The ratio has rallied to 11.34 and over the last two months, gold is definitely outperforming.

Unfortunately, gold stocks are another matter. There has been complete lack of interest and as bullion has faded, some miners have reduced dividends, cutting interest even more. However, the recent rally in the XAU gold index has exceeded the July countertrend rally by 3% and this is a positive sign. As inflation rises, hugely understated by the government, our 5:1 eventual target now places bullion above $3000 per ounce for the first time ever. We mentioned three stocks on our watch list in the Aril 29th issue, Kinross Gold (KGC), IAMGold Corp. (IAG) and Gold Resource Corp. (GORO). We have yet to pull the trigger but we’re still interested.”

****************

THE DINES LETTERP.O. Box 22, Belvedere, CA 949201 year, 14 issues, $295.

Septembers favorable for gold sharesJames Dines: “Septembers are favorable for gold

shares, as measured by DIGSA (the Dines Gold Stock Average). Since 1968 there have been 26 ups (59%), 18 downs (41%), and one neutral. Silver shares in DISSA (the Dines Silver Stock Average), have been bullish the last 32 Septembers, with 18 up (56%) and 14 down (44%). The fourth-quarter is often a favorable time to start Accumulating precious-metals shares in anticipation of the positive Seasonalities of the first quarter, when gold and silver shares usually rise, by Dinesism #9, the Dines Rule of Gold Seasonality (DIRGS).

Editor’s Note: For more information on DIRGS, see the Mass Psychology book available for $59 plus shipping and handling $6, at www.dinesletter.com,

***************

INCOME PERFORMANCE LETTER, P.O. Box 383, Williamsport, PA 17703. Monthly, 1 year, $199. www.leebincomeperformance.com.

BHP positioned for future growthGenia Turanova: “BHP Billiton (BHP) is the

worlds premier miner, and as such, its profits and, ultimately, share price, are heavily leveraged to the prices of major commodities it produces. With

commodities weak, its share price this yea has suffered.

However, we think that BHP, as one of the best-managed mining companies, has the assets, both financial and mineral, to produce substantive earnings and growth and remain profitable. A recovery in the prices of its main products is a potential positive for the company and would help its profits and cash flow growth.

Reacting to weakness in resources prices BHP has significantly cut capital spending in recent years, somewhat limiting its ability to increase production should worldwide demand rebound sharply. But the company is now focused n maximizing cash flow, not a bad thing if you are an income investor.

BHP is also positioned for future growth, however. It has several approved projects that can deliver in future years, plus several projects that can be sited for approval. Of course, a problem with BHP, as is with any other commodity producer, is rising production costs: with most, if not all, low-hanging fruit already having been picked, future profitability will be harder to deliver. But today, selling at 17 times expected earnings and yielding 3.5 percent, BHP remains a buy.”

How to Play Natural Gas For FREE

Natural Gas is the best performing commodity in the last year. I’m expecting gas will have its best winter prices this year in five years. Gas stocks are already pricing in better markets.

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ResouRce stocks: Gold, silveR & oil & Gas shaRes

INTERINVEST REVIEW & OUTLOOK, published by Interinvest Corporation Inc. a global money management firm, P.O. Box 51462, Boston, MA 02205. Monthly, 1 year, $125. www.interinvest.com.

Gold well over $2,000 within 12 monthsDr. Hans Black: “Gold stocks have been acting

well and some of the junior producers that got hit so hard in May and June have also begun to recover. In retrospect, we believe the second quarter of 2013 will mark a low from which we will accelerate to levels well over $2,000 in over one year. As we have shared

this with a number of groups recently, we usually get blank stares but we really do mean what we say and that is for an expectation of seeing well over $2,000 an ounce within 12 months.

The message cannot be clearer – buy or hold gold stocks as the compressions in price became so unreasonable in this sector. We would also reiterate that our one year price target of over $2,000 is an expectation based on the extreme short positions that we believe are in the market. In addition, the very high demand for physical gold has in all likelihood created a short position with many bullion banks beyond what we can now comprehend. We continue to favor Newmont in the large producer category, IAMGOLD in the mid-tier category and particularly companies such as Lake Shore Gold which we feel to be still extraordinarily cheap.”

***************

THE COMPLETE INVESTORPO Box 248, Williamsport, PA 17703. Monthly, 1 year, $199. www.completeinvestor.com.

Osisko Mining and Franco-Nevada are panning out. Remain buys

Kuen Chan: “It took longer than expected, and gold’s fall presented additional challenges, but Osisko Mining (OSKFF) finally appears to be firmly set on the right path. Processing rates at its Canadian Malartic mine have risen for six straight quarters, bringing it ever close to its 55,000 tons-per-day design capacity. Meanwhile costs have steadily dropped, down around 14 percent over the last four quarters. The company produced roughly 112,000 ounces in the second quarter at an average cash cost of $765 per ounce.

For all of 2013, the company expects to produce anywhere from 485,000 ounces to 510,000 ounces of gold at a cash cost of $780 to $825 per ounce. As Osisko continues to drill toward higher-grade ore, it could surprise on the upside on both production and cost. The company also has successfully extended its debt repayment schedule, spreading $225 million in repayments from 2013 and 2014 through 2017. This has significantly boosted its financial position, important given current weak gold prices.

