Canaccord Junior Mining Weekly Dec18-2010

15 December 2010
Wendell Zerb
604.643.7485 wzerb@canaccordgenuity.com
SMALL CAP OVERVIEW AND 2011 WATCH LIST

We provide an overview of the small cap mining sector and our year-end list of exploration/development/mining companies that we believe could provide aboveaverage speculative potential in 2011. For 2011, we suggest continued exposure to small cap equities that are associated with strong management and that have active exploration and development programs on top-quality targets/assets over the next 6-12 months. Given the strength of the sector, we also like exposure to selective pre-drillingphase exploration names that have quality preliminary geological data supporting upcoming drilling programs. Many of these speculative stories remain under-recognized, but offer above-average speculative appeal in the current market. We continue to stress that risk-tolerant investors should consider accumulating positions during corrective market phases and take profits in upturn rallies. Companies on our 2011 watch list have been selected based on a wide variety of criteria, including: capable company management, 2011 work programs, project potential and leverage to metal price movement (ideally, upward leverage). Our primary goal is to identify companies that offer above-average opportunity based on successful project advancement/development in 2011.
Nicholas Campbell
604.643.7027 ncampbell@canaccordgenuity.com
Adam Melnyk (Research Associate)

604.643.1655 amelnyk@canaccordgenuity.com
Gabriel Gonzalez (Research Associate)

604.643.7529 ggonzalez@canaccordgenuity.com
Iris Varga (Research Assistant)

604.643.7412 ivarga@canaccordgenuity.com
Junior Mining Weekly will resume publication the week of 11 January 2011.
Figure 1: Gold price versus average value US$/oz in situ
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US$157.27/oz Current value: US$157.27/oz
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C$/US$ 0.99 ; Ag:Au ratio 48:1 Source: Canaccord Genuity, Capital IQ
global Canaccord Genuity is the global capital markets group of Canaccord Financial Inc. (CF : TSX | CF. : AIM) The recommendations and opinions expressed in this Investment Research accurately reflect the Investment Analysts personal, independent and objective views about any and all the Designated Investments and Relevant Issuers discussed herein. For important information, please see the Important Disclosures section in the appendix of this document or visit Canaccord Genuitys Online Disclosure Database.
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Junior Mining Weekly | 2

15 December 2010
TABLE OF CONTENTS
2011 overview ........................................................................................................................4 Key junior mining sector drivers........................................................................................8 2010 watch list performance ............................................................................................9 2011 watch list company profiles.......................................................................................10 Alhambra Resources Ltd. (ALH : TSX-V : C$0.99 | Not rated) .......................................12 Almaden Minerals Ltd. (AMM : TSX : C$4.49 | Not rated).............................................13 Auryx Gold Corp. (AYX : TSX : C$0.94 | Not rated) .........................................................14 Batero Gold Corp. (BAT : TSX-V : C$2.58 | Not rated) ...................................................15 Bowmore Exploration Ltd. (BOW : TSX-V : C$0.58 | Not rated).....................................16 Dorato Resources Inc. (DRI : TSX-V : C$1.28 | Not rated).............................................17 Edgewater Exploration Ltd. (EDW : TSX-V : C$1.29 | Not rated) ...................................18 Full Metal Minerals Ltd. (FMM : TSX-V : C$0.29 | Not rated)........................................19 Goldgroup Mining Inc. (GGA : TSX : C$1.27 | Not rated)...............................................20 Indicator Minerals Inc. (IME : TSX-V : C$0.12 | Not rated) ............................................21 international PBX Ventures Ltd. (PBX : TSX-V : C$0.30 | Not rated).............................22 Iron Creek Capital Corp. (IRN : TSX-V : C$0.96 | Not rated)..........................................23 Mansfield Minerals Inc. (MDR : TSX-V : C$2.47 | Not rated) ........................................24 Newstrike Capital Inc. (NES : TSX-V : C$0.69 | Not rated) ............................................25 North Country Gold Corp. (NCG : TSX-V : C$1.20 | Not rated) ......................................26 Polar Star Mining Corporation (PSR : TSX : C$1.95 | Not rated) ..................................27 Queenston Mining Inc. (QMI : TSX : C$5.48 | Not rated) ..............................................28 Riverstone Resources Inc. (RVS : TSX-V : C$0.72 | Not rated) .....................................29 Rockgate Capital Corp. (RGT : TSX : C$1.98 | Not rated)..............................................30 Sulliden Gold Corporation Ltd. (SUE : TSX : C$2.26 | Not rated)..................................31 Sunridge Gold Corp. (SGC : TSX-V : C$1.30 | Not rated) ...............................................32 Trelawney Mining and Exploration Inc. (TRR : TSX-V : C$2.64 | Not rated)..................33 Research universe ................................................................................................................35 Gold in situ ............................................................................................................................36 Silver in situ...........................................................................................................................37 Uranium in situ......................................................................................................................39 Copper in situ ........................................................................................................................41 Zinc in situ .............................................................................................................................43 Nickel in situ..........................................................................................................................44 Ink spots ................................................................................................................................45 Junior Mining Weekly Index previous 12 months ...............................................................53
Note: All prices are as of close of market on 10 December 2010.

15 December 2010
Figure 2: Junior market and commodities snapshot

In Situ EV/attrib. lb eq.or oz or eq. Mkt. cap/oz or lb eq. CA GOLD In Situ (US$/oz) CA SILVER In Situ (US$/oz) CA URANIUM In Situ (US$/lb) CA COPPER In Situ (cents Cdn/lb) CA NICKEL In Situ (cents Cdn/lb) CA ZINC In Situ (cents Cdn/lb) CA MOLY In Situ (cents Cdn/lb) Value 10 Dec 10 157.27 1.88 4.35 10 Dec 10 7.28 11.20 3.48 17.58 Value 10 Dec 10 2,124 13,239 425 1466 135.41 13.56 571 % Change YTD 82.5% 184.8% 24.3% YTD 75.4% -28.1% 91.2% -0.5% % Change YTD 39.7% 12.7% 27.3% 45.9% 26.2% 26.3% 32.7% WoW -0.8% 16.0% -4.4% WoW 2.0% 1.2% -2.2% 4.4% TSX Venture Daily Volume for the week Date Monday Tuesday Wednesday Thursday Friday Total Average. Daily Volume S&P/TSX Venture Composite Index Volume and Value 07 Jan 07- 10 Dec 10 Date 6-Dec-10 7-Dec-10 8-Dec-10 9-Dec-10 10-Dec-10 Volume 515,098,956 465,438,334 391,381,160 423,636,324 398,785,224 2,194,339,998 438,868,000
S&P/TSX Venture Index
295 2,000
S&P/TSX Venture Composite Index Selected companies Price 10) Highly active by % (6-10 Dec 10) Symbol 10 Dec 10 % Ashburton Ventures Inc. ABR $0.20 200% 1,180 g/t Au sampled at Deep Creek, NV. $600k investment by PG-T. Cadillac Mining Corporation CQX $0.33 94% VGD-V option for 60% of CQXs Break project, Rouyn-Noranda, Quebec. Themac Resources Group Ltd. MAC.H $1.38 73% No news. currency CG commodity price and currency forecasts 2010E Aluminum US$/lb 0.93 Copper US$/lb 3.34 Nickel US$/lb 9.85 Zinc US$/lb 0.97 Lead US$/lb 0.95 Uranium US$/lb 43.1 Molybdenum US$/lb 15.85 Cobalt US$/lb 20.9 Gold US$/oz 1,215.0 Silver US$/oz 19.06 Platinum US$/oz 1,613 Palladium US$/oz 495.7 C$/US$ A$/US$ US$/Euro Rand/US$ 0.97 0.91 1.31 7.51
1,600
220
1,200 145 800
400 Jul-07 Jul-08 Jul-09 Jun-07 Jun-08 Jun-09 Jun-10 Oct-09 Oct-07 Oct-08 Oct-10 Feb-07 Feb-08 Feb-09 Mar-07 Mar-08 Mar-09 May-07 May-08 May-09 May-10 Nov-07 Nov-08 Sep-07 Sep-08 Dec-10 Jan-07 Jan-08 Jan-09 Jan-10 Feb-10 Nov-09 Sep-09 Aug-10 Apr-10 Sep-10
70
TSX-Venture Daily Trading Volume
2011E 0.90 3.75 9.75 0.95 1.00 52.5 15.0 17.5 1,400.0 23.50 1,800 550 1.00 0.95 1.30 8.00
2012E 0.90 3.75 9.25 0.90 1.00 60.0 15.0 15.0 1,300.0 22.50 1,550 400 0.95 0.90 1.30 8.00
Long Term 0.85 2.25 8.00 0.85 0.60 70.0 15.0 12.5 950.0 17.25 1,550 400 0.95 0.85 1.30 8.00
Value 10 Dec 10 1.04 4.10 10.85 1.03 1.08 60.00 16.02 17.00 1,386.00 28.67 1,681.75 735.50 0.99 0.99 1.32 6.87
% Change YTD 4.0% 23.1% 29.6% -10.1% -0.9% 33.3% 40.8% -17.1% 26.4% 69.9% 14.8% 80.4% 4.2% 9.8% -7.6% -7.2%
WoW 0.0% 3.0% 1.9% 3.0% 2.9% -1.6% 0.0% 0.0% -2.0% -2.5% -2.7% -4.3% -0.6% -0.8% -1.4% -0.2%
WoW (week over week). CG - Canaccord Genuity The CG commodity price and currency forecasts updated as of October 2010. In Situs: The basket of companies might vary quarterly. Past performance is not indicative of future results. Source: Canaccord Genuity estimates, Capital IQ, Bloomberg, TSX DataGroup
TSX Venture Volume (M)
Index S&P/TSX Venture Composite Index S&P/TSX Composite Index S&P/TSX Global Gold Index S&P/TSX Div. Metals & Mining (SPDR) Streettracks Gold Trust IShares Comex Gold Trust AMEX Gold Bugs
WoW 0.7% 0.5% -1.6% 5.7% -1.9% -1.9% -1.9%
445 3,200
2,800
370
2,400

15 December 2010
2011 OVERVIEW
In 2010, we again celebrated higher investor risk tolerance and the resulting reallocation of speculative capital to the junior mining sector. The resultant S&P/TSX Venture rally since we published our 2010 junior mining watch list equates to a 46.4% return. Selective stocks, however, commonly gapped up 20-30% in a days trading session. Over the year, good performances are measured in gains of over 300% and gains of over 1,000% are not uncommon. Our 2010 watch list returned a one-year gain of 147.1% as compared with 46.4% for the S&P/TSX Venture Index, 13.6% for the S&P/TSX Composite Index, 25.5% for the S&P/TSX Global Gold Index and 43.3% for the S&P/TSX Diversified Metals & Mining Index. (Figure 8, page 9). [Performance (percentage gain or loss) calculated from the publishing date of the 2010 watch list (23 December 2009) to present (10 December 2010)]. For 2011, we remain generally optimistic, again citing Chinas growth benefitting metals demand, additional US-dollar weakness (or lack of relative strength) supporting commodity prices, contingency government stimulus programs to support the global economy, and moderate North American economic expansion underpinning the broad equity markets. We stress, however, that the years following significant one-year rallies have often produced negative or flat returns (Figure 3). Figure 3: VSE, CDNX and TSX Venture Exchange (January 1983 to December 2010)
4000.00
-75% - 80%
3500.00
3000.00
-42%
- 75% -73%
2500.00
- 40% +257% + 211% + 88% + 91% + 65% -34%
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+ 21%
1500.00
+ 23% + 84%
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VSE Index
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S&P/TSX Venture Exchange Index
0.00 Jul-03 Jul-05 Jul-07 Jul-09 Mar-02 Mar-04 Mar-06 Mar-08 May-84 May-86 May-88 May-90 May-92 May-94 May-96 May-98 May-00 Mar-10 Dec-10 Jan-83 Jan-85 Jan-87 Jan-89 Jan-91 Jan-93 Jan-95 Jan-97 Jan-99 Jan-01 Nov-02 Nov-04 Nov-06 Nov-08 Sep-83 Sep-85 Sep-87 Sep-89 Sep-91 Sep-93 Sep-95 Sep-97 Sep-99 Sep-01
VSE Inde x
CDNX Inde x
TSX Ve nture Index
VSE and CDNX values adjusted for S&P/TSX Venture values. Source: Canaccord Genuity, TSX Datagroup, Bloomberg

15 December 2010 For 2011, we suggest continued exposure to small capitalization equities that are associated with strong management and that have active exploration and development programs on top-quality targets/assets over the next 6-12 months. Given the strength of the sector, we also like exposure to selective, pre-drilling phase exploration names that have quality preliminary geological data supporting upcoming drilling programs. Many of these speculative stories remain under-recognized, but offer above-average speculative appeal in the current market. We continue to stress that risk-tolerant investors should consider accumulating positions during corrective market phases and take profits in upturn rallies. Figure 4: TSX Venture Exchange (year over year, 2003 to December 2010)
3,500
2007
3,000
2006
2,500
2005
2,000
2010
2004
1,500
2003 2009
1,000
2008
500 August March June September December October November February January April May July
2003
2004
2005
2006
2007
2008
2009
2010
Source: Canaccord Genuity, TSX Datagroup, Bloomberg

15 December 2010
VIX the S&P Volatility Index

One of the most significant factors affecting the performance of the junior mining sector is the level of investor risk tolerance. At the end of 2008 during the full-blown credit crisis, confidence was shattered, investors were panicked and capital fled to safety at the slightest sign of risk. Figure 5 presents a chart of the CBOE SPX Volatility Index. Figure 5: CBOE* SPX Volatility Index (January 2008 to December 2010)
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70
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50 40
30
20
10 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 VIX - CBOE SPX Volatility Index
*CBOE Chicago Board Options Exchange Source: Canaccord Genuity, Bloomberg
The S&P Volatility Index (VIX, Figure 5) is a relatively reliable reverse barometer for investor risk tolerance. As the index goes up, investor risk tolerance goes down. As indicated in the figure above, the index spiked in late 2008 and has since returned to more moderate levels. In 2010, the VIX was relatively well-behaved from February to April, but the European financial crisis began to spike fear and volatility in the middle of Q2/10. With an interim easing of risk aversion in June 2010, the junior sector started its current rally. Between 1 January 2010 and 6 July 2010 the S&P/TSX Venture Index was down 11% (1,521 to 1,348), back to the equivalent of mid-year 2003 levels, but since 7 July 2010, the S&P/TSX Venture Index is up 58% (1,348 to 2,124). We believe risk tolerance will continue to be an integral factor in determining junior mining sector market valuations, so investors should be aware of the potential macroeconomic factors that help to shape broad investor risk tolerance. Strong metal prices, renewed belief in global growth, and a thawing of risk capital have all contributed to speculative capital flowing to junior mining equities.

15 December 2010
Volume
The TSX Venture Exchange established a new record for daily volume on 9 November 2010, when 526,512,252 shares traded, surpassing the previous record of 422,028,135 on 13 October 2010, and 411,550,319 set on 17 October 2007. We track the TSX Venture Index volume as a measure of the speculative capital being deployed into the small cap mining sector. We generally consider daily volumes of 200 million shares to be the minimum level of liquidity for supporting the S&P/TSX Venture Index. Higher volume levels are often associated with selective or broad advances in the junior sector. That being said, rallies driving the index to recent highs have come with liquidity levels of over 400 million shares traded daily. Higher volume levels are often associated with selective or broad advances in the junior sector. However, we caution that, according to our observations, downside pressure on the small cap mining sector is often related to periods of above-average volume followed by gaps down to lower daily volume (which translates to lower liquidity). Figure 6: S&P/TSX Venture Exchange Index and Volume (December 2001 to December 2010)
3,300 385 2,900 S&P/TSX Venture Index Value
2,500
310 TSX Venture Vol (M)
2,100
235
1,700 160 1,300 85 900
500 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Mar-10 Mar-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 TSX-Venture Daily Trading Volume S&P/TSX Venture Index
10
Figure 7: S&P/TSX Venture Exchange Index and Volume (December 2009 to December 2010)
550 2,800 475
S P T XV nu In e & / S e t re d x
2,400
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325 2,000 250 1,600 175
1,200 Jn 0 u -1 J l-1 u 0 Dc 9 e -0 Ot 0 c-1 Mr-1 a 0 My 0 a -1 Dc 0 e -1 Jn 0 a -1 Fb 0 e -1 Ag 0 u -1 A r-1 p 0 Nv 0 o -1 Sp 0 e -1
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TSX-Venture Daily Trading Volume
T XV nu V lu e( ) S e t re o m M

15 December 2010
KEY JUNIOR MINING SECTOR DRIVERS

In brief, we see the following as important catalysts to continued strength in small cap mining: Steady positive performance of the TSX resulting in excess capital flowing to the small cap mining development and exploration sector. The TSX remains heavily resourceweighted and, as investors continue to look for value in mining equities, more capital caps. could continue to shift downstream to highly leveraged small caps hot The hot junior mining sector in the 2009 and 2010 continues to draw new investors to the sector with unallocated pools of capital seeking entry points. remain Metals prices need to remain relatively robust in order to create interest in the sector. S&P/TSX Venture Index daily volume of over 200 million shares represents a level of liquidity we consider important to generally support the junior mining sector. That being said, rallies driving the index to recent highs have come with liquidity levels of over 400 million shares traded daily. Higher volume levels are often associated with selective or broad advances in the junior sector. However, we caution that, according to our observations, downside pressure on the small cap mining sector is often related to periods of above-average volume followed by gaps down to lower daily volume (which translates to lower liquidity). Mergers and acquisitions (M&A) can be excellent catalysts to draw investor interest to the small capitalization mining development and exploration companies. Recent examples include: Goldcorp for Andean Resources, Kinross for Redback Mining, and Franco Nevada for Gold Wheaton. An exploration discovery can be the best catalyst to drive speculative interest in the small capitalization space. We believe the potential for new discoveries improves relative to the amount of capital being deployed into exploration programs, which is currently above average. Current monetary policy continues to foster an environment of risk taking. In fact its become a global phenomenon for countries to support an interest rate policy aimed at loosening credit availability to spur capital investment. With this has come a new wave of interest in bullion: if you cant believe in any of the paper currencies, buy the most logical hard currency. We have yet to see a firm economic recovery take hold in the US, thus we believe the Fed, along with the US government, is likely to continue to attempt to foster an atmosphere of risk taking over the next several quarters. This low interest rate environment has remained intact. This has left fewer options for investors and, most importantly with regard to mining, has drawn capital to the junior sector.

