Figure 31: Canaccord Genuity gold in situ valuation spreadsheet

Sh o/s Price C$ Mkt. Cap Sum Oz Sum Oz Sum Oz Mkt Cap/oz Mkt Cap/oz EV/oz EV/oz

Company Sym Exch M 25 Jun/10 $M Au /co (M) Ag /co (M) AuEq /co (M) AuEq C$ AuEq US$ AuEq C$ AuEq US$

Alexis Minerals Corp. AMC TSX 219.7 $0.23 $50.5 1.34 0.00 1.34 37.62 36.30 28.09 27.11

American Bonanza Gold Corp BZA TSX 118.2 $0.17 $19.5 1.51 0.00 1.51 12.89 12.44 12.03 11.61

Anatolia Minerals Development Ltd. ANO TSX 138.1 $5.90 $815.0 6.50 15.38 6.74 120.95 116.72 120.67 116.46

Andean Resources Ltd. AND TSX 470.9 $3.09 $1,455.0 3.34 24.85 3.72 391.22 377.56 373.10 360.08

Andina Minerals, Inc. ADM TSXV 107.5 $1.21 $130.0 11.09 0.00 11.09 11.72 11.31 8.38 8.08

ATNA Resources Ltd. ATN TSX 83.3 $0.58 $48.3 3.70 5.19 3.78 12.79 12.34 12.86 12.41

AuEx Ventures, Inc. XAU TSX 41.7 $3.46 $144.4 0.40 0.00 0.40 358.00 345.50 320.24 309.07

Brett Resources Inc. BBR TSXV 106.9 $4.07 $435.2 6.67 0.00 6.67 65.23 62.96 58.11 56.08

Canarc Resource Corp. CCM TSX 82.0 $0.07 $5.7 1.27 0.00 1.27 4.53 4.38 5.22 5.04

Carpathian Gold Inc. CPN TSX 281.4 $0.34 $95.7 8.23 0.00 8.23 11.63 11.22 11.54 11.14

Comaplex Minerals Corp. CMF TSX 85.5 $11.09 $948.6 5.00 0.00 5.00 189.77 183.14 181.18 174.85

Detour Gold Corporation DGC TSX 69.9 $24.05 $1,680.2 25.52 0.00 25.52 65.84 63.54 53.74 51.87

Etruscan Resources Inc. EET TSX 366.8 $0.39 $143.0 2.61 0.00 2.61 54.75 52.84 68.14 65.77

Extorre Gold Mines Limited XG TSX 74.4 $2.98 $221.7 1.78 25.94 2.17 102.05 98.49 90.54 87.38

Gabriel Resources, Ltd. GBU TSX 339.8 $5.07 $1,722.6 13.80 59.38 14.70 117.17 113.08 108.69 104.90

Golden Queen Mining Co. Ltd. GQM TSX 89.1 $1.47 $130.9 2.68 48.88 3.42 38.27 36.94 37.64 36.33

Gold Reserve Inc. GRZ TSX 57.8 $0.87 $50.3 14.13 0.00 14.13 3.56 3.43 5.12 4.94

Grayd Resource Corp. GYD TSXV 80.6 $0.87 $70.1 1.09 0.00 1.09 64.59 62.34 58.61 56.57

Great Basin Gold Ltd. GBG TSX 338.1 $1.91 $645.8 15.92 12.36 16.11 40.09 38.69 45.11 43.54

Greystar Resources Ltd. GSL TSX 84.1 $4.93 $414.6 15.07 81.35 16.31 25.42 24.53 18.12 17.49

Guyana Goldfields Inc. GUY TSX 77.2 $7.00 $540.4 4.55 0.00 4.55 118.89 114.74 101.57 98.03

International Tower Hill Mines Ltd. ITH TSX 65.5 $7.04 $461.3 18.66 0.10 18.66 24.72 23.86 22.31 21.53

Intrepid Mines Limited IAU TSX 427.9 $0.47 $201.1 1.57 62.72 2.52 79.72 76.94 56.31 54.35

Keegan Resources Inc. KGN TSX 44.4 $5.90 $262.1 3.14 0.00 3.14 83.38 80.47 66.80 64.47

Kirkland Lake Gold Inc. KGI TSX 67.4 $8.60 $579.7 3.28 0.00 3.28 176.81 170.64 156.62 151.15

Klondex Mines Ltd. KDX TSX 32.2 $1.69 $54.5 2.15 0.00 2.15 25.35 24.47 24.32 23.47

Kimber Resources Inc. KBR TSX 68.0 $0.83 $56.4 1.32 57.58 2.20 25.64 24.75 22.97 22.17

Luna Gold Corp. LGC TSXV 358.9 $0.68 $244.1 1.31 0.00 1.31 185.80 179.32 197.34 190.45

North Country Gold Corp. NCG TSXV 34.0 $0.26 $8.7 0.75 0.00 0.75 11.52 11.12 4.88 4.71

NovaGold Resources Inc. NG TSX 220.1 $7.73 $1,701.7 31.50 156.17 33.88 50.24 48.48 48.71 47.01

Orezone Gold Corporation ORE TSX 67.4 $0.85 $57.3 3.22 0.00 3.22 17.77 17.15 14.35 13.85

Osisko Mining Corporation OSK TSX 336.6 $12.08 $4,066.2 9.30 0.00 9.30 437.41 422.14 384.98 371.55

Pacific Rim Mining Corporation PMU TSX 130.3 $0.20 $26.1 1.55 11.40 1.72 15.12 14.59 14.16 13.66

Premier Gold Mines Limited PG TSX 92.6 $5.14 $475.9 1.80 0.00 1.80 264.47 255.24 238.18 229.87

Rainy River Resources Ltd. RR TSXV 72.3 $6.63 $479.6 5.03 9.36 5.18 92.64 89.40 79.78 76.99

Romarco Minerals Inc. R TSXV 454.5 $1.90 $863.6 3.69 0.00 3.69 234.02 225.86 192.90 186.17

Seabridge Gold, Inc. SEA TSX 40.5 $35.89 $1,454.8 61.48 0.00 61.48 23.66 22.84 22.73 21.93

Tyhee Development Corp. TDC TSXV 222.0 $0.17 $36.6 2.22 0.00 2.22 16.52 15.95 14.74 14.23

US Gold Corporation UXG TSX 121.9 $5.49 $669.3 3.59 13.11 3.78 176.84 170.67 167.37 161.53

Vista Gold Corp. VGZ TSX 44.7 $1.96 $87.6 17.51 17.74 17.78 4.93 4.75 4.94 4.77

Arithmetic Average 94.84 91.53 86.33 83.31

Weighted Average 65.63 63.34 59.88 54.32

C$/US$ : 0.97

Au:Ag = 66:1

Source: Canaccord Genuity, company reports, Capital IQ