Barring another steep drop in gold, Osisko’s share price should benefit from the operational improvements. And if, as we expect, bullion prices rally, Osisko as leveraged gold play offers potentially outstanding gains.

While Franco-Nevada (FNV) shares didn’t escape damager from the mining sector’s beat-down, they’ve held up significantly better than gold stocks themselves, showing the royalty company’s better risk profile relative to the miners. With more than $800 million in cash and cash equivalents, no debt, and access to a $500 million (undrawn) credit facility, Franco-Nevada is financially strong. In fact, it has the firepower to take advantage of the weakened positions of the miners, giving it the ability to scoop up future royalty streams on favorable terms.”

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© Copyright 2013 The Resource Investor. Reproduction in whole or in part without written permission is strictly prohibited. The Resource Investor publishes investment news and comments of investment advisory newsletters whose thoughts are deemed of interest to subscribers. Neither the information, nor any opinion which may be expressed constitute a solicitation for the purchase or sale of any securities or investment referred herein.

KAPITALL WIRE, a division of Kapitall, Inc. 241 Centre St., New York, NY 10013. www.Kapitall.com.

3 undervalued plays in water stocksMary-Lynn Cesar: “Water systems in the US are

aging, and the dual challenges of water scarcity and a growing population are placing more pressure on the existing infrastructure. By 2030, the Environmental Protection Agency (EPA) estimates that the cost of upgrades for the nation’s 73,400 community and non-community water systems will total $384.2 billion. However, funding for these projects remains a concern as decreased water consumption and low monthly rates have diminished the revenue that water utilities rely on to finance their operations.

The EPA’s estimate comes from its latest Drinking Water Infrastructure Needs Survey and Assessment (DWINSA), the fifth report of its kind released to Congress. The DWINSA is released every four years, and the cost of fixing the nation’s water infrastructure has risen by 69% from the $227.3 billion presented in the 1997 inaugural report. As the price tag associated with the water systems overhaul continues to rise, it’s more imperative that water utilities figure out how to pay for the upgrades. Ceres, a sustainability-focused nonprofit, and the University of North Carolina – Chapel Hill are presently working with water systems nationwide to help them develop pricing that will help fund infrastructure replacement and repairs.

Investing ideasFor the following screen, we turned our focus

to water stocks that may benefit from the coming in-vestments in updating the US water infrastructure. We specifically turned our attention to their profits,

which we expect to rise as more localities revamp their water systems. To begin, we created a universe comprised of water stocks pulled together from the S&P Global Water Index and the Calvert Global Water Fund. We subsequently narrowed down that list to companies based and operating in the US.

Next, we screened for stocks with rising profits as illustrated by rising diluted normalized earnings per share (EPS) for the past three consecutive years. EPS refers to the amount of a company’s profit allocated per outstanding share of common stock. Diluted normalized EPS differs from normalized EPS because it takes convertible securities into consideration. These convertible securities – which include options, warrens, and convertible preferred shares – can be exercised and lower net income. That’s why diluted normalized EPS tends to be both lower and more conservative than normalized EPS.

We then looked for potentially undervalued stocks as indicated by a low Price to Sales (P/S) ratio. A P/S ratio is a valuation metric that compares a stock’s price to what the company generates in revenue. When a company has a low P/S ratio, it means that its price is cheap in relation to the company’s revenue. If a stock’s P/S is below 1, it can be considered undervalued. However, investors should note that this ratio doesn’t take expenses or debt into consideration, and variation between industries is normal.

For this list we screened for stocks with P/S ratios under 2, which means that the company’s market cap isn’t greater than 2x its annual sales.

We were left with three stocks on our list. Do you think these stocks will have another year

of rising profits? Use this list as a starting point for your own analysis.

1. SJW Corp. (SJW; $26.87; Market cap at $534.14M): Engages in the production, purchase, storage, purification, distribution, wholesale, and retail sale of water.

Diluted normalized EPS increased from 0.81 to 0.82 during the first time interval (12 months ending 2010-12-31 vs. 12 months ending 2009-12-31). For the second time interval, diluted normalized EPS increased from 0.82 to 1.11 (12 months ending 2011-12-31 vs. 12 months ending 2010-12-31). And for the last time interval, the EPS increased from 1.11 to 1.16 (12 months ending 2012-12-31 vs. 12 months ending 2011-12-31). Price/Sales ratio: 1.98.

2. Lindsay Corporation (LNN; $79.22; Market cap at $1.01B): Designs, manufactures, and sells automated agricultural irrigation systems that are primarily used in the agricultural industry to increase or stabilize crop production while conserving water, energy, and labor in the United States and internationally.

Diluted normalized EPS increased from 1.11 to 1.98 during the first time interval (12 months ending 2010-08-31 vs. 12 months ending 2009-08-31). For the second time interval, diluted normalized EPS

Continued on page 14

12

U.S. Silver & Gold: Low Risk, Low Capital Needs, High Growth Targeting 5 Million Ounces of Silver Production by 2015

U.S. SILVER & GOLD:

■ 2nd largest primary silver producer in the U.S.