15 December 2010
2010 WATCH LIST PERFORMANCE

If 2008 was the year of the freight train (the one that hit our 2008 watch list with a 75.2% loss), 2009 was the year of the express train with a gain of 289%. The 2010 performance carried our watch list to a gain of 147%, significantly outperforming our primary S&P/TSX Venture Index benchmark (46.4%). The star performers were Canaco Resources Inc. (CAN : TSX-V), Rio Alto Exploration Ltd. (RIO : TSX-V), Levon Resources Ltd. (LVN : TSX-V) and Kaminak Gold Corp. (KAM : TSX-V), while Capella Resources Ltd. (KPS : TSX-V) and Blue Sky Uranium Corp. (BSK : TSX-V) should, perhaps, have been voted off the island earlier in the year. Figure 8: 2010 watch list performance
Company Company Name Anfield Nickel Corp. Banro Corporation Blue Sky Uranium Corp. Canaco Resources Inc. Capella Resources Ltd. Carpathian Gold Inc. Corex Gold Corp. First Point Minerals Corp. Focus Ventures Ltd. Hudson Resources Inc. Intercitic Minerals Inc. Kaminak Gold Corp. Kiska Metals Corp. Levon Resources Ltd. PC Gold Inc. Richfield Ventures Corp. Rio Alto Exploration Ltd. Rodinia Minerals Sandstorm Resources Ltd. Uracan Resources Ltd. US Gold Corp. Average S&P/TSX Venture Index S&P/TSX Composite Index S&P/TSX Global Gold Index S&P/TSX Div. Metals & Mining Index 1,451 11,659 339 1,023 2,124 13,239 425 1,466 Ticker ANF BAA BSK CAN KPS CPN CGE FPX FCV HUD ICI KAM KSK LVN PKL RVC RIO RM SSL URC UXG Exchange TSX-V TSX TSX-V TSX-V TSX-V TSX TSX-V TSX-V TSX-V TSX-V TSX TSX-V TSX-V TSX-V TSX TSX-V TSX-V TSX-V TSX-V TSX-V TSX Price C$ 23 Dec 09 10 Dec 10 $2.90 $4.55 $2.12 $3.27 $0.56 $0.23 $0.53 $5.97 $0.45 $0.12 $0.33 $0.68 $0.79 $0.80 $0.33 $0.90 $0.97 $0.50 $0.78 $1.16 $0.93 $2.04 $0.73 $3.00 $0.87 $1.28 $0.40 $1.81 $0.62 $0.67 $1.18 $4.60 $0.35 $1.90 $0.45 $0.57 $0.53 $0.73 $0.32 $0.26 $2.66 $7.57 % Change Price 56.9% 54.2% -58.9% 1,026.4% -73.3% 106.1% 1.3% 176.9% -48.5% 48.7% 119.4% 311.0% 47.1% 352.5% 8.1% 289.8% 442.9% 26.7% 37.7% -20.3% 184.6% 147.1% 46.4% 13.6% 25.5% 43.3%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21
Performance (percentage gain or loss) calculated from the publishing date of the 2010 watch list (23 December 2009) to present (10 December 2010). The results presented should not and cannot be viewed as an indicator of future performance. The results presented are exclusive of any relevant costs, including commissions and interest charges or other applicable expenses. Source: Canaccord Genuity, Capital IQ, Bloomberg

15 December 2010
2011 WATCH LIST COMPANY PROFILES

15 December 2010
2011 WATCH LIST

Companies on our 2011 watch list have been selected based on a wide variety of criteria, including: capable company management, 2011 work programs, project potential and leverage to metal price movement (ideally, upward leverage). Our primary goal is to identify companies that provide above-average opportunity based on successful project advancement/development in 2011. We do not have formal research coverage of the companies named in our 2011 watch list; their inclusion on the list does not constitute a recommendation nor should it be assumed to be a recommendation to purchase at this time. Share appreciation from current levels is dependant upon factors that may or may not materialize. We provide profiles of each of the companies on the watch list and highlight some important assumptions. Figure 9: Canaccord Genuity 2011 watch list
Company Name Alhambra Resources Ltd. Almaden Minerals Ltd. Auryx Gold Corp. Batero Gold Corp. Bowmore Exploration Ltd. Dorato Resources Inc. Edgewater Exploration Ltd. Full Metals Minerals Ltd. Goldgroup Mining Inc. Indicator Minerals Inc. International PBX Ventures Ltd. Iron Creek Capital Corp. Mansfield Minerals Inc. Newstrike Capital Inc. North Country Gold Corp. Polar Star Mining Corporation Queenston Mining Inc. Riverstone Resources Inc. Rockgate Capital Corp. Sulliden Gold Corporation Ltd. Sunridge Gold Corp. Trelawney Mining and Exploration Inc. Ticker ALH AMM AYX BAT BOW DRI EDW FMM GGA IME PBX IRN MDR NES NCG PSR QMI RVS RGT SUE SGC TRR Exchange TSX-V TSX TSX TSX-V TSX-V TSX-V TSX-V TSX-V TSX TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX TSX TSX-V TSX TSX TSX-V TSX-V Price C$ 10 Dec 10 10 $0.99 $4.49 $0.94 $2.58 $0.58 $1.28 $1.29 $0.29 $1.27 $0.13 $0.30 $0.96 $2.47 $0.69 $1.20 $1.95 $5.48 $0.72 $1.98 $2.26 $1.30 $2.64 Analyst/Associate NC WZ/AM NC NC WZ/GG WZ/AM NC WZ/AM NC WZ/AM WZ/AM WZ/AM WZ/AM WZ/AM WZ/AM WZ/AM WZ/AM NC NC/GG NC/GG NC WZ/AM
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22
Source: Canaccord Genuity, Capital IQ

15 December 2010
ALHAMBRA RESOURCES LTD. (ALH : TSX-V : C$0.99 | NOT RATED)

Figure 10: ALH : TSX-V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 104.0 123.5 C$18.0 C$103.0 www.alhambraresources.com
Nicholas Campbell
1.604.643.7027
Figure 11: ALH : TSX-V
Source: Company reports
Source: StockCharts.com
Alhambra Resources is a junior gold exploration and development company under the stewardship of John Komarnicki, President and CEO. The company is focused on the advancement of the Uzboy gold project in northern Kazakhstan and the exploration of the Dombraly and Shirotnaia gold projects. The Uzboy gold project hosts an NI 43-101 compliant resource estimate of 21.3 million tonnes grading 1.42 g/t gold (975,500 ounces of contained gold) in the measured and indicated category with an additional 11.3 million tonnes grading 1.17 g/t gold (421,700 ounces of contained gold) in the inferred category. Alhambra is currently producing at a rate of roughly 15,000 ounces of gold per year from the Uzboy mine with cash costs of roughly US$720/oz of gold produced. An updated preliminary economic assessment for the Uzboy mine is underway. The Dombraly gold project is a past producing gold operation with a target area of 1,700 by 240 meters. ALH is targeting an initial oxide resource of 5.0-7.0 M tonnes grading 1.4-1.8 g/t gold (230,000-410,000 ounces of gold). Waste piles from previous operations grade 1.52 g/t gold. Drilling in 2011 is to focus on delivering an initial resource estimate for the Dombraly project. The Shirotnaia gold project is a large 10.0 by 2.0 kilometre target area. Highlights from previous drilling include 73 metres grading 1.79 g/t gold, 40 metres grading 1.18 g/t gold and 62 metres grading 0.93 g/t gold. Drilling in 2011 is to focus on delivering an initial resource estimate for the Shirotnaia project. In addition to its more advanced projects, Alhambra intends to continue testing regional exploration targets to delineate new gold resources. Early-stage exploration targets include the Vasilkovskoe East, North Balusty, Zhanatobe and Kerbay prospects. For 2011, Alhambra has the objectives of releasing an updated resource estimate for the Uzboy gold deposit, providing initial resource estimates for the Dombraly and Shirotnaia projects, releasing an updated preliminary economic assessment for the Uzboy gold deposit and continuing to test regional targets to delineate new zones of mineralization.
An analyst has not visited Alhambra Resources Ltd.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Alhambra Resources Ltd. is for risk accounts only.

15 December 2010
ALMADEN MINERALS LTD. (AMM : TSX : C$4.49 | NOT RATED)

Figure 12: AMM : TSX
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 50.3 57.0 $13.6 $225.8
www.almadenminerals.com
Wendell Zerb, P. Geol Adam Melnyk, P. Eng Figure 13: AMM : TSX
1.604.643.7485 1.604.643.1655
Almaden is a mineral exploration company specializing in the generation of new mineral prospects in the western half of North America. According to the company, it has over 40 properties in its portfolio at various stages of exploration and development. Almadens founder and Chairman, Duane Poliquin, is linked to numerous discoveries including: the Santa Fe gold deposit in Nevada, the Apex germanium-gallium deposit in Utah, the Nevada Scheelite Extension, and the Trinidad gold mine, Mexico. Morgan Poliquin, President and CEO, is a Ph.D geologist with a special interest in epithermal gold. In early August 2010, AMM announced initial drill results from its 100% Tuligitic project in Puebla State, Mexico. The first drill hole (TU-10-1) of an initial three-hole test program intersected 302.4 metres grading 1.01 g/t Au and 48 g/t Ag (1.7 g/t AuEq) and 1.67 metres grading 60.66 g/t Au and 2,112 g/t Ag (93.2 g/t AuEq) in the Ixtaca Zone, a new low-sulphidation epithermal gold discovery. Follow-up drilling in November 2010 confirmed the general NE trend of mineralization at Ixtaca. The company suggests that controls on mineralization are complex and that there are least two major sets of veins: one along bedding striking roughly 150 to 170 degrees and one perpendicular to bedding striking roughly 50 to 70 degrees. Recent drilling has roughly been at the same azimuth as the bedding parallel vein set, and the company is considering adjusting its drill direction to capture mineralization associated with both vein sets (approximately 100 degrees). Holes released in November include TU-10-4 and TU-10-5, which were collared at an azimuth 150 degrees and dips of -48 and -55, respectively. The company suggests the holes were designed to cross the veins intersected in TU-10-1. Both holes intersected multiple quartz-carbonate-sulphide veins. Hole TU-10-4 intersected 158.0 metres (from 189.10 to 347.10 metres) averaging 0.94 g/t gold and 61.1 g/t silver (2.2 g/t AuEq or 108 g/t AgEq). Hole TU-10-5 intersected 230.43 metres (from 146.40 to 379.13 metres) averaging 0.51 g/t gold and 42.0 g/t silver (1.3 g/t AuEq or 67 g/t AgEq). Drill hole TU-10-6 appears to be an important 110 metre NE step-out from holes TU-10-1 (in part), TU-10-4 and TU-10-5. Hole TU-10-6 was collared with an azimuth of 150 degrees and dip of -50 degrees and according to AMM intersected multiple quartz-carbonate-sulphide vein zones. The entire zone of veining averaged 0.86 g/t gold and 61.7 g/t silver (2.1 g/t AuEq or 105 g/t AgEq) over 126.22 metres from 295.58 to 421.80 metres on the drill stem. Higher-grade intervals include: 19.18 metres grading 2.84 g/t gold and 160.2 g/t silver (6.0 g/t AuEq or 302 g/t AgEq). We believe Ixtaca represents a classic hot springs/low sulphidation target. Early successful drilling results, combined with an associated high-resistivity IP anomaly and soil geochemistry with anomalous gold values that span up to 2 kilometres along the NE interpreted trend, give us encouragement that Ixtaca could represent a multi-million oz AuEq discovery. Subtle surface alteration suggests there is potential for the system to continue up to 2 kilometres to the SW. A thin layer of younger volcanic ash masks older geology in the area, including, potentially, gold mineralization.
An analyst has not visited Almaden Minerals Ltd.s material operations
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Almaden Minerals Ltd. is for risk accounts only.

15 December 2010
AURYX GOLD CORP. (AYX : TSX : C$0.94 | NOT RATED)

Figure 14: AYX : TSX
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 161.3 171.3 C$15.3 C$151.6 www.auryxgold.com
Nicholas Campbell
1.604.643.7027
Figure 15: AYX : TSX
Auryx Gold is a junior gold developer under the stewardship of Tim Searcy, President. The company is focused on the advancement of its 92%-owned Otjikoto gold project in Namibia. The Otjikoto gold project is located in north-central Namibia. The project hosts an NI 43-101 compliant resource estimate of 28.4 million tonnes grading 1.34 g/t gold (containing 1.2 million ounces of gold) in indicated resources with an additional 17.2 million tonnes grading 1.28 g/t gold (containing 0.7 million ounces of gold) in inferred resources. The project has excellent infrastructure with highway access and sufficient local water supply, which is particularly important in Namibia. The mineralization occurs in higher-grade shoots within a halo of lower-grade mineralization. The mineralization remains open to extension along strike to the south and up and down shoot. The company is also testing for parallel shoots laterally from the current mineralization. Previously completed metallurgical work returned 80-85% recoveries using a combination of gravity and leaching and 85-95% recoveries using gold flotation. The project is being considered as an open pit mining operation. The strip ratio for the mine is currently estimated at 4.5:1. Auryx is expected to report a resource re-estimate (recalculation of the current resource based on previous drilling) in Q1/11. A 15,000 metre diamond drilling program and 10,000 metre reverse circulation (RC) drill program is set to begin in late 2010 with initial results expected in Q1/11. Geohydrological studies and an ESIA are expected to be completed in 2011 with an initial scoping study expected to be released by late 2011 to early 2012. The Otjikoto gold project is similar to AngloGolds Navachab gold mine in Namibia, which was commissioned as a 50,000 ounce per year gold mine on a limited reserve and has since been expanded to 80,000 ounces of gold per year gold operation with a 4.2 million ounce resource. Auryx Gold is currently trading at a market value of C$79.80/oz of gold resource compared with the weighted average market value of C$104/oz that we estimate for junior gold companies.
An analyst has visited Auryx Gold Corporations material operations in Namibia. Partial payment or reimbursement was received from the issuer for the related travel costs.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Auryx Gold Corp. is for risk accounts only.

15 December 2010
BATERO GOLD CORP. (BAT : TSX-V : C$2.58 | NOT RATED)

Figure 16: BAT : TSX-V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 41.8 57.4 C$17.0 C$107.8 www.baterogold.com
Nicholas Campbell
1.604.643.7027
Figure 17: BAT : TSX-V
Batero Gold is a junior gold exploration company under the stewardship of Brandon Rook, President and CEO. The company is focused on the advancement of the Batero-Quinchia copper-gold project in western Colombia. The Batero-Quinchia copper gold project is located 190 kilometres from Colombias capital city of Bogota, 20 kilometres southwest of Medoros Marmato gold project and 100 kilometres northwest of AngloGolds La Colosa gold project. The property is accessible by way of paved highway with local access to the regional power grid. A 15-hole diamond drill program was completed on the property by AngoGold from 2006-2007, which outlined three copper-gold porphyry mineralized zones. Three Miocene intrusive centres were identified in a north-south trend on the Batero-Quinchia property with a total strike length of 3 kilometres long by 2 kilometres wide: La Cumbre, Dos Quebradas and La Lenguita/San Luis/Mandeval. A fourth porphyry target was indentified, Metecana, to the south of the mineralized zones. The La Cumbre porphyry target area has been visually confirmed over a 1.5 by 1.1 kilometre area. Historical drilling intersected mineralization from surface with mineralization remaining open at depth and in all directions. The discovery hole returned 277 metres grading 0.747 g/t gold and 0.143% copper. Drilling returned 42 277 metre intercepts grading 0.5-0.75 g/t gold and 0.06-0.15% copper. The Dos Quebradas porphyry target area covers a 700 by 700 metre area. Five holes were drilled historically, with the highlight hole intersecting 216 metres grading 0.746 g/t gold and 0.11% copper. The La Lenguita/San Luis/Mandeval targets lie roughly 1.0 kilometre to the north of the La Cumbre zone. A 250 metre by 1.0 kilometre target area was defined by geochemistry and mapping historically at the Mandeval target. Preliminary rock chip and soil samples indicated the presence of molybdenum and copper at La Lenguita/San Luis. A 16,000 metre drill program has been budgeted for the Batero-Quinchia copper gold project in 2011, focusing on the previously defined targets with some initial testing for new zones. The company is also working to complete initial metallurgical testing and begin environmental baseline work. An initial resource estimate for the Batero-Quinchia project is expected in 2011.
An analyst has not visited Batero Gold Corp.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Batero Gold Corp. is for risk accounts only.

15 December 2010
BOWMORE EXPLORATION LTD. (BOW : TSX-V : C$0.58 | NOT RATED)

Figure 18: BOW : TSX- V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 45.1 58.6 C$4.9 C$26.2 www.bowmorexploration.com
Wendell Zerb, P. Geol Gabriel Gonzalez Figure 19: BOW : TSX-V
1.604.643.7485 1.604.643.7529
Bowmore is a Montreal-based exploration and development company focused on gold mineral properties in Canada and Mexico. The company is led by Paul A. Dumas, President and CEO, and benefits from a strategic partnership with Osisko Mining (OSK : TSX : C$14.99 | SPECULATIVE BUY), which has a 40% interest in the company and has nominated Robert Wares, Osisko Director and COO, and Sean Roosen, Osisko President and CEO, to Bowmores board of directors. Bowmore has an option agreement with AMEX Exploration Inc (AMX : TSX-V : C$0.26 | Not rated) to acquire 70% of the Chivas project (formerly Natora-South), a 24,841 hectare property located on the Sierra Madre gold belt in Mexico. The property shares a similar geological setting with Minefinders Corp.s (MFL : TSX : C$11.45 | SPECULATIVE BUY) Dolores mine located 15 kilometres east, and Alamos Golds (AGI : TSX : C$18.54 | HOLD) Mulatos mine 40 kilometres to the south. Bowmore can initially earn 50% over a 24-month period in consideration for issuing AMEX an aggregate 150,000 shares and total cash payment of $312,500, and incurring exploration expenditures of at least $1,250,000 over the same period. A further 20% can be elected to be earned by Bowmore over the following 24month period by issuing AMEX 100,000 shares and a total cash payment of $200,000, and incurring exploration expenditures of at least $750,000 within the election period. The property is not subject to any NSR. An airborne radiometric and magnetic survey was recently completed on the Chivas property, identifying a total of 14 targets, of which three were found to have strong to intense epithermal alteration. A wide silicified zone measuring approximately 900 by 300 metres was identified within felsic volcanic rocks west southwest of the Piedra Rodante zone, where previous drilling identified low-grade to anomalous gold values. This sinter zone is similar to those found above high-grade Bonanza-type low sulphidation epithermal systems. Based on the character of the zone, and its significant size (mapped for over a strike length of 2.5 kilometres), it opens the potential for an above-average epithermal gold-silver discovery. Additional field work will establish priority targets for a Q1/11 drill program. The company also has two projects of interest in Quebec. Its St-Victor property is located in southern Quebec where the company is targeting sediment-hosted gold mineralization similar to the Sukkhoi Log deposit in Russia. The company recently announced it will conduct a total of 2,410 line kilometres of airborne magnetic and time-domain electromagnetic (TDEM)geophysics at St-Victor that will assist targeting for a January 2011 drill program. At its second area of interest in Quebec, Bowmore is exploring for Lode gold associated with the Abitibi Greenstone belt on its Duverny project.
An analyst has not visited Bowmore Exploration Ltd.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Bowmore Exploration Ltd. is for risk accounts only.