■ Strong operating and market fundamentals

■ Executing on brownfield expansion opportunities

■ Disciplined strategy for targeted acquisitions

■ Large land package with significant organic upside

■ Experienced management team

■ Catalysts in place for improved valuation

U.S. SILVER & GOLD:

■ 2nd largest primary silver producer in the U.S.

■ Strong operating and market fundamentals

■ Executing on brownfield expansion opportunities

■ Disciplined strategy for targeted acquisitions

■ Large land package with significant organic upside

■ Experienced management team

■ Catalysts in place for improved valuation

U.S. Silver & Gold (TSX: USA; OTCQX: USGIF) had a strong first half in 2013, following a busy 2012, highlighted by the merger with RX Gold, defeat of a hostile takeover, adoption of a new name and implementation of a new, highly experienced management team.

Silver production at U.S. Silver & Gold’s flagship Galena Mine Complex has increased in the first half of 2013 while the whole com-pany has undergone cost-cutting to stay competitive in this difficult market. Management has been able to reduce cash costs to $16.41/oz in the second quarter, a 20% decrease from the first three months.

The merger with RX Gold contributed a gold property in Montana and a new heavy-hitter president – Darren Blasutti, who formerly was Barrick Gold’s senior VP of corporate development where he led Barrick’s strategic develop-ment and executing more than 25 gold mining transactions, includ-ing Sutton Resources, Homestake Mining, Placer Dome and consoli-dation of the Cortez gold property.

Under his leadership, U.S. Silver & Gold has now become a more ef-ficient producer having executed on tough cost savings in the first half of the year. The “Small Mine Plan”, enacted in July focused on increas-ing grade while reducing fixed and variable costs. The Company is now focused solely on its Galena Complex and prospective adjoining Caladay Zone, with all other operations placed on care and maintenance. The company is projecting producing between 2.1 and 2.2 million ounces of silver at a cash costs of between $15.50 and $17.50 an ounce.

“Our goal is to increase produc-tion, reduce costs and raise the profitability of the ounces we mine. We expect to do better each quarter,” says Blasutti. “We are improving the internal dynamics of U.S. Silver & Gold every day, and this will drive our production growth.”

Caladay Zone Discovery Points to Long-Term Growth

in Silver ProductionU.S. Silver & Gold’s consolidat-

ed, 100%-owned property portfolio includes the Galena, Coeur, Cala-day and Dayrock silver-lead-copper mines, which are part of a 14,000-acre land package in the heart of Idaho’s Silver Valley/Coeur d’Alene Mining District. The com-pany’s portfolio also includes the Drumlummon high grade gold and silver mine in Montana, which has produced historically over 1 million ounces of gold and 12 million ounces of silver.

The operating Galena Mine com-plex has over 23 million ounces of silver reserves (proven and probable) and an additional 12-mil-lion-ounce measured and indicated resource. A new silver-copper vein system has been traced to within 150 feet of existing workings and offers the potential for near-term production opportunities.

The adjacent Coeur Mine contains a current measured and indicated resource of 3.3 million ounces of silver. The company expects that

further drilling, upon the recovery of silver prices, will identify a 6.0 million ounce resource.

But it is the high-grade min-eralization recently discovered at Galena’s Caladay silver-lead zone that will drive the company’s fu-ture profitability. In late 2012 and early 2013, the company began to review historic data from the Caladay Zone.

“There are almost 1,200 drills into the Caladay Zone, but the data had never been put together digitally to show the block model,” says Blasutti. “We have been fast-tracking it ever since. Caladay is going to be a great mine and the future of the company.”

The semi-continuous mineral-ized zone extends from the Galena Mine into the Caladay Mine at depth. The zone contains broad areas of both higher and lower grades of silver and lead, as well as areas of high-grade silver-copper. The company is preparing a pre-liminary analysis of the Caladay lead-silver zone for future low-cost bulk mining development. The company is expected to complete a scoping study by year-end which

13

will determine the timing and the most profitable approach to integrating the zone into existing mine plans.

The review of historic drilling results at Caladay and continued exploration, identified another area of high-grade silver-copper mineralization. Initial production of 100 tpd of silver-copper ore is set to commence in Q3 2013 in this zone, which is adjacent to Caladay.

“We will take advantage of our additional hoisting and milling capacity to increase production in 2014 and beyond with modest capital outlays,” says Blasutti. The complex has two operating mills currently operating around half their 1,500-ton/day capacity.

The company has a global ton-nage target of 60-70 million tons and potential silver resource of 150-200 million ounces at 3-4 oz/ton silver and 4% lead. Higher grades range to 40% with continuous widths of 15-30 feet ranging from 5-10 oz/ton silver and 5-11% lead.