15 December 2010
DORATO RESOURCES INC. (DRI : TSX-V : C$1.28 | NOT RATED)

Figure 20: DRI : TSX-V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 68.8 90.7 US$8.0 C$88.1 www.doratoresources.com
Wendell Zerb, P. Geol Adam Melnyk, P. Eng Figure 21: DRI : TSX-V
1.604.643.7485 1.604.643.1655
Dorato is a mineral exploration company focused in the Cordillera del Condor Gold, Copper District in Peru along the Ecuador border. Dorato is led by Keith Henderson, President, a registered professional geologist with 15 years experience, primarily in precious and base metal exploration. Doratos 2010 work program has focused the Lucero bulk tonnage gold-copper target Cordillera del Condor Gold, Copper District in Peru. In October, Dorato released significant trench results at Lucero, which included 188 metres grading 2.08 g/t gold and 0.20% copper, including 56.9 metres of 3.65 g/t gold and 0.23% copper. Subsequent trenching has intersected 15 metres grading 1.66 g/t Au, 50 metres grading 1.01 g/t Au, and 63.2m grading 1.63 g/t Au. A total of 11 trenches have been excavated within the Lucero target area, totalling 668 metres in length. Trenching anomalies now cover an extensive 730 by 530 metre area within the larger Lucero anomaly. Lucero is interpreted to be an intrusion-related gold and copper system. Mineralization occurs in a hydrothermally altered package of sedimentary and intrusive rocks and is also found in massive magnetite replacement and breccia bodies. Recent results outline a geochemical anomaly over 700 metres (east-west) by over 1,100 metres (north-south). The soil anomaly is coincident with airborne geophysical EM and magnetic data (recently upgraded resolution to 50 metre line spacing from 200 metre), and confirmed by gold-copper mineralization discovered by surface rock sampling and trenching. Dorato has the right to purchase 100% of Minera Afrodita, which controls concessions in the Cordillera del Condor in Peru. This mineral belt hosts the 14.1 million ounce AuEq Fruta del Norte gold deposit, which was the subject of Kinross US$923 million acquisition of Aurelian Resources in Q3/08. Doratos primary focus has been properties (Taracori, Lucero, Cobrecon) within the Cordillera del Condor project. A combination of geological mapping, geochemical sampling, and geophysics has led to multiple target areas. As part of its ongoing airborne geophysical survey (approximately 50% complete) at the project, the company recently indentified 13 additional targets on the 1,050 square kilometre property over 80 kilometres of strike length.
An analyst has not visited Dorato Resources Inc.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Dorato Resources Inc. is for risk accounts only.

15 December 2010
EDGEWATER EXPLORATION LTD. (EDW : TSX-V : C$1.29 | NOT RATED)

Figure 22: EDW : TSX-V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 49.5 70.4 C$16.5 C$63.9 www.edge-water.com
Nicholas Campbell
1.604.643.7027
Figure 23: EDW : TSX-V
Edgewater Exploration is a junior gold exploration and development company under the stewardship of George Salamis, President and CEO. The company is focused on the advancement of its 100%-owned Corcoesto gold project in Spain and its Enchi gold project in Ghana (option to earn 45.9% of the project from Kinross). The Corcoesto gold project is located in northwestern Spain. The project hosts an NI 43-101 compliant resource of 5.6 million tonnes grading 1.73 g/t gold (315,000 ounces contained) in the measured and indicated category, with an additional 16.5 million tonnes grading 1.66 g/t gold (885,000 ounces contained) of inferred gold resources. Seven gold vein systems have been identified to date, which remain open along strike and to depth. The project has the potential to support open pit and underground mining operations. Initial metallurgical results indicate potential recoveries of 90% using a conventional CIL process. The project is located in a favourable mining jurisdiction in Spain with a small-scale mining permit already in place (will need to be re-submitted for a larger operation) and good infrastructure to site. Edgewater has budgeted for a 12,000 metre drill program to begin in Q4/10 with the goal of delivering an updated resource estimate in H1/11. An initial scoping study for the project is expected to be completed by late 2011 to early 2012. The Enchi gold project is located in southwestern Ghana. Edgewater has the option to earn 45.9% of the project from Kinross Gold Corporation by spending C$5 million on the project by August 2012. Previous work focused work on the Boin gold zone (112 RC drill holes) and the Nyamebekyere gold zone (35 RC drill holes). The Boin gold zone has been documented over 10 kilometres associated with the Bibiani Shear Zone. Nyamebekyere has been drilled over a 1.5 kilometre strike length. No NI 43-101 compliant resource estimate has been completed on the Enchi project. A 15,000 metre diamond drill program is budgeted for the Enchi project beginning in Q4/10. An initial resource estimate is expected to be completed in H1/11. Edgewater Exploration is currently trading at a market value of C$53.25/oz of gold resource compared with the weighted average market value of C$104/oz that we estimate for junior gold companies.
An analyst has not visited Edgewater Exploration Ltd.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Edgewater Exploration Ltd. is for risk accounts only.

15 December 2010
FULL METAL MINERALS LTD. (FMM : TSX-V : C$0.29 | NOT RATED)

Figure 24: FMM : TSX-V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 133.3 183.1 C$3.0 C$35.9 www.fullmetalminerals.com
Wendell Zerb, P. Geol Adam Melnyk Figure 25: FMM : TSX-V
1.604.643.7485 1.604.643.1655
Full Metal Minerals is a junior exploration company with an exploration focus in Alaska and Yukon. The company is under the stewardship of Michael Williams, President, and Rob McLeod, VP Exploration. The companys Alaska land package is extensive and includes the Aleutian Islands/Alaska Peninsula CuMo exploration projects (including Pyramid), the 40-Mile zinc-silver-lead project, the Rolling Thunder gold project in eastern Alaska, and the Pebble South copper project in southwestern Alaska. Full Metal and Antofagasta recently completed a five-hole 1,668 metre drill program at the Pyramid porphyry target at the Pyramid project, located in southwestern Alaska. All drill holes encountered meaningful chalcocite, chalcopyrite and molybdenite mineralization, starting at surface. The 2010 drill program covered an area spanning 900 metres (east-west) by 750 metres (north-south) area. PY10-05 encountered the most impressive mineralization, returning 195 metres averaging 0.63% Cu, 0.018% Mo and 0.14 g/t Au, or 0.82% copper equivalent (using US$2.00/lb for copper, US$1,000/oz for gold, and US$10/lb for molybdenum). The 37,296 hectare project lies along the southern margin of the Alaska Peninsula approximately eight kilometres from tidewater. Multiple hydrothermal centres have been identified at Pyramid, within an oval-shaped 2,300 by 1,400 metre mapped extent of phyllic and potassic alteration zones. The Pyramid area was initially explored in 1974 by the Aleut-Quintana-Duval joint venture, which drilled 19 shallow holes (maximum 168 metres depth) in late 1975 (1,695 metres total). This drilling outlined a historical resource (nonNI 43-101) of 125 million tons grading 0.403% copper (largely chalcocite) and 0.025% molybdenum near-surface. Antofagasta Minerals can earn an initial 51% Interest in Pyramid by incurring US$6 million in expenditures during the first four years (US$1.5 million in the first year) and paying Full Metal US$200,000 in cash (US$50,000 at the end of the first year). Antofagasta can then earn an additional 14% interest for a total aggregate of 65% interest by preparing and delivering, at its sole cost, a scoping study costing a minimum of US$4 million. Antofagasta can then earn an additional 15% interest for a total aggregate of 80% interest by funding at its sole cost a feasibility study on the project. Other important projects being explored by FMM include: The 40-Mile property (100%), a 90 kilometre trend of silverlead-zinc targets, as well as prospective gold and copper showings. Drilling has expanded the LWM target along a strike of about 950 metres. Recent drill results include: 4.40 metres (true width) averaging 23.63% Zn, 23.71% Pb and 314.2 g/t Ag. The Rolling Thunder project includes about 210 State of Alaska mining claims (34,000 hectares) staked to target lode gold mineralization on trend with structurally controlled, quartz-pyrite stockwork, vein and vein breccias hosted on the White Gold Property, Yukon (Kinross/Underworld). Full Metal currently has 36.1 million outstanding share purchase warrants exercisable at $0.25, which expire between December 2010 and September 2012.
An analyst has not visited Full Metal Minerals Ltd.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Full Metal Minerals Ltd. is for risk accounts only.

15 December 2010
GOLDGROUP MINING INC. (GGA : TSX : C$1.27 | NOT RATED)

Figure 26: GCA : TSX
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 84.9 95.1 C$18.3 C$107.8 www.goldgroupmining.com
Nicholas Campbell
1.604.643.7027
Figure 27: GCA : TSX
Goldgroup Mining is a junior gold producer and exploration company under the stewardship of Keith Piggott, CEO. The company is focused on operating its Cerro Colorado gold mine and advancing the Caballo Blanco and San Jose de Gracia gold projects in Mexico. The Cerro Colorado gold mine is an open pit heap leach operation that produces roughly 25,000 ounces of gold per year in Sonora State, Mexico. There is a current NI 43-101 compliant resource of 244,000 ounces of measured, indicated and inferred gold resources estimated at the mine. The 2011 exploration program is focused on expanding the current resource base with a new crushing system recently installed to improve gold recoveries. Goldgroup holds a 70% interest in the Caballo Blanco project in Vera Cruz State, Mexico. The project has a current NI 43-101 compliant indicated and inferred gold resource of 34.3 million tonnes grading 0.6 g/t gold, containing 656,000 ounces of gold (459,000 ozs to Goldgroups account). The current resource is based on drilling completed at the La Paila deposit, which remains open on all sides with multiple anomalies to be tested on the current land package. A 30,000 metre drill program is in progress. Initial metallurgical test work indicated potential gold recoveries of 88+%. With excellent infrastructure to site, the company intends to fast track Caballo Blanco to production over the next three years with the goal of developing a 100,000+ ounce per year operation. Goldgroup has an option to earn a 50% interest in the San Jose de Gracia gold/silver project in Sinaloa State, Mexico. The project has an NI 43-101 compliant inferred mineral resource of 3.4 million tonnes grading 5.59 g/t gold and 10.02 g/t silver, containing 618,000 ounces of gold and 1.1 million ounces of silver (309,000 ozs of gold and 655,000 ounces of silver to Goldgroups account). Combined, Goldgroup has attributable NI 43-101 compliant resources of 1,025,000 ounces of gold-equivalent. The company is currently trading at a market value of C$105.19/oz compared with the weighted average market value of C$104/oz that we estimate for junior gold companies.
An analyst has visited Goldgroup Mining Inc.s material operations in Mexico. Partial payment or reimbursement was received from the issuer for the related travel costs.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Goldgroup Mining Inc. is for risk accounts only.

15 December 2010
INDICATOR MINERALS INC. (IME : TSX-V : C$0.12 | NOT RATED)

Figure 28: IME : TSX-V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 115.0 168.2 C$1.7 C$13.8 www.indicatorminerals.com
Wendell Zerb, P. Geol Adam Melnyk, P. Eng Figure 30: IME : TSX-V
1.604.643.7485 1.604.643.1655
Indicator Minerals is a Vancouver-based junior mineral explorer under the stewardship of Bruce Counts. Indicator has largely been focused on diamond exploration since 2004, but has recently expanded its scope to target copper mineralization in Arizona. Mr. Counts has been involved in the Canadian diamond exploration industry for 14 years. Between 1992 and 1997 he was employed by BHP Minerals Canada Ltd. and was an integral member of the team responsible for the discovery and development of the Ekati diamond mine. In August 2010 Indicator entered into an arrangement to purchase Bluestone Resources ltd, a private company with the right to earn a 100% interest in the Mohave Cu-Mo project located in northwestern Arizona. Indicator issued 5 million of its common shares to former Bluestone shareholders and committed to total cash payments of $600,000 (due September 2011, 2012). The property is subject to a 3% NSR, of which 1% can be purchased for $1.5 million. The company is targeting large-scale copper porphyry mineralization with associated silver and molybdenum. Work conducted by Bluestone identified copper mineralization and favourable alteration over the project area, which is also associated with a coincident induced polarization (IP) anomaly and complementary structural features. The company suggests the Mohave area could be analogous to the Bagdad copper porphyry mine, located within 30 kilometres and along the same structural trend. Bagdad hosts reserves (2006) of 619 million tons grading 0.35% Cu and 0.022% Mo. The Mohave project is considered to have excellent infrastructure, including being located in close proximity to a major state highway. The project is entirely within BLM federal land designation. Indicator plans to conduct a 4,000 metre core drilling program to test the near-surface Cu oxide mineralization and a minimum three-hole deep drilling program to test the hypogene Cu-Mo mineralization. The company maintains significant exploration concessions in Nunavut Territory. The Nanuq North project is its principal diamond project, from which in mid-November a 1,008 kilogram sample returned 612 diamonds (larger than 0.075 mm) in an initial sample from the NQN-001 kimberlite. Further work programs are being considered pending additional results. Indicator currently has 47 million outstanding share purchase warrants exercisable at between $0.12 and $0.20 which expire between August 2011 and October 2012.
An analyst has not visited Indicator Minerals Inc.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Indicator Minerals Inc. is for risk accounts only.

15 December 2010
INTERNATIONAL PBX VENTURES LTD. (PBX : TSX-V : C$0.30 | NOT RATED)

Figure 31: PBX : TSX-V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 104.2 123.2 C$4.0 C$31.3 www.internationalpbx.com
Wendell Zerb, P. Geol Adam Melnyk, P. Eng Figure 32: PBX : TSX-V
1.604.643.7485 1.604.643.1655
International PBX is a mineral exploration company with exposure to copper, molybdenum and gold projects in Chile. The companys flagship Copaquire copper molybdenum project is located in northern Chile within Chiles copper porphyry belt, to the northwest of Quebrada Blanca and Collahuasi. Subject to a 2% NSR, Minera IPBX Limitada (IPBX), a wholly owned Chilean subsidiary of PBX, owns 100% interest in Copaquire. In late March 2010, the company initiated a Phase II drilling program on the Sulfato South copper zone, located immediately to the northeast of the Cerro Moly zone. According to PBX, the drill program objective is to bring the adjacent (north) copper zone to resource level and subsequently be added to an overall resource update, including near-surface oxide and supergene mineralization as well as deeper hypogene mineralization that historically has not been systematically tested at Copaquire. On a long-term basis, new mineralization could result in modelling an expansion to the open pit anticipated as part of the 2009 Cerro Moly PEA. 2010 drill results included: CQ-100 360 metres grading 0.57% Cu and 0.02% Mo; CQ-101 42 metres grading 0.39% Cu and 0.02% Mo; CQ-102 257 metres grading 0.31% Cu and 0.04% Mo; and CQ-103 402 metres grading 0.23% Cu and 0.04% Mo. In September, a Titan 24 deep IP survey was completed at Copaquire. A 7,000 metre drill program is planned by the company to test nine geophysical targets from this survey. Drilling will investigate coincident geophysical and surface alteration anomalies, as well as deep targets interpreted to be potential feeder zones at the project. Also of interest was the discovery in September of a new copper porphyry system on the property, located 2.5 kilometres west of the Cerro Moly zone, from which 49 surface chip samples averaged 0.20% Cu. The company is currently planning an airborne magnetics and EM geophysical program to cover the entire property (only 20% explored to date). The Copaquire project occurs within the Chilean copper porphyry belt in a similar geological setting to Xstrata/Anglos neighbouring Collahuasi (5 Bt at 0.83% Cu, 0.02% Mo) operation, and Tecks Quebrada Blanca Mines 1Bt at 0.50% Cu and 0.02%Mo). The Chilean copper porphyry belt is host to over 30 porphyry Cu-Mo deposits and prospects that contains one of the largest accumulations of copper in the world (resources plus production 220 million tonnes of copper 2002). In late-November, PBX closed a $3.8 million private placement, of which $2.5 million was purchased by Ningbo Jintian Copper, the largest copper processing company in China. The company controls a series of additional projects in Chile and intends to fly airborne geophysics over its 100%-owned Tierra de Oro, Sierra Pintada, Palo Negro and Hornitos copper gold projects located in the Chilean IOCG belt.
An analyst has not visited International PBX Ventures Ltd.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of International PBX Ventures Ltd. is for risk accounts only.

15 December 2010
IRON CREEK CAPITAL CORP. (IRN : TSX-V : C$0.96 | NOT RATED)

Figure 33: IRN : TSX-V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 26.6 36.9 C$6.3 C$25.5 www.ironcreekcapital.com
Wendell Zerb, P. Geol Adam Melnyk, P. Eng Figure 34: IRN : TSX-V
1.604.643.7485 1.604.643.1655
Iron Creek is a mineral exploration and development company targeting porphyry copper and epithermal Au-Ag systems in Chile. The company is under the stewardship of Timothy Beale, President and Michael Winn, CEO. Hochschild Mining holds 8.6% of Iron Creeks issued and outstanding shares. The Victoria project is a joint venture with Hochschild (60% HOC, 40% IRN) in Chile. It is 45,000 hectares and covers 37 kilometres of the Domeyko fault zone, situated midway between the Escondida and Salvador deposits in northern Chiles porphyry belt. The project includes the Vaquillas mine (small-scale historical mining) and six undrilled porphyry targets. To earn its 60% interest in Victoria, HOC drilled 16,975 metres of RC and 715 metres of diamond drilling in 2009/2010, including 102 metres grading 0.90 g/t Au and 57 g/t Ag (1.9 g/t AuEq) at the Vaquillas mine target. The Vaquillas mine area is underlain by a large, deep IP chargeability anomaly. Exploration is currently ongoing at both the Vaquillas mine (5,000 metres program nearing completion, assays January 2011) and other targets (4,000 metres RC drilling). The Incahuasi porphyry Cu target displays a 3.5 by1.5 kilometre surface hydrothermal alteration pattern, with supergene oxidation and leaching; a surface geochemical anomaly is coincident with outcropping quartz vein stockwork and a peripheral propylitic alteration halo and tourmaline breccia. The 27,000 hectare Pampa Buenos Aires joint venture with Andina Minerals (50/50) covers 18 kilometres of the Dominador fault zone in northern Chile immediately south of Yamanas El Peon and Fortuna deposits. It includes several geochemical (arsenic, antimony) anomalies, which the company indicates are low-sulphidation epithermal Au/Ag vein targets, including the Cerro Buenos target and the Cerro Blanco porphyry target. Drilling at the project is planned for 2011. Iron Creek also has the 100%-owned 11,300 hectare Pampa Sur project (adjacent to Pampa Buenos Aires project on the Dominador fault zone), which has several Au/Ag vein targets based on geochemistry and is available for option. The company also has 100% of the 52 hectare Magallanes project, located approximately 100 kilometres north of the Pampa Buenos Aires project. An analyst has not visited Iron Creek Capital Corp.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Iron Creek Capital Corp. is for risk accounts only.

15 December 2010
MANSFIELD MINERALS INC. (MDR : TSX-V : C$2.47 | NOT RATED)

Figure 35: MDR : TSX-V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 50.0 57.5 C$7.0 C$123.5 www.mansfieldminerals.com
Wendell Zerb, P. Geol Adam Melnyk, P. Eng Figure 36: MDR : TSX-V
1.604.643.7485 1.604.643.1655
Mansfield is a minerals exploration and development company focused on its 100%-owned Lindero gold project in Salta Province, northwestern Argentina. The company is led by Gordon Leask, President. In March 2010, Mansfield announced the results of an NI 43-101 pre-feasibility study for Lindero, completed by AMEC Americas. The study outlined a conventional 30,000 tpd open pit heap leach gold mine producing an average of 124,000 oz Au at cash operating costs of US$407/oz Au over a 9.5-year mine life. Using US$975/oz Au, the pre-tax project NPV 6% is estimated at US$305 million, with a pre-tax IRR of 35%. Increasing the gold price to US$1,100/oz increases the pre-tax NPV 6% to US$416 million. Higher-grade sequencing early in the first five years of the mine life (0.72 g/t Au years 1-5 vs. 0.59 g/t Au LOM) results in higher production averaging 161,000 oz Au and cash operating costs of US$373/oz Au in years 1-5, improving the projects overall economics. Gold recoveries from the heap leach operation average 70%, based on a crush of 80% passing 3/8 inch (MDR indicates recoveries can be increased to up to 78% by using high pressure grinding rolls to create an 80% passing 1/3 inch crush) and the LOM strip ratio is 0.9:1. Initial capex was estimated at US$213 million and sustaining capital was estimated at US$15 million. Proven and probable reserves, using a 0.19 g/t Au cut-off, are estimated at 1.92 million oz Au grading 0.59 g/t Au. Reserves are included in a global project resource (0.20 g/t Au cut-off) of 2.95 million oz Au, consisting of 2.20 million oz M&I grading 0.56 g/t Au and an inferred resource of 0.75 million oz grading 0.40 g/t. The Lindero project is located 240 kilometres west-southwest of the City of Salta at a peak elevation of 3,900 metres and is accessed by an all-weather road. A gas pipeline is within 100 kilometres and a powerline is within 125 kilometres. In mid-October 2010, Mansfield submitted a mine permit application, including an Environmental Impact Assessment, to Salta province for the project. The receipt of a mining permit for Lindero is expected late Q1/11. Mansfield is targeting the completion of a bankable feasibility study for the project in Q2/11. Salta Province, Argentina, is overall supportive of mining development; however, no major mining projects have been permitted in the province since new mining laws were instituted in 1994. Lindero would be subject to a 32% corporate tax rate and net 1.75% NSR royalty payable to the provincial government.
An analyst has not visited Mansfield Minerals Inc.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Mansfield Minerals Inc. is for risk accounts only.

15 December 2010
NEWSTRIKE CAPITAL INC. (NES : TSX-V : C$0.69 | NOT RATED)

Figure 37: NES : TSX-V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 82.6 94.0 C$5.0 C$57.0 www.newstrikecapital.com
Wendell Zerb, P. Geol Adam Melnyk, P. Eng Figure 38: NES : TSX-V
1.604.643.7485 1.604.643.1655
Newstrike is a gold-silver focused mineral explorer, targeting known and historical mining districts in Mexico, including the Guerrero gold belt in Guerrero State. Newstrike principals, including CEO, Richard Whittall (formerly at Miranda Mining), and Gillian Kearvell, VP Exploration, (formerly at Teck Corp.), have extensive experience in the Guerrero mining camp. Newstrike is one of the largest holders of mineral claims (88,950 hectares) covering the main trend of the Guerrero gold belt in Guerrero State, Mexico. The companys primary focus is the Santa Paula project north of and along trend of Torex Golds (TXG : TSX) Morelos project (which includes the El Limon deposit) and Goldcorps Los Filos mine. Newstrike acquired core mineral claims (3% NSR) at Santa Paula from Goldcorp in June 2010. Newstrike has a 10-year surface access agreement with the local community and has recently initiated a $3.5 million 5,000 metre drill program testing Los Filos style targets, which were previously tested sparsely in 2005. Newstrike is targeting gold mineralization associated with Tertiary aged diorite to granodiorite stocks emplaced in Cretaceous Morelos Formation carbonate rocks. Gold mineralization occurs largely on the margins of the intrusive stocks and is related to high temperature metasomatic alteration (skarn) followed by meso- to epithermal alteration. Prospective diorite to granodiorite stocks are believed to trend northwesterly onto Newstrikes concessions, opening the potential to outline gold mineralization at Santa Paula. Goldcorp is currently mining the Los Filos and El Bermejal deposits as twin open pit-heap leach operations. Annual production is currently about 250,000 oz/year. The property is located at the Village of Mezcala (230 kilometres south of Mexico City) and is accessible from Highway 95, a major paved route between Mexico City and Acapulco. Torex Golds Morelos gold project hosts measured and indicated resources of 28.8 million tonnes grading 3.2 g/t gold, with an additional 8.7 million tonnes of inferred resources at a grade of 3.2 g/t gold. Combined, the project hosts an in situ gold resource of 3.85 million ounces of gold (100%). A prefeasibility study was completed by Teck on the Morelos project in mid-2007. The 2007 study considered two development scenarios: an open-pit operation and a combined openpit/underground operation. Capex was estimated at US$300 million under both scenarios. Annual gold production was estimated at 249,000-264,000 ounces of gold with cash costs ranging from US$248 to US$283/oz over a 9- to 11-year mine life (depending on the development scenario). Torex has recently outlined a higher-grade zone of 7.45 million tonnes at 6.79 g/t Au at El Limon, which could be exploitable in an underground mining operation. Activity in the area of Los Filos by Goldcorp, Torex (Morelos project) and Cayden Resources (Morelos Sur project) could provide news flow and speculative comparables for Newstrike over the next 12 months. The Lundin family controls about 52% of the outstanding common shares of Newstrike.
An analyst has not visited Newstrike Capital Inc.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Newstrike Capital Inc. is for risk accounts only.

15 December 2010
NORTH COUNTRY GOLD CORP. (NCG : TSX-V : C$1.20 | NOT RATED)

Figure 39: NCG : TSX-V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 81.1 88.1 C$9.0 C$97.3 www.northcountrygold.com
Wendell Zerb, P. Geol Adam Melnyk, P. Eng Figure 40: NCG : TSX-V
1.604.643.7485 1.604.643.1655
North Country Gold is a junior exploration and development company under the stewardship of John Williamson, President and CEO. The company was formed in 2010 with a focus on advancing the 100%-owned Three Bluffs gold deposit in the Committee Bay Greenstone Belt, located 300 kilometres NE of Baker Lake in Nunavut, Canada. This asset was formerly held by Committee Bay Resources (under the same management group). North Country is currently the 100% beneficial owner of the mineral rights to approximately 557,323 acres (225,569 hectares) of land, comprising 216 active mineral claims and 14 mineral leases within the Committee Bay Greenstone Belt. We believe NCG controls one of the largest prospective greenstone belts in Canada and with time and capital could identify material gold resources similar to other successful mineral explorers like Cumberland Resources and Hope Bay mines. Currently, the Three Bluffs deposit, the principal gold zone controlled by NCG, hosts an NI 43-101 compliant resource of 752,000 oz Au (508,000 oz Au indicated at 5.85 g/t Au and 244,000 oz Au inferred at 5.98 g/t Au). The company indicates that the deposit is open for expansion along strike to the west and to depth. The company is planning to complete updated mineral resource estimation on Three Bluffs in late 2010 or early 2011. The Three Bluffs deposit is located in the central area of the Committee Bay Greenstone Belt and is hosted at the eastern end of a folded iron formation, which North Country indicates has been traced for over 5 kilometres to the west. According to the company, only 5% of a potential 200 kilometres of prospective stratigraphy has been drill tested. In the most recent drill program, the company has targeted zones of mineralization that are within approximately 5 kilometres of the Three Bluffs deposit. Recent results from the Antler gold target, 1.5 kilometres to the west of Three Bluffs included: 12.29 metres grading 4.51 g/t Au, 13.73 metres grading 2.61 g/t Au, and 10.00 metres grading 2.67 g/t Au. In addition, drilling at the Hayes occurrence located 1.5 kilometres west of Antler, has returned 3.7 metres grading 28.1 g/t Au In late October, North Country announced the results from a Quantec Titan-24 deep earth imaging IP survey conducted at Three Bluffs. The interpretation of the survey results by Quantec Geoscience Ltd. concludes that at the Three Bluffs project the Titan-24 survey has successfully identified at least five geophysical anomalies (DC resistivity and IP chargeability) with potential for poly-metallic mineralization from near surface to approximately the survey limits of 500 metres depth. A 2011 exploration and development program is currently being planned for Three Bluffs and is anticipated to begin in April 2011.
An analyst has not visited North Country Gold Corp.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of North Country Gold Corp. is for risk accounts only.

15 December 2010
POLAR STAR MINING CORPORATION (PSR : TSX : C$1.95 | NOT RATED)

Figure 41: PSR : TSX
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 90.4 97.5 C$13.5 C$176.3 www.polarstarmining.com
Wendell Zerb, P. Geol Adam Melnyk, P. Eng Figure 42: PSR : TSX
1.604.643.7485 1.604.643.1655
Polar Star Mining is a mineral exploration and development company focused on the Montezuma project, located in northern Chiles prolific copper porphyry belt. Polar Star is led by Douglas Willock, President and CEO. The 50,000 hectare (501 square kilometres) Montezuma property is 100%-owned by Polar Star, is located north of Antofagasta, Chile, and covers 25 kilometres of the West Fissure fault, which is host to some of the worlds largest Cu (+ Mo, Au, Ag) porphyry deposits, including Chuquicamata (18.2 billion tonnes), Escondida (4.4 billion tonnes), and Sierra Gorda (2.4 billion tonnes). Polar Star acquired Montenzuma through staking in 2007. The project is accessible by paved and gravel road from the city of Calama, 20 kilometres to the north. During 2009, two RC drilling programs totalled 7,256 metres. Diamond drilling began in 2010, with 12,000 metres completed to date. In total, 311 line kilometres of IP geophysical surveys have been completed at the project. Based on geophysical results, two main trends have been identified on the project: the 20 kilometres long, 1-2 kilometres wide, N-S Chuquicamata trend and the 25 kilometres long, 0.8-1.9 kilometres wide NE-SW Esperana trend. Nine target zones (each 2 by 4 kilometres) have been identified on these two trends, with the companys focus primarily directed towards two zones (porphyry targets preserved below barren litho-caps) near the intersection of the trends. Three diamond drills are currently operating at the project. The company has identified disseminated and veinlet pyritechalcopyrite mineralization in porphyry style alteration in drilling thus far, including 70 metres grading 0.37% Cu and 0.12 g/t Au and 114 metres grading 0.23% Cu, 0.07 g/t Au, and 0.002% Mo in hole 38 (November 2010). Hole 38 is continuously mineralized for 867 metres, from about 220 metres with disseminations and veinlets of pyritechalcopyrite in porphyry style phyllic alteration and averages 0.1% copper and 0.05 g/t gold. According to Polar Star, the hills that cover the north and west half of the Montezuma claims generally expose the same group of metamorphosed Palaeozoic intrusive, volcanic and sedimentary rocks that host the Chuquicamata porphyry copper deposits.
An analyst has not visited Polar Star Mining Corporations material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Polar Star Mining Corporation is for risk accounts only.

15 December 2010
QUEENSTON MINING INC. (QMI : TSX : C$5.48 | NOT RATED)

Figure 43: QMI : TSX
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 77.8 89.4 C$90.0 C$426.3 www.queenston.ca
Wendell Zerb, P. Geol Adam Melnyk, P. Eng Figure 44: QMI : TSX
1.604.643.7485 1.604.643.1655
Queenston controls 200 square kilometres of mineral properties in the Kirkland Lake gold camp in Ontario, which has historically produced over 40 million ounces of gold. QMI also has two properties (one 100%-owned, one 50/50 JV) covering 6 kilometres of the Cadillac Break, west of Agnico-Eagles Lapa mine in Cadillac Township, Quebec. Charles Page is President and CEO. Queenstons projects can roughly be broken down into Kirkland East and Kirkland West properties. The Kirkland East properties consist of 1,109 mineral claims (23 properties), which are 100%-owned by the company. The Kirkland West properties consist of 142 mineral claims (seven properties), which are 50/50 joint ventures with Kirkland Lake Gold, as well as a 100%-owned property adjacent to the JV land. In total, in the Kirkland Lake area, QMI has exposure to 1.24 million oz of attributable NI 43-101 Au resources (6.97 g/t) and 847,000 oz Au (5.41 g/t) of historical (non-43-101) resources. In Cadillac Township, Quebec, QMI has 525,000 attributable oz Au (5.2 g/t), primarily in historical resources. Queenstons Kirkland East projects cover 30 kilometres of the Larder Lake Break, a key structure that hosts mineralization in the Kirkland Lake camp. The Upper Canada (historical underground resource, not NI 43-101 of 422,000 oz Au at 6.91 g/t) and Bidgood and Boundary projects are open pit, potentially bulk mineable targets. Upper Canada is currently being drilled with three drill rigs, to be increased to five rigs in 2010 and an NI 43-101 resource is expected in Q1/11. The Upper Beaver project hosts a current NI 43-101 resource of 638,000 oz Au and 22.1 million lbs Cu (8.15 g/t Au and 0.41% Cu). A resource update is expected in Q1/11, based on 40,000 metres of drilling below the current resource. In 2011, Queenston intends to advance Upper Beaver toward feasibility and mine development. McBean-Anoki is host to a total of 453,000 oz Au (4.71 g/t) in two deposits. Near the Kirkland Lake Main Break mineralized structure at the west end of the camp, Queenston is exploring a series of 50/50 joint ventures with Kirkland Lake Gold immediately to the south and east of KGIs 100%-owned properties, including a portion of the South Mine Complex, currently being mined at KGIs 100%-owned Macassa mine. The portion of the SMC resource that falls onto 50% QMI land has an NI 43-101 resource of 300,000 oz Au at 44.4 g/t (50% QMI). Underground drilling on the JV land is ongoing and an exploration drift is being advanced along the JV claim boundary to further explore east of the SMC deposit. At Kirkland West, QMI also has 100% of the Amalgamated Kirkland deposit (historical resource of 382,000 oz Au at 4.5 g/t Au). In October 2010, Agnico-Eagle announced a $35 million strategic investment in QMI. The companies also agreed to a technical services agreement, providing Queenston access to Agnicos geological and mining engineering teams. Agnico now owns 11% of QMIs fully diluted shares.
An analyst has not visited International Queenston Mining Inc.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Queenston Mining Inc. is for risk accounts only.

15 December 2010
RIVERSTONE RESOURCES INC. (RVS : TSX-V : C$0.72 | NOT RATED)

Figure 45: RVS : TSX-V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 91.0 115.9 C$8.5 C$65.5 www.riverstoneresources.com
Nicholas Campbell
1.604.643.7027
Figure 46: RVS : TSX-V
Riverstone Resources is a junior gold exploration and development company under the stewardship of Michael McInnis, President and CEO. The company is focused on the advancement of the Karma gold project in Burkina Faso. The Karma project is located in north-central Burkina Faso. The project has an NI 43-101 compliant resource estimate of 821,000 ounces of indicated gold resources with an additional 322,000 ounces of inferred gold resources. The project is composed of the Goulagou, Kao and Rambo gold deposits as well as the recently discovered Nami prospect. Goulagou includes the GGI and GGII deposits, which host indicated NI 43-101 compliant resources of 6.6 million tonnes grading 1.83 g/t gold (390,000 ounces of contained gold) with an additional 8.4 million tonnes grading 0.7 g/t gold (189,000 ounces of contained gold). RAB drilling identified a new 700 metres long gold zone at GGI, which remains open to expansion to the west. Kao hosts indicated NI 43-101 compliant resource of 14.7 million tonnes grading 0.91 g/t gold (430,000 ounces of contained gold) with an additional 3.7 million tonnes grading 0.65 g/t gold (76,000 ounces of contained gold). The deposit is open to the north, northeast and at depth. A new gold zone was also identified 500 metres NE of the deposit. Rambo hosts inferred NI 43-101 compliant resource of 0.3 million tonnes grading 7.02 g/t gold (57,000 ounces of contained gold). Two new gold zones have been defined along strike from the current deposit. The Nami prospect was discovered in 2010 as a result of artisanal mining activities. No NI 43-101 compliant resources have been defined as of yet. The zone has been defined over a 500 metre strike with a 125 metre width and remains open to the south, west and at depth. Riverstone Resources is currently trading at a market value of C$57.31/oz of gold resource compared with the weighted average market value of C$104/oz that we estimate for junior gold companies. An updated resource estimate is expected to be reported in Q1/11 with a pre-feasibility study expected to be completed by late 2011 to early 2012.
An analyst has Riverstone Resources Inc.s material operations in Burkina Faso. Partial payment or reimbursement was received from the issuer for the related travel costs.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Riverstone Resources Inc. is for risk accounts only.