New Management Policies Lead to Increased

Efficiency, Lower CostsA new management team took

over U.S. Silver & Gold operations in August 2012, and the results of their ideas and efforts are already amply evident. One important part of Blasutti’s management strategy has been to engage all employees in strategic planning by educating them about the business rationale for operational improvements. By altering shift operations, instituting work-sharing policies, creating more flexible schedules, and increasing both the number of employees and time worked per shift, the company has transformed operations from 5-daywork week to 24-hours-a-day, 7-days-a-week. These changes allow the Galena Complex to operate profitably in the current silver price environment and position it to benefit from an increase in the price of silver.

The Galena Mill, which currently runs below capacity, is now within sight of full production. Planning is in place to continue cutting costs and finding efficiencies in their operation. While silver prices continue to rise off their lows, U.S. Silver & Gold is committed to their

plan for their near-term.“Producing 1500 tons a day

doesn’t happen overnight. We have highly skilled underground employees vital to accomplishing this goal,” says Blasutti. “They are starting to act with a sense of urgency and like business owners. I am very proud and happy they are buying into what we are trying to create. Mining can be a boom and bust industry, but as long as we focus on the bottom line, we will be there to prosper regardless of capital market conditions.”

Pending Resource Updates To Affirm

Extended Mine Life, Profitability

This year, U.S. Silver & Gold expects to announce a significant increase to its resource base, po-tentially doubling the number of measured and indicated and in-ferred ounces from the Caladay Zone alone – setting the stage for signifi-cant long-term production growth.

The company believes it can produce 5 million ounces of silver annually by the end of 2015 if silver prices return above $30. The new resource estimate will demonstrate this ambitious production level can be achieved completely organically from present holdings without the need for future acquisitions.

“While we have had to make cuts this year to adapt to the weaker silver prices, we still have

the ability to quickly increase production with little capital if silver prices become more favourable,” says Blasutti. “With the new discoveries at the Caladay Zone, we easily can produce five million ounces of silver from the Galena Complex given the opportuntity.”

Investment Considerations

U.S. Silver & Gold has a long and impressive list of assets, both tangible and intangible – operating mines, significant brownfield expansion, a dominant land position in the prolific Silver Valley, a proven management team, highly trained and skilled mine workers, and a favorable environment for strategic accretive acquisitions. The company also is in a strong financial position. At the end of Q2 2013, it had $7.4 million in cash, $8.2 million in receivables, and substantial revenues from ongoing silver production. Blasutti, however, is a fiscally conservative accountant at heart and is determined to protect the company’s balance sheet. In Q2 2013, he re-financed the company’s current debt for three years on more favourable terms, including a 12% interest rate and no requirement to pay a net smelter return royalty. Furthermore, in August 2013, the company closed a private placement for $5.78M with proceeds allocated towards the continued development of the high-grade Caladay Zone.

As a result, U.S. Silver & Gold is solidifying its status as a reliable, mid-tier silver producer poised to significantly expand its resource base, and is well-endowed with development and exploration properties that will fuel its growing production profile.

“We believe we have made the changes necessary to keep our-selves competitive in this current environment and will continue to operate at any silver price. But with our leverage to silver, we are attractively positioned amongst our mid-tier silver producer peers to experience a significant re-rating when prices return,” says Blasutti. “U.S. Silver & Gold is built as a low risk, low capital growth, true silver miner.”

US SILVER & GOLD INCTSX: USA • OTCQX: USGIF

Investor Relations–Canada: Nicole Richard

Tel: 416-848-9503Corporate Office:

2870-145 King Street West Toronto, ON M5H 1J8 Tel: 416-848-9503

Galena Mine Complex: P.O. Box 440, 1041 Lake Gulch Road

Wallace, ID 83873 Tel: 208-752-1116

E-Mail: info@us-silver.comWeb Site: www.us-silver.com

Shares Outstanding: 60.0 million52 Week Trading Range:

Canada: Hi: C$2.61 • Low: C$0.56

14

ResouRce stocks: Gold, silveR & oil & Gas shaRes

Continued from page 11

increased from 1.98 to 2.9 (12 months ending 2011-08-31 vs. 12 months ending 2010-08-31). And for the last time interval, the EPS increased from 2.9 to 3.38 (12 months ending 2012-08-31 vs. 12 months ending 2011-08-31). Price/Sales ratio: 1.51.

3. Franklin Electric Co. Inc. (FELE; $38.00; Market cap at $1.81B): Engages in the design, manufacture, and distribution of groundwater and fuel pumping systems.

Diluted normalized EPS increased from 0.59 to 0.96 during the first time interval (52 weeks ending 2011-01-01 vs. 52 weeks ending 2010-01-02). For the second time interval, diluted normalized EPS increased from 0.96 to 1.49 (52 weeks ending 2011-12-31 vs. 52 weeks ending 2011-01-01). And for the last time interval, the EPS increased from 1.49 to 1.57 (52 weeks ending 2012-12-29 vs. 52 weeks ending 2011-12-31). Price/Sales ratio: 1.95.”

Editor’s Note: Kapitall Wire, which is not a broker/dealer, offers free cutting edge investing ideas, lively commentary and timely analysis of companies enhanced by interactive tools.

Kapitall Wire is a division of Kapitall Inc. Securities products and services are offered by Kapitall Generation, LLC, member FINRA/ SIPC. Kapitall Generation, LLC is a wholly owned subsidiary of Kapitall, Inc. For more information visit www.kapitall.com.

***************

INVESTOR’S DIGEST of Canada133 Richmond St. W., Toronto, ON M5H 3M8. 1 year, 24 issues, $137.

Pembina Pipeline rated “Best Buy”Analysts follow as many as 20 stocks, most of which

are rated “buys.” Of those buys, an analyst has one or

two special favorites seen as most suitable for new buying. Investor’s Digest features a column devoted to one or two favorite “best buys.”

Philip Fine: “When you think of those companies that move Canada’s oil and gas to market, you usually think of heavyweights such as TransCanada Corp. (TSX: TRP; $47.85) or Enbridge Inc. (TSX: ENB; $46.19).

But smaller outfits like Pembina Pipeline Corp. (TSX: PPL; $32.36) merit attention as well.

Just as Craig Basinger, chief investment officer and portfolio manager with Macquarie Private Wealth in Toronto.

Mr. Basinger says an investment in, say, Trans-Canada carries more “headline risk” – that is, greater likelihood one of the company’s marquee projects will be help up or even blocked.

And that’s certainly been the case with Trans-Canada. Its keystone XL pipeline, a proposed 2,000-kilometre link between Alberta and Steele City, Nebraska, has face no end of delays, legal hurdles and environmental road blocks over the past few years.

Enbridge too has seen one of its mega-projects, the Northern Gateway pipeline, run into stiff opposition from First Nations, environmentalists, even British Columbia Premier Christy Clark.

But Pembina’s projects are small enough that they’re unlikely to stir up much opposition, Mr. Basinger suggests.

Another Pembina plus? Its ability to benefit from Western Canada’s energy boom. With 7,850 km. of pipeline serving such key resource plays as the Montney field in northern Alberta and British Columbia, the company is obviously well-positioned to handle any upsurge in the movement of oil and gas.

Moreover, Pembina stock is now cheaper, having fallen 3.4 per cent in July and roughly 8.8 per cent since mid-May.

For Mr. Basinger, Pembina fits in well with Macquarie’s broader theme of focusing on the urgent need for expanding North America’s energy infrastructure.

We’ve had these technological advances that have created production in areas where we didn’t have production before,” says Mr. Basinger of the oil and gas boom in the Bakken formation that straddles Canada and the U.S.

“And so we have infrastructure spending to catch up with production.”

For Mr. Basinger, Pembina Pipelines is also a best buy.

Besides conventional pipelines, Pembina boasts a 10.650-km. pipeline network for transporting crude oil from Alberta’s tar sands to markets near Edmonton.

The company’s pipelines also handle diluent and diluted bitumen from tar sands producers southwest of Fort McMurray, Alta., as well as from producers in Alberta’s Peace River/Seal region.

In all, Pembina’s pipelines handle roughly 30 per cent of the tar sands’ take-away capacity.”

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15

ResouRce stocks: Gold, silveR & oil & Gas shaRes

DOW THEORY FORECASTS7412 Calumet Ave., Hammond, IN 46324. 1 year, 52 issues, $279. www.dowtheory.com

H&P still a top buy despite recent dipRichard Moroney: “Shares of Helmerich &

Payne ($63; HP) fell 5% in the two days after the drilling company delivered mixed results for the June quarter. Revenue from U.S. land operations fell 1.6%, causing H&P to miss consensus revenue targets even as it topped the profit consensus by more than 7%.

However, H&P has already recovered almost all of the ground lost after the earnings release. Despite a 19% return so far this year, H&P trades at 12 times trailing earnings, a discount of 14% to both its peer group and its three-year average P/E ratio.

H&P, which expects the rig-replacement cycle to continue for several more years as U.S. energy production ramps up, is a Focus List Buy and a Long-Term Buy.

Energetic FutureH&P has assembled a newer, more efficient

fleet than its rivals, with 91% of its rigs capable of the horizontal or directional drilling often needed to extract oil and gas from shale. Horizontal and directional drilling account for more than 70% of U.S. rig activity, up from about 50% five years ago.

With technical superiority comes pricing power. Average daily margin for H&P’s land rigs reached $15.4 million in the June quarter, up 4.4% from a year earlier and at least 60% higher than the margins of its two largest competitors.

Of course, with the U.S. land-rig count unlikely to rise much this year and even high-end rigs oversupplied, H&P’s competitive advantages alone won’t drive the stock higher. Investors will want to see signs of growth. The consensus projects per-share-profit growth of 2% in the September quarter and a 1% decline in the fiscal year ending September 2014, targets that leave room for upside.

H&P holds 15% of the U.S. land-rig market, up from 13% a year ago, and continued share gains should drive growth. In addition, energy trends offer at least four reasons for optimism.

• Higher production. At the end of July, U.S. oil production topped 7.5 million barrels per day, up 19% from a year ago. Dry natural-gas production is also growing, though not nearly as fast. About 95% of H&P’s rigs drill for oil and liquids-rich gas, up from 75% in January 2012. The Department of Energy expects production of oil and natural gas will rise in the year ahead.