15 December 2010
ROCKGATE CAPITAL CORP. (RGT : TSX : C$1.98 | NOT RATED)

Figure 47: RGT : TSX
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 91.0 110.4 C$18.1 C$180.2 www.rockgatecapital.com
Nicholas Campbell Gabriel Gonzalez Figure 48: RGT : TSX
1.604.643.7027 1.604.643.7529
Rockgate Capital is a Vancouver-based exploration and development company focused on projects in West Africa. The company is managed by Karl Kottmeier as President and CEO, Lorne Warner as VP Exploration and a board of directors including Allen Ambrose of Minera Andes (MAI : TSX : C$2.82 | SPECULATIVE BUY), Gord Neal of MAG Silver (MAG : TSX : C$11.66 | Not rated) and Philip Williams of Pinetree Capital (PNP : TSX : C$3.65 | Not rated). Rockgates primary asset is the Falea uranium-silver project in Mali, located approximately 350 kilometres west of the capital city of Bamako. The Falea project straddles the edge of a plateau, which formed as resistant, intruded dolerites protected softer underlying sediments that unconformably overlie the older gold-hosting Birimian metavolcanic and metasedimentary rocks. The Brimian has, in places, been intruded by uraninite-bearing Saraya granites. Silver mineralization is in the form of both silver sulphides and native silver, and grades can run up to 17,900 g/t over 1 metre. Uranium mineralization is found predominantly in sandstones, often with improved grade beneath capping, less permeable mudstone horizons. Rockgate has been conducting exploration and progressively closer-spaced drilling since 2007 and at July 2009 had identified six zones of shallow flat-lying uranium-silver mineralization. A July 2010 NI 43-101 compliant resource estimate (using a 0.04% U3O8 cut-off grade) outlined 788,000 lbs U3O8 (at 0.076% U3O8) and 723,000 oz Ag (at 48 g/t Ag) in the indicated category, and 16.7 million lbs U3O8 (at 0.089% U3O8) and 21.4 million oz Ag (at 78 g/t Ag) in the inferred category. Golder Associates is working on an updated resource estimate expected before year-end. Drilling to date has been on 100 metre centres, but the current drilling program will tighten the drill spacing down to 25 metres. A second rig will be on site in the new year, once the river is fordable; a bridge is planned to improve yearround road access. The mineralization is relatively flat-lying, and the absence of clay alteration makes it amenable to underground room-and-pillar mining. The top of the plateau provides an excellent flat location for plant construction and nearby undulating terrain provides a good site for a tailings storage facility. Rockgates Falea project provides unique exposure to relatively high-grade uranium and silver mineralization in a prodevelopment jurisdiction. The company is well-financed, having just closed the issue of C$15 million in subscription receipts, convertible into common shares pending a shareholder vote scheduled 17 December.
An analyst has not visited Rockgate Capital Corp.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Rockgate Capital Corp. is for risk accounts only.

15 December 2010
SULLIDEN GOLD CORPORATION LTD. (SUE : TSX : C$2.26 | NOT RATED)

Figure 49: SUE : TSX
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 175.0 226.0 C$30.0 C$395.5 www.sulliden.com
Nicholas Campbell Gabriel Gonzalez Figure 50: SUE : TSX
1.604.643.7027 1.604.643.7529
Sulliden Gold is a Toronto-based explorer focused on developing the Shahuindo gold project in Cajamarca, Peru. The company is guided by President and CEO, Peter Tagliamonte, a professional engineer with 25 years of experience in mine building and operations, and VP Operations and Technical Services, Joe Millbourne, a metallurgist with over 30 years of industry experience. The Shahuindo gold project is located along the same trend that hosts Newmonts Yanacocha mine and Barricks Lagunas Norte mine, as well as a number of smaller Peruvian-operated mines. Infrastructure is quite good, the ground is unchallenging, and altitude is not an issue (below 2,900 metres ASL). Management initiatives are forging a positive environment with nearby communities. A November 2009 resource estimate focused on oxide mineralization amounting to 44.5 million tonnes indicated grading 0.58 g/t Au and 13.2 g/t Ag (830,000 oz Ag and 18.8 million oz Ag contained) plus 17.7 million tonnes inferred grading 0.49 g/t Au and 6.0 g/t Ag (280,000 oz Ag and 3.4 million oz Ag contained). A December 2009 preliminary economic assessment (PEA) examined a base case 15,000 t/d open-pit, heap-leach operation with capex of US$89 million and producing 105,000 oz Au equivalent per annum (over a sevenyear mine life and 80% gold recovery) at an average cash cost of US$403/oz Au equivalent. The pre-tax project NPV with the base case US$775/oz Au price is US$53.8 million using an 8% discount rate. Sullidens 2011 exploration program will include an ambitious 70,000 metres of drilling at Shahuindo. The focus will be on expanding the oxide mineralization in the Central Zone, as well as targeting a potential 60% increase in strike length (to 6.2 kilometres), based on 800 metres of drilling at the South-East extension and an IP survey of the NorthWest extension over 1,600 metres. Sulliden will also be turning its attention toward demonstrating the presence of sulphide mineralization below the known oxide resource. Finally, a third-party study of the structural geology at Shahuindo has suggested the possibility of several other mineral structures parallel to the Central Corridor. Two such structures, the North and South Corridors are to be explored; six historical holes were drilled in the North Corridor, of which four intersected ore grade mineralization. The company has $30 million in cash, following a C$23 million equity offering (18.4 million shares at $1.25 per share) in October 2010.
An analyst has not visited Sulliden Gold Corporation Ltd.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Sulliden Gold Corporation Ltd. is for risk accounts only.

15 December 2010
SUNRIDGE GOLD CORP. (SGC : TSX-V : C$1.30 | NOT RATED)

Figure 51: SGC : TSX-V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 95.6 126.8 C$19.6 C$124.3 www.sunridgegold.com
Nicholas Campbell
1.604.643.7027
Figure 52: SGC : TSX-V
Sunridge Gold is a junior mining development company under the stewardship of Michael Hopley, President and CEO. The company is focused on the advancement of its 100%-owned Asmara VMS (copper, zinc and gold) project in Eritrea. The Asmara gold project is a copper-zinc-gold VMS project located in central Eritrea. The project is currently comprised of four deposits: the Debarwa, Emba Derho and Adi Nefas VMS deposits and the Gupo Gold deposit. Combined, the Asmara project hosts an NI 43-101 compliant resource estimate of 1.28 billion pounds of copper, 2.5 billion pounds of zinc, 1.05 million ounces of gold and 31.8 million ounces of silver in the indicated category. There is an additional 189,000 ounces of gold in the inferred category. Debarwa Deposit: Sunridge is considering fast-tracking production at Debarwa by direct shipping the high-grade copper material associated with the supergene zone of the deposit, which can run as high as 18-20% copper with 2-6 g/t gold. A feasibility study is expected to be completed for the Debarwa deposit by late 2010 to early 2011. Emba Derho: A preliminary economic assessment was completed in June 2009 on the Emba Derho deposit. Based on a 4.0 million tonne per year (11,000 tpd) open pit mining operation, the project has the potential to produce 121.3 million pounds of zinc, 55.1 million pounds of copper, 20,000 ounces of gold and 600,000 ounces of silver per year over a 10.4year mine life. Capex is estimated at US$331.8 million. Based on $2.95/lb copper, US$0.95/lb zinc, US$835/oz gold and US$14/oz silver, the project has a pre-tax 10% discounted NPV of US$323.8 million. Sunridge is examining the potential to improve the economics of the Emba Derho deposit through the incorporation of an additional 95,000 ounces of oxide gold resources and incorporating the Adi Nefas and Gupo Gold deposits into the model. Nevsun Resources is arguably the best comparable for Sunridge as it has been a trail blazer in Eritrea with its Bisha project on track to begin production in 2011. Nevsun is more advanced and fully funded, which needs to be taken into account; nevertheless, Nevsun is currently trading at an in situ market value of C$716/oz of gold resource vs. Sunridges current in situ market value of C$100/oz of gold resource.
An analyst has not visited Sunridge Gold Corp.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Sunridge Gold Corp. is for risk accounts only.

15 December 2010
TRELAWNEY MINING AND EXPLORATION INC. (TRR : TSX-V : C$2.64 | NOT RATED)
Figure 53: TRR : TSX-V
Shares O/S (M): Shares FD (M): Working capital (M): Market Cap (M): Website: 115.8 133.4 C$63.0 C$305.7 www.trelawneymining.com
Wendell Zerb, P. Geol Adam Melnyk, P. Eng
1.604.643.7485 1.604.643.1655
Figure 54: TRR : TSX-V
Trelawney is a junior mining and exploration company, focused on the development and exploration of its Chester project, located 20 kilometres southwest of Gogama Ontario, halfway between Sudbury and Timmins on highway 144. The company is led by Greg Gibson, President and CEO. TRR has up to an additional 13 million shares and $1.2 million in option payments outstanding over the next three years to acquire its full (up to 92.5% interest) in the Chester project. Last March, TRR generated interest with drill results from the Cote Lake zone (TRR earning 92.5%, 1.5% to 5.5% NSR) on the Chester project. Drill hole E10-04 returned 107 metres grading 8.2 g/t Au (carried largely by one high-grade intercept of 2.56, grading 313 g/t Au) from 222 metres depth. In November, TRR again captured market attention with hole E10-33, which intersected 520 metres grading 1.44 g/t Au. Mineralization has been traced over a strike length of 400 metres, to a depth of up to 450 metres and widths of up to 400 metres. The company suggests that the exploration potential of Cote Lake could be 3.5-6 million oz Au (at approximately 1.5 g/ Au). An initial NI 43-101 resource estimate (30 January 2011 drilling cut-off) for Cote Lake is expected in late Q1/10. The deposit is open for expansion along strike to the SW and down dip to the SE. Two rigs are currently drilling at the project, with an additional three rigs expected to be added in early 2011. The company suggests that the 8 by 4 kilometre Chester project is located just south of the southwest extension of the Cadillac-Larder Lake fault, which runs through the Kirkland Lake area. Gold mineralization at Cote Lake is described as being associated with a porphyry-style breccia-hosted mineralized body. Narrow intercepts within the body can contain multiple-ounce high-grade intercepts, which in some cases (E10-04) can profoundly skew the grade throughout the breccia. At Chester, three historical gold deposits, located 500 metres to three kilometres east of Cote Lake called Chester 1 (TRR earning 70%), Chester 2 (92.5% TRR, up to 5.5% NSR) and Chester 3 (TRR earning 92.5%, 1.5% NSR) (historically known as Murgold Chesbar, Young-Shannon and Jack Rabbit deposits) hosts a combined resource (not NI 43-101 compliant) of 467,800 oz Au at an average grade of 8.9 g/t. At Chester 1, underground infrastructure with an estimated replacement value of $30-35 million (never in production) accesses the historical resource. The company plans to drive a 1.5 kilometre haulage drift to Chester 2. Trelawney indicates it could be producing up to 30,000 oz/year by the end of 2011 and 60,000 oz/year by the end of 2012 (toll milled).
An analyst has not visited Trelawney Mining and Exploration Inc.s material operations.
Investment risks
The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of Trelawney Mining and Exploration Inc. is for risk accounts only.

15 December 2010
INVESTMENT RISKS AND SITE VISITS

The commercialization risks associated with mineral exploration and development are high; thus, investment in the shares of any of the highlighted companies is for risk accounts only. The mining industry by its nature is subject to numerous risks. Investors should be aware that mineral exploration/development companies face many uncertainties in maintaining or advancing projects. An analyst may have visited one or more of the principal projects held by the following companies and partial reimbursement may have been received for the related travel costs. Figure 55 provides details for each company. Figure 55: Site visits
Company Name Alhambra Resources Ltd. Almaden Minerals Ltd. Auryx Gold Corp. Batero Gold Corp. Bowmore Exploration Ltd. Dorato Resources Inc. Edgewater Exploration Ltd. Full Metals Minerals Ltd. Goldgroup Mining Inc. Indicator Minerals Inc. International PBX Ventures Ltd. Iron Creek Capital Corp. Mansfield Minerals Inc. Newstrike Capital Inc. North Country Gold Corp. Polar Star Mining Corporation Queenston Mining Inc. Riverstone Resources Inc. Rockgate Capital Corp. Sulliden Gold Corporation Ltd. Sunridge Gold Corp. Trelawney Mining and Exploration Inc. Ticker ALH AMM AYX BAT BOW DRI EDW FMM GGA IME PBX IRN MDR NES NCG PSR QMI RVS RGT SUE SGC TRR Exchange TSX-V TSX TSX TSX-V TSX-V TSX-V TSX-V TSX-V TSX TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX TSX TSX-V TSX TSX TSX-V TSX-V Site visit No No Yes No No No No No Yes No No No No No No No No Yes No No No No Location of material operations visited n.a. n.a. Namibia n.a. n.a. n.a. n.a. n.a. Mexico n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Burkina Faso n.a. n.a. n.a. n.a. Reimbursement received from the issuer for the related travel costs n.a n.a partial n.a n.a n.a n.a n.a partial n.a n.a n.a n.a n.a n.a n.a n.a partial n.a n.a n.a n.a
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22
Source: Canaccord Genuity

15 December 2010
RESEARCH UNIVERSE
WENDELL ZERB AND NICHOLAS CAMPBELL
Figure 56: Research universe
Company Alamos Gold Inc. AXMIN Inc. Colossus Minerals Inc. Copper Mountain Mining Corp. Dynasty Metals & Mining Inc. East Asia Minerals Corp. Endeavour Mining Corp. Exeter Resource Corporation Extorre Gold Mines Ltd. Fortuna Silver Mines Inc. Fronteer Gold Inc. Gammon Gold Inc. GlobeStar Mining Corp. Grayd Resource Corp. Greystar Resources Ltd. International Tower Hill Mines Ltd. Keegan Resources Inc. Kimber Resources Inc. La Mancha Resources Inc. Lake Shore Gold Corp. Minefinders Corp. Ltd. Minera Andes Inc. Northern Dynasty Minerals Ltd. Orezone Gold Corporation Rainy River Resources Ltd. Timmins Gold Corp. Ventana Gold Corp. Symb AGI AXM CSI CUM DMM EAS EDV XRC XG FVI FRG GAM GMI GYD GSL ITH KGN KBR LMA LSG MFL MAI NDM ORE RR TMM VEN Ex T T T T T T-V T T T T T T T T-V T T T T T T T T T T T-V T-V T Analyst WZ NC NC WZ WZ WZ NC WZ WZ NC WZ WZ WZ WZ NC WZ NC WZ NC WZ WZ WZ WZ NC WZ NC NC Rating HOLD HOLD SPECULATIVE BUY SPECULATIVE BUY SPECULATIVE BUY SPECULATIVE BUY SPECULATIVE BUY SPECULATIVE BUY SPECULATIVE BUY RESTRICTED SPECULATIVE BUY SPECULATIVE BUY TENDER SPECULATIVE BUY SPECULATIVE BUY SPECULATIVE BUY SPECULATIVE BUY RESTRICTED SPECULATIVE BUY HOLD SPECULATIVE BUY SPECULATIVE BUY SPECULATIVE BUY RESTRICTED RESTRICTED SPECULATIVE BUY SPECULATIVE BUY $ C C C C C C C C C C C C C C C C C C C C C C C C C C C 10 Dec/10 P ($) $18.54 $0.13 $9.07 $5.56 $4.51 $7.16 $2.88 $5.90 $6.05 $4.57 $10.67 $7.87 $1.63 $1.50 $4.46 $9.39 $8.93 $1.35 $2.34 $4.07 $11.45 $2.82 $13.55 $3.76 $12.30 $2.49 $13.35 1212-mo Target P ($) Rtn (%) $18.25 (1.56%) $0.14 12.00% $12.00 32.30% $5.95 7.01% $6.55 45.23% $7.50 4.75% $5.00 73.61% $11.50 94.92% $8.20 35.54% R N/A $9.80 (8.15%) $9.00 14.36% $1.65 1.23% $2.80 86.67% $9.00 101.79% $12.30 30.99% $14.25 59.57% R N/A $4.50 92.31% $3.90 (4.18%) $12.65 10.48% $3.25 15.25% $14.00 3.32% R N/A R N/A $3.10 24.50% $15.50 16.10% 5252-wk Hi ($) Lo ($) $21.65 $11.31 $0.17 $0.07 $9.87 $4.00 $5.60 $1.68 $5.58 $3.15 $8.73 $2.81 $3.13 $1.64 $9.32 $5.47 $6.95 $1.30 $4.82 $1.85 $11.50 $3.88 $12.88 $5.42 $1.66 $0.86 $1.69 $0.58 $6.75 $3.11 $10.08 $5.67 $9.29 $4.92 $1.67 $0.65 $3.05 $1.47 $4.27 $2.48 $12.27 $8.51 $3.24 $0.67 $13.65 $6.50 $4.25 $0.66 $13.15 $3.41 $2.49 $1.04 $14.13 $6.12 Sh. o/s M 115.9 305.7 92.3 89.8 41.9 66.0 113.3 76.0 86.8 110.4 120.6 138.6 105.5 80.6 84.0 84.5 45.7 68.0 142.4 376.4 66.0 265.0 93.7 67.6 71.3 135.0 108.3 Market Cap ($M) $2,148.8 $38.2 $837.2 $499.3 $189.0 $472.6 $326.3 $448.4 $525.1 $504.5 $1,286.8 $1,090.8 $172.0 $88.2 $374.6 $793.5 $408.1 $91.8 $333.2 $1,531.9 $755.7 $747.3 $1,269.6 $254.2 $604.5 $336.2 $1,445.8 FYE 31-Dec 31-Dec 31-Jul 31-Dec 31-Dec 31-Aug 30-Jun 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Aug 31-Dec 31-May 31-Mar 30-Jan 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 30-Sep 31-Mar 30-Jun
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27
UR Under Review. R Restricted. WZ Wendell Zerb; NC Nicholas Campbell. Past performance is not indicative of future results. Further information on the methodologies used to derive our target prices, and the risks that could impede achievement of these targets, is available upon request. Disclosure information for all Canaccord Genuity research coverage can be found at http://www.canaccordGenuity.com/research/Disclosure.htm. Source: Canaccord Genuity estimates, Capital IQ.