• Higher consumption. In July, U.S. oil producers supplied more than 19.5 million barrels of oil per day, up 3.7% from a year ago and reflecting the strongest consumption since 2008. U.S. natural-gas consumption rose 3.6% in the first five months of 2013, the largest gain since 2007.

• Higher prices. Despite a dip in June and July, natural-gas prices have jumped 11% from a year ago and remain 19% above the average for 2012. Oil prices

hover above $100 per barrel, up 14% from year-earlier levels. Higher energy prices make drilling new wells more attractive.

• Lower stockpiles. At the end of July, the U.S. had 2.85 billion cubic feet of working natural gas in storage, down 11.5% from the same time last year and 1.2% below the five-year average. The glut that has weighed on natural-gas prices in recent years seems to be easing a bit.

For more information visit www.hpinc.com.”****************

INVESTINGDAILY.COM, a free website maintained by KCI Publishing, 7600A Leesburg Pike, West Bldg., Ste. 300, Falls Church, VA 22043.

Iron Abounds in AustraliaAri Charney: “As is typical of the supply-demand

balance during a resource boom, global supply of iron ore lagged demand, particularly from fast-growing countries such as China, and that spurred mining companies in resource-rich countries such as Australia to deploy an extraordinary amount of capital to keep pace. Now, of course, Australia’s resource boom is peaking, and though China’s economy is still growing at an enviable rate, at least compared to those in the developed world, it’s nonetheless decelerating.

Given their proximity to one another, China is Australia’s largest trading partner, accounting for 20.3 percent, or AUD125.2 billion, of two-way trade in goods and services and a significant 26.3 percent, or AUD78.9 billion, of the country’s total exports last year. Among Australia’s abundance of resources, iron ore is by far the country’s leading principal export, accounting for 18.2 percent, or AUD54.7 billion, of total exports last year. And China consumed 70.6 percent, or AUD38.6 billion, of Australia’s total exports of iron ore.

Although rising iron ore production amid a slackening global economy means the commodity will be in a glut for the next several years, the question is to what extent supply will exceed demand. The most dramatic projection comes courtesy of UBS AG, which estimates a surplus of 150.7 million metric tons in 2014.

While there’s widespread agreement among analysts that iron ore will be in record supply, there’s considerable variance in their estimates. For instance, Goldman Sachs forecasts excess supply of 82 million metric tons, compared with surplus estimates of 27 million metric tons from Deutsche Bank AG and 8.8 million metric tons from Morgan Stanley. According to the latter, Australia will account for about 66 percent of production gains next year.

But there are a few factors that could cause these forecasts to come undone. For one, Chinese demand for iron ore could prove more resilient than expected. With inventories of iron ore that remain 28 percent lower than a year ago, China is in the midst of a

Continued on page 16

16

By Stephen LeebThe Complete Investor

In a remarkably short period of time, China has gone from the back of the pack to being the dominant player in the production of renew-able energies. Initially, most of this production was exported rather than put to use in China itself. But in 2011-12, China’s dominance in capacity began to show up inter-nally.

To give one striking comparison, U.S. solar capacity in 2010 was roughly three times that of China. Today – even though solar has been growing rapidly in the U.S. – China, with its extraordinary nine-fold growth in solar, has surpassed the U.S.

Still, while we expect China’s internal growth will continue at an outsized pace, we wouldn’t count the U.S. out. While most U.S. solar companies have disappeared or shrunk to small fractions of their prior value, we’re particularly intrigued by one new entry in this arena, whose shares have been rising sharply on prospects of future profits. For investors, the company represents a very

SolarCity: A Red-Hot U.S. Solar Playattractive speculation. And who knows – it could grow into a giant that could move the renewable need at least somewhat back in the direction of the U.S.

The company is SolarCity (SCTY). Its clever and unique business plan and heavyweight backing have resulted in a more than fourfold gain since its public debut in December 2012. The com-pany develops energy solutions for a large and diverse array of clients ranging from government agencies to Fortune 500 companies such as Wal-Mart (Growth Portfolio) to individual homeowners. Though some of its revenues are in the form of consulting fees, the bulk come from leasing solar arrays to its customers. This means that in contrast to other solar companies, SolarCity isn’t competing on price with solar panel producers but instead buys from the cheapest, serving as a conduit between the most efficient solar producers and consumers.

While the payback from the leases is very slow – solar takes a long time to pay for itself – they also are very sure. SolarCity’s growth prospects come from its ability

to add new customers together with the growing likelihood that solar will become increasingly competitive with other forms of energy. While the company will not likely produce a profit until well after 2015, we expect sales growth of at least 50 percent a year over the next three to five years, with sales topping $325 million by 2015.

Adding both cachet and po-tential monetary resources to the company is Elon Musk. Over the past five years Musk has distinguished himself as one of the company’s most successful entrepreneurs. He is the biggest shareholder of Tesla Motors, which has become the leading U.S. electric car company, and of privately held Space Exploration Technologies, which made history as the first private company to launch cargo to the International Space Station. Musk recently filed plans to increase his ownership percentage in SolarCity. We think the stock is an exciting speculation with a lot more potential upside.