15 December 2010
GOLD IN SITU DATABASE

Figure 57: Canaccord Genuity gold in situ valuation database
Company Alexis Minerals Corp. American Bonanza Gold Corp Anatolia Minerals Development Ltd. Andean Resources Ltd. Andina Minerals, Inc. ATNA Resources Ltd. AuEx Ventures, Inc. Canarc Resource Corp. Carpathian Gold Inc. Detour Gold Corporation Endeavour Mining Corporation Extorre Gold Mines Limited Gabriel Resources, Ltd. Golden Queen Mining Co. Ltd. Gold Reserve Inc. Grayd Resource Corp. Great Basin Gold Ltd. Greystar Resources Ltd. Guyana Goldfields Inc. International Tower Hill Mines Ltd. Intrepid Mines Limited Keegan Resources Inc. Kirkland Lake Gold Inc. Klondex Mines Ltd. Kimber Resources Inc. Luna Gold Corp. North Country Gold Corp. NovaGold Resources Inc. Orezone Gold Corporation Osisko Mining Corporation Pacific Rim Mining Corporation Premier Gold Mines Limited Rainy River Resources Ltd. Romarco Minerals Inc. Seabridge Gold, Inc. Tyhee Development Corp. US Gold Corporation Vista Gold Corp. Arithmetic Average Weighted Average Sym AMC BZA ANO AND ADM ATN XAU CCM CPN DGC EDV XG GBU GQM GRZ GYD GBG GSL GUY ITH IAU KGN KGI KDX KBR LGC NCG NG ORE OSK PMU PG RR R SEA TDC UXG VGZ Exch TSX TSX TSX TSX TSXV TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSXV TSX TSX TSX TSX TSX TSX TSX TSX TSX TSXV TSXV TSX TSX TSX TSX TSX TSXV TSX TSX TSXV TSX TSX Sh o/s Price C$ Mkt. Cap Sum Oz Sum Oz Sum Oz Mkt Cap/oz Mkt Cap/oz EV/oz EV/oz M 10 Dec/10 $M Au /co (M) Ag /co (M) AuEq /co (M) AuEq C$ AuEq US$ AuEq C$ AuEq US$ 307.9 $0.20 $60.0 1.34 0.00 1.34 44.70 18.86 18.69 44.28 129.9 $0.35 $44.8 1.51 0.00 1.51 29.61 29.18 28.90 29.33 138.9 $7.25 $1,006.8 6.50 15.38 6.82 147.57 152.64 146.18 154.09 548.5 $6.56 $3,597.8 3.06 26.66 3.62 995.17 914.95 985.81 923.63 109.3 $1.63 $178.1 11.09 0.00 11.09 16.05 13.21 13.09 15.90 83.3 $0.59 $49.1 3.70 5.19 3.81 12.91 15.56 15.42 12.79 43.7 $6.47 $282.5 0.40 0.00 0.40 700.22 652.91 693.63 659.11 82.0 $0.16 $12.7 1.27 0.00 1.27 10.04 10.58 10.48 9.94 289.2 $0.68 $196.7 8.43 0.00 8.43 23.33 23.20 22.98 23.11 83.0 $30.95 $2,568.6 22.03 0.00 22.03 116.61 92.93 92.06 115.51 111.3 $2.88 $320.5 2.23 0.00 2.23 143.73 61.72 61.14 142.38 86.8 $6.05 $525.1 1.78 25.94 2.31 226.92 202.96 224.79 204.89 344.9 $7.85 $2,707.4 13.80 59.38 15.03 180.17 170.38 178.48 171.99 94.1 $2.55 $240.0 2.68 48.88 3.69 65.08 62.98 62.39 64.47 57.9 $1.75 $101.3 14.13 0.00 14.13 7.17 9.52 9.43 7.10 87.7 $1.50 $131.6 1.26 0.00 1.26 104.05 96.82 95.91 103.08 368.3 $2.76 $1,016.4 15.92 12.36 16.18 62.83 62.24 77.09 76.36 84.2 $4.46 $375.6 15.07 81.35 16.75 22.42 16.34 16.18 22.21 77.3 $9.52 $736.0 4.55 0.00 4.55 161.92 145.86 160.39 147.24 67.6 $9.39 $635.2 13.42 0.10 13.42 47.34 44.94 44.52 46.89 431.8 $1.92 $829.0 1.57 62.72 2.87 289.33 272.14 286.61 274.72 45.7 $8.93 $408.4 3.14 0.00 3.14 129.93 116.84 128.71 117.95 67.7 $15.34 $1,039.0 3.28 0.00 3.28 316.88 299.77 313.90 302.61 32.5 $2.52 $81.9 2.15 0.00 2.15 38.12 38.30 37.94 37.76 68.0 $1.35 $91.8 1.32 57.58 2.52 36.50 36.16 35.21 34.88 36.16 418.5 $0.78 $326.4 1.31 0.00 1.31 248.49 251.40 246.16 253.78 81.1 $1.20 $97.3 0.75 0.00 0.75 129.35 116.28 128.13 117.39 225.4 $15.25 $3,436.6 31.50 156.17 34.73 98.96 98.33 97.40 98.03 68.2 $3.76 $256.2 3.22 0.00 3.22 79.52 75.64 74.93 78.78 379.6 $14.99 $5,690.8 15.97 0.00 15.97 356.39 336.66 353.04 339.85 130.3 $0.22 $28.7 1.55 11.40 1.79 16.05 16.82 16.66 15.90 102.6 $7.35 $753.8 1.80 0.00 1.80 418.87 392.40 414.93 396.12 72.5 $12.30 $891.5 5.03 9.36 5.23 170.51 157.61 168.91 159.10 473.2 $2.37 $1,121.4 3.69 0.00 3.69 303.89 262.59 301.04 265.08 40.5 $28.27 $1,146.2 61.48 0.00 61.48 18.64 18.20 18.03 18.47 222.0 $0.15 $33.3 2.22 0.00 2.22 15.02 14.88 14.88 14.74 121.9 $7.57 $922.8 3.59 13.11 3.86 239.30 230.40 237.05 232.59 61.3 $2.74 $167.8 17.51 17.74 17.87 9.39 9.30 8.00 7.93 158.76 101.06 157.27 100.11 147.33 95.17 145.94 94.28
C$/US$ : 0.99 Au:Ag = 48:1 Source: Canaccord Genuity, company reports, Capital IQ

15 December 2010
SILVER IN SITU CHART

Figure 58: Canaccord Genuity silver in situ valuation spreadsheet
$ .0 4 0 $ 5 3
$ .5 3 0
$ 0 3
$ .0 3 0 $ 5 2 $ .5 2 0 A verag In S E U $ e itu V S /lb $ 0 2 $ .0 2 0 $ 5 1 $ .5 1 0 $ 0 1 $ .0 1 0 L d S on on ilver Fix (U $ S /oz)
$ .5 0 0
$ 5
$ .0 0 0 Ju 8 l-0 Ju 9 l-0 Ju -0 n 8 Ju -0 n 9 O 8 ct-0 Ju 0 l-1 D ec-0 8 O 9 ct-0 O 0 ct-1 D ec-0 9 M 9 ar-0 Feb 0 -1 M ay-1 0 S -0 ep 9 D ec-1 0 Jan 8 -0 Feb 8 -0 Feb 9 -0 S -0 ep 8 Ag 0 u -1 A pr-0 8 A pr-0 9 A pr-1 0
$ 0
EV Ag (US /oz) $
EV AgEq (US$ /oz)
Price (US$ /oz)
Source: Canaccord Genuity, company reports, Capital IQ

15 December 2010
SILVER IN SITU DATABASE

Figure 59: Canaccord Genuity silver in situ valuation database
Price (1) 10 Dec/10 Company Ticker Alexco TSX : AXR $7.75 Apogee TSXV : APE $0.34 Argentex TSXV : ATX $0.75 Arian AIM : AGQ $0.38 Aurcana TSXV : AUN $0.63 Bear Creek TSXV : BCM $9.91 ECU TSX : ECU $1.30 Esperanza TSXV : EPZ $2.24 Golden Minerals TSX : AUM $27.05 Kimber TSX : KBR $1.35 MAG Silver TSX : MAG $11.66 Minco Silver TSX : MSV $6.48 Oremex TSXV : ORM $0.25 Orko TSXV : OK $2.64 Sabina TSX : SBB $5.15 Silvercrest TSXV : SVL $2.01 Soltoro TSXV : SOL $0.54 Source TSXV : SOP $0.62 South American TSX : SAC $2.21 Sulliden TSX : SUE $2.26 Tahoe TSX : THO $14.70 Trevali OTCPK : TREV.F $1.59 US Gold UXG $7.51 Zazu TSX : ZAZ $0.21 Mean (C$) Mean (US$) Mean (Less outliers, C$) Mean (Less outliers, US$) Shares (Basic) Global Resource (5) (Moz) Ag Eq (6) Ag 13 20 60 115 33 109 43 170 48 49 530 874 152 250 6 64 60 60 57 118 83 115 141 167 49 50 135 144 265 605 62 96 25 25 18 20 322 355 35 107 276 326 12 60 49 49 33 204 Silver Purity (%) 65% 52% 30% 25% 98% 61% 61% 9% 100% 48% 72% 85% 97% 94% 44% 64% 100% 92% 91% 33% 85% 19% 100% 16% Implied Mkt. AgEq (7) (Moz) (8) 225 1021% 25 -78% 18 -83% 58 -66% 53 7% 491 -44% 232 -7% 61 -4% 207 242% 48 -59% 325 182% 142 -15% 11 -78% 180 25% 367 -39% 67 -30% 10 -61% 12 -37% 112 -69% 213 99% 868 166% 30 -49% 489 896% 3 -99%
MC (2)
WC (3)
EV (4) Project
MC/oz
EV/oz
(M) (C$M) (C$M) (C$M) Location(s) 54.1 $419.6 $7.3 $412.3 Yukon 139.7 $47.5 $1.9 $45.6 Bolivia 44.7 $33.5 $0.4 $33.1 Argentina 290.6 $110.4 $4.0 $106.5 Mexico 128.6 $81.0 -$4.4 $96.4 Texas 90.4 $895.9 $10.8 $898.8 Peru 307.3 $399.5 -$22.7 $424.7 Mexico 53.7 $120.4 $8.4 $111.9 Peru, Mexico 15.1 $409.1 $30.4 $378.7 Argentina 68.0 $91.8 $3.2 $88.6 Mexico 55.1 $642.2 $47.1 $595.1 Mexico 43.3 $280.5 $20.9 $259.5 China 82.2 $20.2 -$0.3 $20.5 Mexico 124.8 $329.6 $0.7 $328.8 Mexico 142.0 $731.3 $58.8 $672.5 Nunavut 60.2 $121.0 $1.2 $123.3 Mex., El Salvador 35.0 $18.9 $1.2 $17.8 Mexico 37.3 $23.1 $0.3 $22.9 Mexico 95.4 $210.7 $6.0 $204.7 Bolivia 176.4 $398.7 $9.2 $389.4 Peru 115.4 $1,695.7 $107.0 $1,588.7 Guatemala 34.6 $55.0 $1.5 $55.4 Peru 122.1 $916.7 $21.5 $895.2 Mexico 30.7 $6.4 $1.4 $5.0 Alaska
Ag Ag Eq Ag Ag Eq $32.24 $20.89 $31.68 $20.52 $0.79 $0.41 $0.75 $0.40 $1.01 $0.31 $1.00 $0.30 $2.58 $0.65 $2.49 $0.63 $1.68 $1.64 $2.00 $1.95 $1.69 $1.03 $1.70 $1.03 $2.64 $1.60 $2.80 $1.70 $21.21 $1.89 $19.73 $1.76 $6.76 $6.76 $6.26 $6.26 $1.61 $0.78 $1.55 $0.75 $7.70 $5.58 $7.14 $5.17 $1.99 $1.68 $1.84 $1.56 $0.41 $0.40 $0.42 $0.41 $2.44 $2.29 $2.43 $2.28 $2.76 $1.21 $2.54 $1.11 $1.96 $1.26 $2.00 $1.28 $0.76 $0.76 $0.71 $0.71 $1.26 $1.16 $1.24 $1.15 $0.65 $0.59 $0.64 $0.58 $11.33 $3.73 $11.06 $3.64 $6.14 $5.20 $5.75 $4.87 $4.77 $0.92 $4.80 $0.93 $18.67 $18.67 $18.24 $18.24 $0.19 $0.03 $0.15 $0.02 $5.55 $5.50 $3.90 $3.86 $3.31 $3.28 $1.90 $1.88 $5.37 $5.32 $3.75 $3.72 $3.22 $3.19 $1.83 $1.81
$CADUSD
$1.01
1. Priced in local currency. 2. Market Capitalization. 3. Working Capital. 4. Enterprise Value = MC + LT Debt - WC. 5. Global resource includes 43-101 compliant Measured, Indicated and Inferred resources. 6. Silver equivalent on a gross basis (no recovery factors) using current spot metal prices. 7. Implied resource is a conceptual resource indicated by the companys EV at the mean peer EV/oz Ag Eq multiple. 8. The percentage difference between the implied resource and the global resource. Source: Canaccord Genuity, Company reports, Capital IQ

15 December 2010
URANIUM IN SITU CHART

Figure 60: Canaccord Genuity uranium in situ chart
$5.00 $4.50 $4.00 Average In Situ Value US$/lb $3.50 $60 $3.00 $50 $2.50 $40 $2.00 . $1.50 $1.00 $0.50 $0.00 Jul/09 Jun/09 Jun/10 Oct/08 Oct/09 Jul/10 Dec/08 Dec/09 Oct/10 M ar/09 M ay/09 M ar/10 M ay/10 Dec/10 Jan/09 Jan/09 Jan/10 Aug/09 Jan/10 Feb/09 Feb/10 Nov/08 Nov/09 Aug/10 Apr/09 Apr/10 Nov/10 Sep/08 Sep/09 Sep/10 $20 $10 $30 $90
$80 $70 Uranium Price Indicator (UxC)
$0
M C/lb
EV/lb
Spot
U3O8 Long-Term

15 December 2010
URANIUM IN SITU DATABASE

Figure 61: Canaccord Genuity uranium in situ valuation database
Company Abitex Resources A-Cap Resources Alliance Resources Bannerman Resources Ltd. Berkeley Resources Ltd. Continental Precious Mineral Crosshair Exploration & Mining Cue Resources Ltd. Deep Yellow Ltd. Energia Minerals Ltd. Energy Fuels Inc. Extract Resources Limited Forsys Metals Corp. Forte Energy NL Hathor Exploration Limited Khan Resources Inc. Laramide Resources Ltd. Mantra Resources Limited Marenica Energy Mega Uranium Ltd. Monaro Mining NL NGM Resources Ltd. Pele Mountain Resources Inc. Peninsula Minerals Ltd. Pitchstone Exploration Ltd. Powertech Uranium Corp. Rockgate Capital Corp. Strateco Resources Inc. Strathmore Minerals Corp. Titan Uranium Incorporated Toro Energy Ltd. Tournigan Energy Ltd. U3O8 Corp. UEX Corporation Uracan Resources Ltd. Uranerz Energy Corporation Uranex NL Uranium Energy Corp. Uranium North Resources Corp. Uranium Resources Uranium SA Ur-Energy Inc. Virginia Energy Resources Inc. Mean (C$) Mean (US$) Mean (C$, less outliers) Mean (US$, less outliers) Ticker ABE : TSXV ACB: ASX AGS : ASX BMN : ASX BKY : ASX CZQ : T CXX : T-V CUE : T-V DYL : ASX EMX : ASX EFR : T EXT : ASX FSY : T FTE : ASX HAT : T-V KRI : T LAM : T MRU : ASX MEY : ASX MGA : T AIW : ASX NGM : ASX GEM : T-V PEN : ASX PXP : T-V PWE : T RGT : T RSC : T STM : T-V TUE : T-V TOE : ASX TVC : T-V UWE : T-V UEX : T URC : T-V URZ : N UNX : ASX UEC : N UNR : T-V URRE : Q USA : ASX URE : T VAE : T-V Price (1) 10 Dec 10 $0.18 $0.42 $0.43 $0.57 $1.78 $0.79 $0.37 $0.17 $0.27 $0.28 $0.62 $8.97 $2.54 $0.10 $3.24 $0.42 $2.00 $7.50 $0.08 $1.02 $0.06 $0.21 $0.27 $0.07 $0.39 $0.35 $1.98 $0.82 $1.19 $0.39 $0.16 $0.30 $0.79 $2.24 $0.26 $3.14 $0.32 $5.94 $0.18 $3.46 $0.36 $2.30 $0.42 Shares MC (2) (Basic) (M) (C$M) 92.4 $16.6 184.7 $76.2 341.0 $145.8 204.4 $115.9 141.8 $251.0 51.6 $40.8 131.5 $48.6 113.6 $18.7 1,125.8 $296.7 69.5 $19.4 97.2 $60.3 243.3 $2,170.3 79.6 $202.2 582.7 $57.9 107.4 $348.0 54.0 $22.4 67.5 $135.1 130.2 $971.3 528.3 $43.1 251.2 $256.2 282.8 $16.3 210.4 $44.7 127.9 $34.5 1,642.0 $114.3 39.8 $15.5 55.4 $19.4 77.4 $153.2 122.7 $100.7 88.0 $104.7 127.0 $49.5 965.0 $148.7 152.7 $45.0 71.5 $56.5 202.7 $454.0 108.6 $27.7 69.6 $220.6 165.1 $51.7 69.7 $418.3 58.5 $10.5 92.5 $323.1 111.2 $39.2 101.6 $233.6 76.9 $32.3 WC (3) EV (4) (C$M) (C$M) $2.0 $14.7 $5.2 $71.0 $42.1 $103.7 $10.5 $114.2 $7.6 $243.4 $21.7 $19.1 $2.1 $46.6 -$0.8 $19.6 $27.8 $268.9 $0.0 $19.4 $1.5 $58.8 $56.9 $2,113.4 $10.4 $191.8 $3.2 $54.7 $22.9 $325.0 $11.6 $10.8 $7.0 $128.1 $63.5 $907.8 $1.9 $41.2 $51.7 $204.5 $0.5 $15.8 $1.1 $43.6 $0.4 $34.1 $6.6 $107.7 $2.4 $13.1 -$1.4 $36.9 $8.5 $144.7 $9.0 $97.0 $24.4 $80.3 $3.6 $45.9 $49.0 $99.7 $4.5 $40.5 $0.0 $56.5 $9.0 $445.0 $3.5 $24.2 $21.7 $198.9 $1.5 $50.2 $16.7 $401.6 $0.6 $9.9 $5.9 $317.6 $3.4 $35.8 $32.9 $200.8 $2.4 $29.9 Project Location(s) Quebec Botswana South Australia Namibia Spain Sweden Wyoming, Labrador Paraguay Namibia Western Australia Utah, Colorado, Queensland Namibia Namibia Mauritania, Guinea Saskatchewan Mongolia New Mexico, Queensland Tanzania Namibia Queensland, Western Australia New Mexico Niger, Australia Ontario Wyoming, South Africa Nunavut Colorado, South Dakota Mali Quebec New Mexico, South Dakota Wyoming, Saskatchewan, Nunavut Western Australia Slovakia Guyana Saskatchewan Quebec Wyoming Tanzania Texas Nunavut New Mexico, Texas South Australia Wyoming Virginia Global Resource (5) (Mlb) 6.6 157.8 70.0 170.1 83.2 442.8 16.7 9.5 59.9 7.5 11.4 392.3 68.4 13.6 10.8 32.1 57.9 101.4 84.8 27.1 11.4 10.6 42.5 25.2 4.1 24.3 23.4 16.8 61.9 16.0 24.4 38.1 7.2 75.2 44.0 19.1 29.0 10.5 13.0 99.8 22.9 24.9 26.5 MC/lb M+I $8.51 $1.52 $4.56 $0.97 $6.58 $7.10 $7.07 $2.25 $26.77 $6.95 $8.43 $3.34 $53.85 $58.76 $0.70 $5.91 $14.83 $3.65 $27.51 $5.40 $12.35 $1.14 $149.18 $26.98 $2.60 $3.09 $13.68 $2.19 $9.72 $7.49 $14.04 $11.90 $64.04 Global $2.53 $0.48 $2.08 $0.68 $3.02 $0.09 $2.91 $1.96 $4.95 $2.59 $5.29 $5.53 $2.96 $4.26 $32.08 $0.70 $2.33 $9.58 $0.51 $9.47 $1.44 $4.20 $0.81 $4.54 $3.78 $0.80 $6.54 $5.99 $1.69 $3.09 $6.09 $1.18 $7.90 $6.04 $0.63 $11.57 $1.78 $39.86 $0.81 $3.24 $1.71 $9.38 $1.22 $5.14 $5.09 $4.40 $4.35 EV/lb M+I Global $7.49 $2.22 $1.41 $0.45 $3.24 $1.48 $0.96 $0.67 $6.39 $2.92 $3.33 $0.04 $6.77 $2.79 $2.35 $2.05 $24.26 $4.49 $2.59 $6.78 $5.16 $8.21 $5.39 $3.17 $2.80 $50.84 $4.02 $54.88 $29.97 $0.34 $0.34 $5.60 $2.21 $13.86 $8.95 $3.49 $0.49 $21.96 $7.56 $1.39 $4.09 $5.33 $0.80 $11.64 $4.28 $3.20 $2.16 $1.52 $140.94 $6.18 $25.99 $5.77 $1.99 $1.30 $2.87 $2.87 $9.17 $4.09 $1.97 $1.06 $9.72 $7.90 $7.35 $5.92 $0.55 $12.66 $10.44 $11.55 $1.73 $61.48 $38.27 $0.77 $3.18 $1.57 $9.13 $8.06 $1.13 $1.13 $15.67 $15.52 $12.24 $12.12 $4.77 $4.73 $4.05 $4.01 Implied (6) (Mlb) $7.49 $1.41 $3.24 $0.96 $6.39 $3.33 $6.77 $2.35 $24.26 $6.78 $8.21 $3.17 $50.84 $54.88 $0.34 $5.60 $13.86 $3.49 $21.96 $5.33 $11.64 $2.16 $140.94 $25.99 $1.99 $2.87 $9.17 $1.97 $9.72 $7.35 $12.66 $11.55 $61.48 Market (7) $2.22 $0.45 $1.48 $0.67 $2.92 $0.04 $2.79 $2.05 $4.49 $2.59 $5.16 $5.39 $2.80 $4.02 $29.97 $0.34 $2.21 $8.95 $0.49 $7.56 $1.39 $4.09 $0.80 $4.28 $3.20 $1.52 $6.18 $5.77 $1.30 $2.87 $4.09 $1.06 $7.90 $5.92 $0.55 $10.44 $1.73 $38.27 $0.77 $3.18 $1.57 $8.06 $1.13
$10.62 $1.22 $16.95 $16.79 $13.33 $13.20
$9.13 $1.13
$CADUSD
$1.01
1. 2. 3. 4. 5. 6. 7.
Priced in local currency Market Capitalization Working Capital Enterprise Value = MC + LT Debt - WC Global resource includes 43-101 compliant Measured, Indicated and Inferred resources Implied resource is a conceptual resource indicated by the companys EV at the mean peer EV/lb multiple The percentage difference between the implied resource and the global resource Source: Canaccord Genuity, Capital IQ, company news releases.

15 December 2010
COPPER IN SITU CHART

Figure 62: Canaccord Genuity copper in situ chart
Total Attributable Cu Eq lbs. and EV cents Cdn/M lbs of Attributable Cu Eq 90,000 29.07 24.03 20.47 35.00
80,000
30.00
70,000 60,000 18.15
25.00 EV cents Cdn/M lbs Cu Eq
Total Attrib. Cu Eq M lbs
50,000 13.81
20.00
40,000 10.36 10.86
15.00
8.91
30,000 5.55 5.82 7.14
10.00
4.29
3.27
3.51
3.93
4.18
4.34
20,000 1.59 1.74 1.78 2.00 2.35
5.00
V-PML
V-AME
V-KMK
V-RDK
V-ANM
V-NDM
V-ML
0 V-LA V-SIR
0.23
0.47
0.68
0.77
10,000
0.00 T-IVN T-CUM T-QUX T-EQN T-NG T-CS T-III
V-CUU
V-EXO
V-TKO
T-MAI
T-WRN
Total Attri Cu Eq lbs.
EV cents Cdn/M lbs Attri Cu Eq.
T-FWM
T-ARG
T-DNT
T-NCU
T-AZC

15 December 2010
COPPER IN SITU DATABASE

Figure 63: Canaccord Genuity copper in situ database
O/S Shares M 176.4 170.9 64.5 133.1 98.9 199.3 166.0 352.4 89.8 707.9 79.9 62.4 36.8 488.9 93.6 194.9 264.7 53.1 93.8 221.0 87.8 188.8 109.0 46.2 186.7 81.9 Cap.Mkt Cap.Basic $C M 42.3 184.6 590.2 532.4 141.4 926.7 423.3 253.7 499.3 4,212.0 51.1 316.4 938.4 11,850.9 37.4 725.0 741.2 209.7 1271.0 3370.3 27.7 2858.4 79.6 13.4 924.2 218.7 EV cents/Attrib cents/Attrib Cu eq lbs 0.77 4.29 4.34 5.82 1.59 20.47 3.93 3.27 18.15 29.07 3.51 7.14 10.86 13.81 0.47 8.91 5.55 2.00 1.74 24.03 0.68 10.36 2.35 0.23 4.18 1.78 7.28 Average Cu eq Grade Grade % 0.40 0.15 0.63 0.52 0.52 2.45 0.51 0.63 0.34 0.74 0.78 0.41 0.55 1.18 0.44 0.37 0.61 0.50 0.78 0.62 0.68 0.53 0.92 0.44 0.44 0.49 0.64 Resource Tonnes M 597.4 1,313.0 975.4 863.7 750.0 71.2 914.7 554.0 371.6 922.6 76.0 486.4 675.9 3,084.0 826.1 1,096.9 1,037.0 842.7 4,122.0 1,008.1 270.0 1,934.0 169.4 340.2 1,814.5 1,105.4 1,008.6 1,008.6
Company Abacus Minerals & Expl Cp Amerigo Resources Ltd Antares Minerals Inc Augusta Resource Corp Candente Copper Corp. Capstone Mining Corp. Continental Minerals Cp Copper Fox Metals Inc Copper Mountain Ming Corp Equinox Minerals Limited Explorator Resources Inc. Far West Mining Ltd Imperial Metals Corp Ivanhoe Mines Limited Los Andes Copper Ltd Mercator Minerals Ltd Minera Andes Inc Nevada Copper Corp Northern Dynasty Minerals Ltd Novagold Res Panoro Minerals Ltd Quadra Fnx Mining Ltd. Redhawk Resources Inc Serengeti Res Inc Taseko Mines Ltd Western Copper Corporation Average
Symbol Exch V-AME T-ARG V-ANM T-AZC T-DNT T-CS V-KMK V-CUU T-CUM T-EQN V-EXO T-FWM T-III T-IVN V-LA T-ML T-MAI T-NCU T-NDM T-NG V-PML T-QUX V-RDK V-SIR T-TKO T-WRN
Price $C 10 Dec 10 $0.24 $1.08 $9.15 $4.00 $1.43 $4.65 $2.55 $0.72 $5.56 $5.95 $0.64 $5.07 $25.50 $24.24 $0.40 $3.72 $2.80 $3.95 $13.55 $15.25 $0.32 $15.14 $0.73 $0.29 $4.95 $2.67
EV. $C M 40.8 181.8 584.8 578.6 137.0 787.4 407.6 252.5 512.5 4,398.4 45.9 313.6 881.9 11,093.4 37.8 792.3 769.1 187.6 1226.2 3,335.0 27.5 2,352.3 80.8 7.5 743.3 212.3 $1,153.4
Attri Cu M lbs 3,842 3,889 11,706 8,048 7,658 1,927 6,856 4,025 2,823 13,841 1,086 4,089 5,671 62,987 6,624 4,308 12,522 9,364 36,817 8,648 3,291 16,999 2,995 2,141 10,070 5,436 9,910
Attri Cu Eq M lbs 5,324 4,233 13,474 9,937 8,625 3,847 10,378 7,725 2,823 15,131 1,309 4,393 8,123 80,319 8,023 8,889 13,859 9,364 70,535 13,880 4,055 22,714 3,431 3,263 17,785 11,908 13,975

15 December 2010
ZINC IN SITU CHART AND DATABASE

Figure 64: Total attributable Zn equiv lbs and EV cents Canadian/M lbs of attributable Zn eq
8.09 90,000 8.40 9.00
80,000 6.91
8.00
70,000 5.57 5.93
7.00 EV cents cdn/M lbs Zn Eq $
Total Attrib. Zn Eq M lbs
60,000 4.58 4.81 4.83
6.00
50,000 3.56 4.03
5.00
40,000
4.00
30,000 1.45
3.00
0 V-IZN V-SWN A-MMG T-LUN T-ZNC T-FAN T-CZN V-LTH T-BWR T-CS T-AQA T-SBB T-ADA T-ZAZ T-BAJ V-CZX V-GMI V-TV
0.10
0.13
0.19
10,000
0.82
0.93
1.09
1.20
20,000
2.00
1.00
0.00
Total Attri Zn Eq lbs.
EV cents cdn/M lbs Attri Zn Eq.
Figure 65: Zinc-related companies and EV-related data

O/S Shares M 541.60 81.77 144.00 71.50 102.70 125.25 198.70 473.50 105.50 344.75 41.70 579.90 103.20 124.75 320.60 52.87 30.70 103.19 Mkt Cap.Cap.Basic $C M $184 $89 $160 $461 $62 $84 $924 $374 $172 $290 $5 $4,140 $119 $642 $59 $85 $6 $54 $439 Attrib. Zn M lbs 804 1,165 4,341 5,634 3,953 3,031 1,007 2,101 267 2,891 1,743 32,184 6,437 5,236 41,641 713 2,312 2,288 6,542 Attrib. Pb M lbs 437 67 0 653 780 2,671 76 382 1 816 0 9,353 0 720 13,608 173 755 1,322 Attrib. Ag M oz 0 10 0 54 10 69 113 32 10 55 0 207 151 237 0 8 21 0
Company Acadian Mining Corp. Aquila Resources Inc. Baja Mining Corp. Breakwater Resources Canada Zinc Metals Corp. Canadian Zinc Corp. Capstone Mining Inc. Farallon Resources Inc. Globestar Mining Corp. Iberian Minerals Corp. Lithic Resources Inc. Lundin Mining Corp. Metalline Mining Sabina Gold and Silver Corp. Selwyn Resources Ltd. Trevali Resources Corp. Zazu Metals Corp. Zincore Metals Inc. Average:
Symbol Exch T-ADA T-AQA T-BAJ T-BWR V-CZX T-CZN T-CS T-FAN V-GMI V-IZN V-LTH T-LUN A-MMG T-SBB V-SWN V-TV T-ZAZ T-ZNC
Price $C 10 Dec 10 $0.34 $1.09 $1.11 $6.45 $0.60 $0.67 $4.65 $0.79 $1.63 $0.84 $0.12 $7.14 $1.15 $5.15 $0.19 $1.61 $0.21 $0.52
EV. $C M $188 $87 $194 $380 $56 $54 $822 $378 $194 $587 $4 $4,032 $103 $561 $50 $83 $4 $47 $435
Attrib Cu M lbs 0 101 4,264 378 0 105 1,838 306 831 1,954 91 11,488 0 421 0 0 0 0
Attrib. Zn Zn eq M lbs 3,885 2,454 20,864 9,413 4,704 6,584 10,165 5,468 3,270 10,549 1,985 83,772 9,507 12,246 51,246 993 3,268 3,222 13,533
EV cents cdn /Attrib Zn eq lbs 4.83 3.56 0.93 4.03 1.20 0.82 8.09 6.91 5.93 5.57 0.19 4.81 1.09 4.58 0.10 8.40 8.40 0.13 1.45 3.48

15 December 2010
NICKEL IN SITU CHART AND DATABASE

Figure 66: Total attributable Ni equiv lbs and EV cents Canadian/M lbs of attributable Ni eq
7,000 47.1 Total Attributable Ni Eq lbs. and EV cents cdn/M lbs of Attributable Ni Eq 50.0
6,000
3 7.4
40.0
5,000 EV cents cdn/M lbs Ni Eq Total Attrib. Cu Eq M lbs 30.0 4,000 20.0 3,000 7.1 7.6 9.1 12.8
2.3
0.4
2.4
3.3
2,000
4.2
5.1
5.9
10.0
1,000
0.0
0 T-HNC T-CML LN-ENK V-CRO V-CT V-SRU V-BLV V-ANF T-GMI T-LBE T-INV T-FNI T-NI
-10.0
Total Attri Ni Eq lbs.
EV cents cdn/M lbs Attri Ni Eq.
Figure 67: Nickel-related companies and EV-related data

Company Company Anfield Nickel Corp. Blackstone Ventures Inc. Canadian Arrow Mines Limited Castillian Resources Corp. Crowflight Minerals Inc. European Nickel plc First Nickel Inc. Globestar Mining Corp. Hard Creek Nickel Corp. INV Metals Liberty Mines Inc. Starfield Resources Inc. Victory Nickel, Inc. Arithmetic Average Symbol Exch V-ANF V-BLV V-CRO V-CT T-CML LN-ENK T-FNI T-GMI T-HNC T-INV T-LBE V-SRU T-NI Price $C 10 Dec 10 $4.55 $0.05 $0.08 $0.08 $0.07 $0.37 $0.11 $1.63 $0.40 $1.03 $0.13 $0.05 $0.09 O/S Shares M 31.8 108.7 125.0 181.2 698.8 214.2 168.2 105.5 66.5 57.3 168.3 550.0 379.7 Mkt Cap.Cap.Basic $C M $144.7 $4.9 $9.4 $14.5 $45.4 $80.3 $18.5 $172.0 $26.6 $59.0 $21.0 $27.5 $34.2 EV. $C M $141.2 $7.7 $9.6 $14.0 $62.5 $66.5 $26.6 $193.2 $25.3 $50.2 $60.4 $25.7 $28.6 57.7 Attri Ni M lbs 2,413 195 108 83 874 2,600 237 204 5,551 920 127 666 650 1,074 Attri Ni Eq m lbs 2,413 234 128 110 874 2,780 291 516 6,132 986 128 1,103 676 1,226 EV cents cdn /Attri NI eq lbs 5.9 3.3 7.6 12.8 7.1 2.4 9.1 37.4 0.4 5.1 47.1 2.3 4.2 11.20 Average Ni eq Grade 1.32 0.61 0.77 0.79 1.06 1.20 1.16 0.40 0.23 1.18 1.43 1.13 0.42 0.97 Resource Tonnes M 82.8 17.3 7.6 6.3 37.5 104.9 11.4 58.2 1,205.8 38.1 4.1 44.2 73.3 122.2

15 December 2010
INK SPOTS
Canaccord employs INK Research. This system reports, among other information, daily changes on insider trading. Security regulators require corporate insiders to report their trades within ten days of each transaction. We highlight recent changes below; noting the acquisition or disposition of a position. Our intention is not to evaluate or analyze any purchases or sales, but to note them for the interest of all investors. We include charts generated by INK Research that note purchase and disposition points relative to share price performance.
Source: www.squidinkbooks.com
Figure 68: Alhambra Resources Ltd. (ALH : TSX-V)
Past 12 months purchased: Past 12 months sold:
$1,383,981 $50,000
Since Jul. 5/10 no acquisitions or dispositions in the past 12 months.
Source: INK Research
Figure 69: Almaden Minerals Ltd. (AMM : TSX)

Past 12 months purchased: Past 12 months sold: Since Dec 1/10 - acquisitions: Since Dec 1/10 exercise of options: Price range: Since Dec. 1/10 - dispositions: Price range: Insider: Mr. Dione Bitzen exercise of options and share disposition: Insider: Mr. Marc Girthon Blythe exercise of options and share dispositions: Source: INK Research $967,948 $1,341,229 Nil 115,000 options C$0.94-2.50 C$4.15-4.72 25,000 options and 20,000 share dispositions 40,000 options and 3,000 share dispositions

15 December 2010 Figure 70: Auryx Gold Corp. (AYX : TSX)
Past 12 months purchased: Past 12 months sold: Since Nov. 25/10- acquisitions and dispositions:
$215,000 Nil Nil
Figure 71: Batero Gold Corp. (BAT : TSX-V)
Past 12 months purchased: Past 12 months sold: Since Dec. 2/10 - acquisitions: Price range: Since Dec. 2/10- dispositions: Insider: Mr. James Hutton acquisitions:
$726,762 Nil 19,600 shares C$2.53 Nil 19,600 shares
Figure 72: Bowmore Exploration Ltd. (BOW : TSX)
Past 12 months purchased: Past 12 months sold: Since Dec. 9/10 - acquisitions: Since Dec. 9/10 - dispositions: Price range: Insider: Mr. Richard Grass dispositions:
$291,840 $330,525 Nil 10,000 shares C$0.60 10,000 shares

15 December 2010 Figure 73: Dorato Resources Inc. (DRI : TSX-V)
Past 12 months purchased: Past 12 months sold: Since Jul. 14/10 acquisitions and dispositions:
$68,555 Nil Nil
Figure 74: Edgewater Exploration Ltd. (EDW : TSX-V)
Past 12 months purchased: Past 12 months sold: Since Oct. 6/10 acquisitions and dispositions:
$1,007,080 $96,250 Nil
Figure 75: Full Metal Minerals Ltd. (FMM : TSX-V)
Past 12 months purchased: Past 12 months sold: Since Nov. 8/10 acquisitions and dispositions:
$155,599 $94,691 Nil

15 December 2010 Figure 76: Goldgroup Mining Inc. (GGA : TSX)
$183,410 $34,200 Nil
Figure 77: Indicator Minerals Inc. (IME : TSX-V)
Past 12 months purchased: Past 12 months sold: Since Nov. 25/10 - acquisitions: Price range: Since Nov. 25/10 - dispositions: Insider: Mr. John Edward Robins - acquisitions:
$264,577 $21,440 371,000 shares C$0.09 Nil 371,000 shares
Figure 78: International PBX Ventures ltd. (PBX : TSX-V)
Past 12 months purchased: Past 12 months sold: Since Dec. 2/10 - acquisitions: Since Dec. 2/10 - dispositions: Price range: Insider: Mr. David Waskett-Myers dispositions:
$462,953 $159,925 Nil 40,000 shares C$0.28 40,000 shares

15 December 2010 Figure 79: Iron Creek Capital Corp. (IRN : TSX-V)
$186,700 Nil Nil
Figure 80: Mansfield Minerals Inc. (MDR : TSX-V)
Past 12 months purchased: Past 12 months sold: Since Sep. 29/10 - acquisitions and dispositions:
$69,729 Nil Nil
Figure 81: Newstrike Capital Inc. (NES : TSX-V)
Past 12 months purchased: Past 12 months sold: Since Sep.7/10 - acquisitions and dispositions:
$83,230 $60,060 Nil