Editor’s Note: Stephen Leeb is editor of The Complete Investor, P.O. Box 248, Williamsport, PA 17703. Monthly, 1 year, $72. www.completeinvestor.com.

Continued from page 15

restocking of the commodity as the result of strong demand from the construction sector, along with demand from the automobile, railroad, and appliance industries. Indeed, steel production is up 9.2 percent year to date.

Meanwhile, China’s July trade data surprised many economists, with imports rising 10.9 percent from a year ago, and iron ore purchases jumping 17 percent from June, to a record high of 62.3 million metric tons. Of course, such short-term data are volatile, but some analysts expect this trend could continue in the near to medium term. For example, Reuters reported that iron ore exports to China from Australia’s Port Hedland, which handles roughly one-fifth of the global seaborne market for the raw material, climbed 9 percent month over month in August. That suggests the possibility that August was another big month for Australia’s iron ore exports.

Over the next few years, projected supply could also end up being lower than expected, as companies cancel projects and delay or curtail production, especially if prices fall too sharply. Even so, many Australian mines enjoy costs of production well below prevailing prices, which should help insulate them at

least somewhat from a protracted price drop.At the same time, weakness in the Australian

dollar, which is among the worst performing currencies this year, should help the country compete more effectively against its peers in the global market. The Aussie currently trades near USD0.91, down nearly 14.2 percent from its year-to-date high of USD1.06. And economists expect the currency to decline even further as the country’s central bank continues on a rate-cutting cycle, while the US Federal Reserve appears poised to begin reining in some of its extraordinary stimulus. According to a Bloomberg survey of economists, the consensus forecast is for the Aussie to bottom at USD0.86 in 2016.

To be sure, even this more balanced assessment of what could happen to Australia’s iron ore exports in the years ahead isn’t exactly fodder for bullish sentiment. But it does underscore the fact that markets can adjust to challenging circumstances in a manner that undermines the more dire forecasts.”

Editor’s Note: Ari Charney is the managing editor of Australian Edge, Canadian Edge, Utility Forecaster and Jim Fink’s Options for Income. He is also an associate editor of Personal Finance and the chief investment analyst of Big Yield Hunting. To sign up for free reports and E-mail alerts visit www.InvestingDaily.com.

17

DTS8 Coffee Co. Ltd. Licensed to Roast and Sell “Don Manuel” Brand Premium Colombian Coffee in China Market

The DTS8 Coffee Company, Ltd. The DTS8 Coffee Company is a diversified, horizontally-integrated coffee roaster and marketer. This growing horizontally-integrated gourmet coffee roaster and wholesaler targeting to capturing a portion of the world’s fastest growing coffee market: China. DTS8’s business plan focuses on developing a solid market share in the fast

growing and wide open Chinese coffee drinking market which is gradually shifting from instant coffee towards gourmet whole bean and ground coffee products. DTS8’s focus is on China where coffee is quickly becoming the fashionable drink for younger generations of China’s 1.3 billion population. Barclay’s Capital analysts predict China’s coffee consumption could grow by an average rate of almost 40% a year by 2015. The bottom line for DTS8 and its Chinese subsidiary DTS8 Coffee is a wide-open market with huge potential.

DTS8 COFFEE COMPANY, LTD.

OTC BB: BKCTContact: Sean Tan, President, CEOBuilding B, #439, Jinyuan Ba Lu, Jiangqiao Town, Jiading District,

Shanghai, 201812, ChinaPhone: 011-86-15021337898E-Mail: sean@dts8coffee.com

USA Sales Office: 1685 H Street, Suite 405 Blaine, WA, 98230-5110

775-360-3031sales@dts8coffee.com

Investors: 775-360-3031Info@dts8coffee.com

Web Site: www.dts8coffee.com

Atna Resources: Growing Gold Production at Briggs Atna is building a successful gold mining company dedicated to responsible gold production and the creation of sustainable value for shareholders, employees and communities. Atna’s strategy includes: use solid existing asset base to create a multi-mine gold production scenario; an excellent platform for growth; produce sustainable cash flow, profits and value; and balance mine depletions with new gold production start up. In the second quarter of 2013 Briggs produced $4.7 million in operating cash flow, $1.9 million after

working capital adjustments. Net cash provided by operating activities was $3.5 million. Cash provided by operating activities before working capital adjustments was $0.5 million, while cash and cash equivalents were $2.1 million, not including $0.5 million in receivables from the June sales of Pinson ore. Briggs is expected to produce 20-25,000 oz of gold in the second half of 2013, an increase over first half 2013 due to increased grade and ore availability. Cash costs are expected to decline to $900 to $950 per ounce due to expected higher gold-ounces produced.