15 December 2010 Figure 82: North Country Gold Corp. (NCG : TSX-V)
Past 12 months purchased: Past 12 months sold: Since Nov. 11/10 - acquisitions and dispositions:
$425,000 $121,989 Nil
Figure 83: Polar Star Mining Corporation (PSR : TSX)
Past 12 months purchased: Past 12 months sold: Since Jun. 30/10- acquisitions and dispositions:
$668,039 $148,408 Nil
Figure 84: Queenston Mining Inc. (QMI : TSX)
$922,750 $2,648,100 Nil

15 December 2010 Figure 85: Riverstone Resources Inc. (RVS : TSX-V)
Past 12 months purchased: Past 12 months sold: Since Sep. 23/10 - acquisitions and dispositions:
$223,875 $51,050 Nil
Figure 86: Rockgate Capital Corp. (RGT : TSX)
Past 12 months purchased: Past 12 months sold: Since Dec. 3/10 - acquisitions: Since Dec. 3/10 - dispositions: Price range: Insider: Mr. Karl Eric Kottmeier dispositions:
$189,430 $435,220 Nil 250,000 shares Disposition carried out privately 250,000 shares
Figure 87: Sulliden Gold Corporation Ltd. (SUE : TSX)
Past 12 months purchased: Past 12 months sold: Since May 6/10 - acquisitions and dispositions:
$619,355 Nil Nil

15 December 2010 Figure 88: Sunridge Gold Corp. (SGC : TSX-V)
Past 12 months purchased: Past 12 months sold: Since Dec. 3/10 - acquisitions: Since Dec. 3/10 exercise of options: Price range: Since Dec. 3/10 - dispositions: Price range: Insider: Mr. Donald Halliday exercise of options and share dispositions:
$266,626 $643,561 Nil 118,500 options C$0.47 118,000 shares C$1.30-1.47 118,500 options and shares
Figure 89: Trelawney Mining and Exploration Inc. (TRR : TSX-V)
Past 12 months purchased: Past 12 months sold: Since Dec. 7/10 - acquisitions: Price range: Since Dec. 7/10 - dispositions: Insider: Mr. Christopher Irwin acquisitions: Insider: Mr. Paul Anthony makuch acquisitions:
$1,140,028 $526,577 140,000 shares C$2.50 Nil 50,000 shares 40,000 shares

15 December 2010
JUNIOR MINING WEEKLY INDEX PREVIOUS 12 MONTHS

Figure 90: Junior Mining Weekly Index
Company/Commodity Alamos Gold Inc. Alderon Resource Corp. Alexco Resource Corp. Alexco Resource Corp. Almaden Minerals Ltd. Almaden Minerals Ltd. Almaden Minerals Ltd. Anfield Nickel Corp. Anfield Nickel Corp. Anfield Nickel Corp. Anfield Nickel Corp. Anfield Nickel Corp. Antares Minerals Inc. Antares Minerals Inc. Apoquindo Minerals Inc. Argentex Mining Corp. ATAC Resources Ltd. ATAC Resources Ltd. ATAC Resources Ltd. ATW Gold Corp. AuEx Ventures, Inc. Avalon Rare Metals Inc. Avalon Rare Metals Inc. B2Gold Corp. Bannerman Resources Ltd. Bannerman Resources Ltd. Bannerman Resources Ltd. Bannerman Resources Ltd. Bannerman Resources Ltd. Bannerman Resources Ltd. Bannerman Resources Ltd. Banro Corporation Banro Corporation Banro Corporation Banro Corporation Bayfield Ventures Corp. Belvedere Resources Ltd. Blackstone Ventures Inc. Blue Sky Uranium Corp. Blue Sky Uranium Corp. Blue Sky Uranium Corp. Blue Sky Uranium Corp. Blue Sky Uranium Corp. Blue Sky Uranium Corp. Blue Sky Uranium Corp. Brett Resources Inc. Brilliant Mining Corp. Canaco Resources Inc. Canaco Resources Inc. Canaco Resources Inc. Canaco Resources Inc. Canadian Royalties Inc. Canadian Royalties Inc. Capella Resources Ltd. Capella Resources Ltd. Capella Resources Ltd. Capella Resources Ltd. Carpathian Gold Inc. Carpathian Gold Inc. Carpathian Gold Inc. Carpathian Gold Inc. Carpathian Gold Inc. Carpathian Gold Inc. Carpathian Gold Inc. Carpathian Gold Inc. Carpathian Gold Inc. Carpathian Gold Inc. Carpathian Gold Inc. Carpathian Gold Inc. Carpathian Gold Inc. Champion Minerals Inc. Champion Minerals Inc. Chariot Resources Ltd. Chariot Resources Ltd. Chesapeake Gold Corp. Claude Resources Inc. Claude Resources Inc. Sym AGI ADV AXR AXR AMM AMM AMM ANF ANF ANF ANF ANF ANM ANM AQM ATX ATC ATC ATC ATW XAU AVL AVL BTO BAN BAN BAN BAN BAN BAN BAN BAA BAA BAA BAA BYV BEL BLV BSK BSK BSK BSK BSK BSK BSK BBR BLT CAN CAN CAN CAN CZZ CZZ KPS KPS KPS KPS CPN CPN CPN CPN CPN CPN CPN CPN CPN CPN CPN CPN CPN CGHM CGHM CHD CHD CKG CRJ CRJ Ex TSX TSX-V TSX TSX TSX TSX TSX TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX TSX TSX-V TSX-V TSX-V TSX-V TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX TSX-V TSX TSX Date Jul/07/10 Sep/28/10 Nov/17/09 Oct/20/09 Aug/24/10 Nov/30/10 Aug/18/10 Jun/23/10 Jun/16/10 Apr/27/10 Mar/16/10 Dec/23/09 Jul/28/10 Feb/09/10 Feb/09/10 Sep/22/09 Sep/09/10 Aug/10/10 Aug/18/09 Aug/25/09 Oct/20/09 Sep/09/10 Jun/30/10 Jun/30/10 Nov/03/10 Jul/28/10 Apr/06/10 Mar/08/10 Feb/23/10 Dec/16/09 Oct/27/09 Aug/03/10 Jun/23/10 Feb/09/10 Dec/23/09 Sep/14/10 May/12/10 Apr/27/10 Jul/13/10 Jun/23/10 May/27/10 Mar/31/10 Feb/23/10 Dec/23/09 Nov/17/09 Nov/17/09 Dec/07/10 Aug/10/10 Jun/23/10 Feb/02/10 Dec/23/09 Sep/02/09 Aug/11/09 Jun/23/10 Mar/23/10 Feb/02/10 Dec/23/09 Sep/28/10 Sep/14/10 Jul/28/10 Jul/13/10 Jun/23/10 May/12/10 Apr/20/10 Mar/30/10 Mar/02/10 Jan/12/10 Dec/23/09 Oct/20/09 Aug/25/09 Nov/10/10 Sep/28/10 Dec/16/09 Aug/25/09 Apr/27/10 Dec/16/09 Aug/04/09 Company/Commodity Condor Resources Inc. Copper In Situ Update Copper In Situ Update Copper In Situ Update Copper In Situ Update Corex Gold Corporation Corex Gold Corporation Corex Gold Corporation Corex Gold Corporation Corex Gold Corporation Corvus Gold Inc. Creston Moly Corp. Creston Moly Corp. Creston Moly Corp. Creston Moly Corp. Deep Yellow Ltd. Deep Yellow Ltd. Deep Yellow Ltd. Deep Yellow Ltd. Deep Yellow Ltd. Dorato Resources Inc. Dorato Resources Inc. Duluth Metals Ltd. East Asia Minerals Corp. East Asia Minerals Corp. East Asia Minerals Corp. East Asia Minerals Corp. East Asia Minerals Corp. East Asia Minerals Corp. East Asia Minerals Corp. East Asia Minerals Corp. Endeavour Silver Corp. Etruscan Resources Inc. Eurasian Minerals Inc. Evolving Gold Corp. Excellon Resources Inc. Exeter Resource Corp. Exeter Resource Corp. Exeter Resource Corp. Extorre Gold Mines Ltd. Extract Resources Ltd. Extract Resources Ltd. Extract Resources Ltd. Extract Resources Ltd. Extract Resources Ltd. Extract Resources Ltd. Extract Resources Ltd. Extract Resources Ltd. Extract Resources Ltd. First Point Minerals Corp. First Point Minerals Corp. First Point Minerals Corp. First Point Minerals Corp. First Point Minerals Corp. Fission Energy Corp. Fission Energy Corp. Fission Energy Corp. Fission Energy Corp. Fission Energy Corp. Fission Energy Corp. Fission Energy Corp. Fission Energy Corp. Fjorland Exploration Inc. Focus Ventures Ltd. Focus Ventures Ltd. Focus Ventures Ltd. Fronteer Development Gp. Inc. Fronteer Development Gp. Inc. Fronteer Development Gp. Inc. Fronteer Development Gp. Inc. Fronteer Gold Inc. Full Metal Minerals Ltd. Full Metal Minerals Ltd. Full Metal Minerals Ltd. Galway Resources Ltd. Galway Resources Ltd. Geologix Explorations Inc. Sym CN Ex Date TSX-V Jan/12/10 Sep/22/10 Jun/09/10 Feb/02/10 Aug/11/09 CGE TSX-V Aug/03/10 CGE TSX-V Jun/23/10 CGE TSX-V May/18/10 CGE TSX-V Dec/23/09 CGE TSX-V Nov/25/09 KOR TSX Sep/09/10 CMS TSX-V Nov/03/10 CMS TSX-V Oct/26/10 CMS TSX-V Sep/14/10 CMS TSX-V Mar/08/10 DYL ASX Aug/03/10 DYL ASX May/04/10 DYL ASX Apr/27/10 DYL ASX Jan/20/10 DYL ASX Sep/09/09 DRI TSX-V Oct/26/10 DRI TSX-V Oct/13/10 DM TSX Nov/03/09 EAS TSX-V Nov/03/10 EAS TSX-V Jun/30/10 EAS TSX-V Mar/08/10 EAS TSX-V Dec/08/09 EAS TSX-V Sep/15/09 EAS TSX-V Sep/02/09 EAS TSX-V Aug/18/09 EAS TSX-V Aug/04/09 EDR TSX Sep/09/09 EET TSX Sep/29/09 EMX TSX-V Dec/08/09 EVG TSX-V Sep/29/09 EXN TSX Aug/11/09 XRC TSX-V Feb/23/10 XRC TSX-V Sep/29/09 XRC TSX-V Sep/22/09 XG TSX-V Apr/27/10 EXT TSX Sep/14/10 EXT TSX Jul/07/10 EXT TSX Apr/13/10 EXT TSX Feb/23/10 EXT TSX Jan/12/10 EXT TSX Dec/16/09 EXT TSX Nov/25/09 EXT TSX Sep/02/09 EXT TSX Aug/11/09 FPX TSX-V Sep/28/10 FPX TSX-V Aug/18/10 FPX TSX-V Jun/23/10 FPX TSX-V Feb/23/10 FPX TSX-V Dec/23/09 FIS TSX-V Oct/19/10 FIS TSX-V Aug/18/10 FIS TSX-V Aug/03/10 FIS TSX-V May/04/10 FIS TSX-V Apr/06/10 FIS TSX-V Mar/16/10 FIS TSX-V Mar/02/10 FIS TSX-V Feb/23/10 FEX TSX-V Apr/27/10 FCV TSX-V Jun/23/10 FCV TSX-V Apr/06/10 FCV TSX-V Dec/23/09 FRG TSX Apr/13/10 FRG TSX Mar/02/10 FRG TSX Mar/02/10 FRG TSX Sep/22/09 FRG TSX Jul/13/10 FMM TSX-X Oct/26/10 FMM TSX-X Oct/05/10 FMM TSX-X Feb/16/10 GWY TSX-V Aug/18/09 GWY TSX-V Aug/04/09 GIX TSX Nov/24/10 Company/Commodity Company/Commodity Geologix Explorations Inc. Gleichen Resources Ltd. Globestar Mining Corp. Gold Canyon Resources Inc. Gold In Situ Gold In Situ Update Golden Minerals Company Golden Minerals Company Golden Minerals Company Golden Minerals Company Golden Minerals Company Golden Predator Corp. Golden Predator Corp. Golden Predator Corp. Golden Predator Corp. Great Western Minerals Group Ltd. Guyana Goldfields Inc. Hana Mining Ltd. Hudson Resources Inc. Hudson Resources Inc. Hudson Resources Inc. Hudson Resources Inc. Imperial Metals Corp. Imperial Metals Corp. Inter-Citic Minerals Inc. Inter-Citic Minerals Inc. Inter-Citic Minerals Inc. Inter-Citic Minerals Inc. International PBX Ventures Ltd. International PBX Ventures Ltd. Intl. Tower Hill Mines Ltd. Intl. Tower Hill Mines Ltd. Intl. Tower Hill Mines Ltd. Intrepid Mines Ltd. Kaminak Gold Corp. Kaminak Gold Corp. Kaminak Gold Corp. Kaminak Gold Corp. Kaminak Gold Corp. Kaminak Gold Corp. Kaminak Gold Corp. Kaminak Gold Corp. Kaminak Gold Corp. Keegan Resources Inc. Kiska Metals Corp. Kiska Metals Corp. Kiska Metals Corp. Kiska Metals Corp. Kiska Metals Corp. Kiska Metals Corp. Kiska Metals Corp. Kiska Metals Corp. Kiska Metals Corp. Kivalliq Energy Corp. Kivalliq Energy Corp. Kivalliq Energy Corp. Kivalliq Energy Corp. Klondex Mines Ltd. La Mancha Resources Inc. La Mancha Resources Inc. La Mancha Resources Inc. Lake Shore Gold Corp. Lake Shore Gold Corp. Lake Shore Gold Corp. Levon Resources Ltd. Levon Resources Ltd. Levon Resources Ltd. Levon Resources Ltd. Levon Resources Ltd. Levon Resources Ltd. Levon Resources Ltd. Lithium Americas Corp. Lithium Americas Corp. Lucara Diamond Corp. Lucara Diamond Corp. Lydian International Limited Lydian International Limited Sym GIX GRL GMI GCU Ex TSX TSX-V TSX TSX-V Date Nov/16/10 Aug/11/09 Mar/02/10 Aug/24/10 in all editions Aug/25/09 Sep/22/10 Aug/24/10 May/12/10 May/04/10 Apr/20/10 Sep/14/10 Sep/01/10 Jun/09/10 Nov/11/09 Jun/30/10 Sep/02/09 Oct/27/09 Nov/10/10 Jun/23/10 Feb/09/10 Dec/23/09 Jan/27/10 Oct/30/09 Jul/28/10 Jun/23/10 Apr/20/10 Dec/23/09 May/27/10 May/04/10 Jun/01/10 Sep/15/09 Aug/11/09 Aug/18/10 Oct/19/10 Oct/13/10 Sep/01/10 Aug/10/10 Jun/23/10 Jun/16/10 Jun/01/10 Dec/23/09 Oct/14/09 Nov/03/10 Nov/10/10 Sep/09/10 Aug/03/10 Jun/23/10 May/31/10 Mar/30/10 Dec/23/09 Nov/11/09 Aug/11/09 Nov/03/10 Oct/19/10 May/27/10 Mar/16/10 Jan/27/10 Nov/11/09 Sep/15/09 Aug/03/09 Feb/23/10 Aug/25/09 Aug/04/09 Nov/24/10 Sep/28/10 Jun/23/10 May/18/10 Apr/13/10 Dec/23/09 Nov/11/09 Sep/14/10 Jul/13/10 May/04/10 Apr/06/10 Nov/10/10 Aug/18/10
AUM AUM AUM AUM AUM GPD GPD GPD GPD GWG GUY HMG HUD HUD HUD HUD III III ICI ICI ICI ICI PBX PBX ITH ITH ITH IAU KAM KAM KAM KAM KAM KAM KAM KAM KAM KGN KSK KSK KSK KSK KSK KSK KSK KSK KSK KIV KIV KIV KIV KDX LMA LMA LMA LSG LSG LSG LVN LVN LVN LVN LVN LVN LVN LAC LAC LUC LUC LYD LYD
TSX TSX TSX TSX TSX TSX-V TSX-V TSX-V TSX-V TSX-V TSX TSX-V TSX-V TSX-V TSX-V TSX-V TSX TSX TSX TSX TSX TSX TSX-V TSX-V TSX-V TSX-V TSX-V TSX TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX TSX TSX TSX TSX TSX TSX TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX-V TSX TSX TSX-V TSX-V TSX TSX

15 December 2010
Figure 91: Junior Mining Weekly Index (contd)

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

15 December 2010
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Canaccord Junior Mining Weekly Dec18-2010

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15 December 2010

SMALL CAP OVERVIEW AND 2011 WATCH LIST

Adam Melnyk (Research Associate)

Gabriel Gonzalez (Research Associate)

Iris Varga (Research Assistant)

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

Averag V e alu US /oz in sit e $ u

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

Junior Mining Weekly | 2

Junior Mining Weekly | 3

Figure 2: Junior market and commodities snapshot

S&P/TSX Venture Index

1,200 145 800

TSX-Venture Daily Trading Volume

S&P/TSX Venture Index

TSX Venture Volume (M)

WoW 0.7% 0.5% -1.6% 5.7% -1.9% -1.9% -1.9%

Junior Mining Weekly | 4

S&P/TSX Venture Exchange Index

TSX Ve nture Index

Junior Mining Weekly | 5

Source: Canaccord Genuity, TSX Datagroup, Bloomberg

Junior Mining Weekly | 6

VIX the S&P Volatility Index

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

Junior Mining Weekly | 7

310 TSX Venture Vol (M)

1,700 160 1,300 85 900

Source: Canaccord Genuity, TSX Datagroup, Bloomberg

325 2,000 250 1,600 175

1,200 Jn 0 u -1 J l-1 u 0 Dc 9 e -0 Ot 0 c-1 Mr-1 a 0 My 0 a -1 Dc 0 e -1 Jn 0 a -1 Fb 0 e -1 Ag 0 u -1 A r-1 p 0 Nv 0 o -1 Sp 0 e -1

TSX-Venture Daily Trading Volume

S&P/TSX Venture Index

Source: Canaccord Genuity, TSX Datagroup, Bloomberg

Junior Mining Weekly | 8

KEY JUNIOR MINING SECTOR DRIVERS

Junior Mining Weekly | 9

2010 WATCH LIST PERFORMANCE

Junior Mining Weekly | 10

2011 WATCH LIST COMPANY PROFILES

Junior Mining Weekly | 11

2011 WATCH LIST

Source: Canaccord Genuity, Capital IQ

Junior Mining Weekly | 12

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

Figure 11: ALH : TSX-V

Source: Company reports

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

Junior Mining Weekly | 13

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

Source: Company reports

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

Junior Mining Weekly | 14

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

Figure 15: AYX : TSX

Source: Company reports

Junior Mining Weekly | 15

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

Figure 17: BAT : TSX-V

Source: Company reports

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

Junior Mining Weekly | 16

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