ATNA RESOURCES LTD.TSX: ATN

US OTC QB: ATNAFContact: Valerie Kimball

Corporate Communications/Corporate Secretary

14142 Denver West Parkway, Ste 250

Golden, Colorado USA 80401Toll Free: (877) 692-8182 Phone: (303) 278-8464

Fax: (303) 279-3772E-Mail: vkimball@atna.com Web Site: www.atna.com

Puma Exploration Advancing Successful Discovery Model as the Company is on Track to Develop a New Mine

Puma Exploration is exploring advanced precious and base metals projects in Canada. The company’s major assets are the Nicholas-Denys Silver Project and Turgeon Copper Project in New Brunswick and the Little Stull Lake Gold Project in

Manitoba. New Brunswick has been ranked the best place in the world to conduct mining exploration by the 2012 Fraser Institute Survey. The Nicholas-Denys property is accessible by road all year round and is intersected by a power line. Geophysical surveys added with compilation of current and previous works has confirmed the presence of two structures parallels to the Rocky-Brook-Millstream Fault, a primary control for the mineralization found in the main Haché, Shaft, Henry, PineTree, and Great Northern lenses. Together the structures host 16 silver deposits and showings over a strike length of 10 km. The 2013 work program on the Nicholas-Denys Project will target a potential major world class porphyry system. Currently, an exhaustive alteration study is in progress on the previous core collected during the 2012 drilling program and on new samples from actual mapping and drilling currently underway.

PUMA EXPLORATIONTSX.V: PUM

212 Ave. Cathedrale, Rimouski, Québec Canada G5L 5J2

Toll Free: 800-321-8564 Phone: 418-724-0901

Fax: 418-722-0310

info@explorationpuma.com

www.explorationpuma.com

18

FEATURED COMPANIES

Argonaut Gold Inc.Creating the Next Quality Mid-Tier Gold Producer

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Atna Resources Ltd.Rapidly Growing Gold

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Aurcana CorporationSolidly on Track to Becoming the

Next Primary Silver Producerwww.Aurcana.com

Aurizon Mines Ltd.Gold Producer Utilizing Cash

Resources to Grow Productionwww.aurizon.com

BacTech Environmental Corporation

Proprietary Reclamation Technology Asset-Rich

Exploration/Mining Propertieswww.bactechgreen.com

Batero Gold Corp.Aggressively Exploring Massive Gold/Copper Porphyry in Colombia

www.baterogold.com

DTS8 Coffee Co., Ltd.Challenging Major Players in

Growing Chinese Coffee Marketwww.dts8coffee.com

Great Panther Silver LimitedFast-Growing Silver Producer

Based in Mexicowww.greatpanther.com

Latin American Minerals Inc.Exploring Potential NewGold District in Paraguay

www.LatinAmericanMinerals.com

Lithium Americas Corp.Developing One of the World’s

Largest and Lowest Cost Lithium Operations

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Maderas Futuro, S.A.Privately Held Tropical Hardwood Ownership:

Top Performing Risk-Adverse Asset Class

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Puma ExplorationExploring Large Silver, Copper

and Gold Projects in New Brunswick & Manitobawww.explorationpuma.com

Terraco Gold Corp.Exploring Advanced Stage

Gold Deposits in Western U.S. www.terracogold.com

Teryl Resources Corp.Gold & Silver Properties in Alaska and Northern British

Columbia.www.terylresources.com

Torex Gold Resources Inc.Moving Multi-Million Oz

Morelos Gold Project to Productionwww.torexgold.com

U.S. Silver & Gold Inc.New Company Built for Growth

www.us-silver.com

INVESTOR SERVICESAmerican Gold Exchange, Inc.Your Reliable Hard Asset Advisor Gold, Platinum, Silver, Rare Coins

www.amergold.com

Canaccord Wealth Management Rod Blake

“Your Gateway to Canadian Securities”

www.RodneyBlake.com

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RICK RULESprott Global ResourceInvestments, Ltd

INVESTMENT CONFERENCESTOCKS | FUTURES | BONDS | ETFS | WARRANTS | OPTIONS | FUNDS

STOCKS | FUTURES | BONDS | ETFSWARRANTS | OPTIONS | FUNDS

INVESTMENT CONFERENCE

SAN FRANCISCO | NOvEMBER 25-26, 2013

3 important reasons to attend:

NOW IS THE BEST TIME TO

HOG GOLD & OTHER MINING STOCKS!

Scan here for more conference information

FREE registration is reserved for active investors. Sign up today at:

{ www.MetalsandMineralsEvents.com/SF }or call 800.831.8333

Meet the masters of Investment, Forecasting and Analysis in the Mining and Metals Market

“…It Is PRecIseLy mARkets LIke these, when we have taken pain but have also taken aggressive action…you don’t have the ability to reap the rewards of those upturns if you are not an aggressive investor in downturns like these.”

—RICK RULE, JUNE 3, 2013, “Rick Rule’s Reasons to Buy Gold and Select Gold Stocks,” www.Stockhouse.com

1. yOU wILL dIscOveR bargain basement prices on gold and mining stocks from credible investment experts with decades of experience in this asset class

2. yOU wILL LeARN how adding the right mining stocks at the right time to your investment portfolio can enhance your returns in the long run

3. yOU wILL see first-hand how being very aggressive in a bear market can pay major dividends for many years to come

MMSF13 PrintAd BB JUL.indd 1 7/2/13 3:40 PM